Marsh & McLennan, the world’s top insurance broker and the parent company of No. 6 mutual fund company Putnam Investments, saw an 83-cents-per-share profit for the first quarter to $446 million, up from 81 cents a share and $443 million last year.

The numbers include the fees Putnam was forced to pay April 8 as part of its settlement in the mutual fund scandal, something the mother company wants to put in its past. Also included is a $278 million insurance settlement related to the disaster at the World Trade Center, the company said.

Said Marsh & McLennan Chairman and CEO Jeffrey W. Greenberg, "We believe the changes that Putnam is making will result in a stronger organization and we are positive about Putnam’s long-term business prospects."

Putnam itself gained modestly at 4%, or $461 million, after a substantial loss in 2003. The company possessed $227 billion in assets under management as of March 31, 2004.

As a whole, Marsh & McLennan reports its annual revenue at $11 billion.

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