Building the Ÿ«ª¼ ¡ªŸ¡ °« °¤®¥²¡

2023 Annual Report

®¯¤ ŸŽ¡ªªª ¥¯ £¨«ž¨ ¬®«¢¡¯¯¥«ª¨ ¯¡®²¥Ÿ¡¯ ¼®© ³¥°¤ Ÿ«©¬®¡¤¡ª¯¥²¡ ¡´¬¡®°¥¯¡ Ÿ®«¯¯ ®¥¯§ ¯°®°¡£µ ª ¬¡«¬¨¡

We partner with clients, colleagues, investors and communities to -@47/ऺ?30ऺ.:9ȑ/09.0ऺ?:ऺ?3=4A0ऺ?3=:@23ऺ?30ऺ;:B0=ऺ:1ऺ;0=>;0.?4A0ற

Our strengths unite us across disciplines and around the world:

Being committed partners

Applying ±ª¥­±¡ ¡´¬¡®°¥¯¡

Delivering actionable solutions

We work with curiosity, care and integrity to understand our clients' 900/>ऺ,9/ऺ09,-70ऺ?304=ऺ>@..0>>ற

We bring a distinct combination of capabilities to clarify present and 1@?@=0ऺ=4>6>ऺ,9/ऺ:;;:=?@94?40>ற

We provide practical solutions to pressing challenges that help -@>490>>0>ऺ,9/ऺ.:88@94?40>ऺ?3=4A0ற

Provides data-driven risk advisory services and insurance solutions to commercial and consumer clients

Delivers advice and technology-driven solutions ?3,?ऺ307;ऺ:=2,94E,?4:9>ऺ=0/0ȑ90ऺ?30ऺB:=7/ऺ:1ऺB:=6

Guy CarpenterOliver Wyman

Develops advanced risk, reinsurance and capital >?=,?0240>ऺ?3,?ऺ307;ऺ.7409?>ऺ2=:Bऺ;=:ȑ?,-7Dऺ,9/ऺ pursue emerging opportunities

Serves as a critical strategic, economic and brand advisory to private sector and governmental clients

"Marsh McLennan has the specialized capabilities and expertise to help clients navigate complexity-and

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see possibility and seize opportunity."

John Q. Doyle '®¡¯¥ ¡ª° ª …¤¥¡¢ ‡´¡Ÿ±°¥²¡ '¾Ÿ¡®

Marsh McLennan

A year ago in this letter, I described the exciting opportunity we had to write ?30ऺ90C?ऺ.3,;?0=ऺ:1ऺ:@=ऺ company's growth, together. This year, I'm pleased ?:ऺ=0;:=?ऺB0ௐ=0ऺ:11ऺ?:ऺ,9ऺ outstanding start.

To our ¯¤®¡¤«¨ ¡®¯ colleagues ª Ÿ¨¥¡ª°¯

#30ऺ;0=1:=8,9.0ऺB0ऺ/074A0=0/ऺ49ऺவளவஶऺ 4>ऺ,ऺ?0>?,809?ऺ?:ऺ:@=ऺ/0;?3ऺ:1ऺ?,709?யऺ continued execution on strategic initiatives and momentum across our -@>490>>றऺ ?ऺ,7>:ऺ=0Ȓ0.?>ऺ?30ऺA,7@0ऺ?3,?ऺ our clients place on the work we do.

Today's operating environment is uncertain and complex, with geopolitical turbulence, economic volatility and technological disruption among the dynamics in play.

>ऺ?30ऺB:=7/ௐ>ऺ70,/492ऺ;=:10>>4:9,7ऺ >0=A4.0>ऺȑ=8ऺ49ऺ?30ऺ,=0,>ऺ:1ऺ=4>6யऺ>?=,?02Dऺ and people, Marsh McLennan has the specialized capabilities and expertise to

help clients navigate complexity-and -@47/ऺ.:9ȑ/09.0ऺ?:ऺ>00ऺ;:>>4-474?Dऺ,9/ऺ seize opportunity.

Helping clients and communities thrive is

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8,60>ऺ@>ऺ.:9ȑ/09?ऺ49ऺ:@=ऺ:B9ऺ1@?@=0ऺ and allows us to continue to attract the best talent across markets.

Amid uncertainty and complexity, we see opportunity: to deliver superior client outcomes, to reinvest in our capabilities to drive sustainable growth, ?:ऺ-0.:80ऺ8:=0ऺ0Ȳ.409?ऺ,9/ऺ.:990.?0/யऺ ,9/ऺ?:ऺ.:9?49@0ऺ2090=,?492ऺA,7@0ऺ1:=ऺ our shareholders.

I am excited to bring you up to date on our progress.

Financial performance

As we delivered ¯°®«ª£ ¼ªªŸ¥¨ results throughout °¤¡ µ¡® ³¡ Ÿ«ª°¥ª±¡ °« ©§¡ ©¡ª¥ª£¢±¨ investments in our ž±¯¥ª¡¯¯ °« ¯±¯°¥ª long-term growth.

Marsh McLennan's :@?>?,9/492ऺȑ9,9.4,7ऺ =0>@7?>ऺ49ऺவளவஶऺ=0Ȓ0.?ऺ:@=ऺ .:9>4>?09?ऺ1:.@>ऺ:9ऺ delivering in the near term B3470ऺ49A0>?492ऺ1:=ऺ>@>?,490/ऺ growth over the long term.

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Our Risk and Insurance Services

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0C;,9>4:9ऺ1:=ऺ?30ऺழஹth consecutive year, demonstrating our discipline in

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>ऺB0ऺ/074A0=0/ऺ>?=:92ऺȑ9,9.4,7ऺ=0>@7?>ऺ throughout the year, we continued to 8,60ऺ80,94921@7ऺ49A0>?809?>ऺ49ऺ:@=ऺ business to sustain long-term growth. &0ऺ49A0>?0/ऺ ழறஹऺ-4774:9ऺ49ऺ,.<@4>4?4:9>ऺ that added to our talent, capabilities ,9/ऺ>.,70௎:@=ऺ7,=20>?ऺD0,=ऺ1:=ऺ ऺ49ऺ 90,=7DऺவளऺD0,=>யऺ0C.7@/492ऺவளழ஼ऺB309ऺB0ऺ ,.<@4=0/ऺ #ற

0Dऺ?=,9>,.?4:9>ऺ1=:8ऺ?30ऺD0,=ऺ49.7@/0/ऺ ,=>3ऺ . 099,9ௐ>ऺ,.<@4>4?4:9ऺ:1ऺ =,3,8ऺ :8;,9Dயऺ,ऺ#:;ரழளளऺ$"ऺ 49>@=,9.0ऺ,9/ऺ-090ȑ?>ऺ-=:60=ऺ,9/ऺ risk management consultancy with :A0=ऺ ஺ளऺ84774:9ऺ49ऺ=0A09@0யऺB34.3ऺ strengthens Marsh McLennan Agency's

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:90ऺ:1ऺ @>?=,74,ௐ>ऺ8:>?ऺ.:8;0?4?4A0ऺ super trusts, backed by Mercer.

0D:9/ऺ,.<@4>4?4:9>யऺB0ऺ,7>:ऺ8,/0ऺ targeted investments in talent, operations and go-to-market strategies. And we invested in new technologies ,9/ऺ>:7@?4:9>ऺ?:ऺ-=492ऺ?30ऺ-0>?ऺ:1ऺ

Marsh McLennan to our clients. For 0C,8;70யऺ @Dऺ ,=;09?0=ऺ=:770/ऺ:@?ऺ?30ऺ 90C?ऺ2090=,?4:9ऺ:1ऺ ऺ /A,9?,20 :49?யऺ 4?>ऺ.,?,>?=:;30ऺ,9,7D?4.>ऺ;7,?1:=8யऺ to help clients better manage their catastrophe exposure in a changing

*For a reconciliation of non-GAAP results to GAAP results, as related to all non-GAAP references presented in this letter, please refer to the Company's Form 8-K, dated January 25, 2024, available on the Company's website at marshmclennan.com.

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risk landscape. And Marsh launched D-0=ऺ ,?3B,Dயऺ,9ऺ49?02=,?0/ऺ>:7@?4:9ऺ 1:=ऺ>8,77ऺ,9/ऺ84/>4E0ऺ-@>490>>0>ऺ that provides access to cybersecurity capabilities along with insurance coverage that can grow as their needs evolve.

&0ऺ,7>:ऺ49A0>?0/ऺ49ऺ?0.39:7:240>ऺ?3,?ऺ enhanced our internal productivity, 49>423?>ऺ1:=ऺ.7409?>ऺ,9/ऺ.:770,2@0ऺ experience. One example is "LenAI," Marsh McLennan's internal AI tool that :110=>ऺ?30ऺ;:B0=ऺ:1ऺ 3,? #யऺB4?3ऺ>:80ऺ enhanced capabilities, in an environment designed to meet our strict data-security standards. It enables our colleagues ?:ऺB:=6ऺ>8,=?0=ऺ1:=ऺ?30ऺ-090ȑ?ऺ:1ऺ:@=ऺ clients and supports our engagement B4?3ऺ?308ऺ:9ऺ,ऺ=,920ऺ:1ऺ4>>@0>யऺ1=:8ऺ boosting productivity to navigating the risks associated with deploying their own AI solutions.

&0ऺ.:8;70809?ऺ:@=ऺ1:.@>ऺ:9ऺ2090=,?492ऺ .:9>4>?09?யऺ>?=:92ऺȑ9,9.4,7ऺ;0=1:=8,9.0ऺ with a balanced approach to capital 8,9,20809?றऺ&0ऺ;=4:=4?4E0ऺ:=2,94.ऺ,9/ऺ inorganic investments in the business.

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The investments and capital return B0ऺ8,/0ऺ49ऺவளவஶऺ,=0ऺ9:?ऺ,9ऺ,9:8,7Dறऺ Over the past decade, we've completed :A0=ऺவளளऺ,.<@4>4?4:9>யऺ49A0>?0/ऺ:A0=ऺ வऺ-4774:9ऺ49ऺ90Bऺ?0.39:7:2Dயऺ,//0/ऺ to our talent and capabilities through :=2,94.ऺ34=0>யऺ,9/ऺ=0?@=90/ऺ ழ஻ऺ-4774:9ऺ to shareholders through dividends and share repurchases.

Overall, this approach consistently /074A0=>ऺ0C.0;?4:9,7ऺ;0=1:=8,9.0ऺ1:=ऺ our shareholders and positions us well to provide new solutions and insights 1:=ऺ:@=ऺ.7409?>௎,9/ऺ80,94921@7ऺ.,=00=>ऺ 1:=ऺ:@=ऺ.:770,2@0>ற

We complement our focus on generating

Ÿ«ª¯¥¯°¡ª° ¯°®«ª£ ¼ªªŸ¥¨ ¬¡®¢«®©ªŸ¡ with a balanced approach to capital management.

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Our work

90ऺ:1ऺ?30ऺ2=0,?ऺ;=4A47020>ऺ :1ऺ?30ऺB:=6ऺB0ऺ/:ऺ4>ऺ307;492ऺ clients and communities manage uncertainty and seize opportunity.

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B:=61:=.0ऺ,9/ऺ49A0>?809?ऺ>:7@?4:9>ऺ help people thrive today and tomorrow.

leveraged their collective expertise to develop an innovative approach to climate-risk modeling. And when an Asia-based global bank wanted to ?=,9>1:=8ऺ4?>ऺ.:=;:=,?0ऺ>,70>ऺ1:=.0யऺ 74A0=ऺ&D8,9ௐ>ऺ0C;0=409.0ऺ49ऺ operating-model design and leader enablement and Mercer's expertise in B:=61:=.0ऺ?=,9>1:=8,?4:9ऺ;=:A0/ऺ?:ऺ be an ideal combination.

These three examples are among many 49>?,9.0>ऺ:1ऺ.:77,-:=,?4A0ऺB:=6ऺ?3,?ऺ?,60ऺ place across Marsh McLennan each year.

Whether it's Ÿ«ª¢®«ª°¥ª£ «±® Ÿ¨¥¡ª°¯0 ž¥££¡¯° issues or the world's Ÿ¤¨¨¡ª£¡¯ ³¡ ¡¨¥²¡® Ÿ°¥«ªž¨¡ ¯«¨±°¥«ª¯ °¤° ¤¡¨¬ «±® Ÿ¨¥¡ª°¯ ª Ÿ«©©±ª¥°¥¡¯ °¤®¥²¡

Increasingly, we're demonstrating ?30ऺ@94<@0ऺ,/A,9?,20௎,9/ऺ2=0,?0=ऺ client impact-we can deliver through 093,9.0/ऺ.:77,-:=,?4:9ऺ,.=:>>ऺ:@=ऺȑ=8ற

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4880/4,?0ऺ/4110=09.0ऺ1:=ऺ?30ऺ.7409?யऺ including by using Mercer's investment ;7,?1:=8ऺ?:ऺ8:=0ऺ0Ȳ.409?7Dऺ8,9,20ऺ?30ऺ .7409?ௐ>ऺ;:=?1:74:ऺ,.=:>>ऺ,>>0?ऺ.7,>>0>ற &309ऺ:90ऺ:1ऺ?30ऺ7,=20>?ऺ$"ऺ-,96>ऺ needed help understanding and addressing their residential mortgage ;:=?1:74:ௐ>ऺ0C;:>@=0ऺ?:ऺ.748,?0ர =07,?0/ऺ=4>6>யऺ ,=>3ऺ,9/ऺ 74A0=ऺ&D8,9ऺ

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Mobilizing our expertise to support 1@?@=0ऺ=0.:A0=Dऺ,9/ऺ=0.:9>?=@.?4:9ऺ 011:=?>ऺ49ऺ$6=,490ऺ4>ऺ,9ऺ:92:492ऺ0C,8;70ऺ :1ऺ?30ऺ48;,.?ऺB0ऺ.=0,?0ऺB309ऺB0ऺ-=492ऺ ?30ऺ-0>?ऺ:1ऺ ,=>3ऺ . 099,9றऺ 92,2492ऺ with several governments and working across our businesses and the insurance and investor industries globally, we .:9?49@0ऺ?:ऺ1:.@>ऺ:9ऺ/0A07:;492ऺB,=ऺ =4>6ऺ49>@=,9.0ऺ1:=ऺ$6=,490ற

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MMC - Marsh & McLennan Companies Inc. published this content on 29 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2024 12:07:19 UTC.