3rd Quarter & 9 Mths Results

Marsh & McLennan Co Inc
19 October 2000


MMC REPORTS STRONG THIRD QUARTER AND NINE MONTHS RESULTS
Earnings Per Share Rises 20 Percent for Quarter
========================================================
                                       
NEW YORK, NEW YORK, October 19, 2000-Marsh & McLennan Companies, Inc. (MMC)
today reported strong revenues and earnings for both the quarter and nine
months ended September 30, 2000.

For the quarter, MMC's revenues rose 14 percent to $2.5 billion from $2.2
billion in 1999. Net income grew 26 percent to $282 million from $223 million,
and earnings per share rose 20 percent to $0.97 from $0.81 in 1999.

For the nine months, MMC's revenues reached $7.7 billion, a 13 percent
increase from $6.8 billion in 1999. Net income increased 22 percent to $895
million and earnings per share grew 17 percent to $3.12, compared with $731
million and $2.66, respectively, in 1999, excluding the special charge in the
second quarter of 1999 related to MMC's acquisition of Sedgwick.

J.W. Greenberg, chairman, said, 'We are pleased with MMC's results. All of our
businesses continued to grow profitably as leaders in large and growing
markets.'

Marsh's revenues rose 7 percent in the third quarter to $1.1 billion, driven
by net new business. Operating income increased 21 percent to $200 million,
reflecting continued savings from consolidation associated with the
integration of Sedgwick.

Putnam performed well despite continuing volatility in equity markets.
Revenues in the third quarter rose 28 percent to $863 million, and operating
income grew 31 percent to $275 million, compared with the third quarter of
1999. Average assets under management in the third quarter were $412 billion,
compared with $323 billion in the same period of 1999 and $394 billion in the
second quarter of 2000. Assets under management at September 30, 2000 were
$406 billion.

Mercer reported growth across its human resource and management consulting
practices. Revenues in the third quarter rose 8 percent to $540 million,
compared with 1999. Margin expansion continued, with operating income growing
to $84 million, an increase of 17 percent from 1999.

During the third quarter, MMC used positive cash flows to pay down debt. This
resulted in a decrease in interest expense to $63 million from $68 million in
the second quarter of 2000. The strong U.S. dollar had a minimal impact on
earnings in both the third quarter and nine months.

MMC is a global professional services firm with annual revenues exceeding $9
billion.  It is the parent company of Marsh, the world's leading risk and
insurance services firm; Putnam Investments, one of the largest investment
management companies in the United States; and Mercer Consulting Group, a
major global provider of consulting services. More than 55,000 employees
provide analysis, advice and transactional capabilities to clients in over 100
countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago,
Pacific and London stock exchanges. MMC's Web site address is www.mmc.com.

This press release contains certain statements relating to future results,
which are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995.  Such statements may include,
without limitation, discussions concerning revenue and expense growth, cost
savings and efficiencies expected from the integration of Sedgwick Group plc
and market and industry conditions. Actual results may differ from those
contemplated as a result of certain risks and uncertainties, including but not
limited to changes in general worldwide and national economic conditions,
competitive conditions and pricing pressures, the integration of the risk and
insurance services and consulting businesses of Sedgwick Group plc (including
the achievement of synergies and cost reductions) or other adverse
consequences from that transaction, level of worldwide and national equity and
fixed income markets, premium rate levels in the global property and casualty
insurance markets, prospective and retrospective changes in the tax or
accounting treatment of the Company's operations and the impact of tax or
other legislation and regulation in the jurisdictions in which the Company
operates, the uncertainties of litigation, as well as other risks and
uncertainties detailed from time to time in the Company's Securities and
Exchange Commission filings.  Please refer to Marsh & McLennan Companies' 1999
Annual Report on Form 10-K for 'Information Concerning Forward-Looking
Statements,' its reports on Form 8-K and quarterly reports on Form 10-Q.


Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share figures)
(Unaudited)
=======================================


                                       
                                 Three Months Ended  Nine Months Ended
                                 September 30,       September 30,
                                 __________________  _________________
                                   2000       1999    2000      1999
                                 ________    _____   ______   _______
Revenue:                                                      
Risk and Insurance Services         $1,132   $1,055  $3,581     $3,403
Investment Management                  863      673   2,502      1,963
Consulting                             540      499   1,598      1,457
                                 _________   ______  ______    _______
     Total Revenue                   2,535    2,227   7,681      6,823
                                 _________   ______  ______    _______
                                                                      
Expense:                                                              
Compensation and Benefits            1,267    1,118   3,782      3,413
Amortization of Intangibles             46       43     134        112
Other Operating Expenses               706      641   2,131      1,923
Special Charge                           -        -       -         84
                                 _________   ______  ______    _______
                                          
     Total Expense                   2,019    1,802   6,047      5,532
                                 _________   ______  ______    _______
                                                                      
Operating Income                       516      425   1,634      1,291
                                                                      
Interest Income                          7        6      18         17
                                                                      
Interest Expense                      (63)     (59)   (191)      (174)
                                 _________   ______  ______    _______
                                                                      
Income Before Income Taxes             460      372   1,461      1,134
                                                                      
Income Taxes                           178      149     566        455
                                 _________   ______  ______    _______
                                                                      
Net Income                         $   282   $  223  $  895    $   679
                                 =========   ======  ======    =======
                                                                      
Basic Net Income Per Share           $1.04    $0.84   $3.32      $2.60
                                 =========   ======  ======    =======
                                                                      
Diluted Net Income Per Share         $0.97    $0.81   $3.12      $2.47
                                 =========   ======  ======    =======
                                                                      
Diluted Net Income Per Share                                          
Excluding Special Charge             $0.97    $0.81   $3.12      $2.66
                                 =========   ======  ======    =======
                                                                      
Average Number of                                                     
Shares Outstanding - Basic             272      264     270        262
                                 =========   ======  ======    =======
                                                                      
Average Number of                                                     
Shares Outstanding - Diluted           286      273     283        270
                                 =========   ======  ======    =======
                                       
Marsh & McLennan Companies, Inc.
Supplemental Information
(In millions, except assets under management)
(Unaudited)
============================================
                                       
                                       
                                Three Months      Nine Months Ended
                                    Ended           September 30,
                                September 30,              
                              ________________    _________________
                              2000      1999      2000      1999(a)
                              _______   ______    ______    _______
                                                                    
Revenue:                                                            
Risk and Insurance Services    $1,132    $1,055    $3,581     $3,403
Investment Management             863       673     2,502      1,963
Consulting                        540       499     1,598      1,457
                              _______    ______    ______    _______
                                2,535     2,227     7,681      6,823
                              _______    ______    ______    _______
Expense:                                                            
Risk and Insurance Services       932       890     2,853      2,773
Investment Management             588       463     1,709      1,333
Consulting                        456       427     1,365      1,265
Corporate                          34        20        98         73
Minority Interest                   9         2        22          4
                              _______    ______    ______    _______
                                2,019     1,802     6,047      5,448
                              _______    ______    ______    _______
Operating Income:                                                   
Risk and Insurance Services       200       165       728        630
Investment Management             275       210       793        630
Consulting                         84        72       233        192
Corporate                        (34)      (20)      (98)       (73)
Minority Interest                 (9)       (2)      (22)        (4)
                              _______    ______    ______    _______
                              $   516   $  425     $1,634     $1,375
                              _______   ______     ______    _______
Segment Operating Margins:                                          
Risk and Insurance Services     17.7%     15.6%     20.3%      18.5%
Investment Management           31.9%     31.2%     31.7%      32.1%
Consulting                      15.6%     14.5%     14.6%      13.2%
                                                                    
Consolidated Operating                                              
Margin                          20.4%     19.1%     21.3%      20.2%
Pretax Margin                   18.1%     16.7%     19.0%      17.9%
Tax Rate                       38.75%    40.00%    38.75%     40.00%
                                                                    
Underlying Revenue Growth                                           
(b):
Risk and Insurance Services                                         
                                   9%        4%        7%         5%
Investment Management             28%       18%       27%        15%
Consulting                        10%        9%       11%        10%
                                                                    
Shares Outstanding at End of                                        
Period                            275       266
                                                                    
Potential Minority Interest                                         
Associated
with the Putnam Equity                                              
Partnership Plan              $     5   $    4    $   14     $    12
                                                                    
Putnam Assets Under                                                 
Management (billions):
Ending Assets (September                                            
30):
Retail Mutual Funds           $   246   $  197                      
Defined Benefit                    67       57                     
Defined Contribution               63       44                     
International                      30       20                     
                              _______    ______
                              $   406   $  318                      
                              =======    ======
Composition of Ending Assets                                        
(September 30):
Equity                        $   344   $  245                      
Fixed Income                                                        
                                   62       73
                              _______    ______
                              $   406   $  318                      
                              =======    ======
                                                                    
Average Assets                $   412   $  323    $  403     $   313
                                                                    
Net New Sales including       $     5   $    2    $   24     $    11
Dividends Reinvested


(a)  Excludes 1999 Pretax Special Charge of $84 million for the nine
     months.
(b)  Excluding the effect of foreign exchange, acquisitions and
     dispositions.
                                       
                                       
          Contact:  Barbara Perlmutter            James N. Fingeroth
                    Marsh & McLennan Cos          Kekst and Company
                    [phone]               [phone]