Marsh & McLennan Companies, Inc. (NYSE:MMC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:30 am ET


Marsh & McLennan Companies, Inc. (NYSE:MMC) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to Marsh & McLennan Companies Conference Call. Today's call is being recorded. Second quarter 2020 financial results and supplemental information were issued earlier this morning. They are available on the company's website at

Please note that remarks made today may include forward-looking statements, including certain expectations related to COVID-19 and other matters. Forward-looking statements are subject to risks and uncertainties, and a variety of factors may cause actual results to differ materially from those contemplated by such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, including our most recent Form 10-K, all of which are available on the MMC website. During the call today, we may also discuss certain non-GAAP financial measures. For a reconciliation of these measures to the most closely comparable GAAP measures, please refer to the schedule in today's earnings release.

I'll now turn this over to Dan Glaser, President and CEO of Marsh & Mclennan Companies.

Daniel S. Glaser

Thank you, operator. Good morning, and thank you for joining us to discuss our second quarter results reported earlier today. I'm Dan Glaser, President and CEO of Marsh & McLennan. Joining me on the call today is Mark McGivney, our CFO; and the CEOs of our businesses, John Doyle of Marsh; Peter Hearn of Guy Carpenter; Martine Ferland of Mercer; and Scott McDonald of Oliver Wyman. Also with us this morning is Sarah Dewitt, Head of Investor Relations.

I am pleased with our second quarter results, which demonstrate Marsh & McLennan's strength and resiliency as we navigate the current global health crisis and economic recession. The world is experiencing two dramatic and unforeseen events at the same time: first, the global pandemic; and second, the global economic crisis, driven by an unprecedented simultaneous lockdown in almost every part of the world. In addition, society reached the breaking point on racial inequalities, which have persisted for far too long. In the face of this extraordinary combination of events, Marsh & McLennan colleagues rose to the occasion and continued to serve our clients with excellence and distinction. I want to thank our 76,000 colleagues globally and our leadership team for their dedication and outstanding execution in these challenging times.

While the impact to our business from the economic downturn and health crisis so far has been manageable. We live in troubled times, and the conditions in many parts of the world remain extremely difficult and uncertain. The world may have avoided the worst-case health and economic scenarios, but the downturn may be longer than many initially expected with ways of virus resurgence in certain geographies. While in most parts of the world we are through the initial phase of peak fear and uncertainty around health outcomes, we are now in a period of dealing with the economic fallout and living with the continuing health implications. These economic and health uncertainties could last for a year or longer, challenging companies well into 2021.

Regardless of