Good earlier Marsh morning discuss reported today. to I'm us John McLennan. President you and of for Doyle, joining CEO results our first quarter the thank and
McGivney, Nick call CFO; Carpenter; Wyman. our of Mark Relations. Dean me of CEOs of and the Guy Also Klisura us Dewitt, Martin morning of the Mercer; Studer Investor Joining businesses, of on is of and South Sarah Martine this Head Oliver with Ferland Marsh; our is
had XXXX. McLennan a to strong Marsh start
the positioned quarter well and businesses, on generated Guy growth segments underlying of quarter underlying at first and growth results with excellent in growth good most of momentum growth another Marsh, as quarter. Carpenter the we XX% were had X% accelerating revenue Top are year. last we We fourth top to first continued across year. Our line for compared strong and geographies Mercer
growth. Adjusted operating income grew year our versus XX% reflecting a ago, strong
at on in of and to first margin Our quarter quarter by compared building XXXX. of expanded XXXX XX% strong EPS was adjusted adjusted the first XXX points basis the growth operating XX%,
most completed of with execute continued terrific delivering one XXX,XXX billion X, On we of competitive Trust creating BT Mercer assets Super super In funds Australia's under approximately of XX members April merger with addition to and on the acquisitions. Super to results, we management.
The global of the recent banks, of with contending some economy of performance, high environment. bank volatile when has tightening viewed central inflation, effects the our and macroeconomic with pleased by in aggressive been failures especially context I'm policy monetary instability. geopolitical the
economic track We that business. of have and our support resilience there factors growth continued cycles, in a are record across
to real driving remains and inflation for higher frequency loss GDP account insured and outlook pressure, rates increase priced reinsurance growth of insurance costs. social and continues for inflation the as rising be to values under losses, catastrophe costs. Although the elevated, continued to and severity carriers reinsurance higher P&C
markets major higher nearly the expect unfilled increases Healthcare Labor economies and tight in costs rates ahead. X.X% are employers most unemployment with further interest and short-term trending jobs remain the and U.S. in years in million XX risk create the and since leadership lifting Marsh for and level fiduciary as capabilities at people well landscapes. and help them opportunity Change and complexity highest navigate shifting financial income. McLennan's are crisis, the clients. uncertainty as strategy
and down range. Global accelerated primary casualty index, to digit the of rate Cyber Property conditions, in insurance the increases market Index with quarter. insurance rate to to reinsurance Turning rate overall X% pricing was Insurance with Market line fourth increases and up XX% up the persisted Marsh rates financial although in highest and was Workers' single continued low professional Compensation insurance our liability mid-single increase the in were flat moderate. increase saw the and insurance digits.
risks. constrained. market tightened changes for Reinsurers appetite January the has and reinsurance structural conditions. to market catastrophe catastrophe new capital and to X. from property In property remained Risk for conditions entered April support through terms push X challenging Limited continue remains reinsurance
on ceded increases impact U.S. for were cat modest. reinsurance to XX% rates increases higher loss property The retentions. affected casualty cat saw was At property increases higher rate renewals were on XX% to of U.S. premiums affected reinsurance mitigated accounts with XX%. rates XX% average In non-loss up business. more April for Japan, by of rate increases
continue conditions. market help these our challenging through We to manage clients
to like I'd and highlight strategic our on we've update some initiatives to of recent moment provide taken. an take a Now, the steps
As the capabilities the to continuously efficiently McLennan driving our client Marsh delivering focused and colleague full last team our growth value clients, we for on of capital is quarter, discussed experience, and shareholders. managing and improving leadership
McLennan U.S. have named through at time strength are and There of are additional we are of propositions Tomlinson meaningful at highly greater insights lead impact our leaders In businesses. the our Pat February, of Since country by same lead colleagues of enhanced where scale, Marsh opportunities solutions the name These the client Piccolomini collaboration, region our and intersections to while deliver valued that the value data, to our clients. benefits for of also we businesses Marsh driving International can leaders. the Flavio Canada. McLennan each then, and maintaining and
This deliberate focus already benefits. yielding on collaboration is
earthquake of first Investments and risk. leadership win, Securities of Let possible of insurer and This earthquake Mercer expertise. type parametric local for insurer's structuring some strength linked and me transaction the share deep arranged of in its the Guy market regulatory successfully was Carpenter's a major Guy examples. Carpenter in because an transfer combined securities investment to kind the insurance Mercer's
obtaining project Marsh work Guy Mercer equity Carpenter renewable the Wyman Mercer to between a and medical New rewards. sources for of venture an York manufacturers. Wyman the New major from compensation XXXX. opportunity. to for joint statewide device City for XX% re joint rewards new while Canada Career the delivered a bring two we energy Oliver program economist capabilities and venture designed to advanced Together, compensation provided from of the from solution modeling executive complex facilitated brought a our York clean of best electricity goal by clean State's and a hydropower Oliver
operate, complexity drive we're finding ways organize impact. reduce also deeper collaboration, we new to As and for
achieve with footprint. reduced to opportunities our January, estate technology, evolving As real we in now XXXX expect $XXX savings skillsets roughly these million. actions noted of see needs, of $XXX overall, we Mark savings savings to the by took rationalized but we $XXX actions and million to we beyond workforce have total already our will details, We taken. and cost provide for million further with align
for an capabilities, efficient actions and connected. to appointments, clients, are go-to-market and more impact our accelerate Our collaboration opportunity be to in restructuring and reinvest leadership
Before I want results, turn ESG. to comment on I our to
released is Marsh and ESG meeting these the report recently manage which Our in clients McLennan strategies. challenges ways highlights better helping many their
We have a engagement, where it's an track area to opportunity and we an and colleagues, record clients, support of see ESG our communities. continue to
climate such Carpenter's pay at clients help takes often work landscape equity disasters work work this and address efforts community through like it in racial place communities our But community-based in helping Sometimes clients face helping our level of as more Guy the insurance. ensure gender fairness place to in takes with or resilience build and organizations or an catastrophe navigate evolving macro the rewards. natural
are We area strategies. this of ESG work it do the and consider privilege a we their progress proud to clients in help
years. was me points EPS our an quarter foreign year-over-year. growth generated nearly XX%, Carpenter impact XX% up grew and XX% Underlying over last Overall quarter operating consulting. and We income two Mercer margin adjusted financial year the basis underlying XX%, Wyman X%. $X.XX, of operating Oliver a in to Guy X%, X%, adjusted after excluding from revenue first saw flat XXX turn let XX% XX% grew basis adjusted revenue first exchange. the grew is growing Marsh performance. which the was in X% our and of up expanded On revenue of Now, ago, or RIS grew
adjusted digit and our EPS. well outlook, and to strong mid-single margin for another underlying in we are to continue growth, positioned revenue growth XXXX expansion Turning better expect of or year
could macro current that contemplates backdrop, different which as discussed conditions regarding than outlook Our uncertainty earlier, be we persist, our out assumptions. turn to there's the economic but
In first summary, year was the to McLennan. great for a quarter the start Marsh
strategic I'm determination performance well of the proud of on and deliver to to colleagues value our our delivered that business our initiatives. and the continue Our and strong clients they and execute we focus shareholders.
review to over it our for results. turn Mark of detailed me let that, a more With
