2nd Quarter & Interim Results

Marsh & McLennan Co Inc
26 July 2000



MMC REPORTS STRONG SECOND QUARTER
AND SIX MONTHS RESULTS
Earnings Per Share Rises 17 Percent for Quarter
===============================================
                                       
NEW YORK, NEW YORK, July 26, 2000-Marsh & McLennan Companies, Inc. (MMC) today
reported strong revenues and earnings for both the quarter and six months
ended June 30, 2000.

For the quarter, MMC's revenues rose 11 percent to $2.5 billion. Net income
grew 21 percent to $276 million and earnings per share rose 17 percent to
$0.96. For the same period of 1999, net income was $228 million and earnings
per share was $0.82, excluding a special charge.

For the six months, MMC's revenues reached $5.1 billion, up 12 percent from
$4.6 billion in 1999. Net income increased 21 percent to $613 million and
earnings per share grew 16 percent to $2.15, compared with $507 million and
$1.85, respectively, for the same period of 1999, excluding the special
charge.

J.W. Greenberg, chairman, said, 'We are pleased with the results MMC has
achieved both for the second quarter and first half of 2000. They reflect
strong performance in each of our businesses.'

Recent initiatives in Marsh, along with changing business conditions, led to
revenue growth for the quarter. Ongoing consolidation savings associated with
the integration of Sedgwick contributed to Marsh's strong earnings. Revenues
rose 6 percent to $1.2 billion and operating income increased 20 percent to
$204 million.

Putnam continued to achieve high levels of growth despite volatility in equity
markets. Revenues for the second quarter rose 19 percent to $788 million and
operating income grew 17 percent to $256 million. Strong performance and net
new sales contributed to assets under management for the second quarter
averaging $394 billion. This compares with average assets under management of
$315 billion for the same period last year and $403 billion for the first
quarter of 2000. Assets under management at June 30, 2000 were $407 billion.

Mercer reported growth across all major consulting practices worldwide.
Revenues in the second quarter rose 9 percent to $538 million and operating
income grew 19 percent to $86 million, with 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 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   Six Months Ended
                                   June 30,            June 30,
                                 2000       1999      2000      1999
                                                                    
Revenue:                                                            
Risk and Insurance Services    $1,155     $1,092    $2,449    $2,348
                                                                    
Investment Management             788        661     1,639     1,290
Consulting                        538        492     1,058       958
                               ------     ------    ------    ------
                                                                    
     Total Revenue              2,481      2,245     5,146     4,596
                               ------     ------    ------    ------
                                                                    
Expense:                                                            
                                                                    
Compensation and Benefits       1,211      1,126     2,515     2,295
                                                                    
Amortization of Intangibles        44         34        88        69
                                                                    
Other Operating Expenses          720        654     1,425     1,282
                                                                    
Special Charge                      -         84         -        84
                               ------     ------     -----     -----
                                                                    
Total Expense                   1,975      1,898     4,028     3,730
                               ------     ------     -----     -----
                                                                    
Operating Income                  506        347     1,118       866
                                                                    
Interest Income                     6          4        11        11
                                                                    
Interest Expense                 (68)       (55)     (128)     (115)
                               ------     ------     -----     -----
                                                                    
Income Before Income Taxes        444        296     1,001       762
                                                                    
Income Taxes                      168        119       388       306
                               ------     ------    ------    ------
                                                                    
Net Income                     $  276     $  177    $  613    $  456
                               ======     ======    ======    ======
                                                                    
Basic Net Income Per Share      $1.02      $0.68     $2.28     $1.76
                               ======     ======    ======    ======
                                                                    
Diluted Net Income Per Share    $0.96      $0.63     $2.15     $1.66
                               ======     ======    ======    ======
                                                                    
Diluted Net Income Per Share                                        
Excluding Special Charge        $0.96      $0.82     $2.15     $1.85
                               ======     ======    ======    ======
                                                                    
Average Number of                                                   
Shares Outstanding - Basic        270        263       269       260
                               ======     ======    ======    ======
                                                                    
Average Number of                                                   
Shares Outstanding - Diluted      283        272       281       269
                               ======     ======    ======    ======

Marsh & McLennan Companies, Inc.
Supplemental Information
(In millions, except assets under management)
(Unaudited)
=============================================

                             Three Months Ended  Six Months Ended
                                  June 30,           June 30,
                               2000       1999*      2000     1999*
                                                                   
Revenue:                                                           
Risk and Insurance Services  $1,155      $1,092    $2,449    $2,348
Investment Management           788         661     1,639     1,290
Consulting                      538         492     1,058       958
                             ------      ------    ------    ------
                              2,481       2,245     5,146     4,596
                             ------      ------    ------    ------
Expense:                                                           
Risk and Insurance Services     951         921     1,921     1,883
Investment Management           532         441     1,121       870
Consulting                      452         420       909       838
Corporate                        33          30        64        53
Minority Interest                 7           2        13         2
                             ------      ------    ------    ------
                              1,975       1,814     4,028     3,646
                             ------      ------    ------    ------
Operating Income:                                                  
Risk and Insurance Services     204         171       528       465
Investment Management           256         220       518       420
Consulting                       86          72       149       120
Corporate                      (33)        (30)      (64)      (53)
Minority Interest               (7)         (2)      (13)       (2)
                             ------      ------    ------    ------
                             $  506      $   43    $1,118   $  950
                             ======      ======    ======   ======
Segment Operating Margins:                                         
Risk and Insurance Services   17.7%       15.6%     21.6%     19.8%
Investment Management         32.5%       33.2%     31.6%     32.5%
Consulting                    15.9%       14.7%     14.0%     12.5%
                                                                   
Consolidated Operating                                             
Margin                        20.4%       19.2%     21.7%     20.7%
Pretax Margin                 17.9%       16.9%     19.5%     18.4%
Tax Rate                      37.8%       40.0%     38.8%     40.0%
                                                                   
Shares Outstanding at End                                          
of Period                       271         264
                                                                   
Potential Minority Interest                                        
Associated with the
Putnam Equity Partnership                                          
Plan                          $   4       $   4     $   9     $   8
                                                                   
Putnam Assets Under                                                
Management (billions):
Ending Assets (June 30):                                           
Retail Mutual Funds           $ 245      $  204                    
Defined Benefit                  70          58                    
Defined Contribution             62          44                    
International                    30          19                    
                             ------      ------
                              $ 407      $  325                    
                             ======      ======
Composition of Ending                                              
Assets (June 30):
Equity                        $ 341      $  249                    
Fixed Income                     66          76                    
                              -----      ------
                              $ 407      $  325                    
                              =====      ======
                                                                   
Average Assets                $ 394      $  315    $  398    $  307

* Excludes 1999 Pretax Special Charge of $84 million for the three and six
months


For further information please contact:
=======================================

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