1st Quarter Results

Marsh & McLennan Co Inc
25 April 2000


Barbara Perlmutter                     James N. Fingeroth
Marsh & McLennan Cos.                  Kekst and Company
[phone]                         [phone]


                MMC REPORTS STRONG FIRST QUARTER RESULTS
              Earnings Per Share Rises 16 Percent for Quarter

NEW YORK, NEW YORK, April 25, 2000-Marsh & McLennan Companies, Inc. (MMC)
today reported strong revenue and earnings growth for the quarter ended
March 31, 2000. Revenues rose 13 percent to $2.7 billion from $2.4 billion in
1999. Net income grew 21 percent to $337 million from $279 million and
earnings per share rose 16 percent to $1.19 from $1.03 last year.

J.W. Greenberg, president and chief executive officer said, 'MMC had a very
good quarter. All parts of the company performed well. Marsh's revenues rose 3
percent to $1.3 billion and operating income increased 10 percent to $324
million. The integration of Sedgwick is proceeding successfully and
consolidation savings, as planned, will grow through the remainder of this
year and into 2001. Putnam's assets under management at quarter-end reached
$422 billion compared with $306 billion at the end of the first quarter of
1999 and $391 billion at year-end 1999.  Despite market volatility, excellent
investment performance combined with Putnam's diversification across asset
classes, geographies and sales channels contributed to revenues growing 35
percent to $851 million and operating income rising 31 percent to $262
million.  Mercer's revenues rose 12 percent to $520 million and operating
income grew 31 percent to $63 million, with growth across all consulting
practices and continued margin improvement.'

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 50,000 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 failure to successfully
integrate 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
                                           March 31,
                                       __________________
                                         2000        1999
                                      _______      ______
                                                         
Revenue:                                                 
Risk and Insurance Services            $1,294      $1,256
Investment Management                     851         629
Consulting                                520         466
                                      _______      ______
     Total Revenue                      2,665       2,351
                                      _______      ______
                                                         
Expense:                                                 
Compensation and Benefits               1,304       1,169
Amortization of Intangibles                44          35
Other Operating Expenses                  705         628
                                      _______      ______
     Total Expense                      2,053       1,832
                                      _______      ______
                                                         
Operating Income                          612         519
                                                         
Interest Income                             5           7
                                                         
Interest Expense                         (60)        (60)
                                      _______      ______
                                                         
Income Before Income Taxes            $   557      $  466
                                                         
Income Taxes                              220         187
                                      _______      ______
                                                         
Net Income                            $   337      $  279
                                      =======      ======
                                                         
Basic Net Income Per Share             $ 1.26      $ 1.08
                                      =======      ======
                                                         
Diluted Net Income Per Share           $ 1.19      $ 1.03
                                      =======      ======
                                                         
Average Number of                                        
  Shares Outstanding - Basic              268         258
                                      =======      ======
                                                         
Average Number of                                        
  Shares Outstanding - Diluted            280         266
                                      =======      ======

Marsh & McLennan Companies, Inc.
Supplemental Information
(In millions, except assets under management)
(Unaudited)
                                        Three Months
                                            Ended
                                          March 31,
                                       ___________________
                                          2000        1999
                                       _______      ______
                                                          
Revenue:                                                  
Risk and Insurance Services             $1,294      $1,256
Investment Management                      851         629
Consulting                                 520         466
                                       _______      ______
                                         2,665       2,351
                                       _______      ______
Expense:                                                  
Risk and Insurance Services                970         962
Investment Management                      589         429
Consulting                                 457         418
Corporate                                   31          23
Minority Interest                            6           -
                                       _______      ______
                                         2,053       1,832
                                       _______      ______
Operating Income:                                         
Risk and Insurance Services                324         294
Investment Management                      262         200
Consulting                                  63          48
Corporate                                 (31)        (23)
Minority Interest                          (6)           -
                                       _______      ______
                                       $   612      $  519
                                       =======      ======
Segment Operating Margins:                                
Risk and Insurance Services              25.0%       23.4%
Investment Management                    30.8%       31.8%
Consulting                               12.1%       10.3%
                                                          
Consolidated Operating Margin            23.0%       22.1%
Pretax Margin                            20.9%       19.8%
Tax Rate                                 39.5%       40.0%
                                                          
Shares Outstanding at End of Period        269         259
                                                          
Potential Minority Interest                               
Associated
with the Putnam Equity Partnership                        
  Plan                                 $     5      $    4
                                                          
Putnam Assets Under Management                            
(billions)
Ending Assets (March 31):                                 
Retail Mutual Funds                    $   255      $  192
Defined Benefit                             77          60
Defined Contribution                        65          40
International                               25          14
                                       _______      ______
                                       $   422      $  306
                                       =======      ======
Composition of Ending Assets                              
(March 31):
Equity                                 $   354      $  227
Fixed Income                                68          79
                                       _______      ______
                                       $   422      $  306
                                       =======      ======
                                                          
Average Assets                         $   403      $  300