Marsh & McLennan Companies, Inc. MMC reported second-quarter 2022 adjusted earnings per share of $1.89, which beat the Zacks Consensus Estimate by 1.6%. The bottom line improved 8% year over year.Consolidated revenues of MMC rose 7% year over year to $5.4 billion in the quarter under review. The top line outpaced the consensus mark by 0.8%.The solid quarterly results were driven by strong contributions from its Risk and Insurance Services as well as Consulting segments. The Marsh sub-unit within the Risk and Insurance Services segment benefited from strong international operations across Latin America, Asia Pacific and EMEA. However, the bottom-line growth of Marsh & McLennan was partly offset by escalating operating expenses and a foreign exchange headwind of 3 cents per share.Total operating expenses of $4 billion increased nearly 6% year over year in the second quarter due to a rise in compensation and benefits and other operating expenses. Total expenses at the Risk and Insurance Services segment witnessed a 7.1% year-over-year increase in the quarter under review, while the same at the Consulting segment increased 3.9% year over year.Consolidated adjusted operating income grew 8% year over year to $1.3 billion.Marsh & McLennan Companies, Inc. Price, Consensus and EPS Surprise Marsh & McLennan Companies, Inc. price-consensus-eps-surprise-chart | Marsh & McLennan Companies, Inc. QuoteSegmental ResultsRisk and Insurance ServicesThe segment reported revenues of $3.3 billion, which improved 9% on an underlying basis in the second quarter. Adjusted operating income rose 9% year over year to $1 billion.Revenues of Marsh, a unit within the segment, grew 9% on an underlying basis to $2.8 billion in the quarter under review. In the United States/Canada, underlying revenues improved 10% year over year. Strong international operations led to 9% revenue growth on an underlying basis, with Latin America registering the highest growth of 14%, followed by increases of 11% and 7% in the Asia Pacific and EMEA, respectively.Guy Carpenter, another unit under the Risk and Insurance Services segment, generated revenues of $522 million. The figure increased 9% on an underlying basis.ConsultingRevenues at the segment climbed 10% year over year to $2.1 billion in the second quarter. Adjusted operating income of $369 million grew 4% year over year.A unit within this segment, Mercer, reported revenues of $1.4 billion, which rose 7% on an underlying basis. Career and Health revenues climbed 17% and 10%, respectively, on an underlying basis. The same at Wealth inched up 1% on an underlying basis.Revenues of Oliver Wyman, another unit under the Consulting segment, improved 16% on an underlying basis to $695 million in the quarter under review.Financial Update (as of Jun 30, 2022)Marsh & McLennan exited the second quarter with cash and cash equivalents of $909 million, which slumped 48.1% from the 2021-end level. Total assets of $33.4 billion decreased 2.8% from the level as of Dec 31, 2021.Long-term debt amounted to $10.5 billion, which slipped 4.1% from the figure at the 2021 end. Meanwhile, short-term debt of $1.3 billion increased more than 77-fold from the 2021-end level.Total equity of $10.9 billion slid 2.7% from the 2021-end figure.During the six months ended Jun 30, 2022, MMC generated cash from operations of $580 million, down 22.7% from the prior-year comparable period.Capital Deployment UpdateIn the second quarter, Marsh & McLennan bought back 3.8 million shares worth $600 million.In July 2022, its board of directors approved a 10% hike in the quarterly dividend, following which MMC will pay out a dividend of 59 cents per share. The increased dividend will be paid on Aug 15, 2022, to shareholders of record as of Jul 28.Zacks RankMarsh & McLennan carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Some Other InsurersOf the insurance industry players that have reported second-quarter results so far, the bottom lines of The Travelers Companies, Inc. TRV and RLI Corp. RLI beat the Zacks Consensus Estimate, while that of The Progressive Corporation PGR matched the consensus mark.Travelers reported second-quarter 2022 core income of $2.57 per share, which beat the Zacks Consensus Estimate by 28.5%. The bottom line decreased 26% year over year. Travelers’ total revenues increased 7% from the year-ago quarter to $9.2 billion, primarily due to higher premiums. The top-line figure beat the Zacks Consensus Estimate by 1.8%. Net written premiums of TRV increased 11% year over year to $9 billion.RLI’s second-quarter 2022 operating earnings of $1.49 per share outpaced the Zacks Consensus Estimate by 6.1%. The bottom line improved 36.7% from the prior-year quarter. Operating revenues of RLI for the reported quarter were $301.3 million, up 16.9% year over year, driven by 17.3% higher net premiums earned and 10.5% higher net investment income. The top line beat the Zacks Consensus Estimate of $276 million by 0.9%. RLI’s underwriting income of $56 million increased 53% year over year.Progressive reported second-quarter 2022 earnings per share of 95 cents, in line with the Zacks Consensus Estimate. The bottom line declined 37.1% year over year. Net premiums written of Progressive were $12.4 billion in the quarter, up 8% from $11.7 billion a year ago. PGR’s combined ratio — the percentage of premiums paid out as claims and expenses — improved 90 basis points (bps) from the prior-year quarter’s level to 95.6. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RLI Corp. (RLI): Free Stock Analysis Report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report Marsh & McLennan Companies, Inc. (MMC): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research