1st Quarter Results

Marsh & McLennan Co Inc
19 April 2001


MMC REPORTS INCREASED FIRST QUARTER EARNINGS

Strong Performance by Risk and Insurance Services
=================================================


NEW YORK, NEW YORK, April 19, 2001 - Marsh & McLennan Companies, Inc. (MMC), a
leading global professional services firm, today reported increased earnings
for the quarter ended March 31, 2001.  Compared to the first quarter 2000,
consolidated revenues declined 3 percent to $2.6 billion.  Net income grew 9
percent to $369 million.  And earnings per share rose 7 percent to $1.27.

'In the first quarter, MMC benefited from its diverse mix of professional
services businesses and from the leadership of the skilled veterans who manage
them,' said J.W. Greenberg, chairman.  'This combination helped the Company
increase its earnings in a decelerating economy.'

Revenues from MMC's risk and insurance services business rose 5 percent to
$1.4 billion. Underlying revenue (which excludes such items as foreign
exchange, acquisitions, and dispositions) grew 9 percent, a reflection of net
new business in each major operating territory around the world. Margins
improved 3 percentage points, and operating income increased 18 percent to
$381 million. In a market where insurance rates are rising and coverage is
more difficult to obtain, Marsh provides value to clients by developing the
most cost-effective responses to the risks they face.

After a five-year compound annual growth rate of 30 percent, Putnam's average
assets under management declined 13 percent to $352 billion in the first
quarter. Revenues decreased 19 percent to $690 million, and operating income
declined 16 percent to $217 million. Despite the sharp reversal in equity
markets, net new sales for the quarter exceeded $6 billion.  Putnam has
responded to the current environment by reducing expenses, in part through a 4
percent reduction in staff.  This response will strengthen Putnam's business
and help to maintain its position as an industry leader.

Mercer's revenues grew 6 percent to $550 million.  Operating income rose 12
percent to $70 million. Underlying revenue from Mercer's human resource
consulting, which accounts for more than 75 percent of its business, increased
10 percent. Revenues from management consulting declined 9 percent.  Mercer
has reduced its expenses and tailored its services to changing client needs in
the slowing U.S. economy, while continuing to invest for future growth.

In 2001, MMC started an active share repurchase program.  Year to date the
company has repurchased approximately 2 million shares.

Mr. Greenberg commented, 'MMC has market-leading businesses, and each has
excellent prospects for continued growth.  In the current environment
disciplined expense management will strengthen our businesses as we pursue our
long-term strategies.'

MMC is a global professional services firm with annual revenues of $10
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.  Approximately 57,000 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 website address is www.mmc.com.

This press release contains certain statements relating to MMC's 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, cash
flow, capital structure, cost savings and efficiencies expected from the
integration of Sedgwick Group plc, as well as market and industry conditions,
interest rates, foreign exchange rates, contingencies, matters relating to
MMC's operations and income taxes. 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, changes in interest rates, foreign currency
fluctuations, movements in premium rate levels in the global property and
casualty insurance markets, the impact of natural catastrophes, mergers
between client organizations, 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, claims and contingencies, actions
of competitors or regulators, 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' 2000 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.

MMC is committed to providing timely and materially accurate information to
the investing public, consistent with our legal and regulatory obligations. To
that end, MMC and its operating companies use their Web sites to convey
meaningful information about their businesses, including the posting of
updates of assets under management at Putnam, and from time to time, Marsh
Inc.'s view of insurance market conditions. Monthly updates of assets under
management at Putnam will be posted on the first business day following the
end of each month, except at the end of March, June, September and December,
when such information will be released with MMC's quarterly earnings
announcement. Investors can link to MMC and its operating company Web sites
through www.mmc.com.


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




                                                Three Months Ended
                                                    March 31,
_________________________________________ _____________________________
                                                2001                2000
_________________________________________ _________    ________________
Revenue:                                               
Risk and Insurance Services                   $1,354              $1,294
Investment Management                            690                 851
Consulting                                       550                 520
_________________________________________  _________      ______________
    Total Revenue                              2,594               2,665
_________________________________________  _________      ______________
                                                       
Expense:                                               
Compensation and Benefits                      1,216               1,304
Amortization of Intangibles                       49                  44
Other Operating Expenses                         684                 698
_________________________________________  _________    ________________
                                                                        
    Total Expense                              1,949               2,046
_________________________________________  _________    ________________
                                                                        
Operating Income                                 645                 619
                                                                        
Interest Income                                    5                   5
                                                                        
Interest Expense                                (52)                (60)
_________________________________________  _________    ________________
                                                       
Income Before Income Taxes and Minority                                 
Interest                                         598                 564
                                                                        
Income Taxes                                     224                 223
                                                                        
Minority Interest, Net of Tax                      5                   4
________________________________________   _________    ________________
                                                                        
Net Income                                    $  369              $  337
_________________________________________  _________    ________________
                                                       
Basic Net Income Per Share                     $1.33               $1.26
_________________________________________  _________    ________________
                                                                        
Diluted Net Income Per Share                   $1.27               $1.19
_________________________________________  _________    ________________
                                                                        
Average Number of                                                       
     Shares Outstanding - Basic                  276                 268
_________________________________________  _________    ________________
                                                                        
Average Number of                                                       
     Shares Outstanding - Diluted                288                 280
_________________________________________  _________    ________________
                                                       
Note:  Minority interest for 2000 has been reclassified to be consistent
with the 2001 presentation.
                      
Marsh & McLennan Companies, Inc.
Supplemental Information
(In millions, except assets under management)
(Unaudited)
--------------------------------------------
                                       
                                       
                                          Three Months Ended
                                               March 31,
________________________________________   _________________
                                           2001        2000
________________________________________   _____      ______
Operating Income Including Minority                  
Interest Expense:
Risk and Insurance Services                  $381        $324
Investment Management                         217         259
Consulting                                     70          63
Corporate                                    (28)        (31)
_________________________________________   _____      ______
                                             $640        $615
_________________________________________   _____      ______
Minority Interest Expense, Net of Tax,               
Included Above:
Risk and Insurance Services                $    1      $    1
Investment Management                           4           3
________________________________________  _______    ________
                                           $    5      $    4
________________________________________  _______    ________
Segment Operating Margins:                           
Risk and Insurance Services                 28.1%       25.0%
Investment Management                       31.4%       30.4%
Consulting                                  12.7%       12.1%
                                                             
Consolidated Operating Margin               24.9%       23.2%
Pretax Margin                               23.1%       21.2%
Tax Rate                                    37.5%       39.5%
                                                             
Underlying Change in Revenue:                                
Risk and Insurance Services                   9 %          6%
Investment Management                       (19)%         35%
Consulting                                    7 %         12%
Consolidated                                  0 %         15%
                                                             
Basic Shares Outstanding at End of Period     276         269
                                                             
Potential Minority Interest Associated                       
with the Putnam Equity Partnership Plan    $    4      $    5
                                                     
Putnam Assets Under Management                       
(billions):
Mutual Funds:                                        
Growth Equity                               $  69        $166
Core Equity                                    59          43
Value Equity                                   55          58
Fixed Income                                   48          48
_________________________________________ _______    ________
                                              231         315
_________________________________________ _______    ________

Institutional Accounts:                                      
Growth Equity                                  26          40
Core Equity                                    42          42
Value Equity                                    6           5
Fixed Income                                   16          20
_________________________________________ _______    ________
                                               90         107
_________________________________________ _______    ________
Total Ending Assets (March 31)               $321        $422
_________________________________________ _______    ________
                                                             
Assets from Non-US Investors                $  27       $  30
Average Assets                               $352        $403
Net New Sales including Dividends           $   6       $  10
Reinvested
                                                     
Underlying change in revenue on a comparable basis excludes
the effect of such items as foreign exchange, acquisitions
and dispositions.

Minority interest, net of tax, is presented as a separate
line item on the face of the Consolidated Statements of
Income.
                                       
                                       
For further information please contact:
                                       
Barbara Perlmutter         Jim Fingeroth
MMC                        Kekst and Company
[phone]             [phone]