John Doyle, the chief executive officer of Marsh McLennan—a company that helps the CEOs of other companies all over the world manage risk—called the current business environment “dynamic and complex.”
Marsh, a giant insurance and benefits broker, held a conference call with securities analysts last week to talk about how the company did during the third quarter, which ended Sept. 30.
One analyst asked about how the recent uptick in the U.S. economy had affected the company’s performance.
Doyle questioned whether there has been an uptick in the U.S. economy.
“It doesn’t feel like an economy that is better than 90 days ago,” Doyle said. “It feels like a pretty uneven economy to me.”
See also: 4 ways HR can enlist Gen Z and millennials to reduce healthcare costs
Labor markets softened during the third quarter, and the rising cost of healthcare is a big pressure point in the United States, Doyle said.
The high cost of healthcare, the impact of extreme weather and high liability costs are not good for the U.S. economy, Doyle said.
But “it’s good for our business over time,” Doyle said. “The demand for our services and helping clients navigate those issues will be quite resilient. I’m very confident about that.”
What it means: The CEO of one of the giants in the health benefits market thinks U.S. businesses will need plenty of expert advice about their health benefits.
The earnings: Marsh McLennan reported $757 million in net income for the third quarter on $6.4 billion in revenue, up from $752 million in net income on $5.7 billion in revenue for the third quarter of 2024.
Health-related revenue increased 7%, to $555 million.
The brand: Marsh McLennan is the parent of companies such as Guy Carpenter and Oliver Wyman.
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