Marsh & McLennan, the world's largest insurance brokerage, said on Tuesday that fourth-quarter earnings soared, helped by growth in its consulting business and cost cuts.
Marsh & McLennan, which recently sold its Putnam asset management unit for $3.9 billion, said net income was $226 million, or 40 cents a share, compared with $35 million, or 6 cents a share a year ago.
Earnings from continuing operations were 39 cents a share. Analysts had expected the New York City-based broker and risk consultant to earn 37 cents a share excluding items.
In the year-earlier fourth quarter, Marsh earned $154 million, or 28 cents a share, before restructuring charges and other items.
In the last 12 months, shares of the company declined about 4%, with a low of $24.20 in August after it reported second-quarter earnings.
Consolidated revenue for the fourth quarter was $3.1 billion, up 9% from the year-earlier level. Analysts had expected the company to earn $2.93 billion.
In January, Marsh sold its Putnam unit for $3.9 billion to Power Financial.
Cherkasky has said he will use the after-tax proceeds of $2.5 billion to make acquisitions in Marsh's Kroll unit, which handles risk consulting, and in its Mercer Human Resource Consulting business.