Marsh quarterly profit rises on strength in risk management business

July 21 (Reuters) - Insurance ‌brokerage Marsh ​reported ​a jump in second-quarter profit on Tuesday, as it benefited from robust demand for ‌its risk management and consulting businesses.

Insurance spending ⁠has remained resilient as individuals and businesses prioritize risk management ‌to safeguard against threats ‌such as climate-related disasters and cyber attacks.

Here are some details:

• Revenue in Marsh's risk and insurance ​services arm rose 4% to $4.82 billion in the quarter from a year earlier. The consulting ⁠arm posted 10% revenue growth.

• Insurance brokerages serve as a bridge between ​insurers and customers, helping clients find a policy that best suits their needs. They ​generally pocket a percentage of ‌the premiums paid to insurers as commissions.

• "Our performance in the first half underscores ⁠strong demand for Marsh's expertise and capabilities across risk, people, strategy, and investments," CEO John Doyle said.

• ⁠Underlying revenue growth — a closely watched metric on Wall Street — stood ​at 5% in the quarter.

• Profit was $1.27 billion, or $2.63 per share, in the three months ended June 30, compared ‌with $1.21 billion, or $2.45 per share, a year earlier.

• Marsh's stock, which has fallen ‌1.8% this year as of last close, has ⁠rallied over the past ‌month as the ​broader market rotated into financials.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sahal ‌Muhammed)

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