Marsh & McLennan, the worlds 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 Putnams 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.