Marsh & McLennan Cos Inc
The company's largest division, risk and insurance services, posted an 8 percent decline in revenue to $1.4 billion. Consulting segment revenue fell even more steeply, by 16 percent to $1.1 billion.
Helping to cushion the bottom line was a reduction in expenses of more than 25 percent, to $2.23 billion from $3.13 billion a year earlier.
Net profit was $176 million, or 33 cents a share, compared with a net loss of $210 million, or 40 cents per share, a year earlier, when the company took a large goodwill charge.
On an adjusted basis, the company earned 40 cents a share, 3 cents below analysts' average forecast, according to Reuters Estimates. Consolidated revenue fell 13 percent to $2.6 billion, missing expectations of $2.95 billion.
Marsh & McLennan said it had an investment loss in the period stemming from $15 million in market valuation declines of private equity fund investments.
Both Marsh & McLennan and its larger rival, Aon Corp
Aon last week posted higher first-quarter profit despite lower revenue. But adjusted profit missed expectations, sending its shares lower.
Marsh & McLennan shares closed down 6 cents at $20.59 on Tuesday and were unchanged in premarket trading Wednesday.
(Reporting by Lilla Zuill; editing by John Wallace)