General

Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the
"Company" or "Marsh McLennan") is a global professional services firm offering
clients advice in the areas of risk, strategy and people. The Company's 76,000
colleagues advise clients in over 130 countries. With annual revenue over $17
billion, the Company helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses. Marsh advises individual and
commercial clients of all sizes on insurance broking and innovative risk
management solutions. Guy Carpenter develops advanced risk, reinsurance and
capital strategies that help clients grow profitably and pursue emerging
opportunities. Mercer delivers advice and technology-driven solutions that help
organizations redefine the world of work, reshape retirement and investment
outcomes, and unlock health and well being for a changing workforce. Oliver
Wyman Group serves as a critical strategic, economic and brand advisor to
private sector and governmental clients.
The Company conducts business through two segments:
•Risk and Insurance Services includes risk management activities (risk advice,
risk transfer and risk control and mitigation solutions) as well as insurance
and reinsurance broking and services. The Company conducts business in this
segment through Marsh and Guy Carpenter.
•Consulting includes health, wealth and career consulting services and products,
and specialized management, economic and brand consulting services. The Company
conducts business in this segment through Mercer and Oliver Wyman Group.
A reconciliation of segment operating income to total operating income is
included in Note 18 to the consolidated financial statements included in Part I
Item 1 in this report. The accounting policies used for each segment are the
same as those used for the consolidated financial statements.
For information on the three months ended March 31, 2020 results and similar
comparisons, see "Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations" of our Form 10-Q for the quarter ended
March 31, 2020.
Business Update Related To COVID-19
The COVID-19 pandemic has now surpassed one year in duration and it continues to
impact virtually every geography in which the Company operates. The safety and
well-being of our colleagues remains our first priority, while continuing to
serve the needs of our clients. Approximately 70% of the Company's offices are
open, however, the vast majority of colleagues continue to work in a remote
environment which is expected to continue through much of 2021. The Company
continues to plan the multiple aspects of a return to the office model,
considering health, colleague privacy and potential government restrictions. The
Company expects to continue to service clients effectively in the current remote
environment and as colleagues gradually return to the office.
Although the pandemic is ongoing, the global economy is showing signs of
recovery as various countries begin to ease restrictions. The Company had strong
revenue growth in the first quarter of 2021 and continues to benefit from
reduced expense levels in areas such as travel and entertainment and outside
services. However, uncertainty remains in the economic outlook and the ultimate
extent of COVID-19 impact to the Company will depend on future developments that
it is unable to predict, including new "waves" of infection, newly emerging
variants of the virus, potential renewed restrictions by various governments or
agencies, and the effectiveness and distribution rate of vaccines.
Factors that could adversely affect the Company's financial statements related
to the financial and operational impact of COVID-19 are outlined in "Item 1A -
Risk Factors" in the Company's Form 10-K for the year ended December 31, 2020.
Acquisitions and dispositions impacting the Risk and Insurance Services and
Consulting segments are discussed in Note 8 to the consolidated financial
statements.
This Management's Discussion & Analysis ("MD&A") contains forward-looking
statements as that term is defined in the Private Securities Litigation Reform
Act of 1995. See "Information Concerning Forward-Looking Statements" at the
outset of this report.

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