4th Quarter & Final Results

Marsh & McLennan Co Inc
2 February 2000


MMC REPORTS STRONG FOURTH QUARTER AND YEAR-END RESULTS
Earnings Per Share Rises 17 Percent for Quarter and Year
=========================================================
                                      
NEW YORK, NEW YORK February 2, 2000-Marsh & McLennan Companies, Inc. (MMC)
today reported strong revenue and earnings growth for both the fourth quarter
and year ended December 31, 1999.

For the year, revenue rose 27 percent to $9.2 billion from $7.2 billion in
1998. Earnings per share, before special charges relating to MMC's
acquisition of Sedgwick Group, increased 17 percent to $3.48, compared with
$2.98 in 1998. For the fourth quarter, revenue was up 20 percent to $2.3
billion from $1.9 billion in 1998. Earnings per share, excluding the special
charges, grew 17 percent to $.82 from $.70 in 1998.

Special pretax charges in 1999 for the MMC costs associated with the Sedgwick
acquisition and integration process were $84 million in the second quarter
and $253 million in the fourth quarter.  The integration includes severance
payments for over 4,500 employees from both firms and real estate costs for
175 office consolidations.  Including the special charges, earnings per share
was $2.62 for 1999 and $.16 for the fourth quarter.

Commenting on MMC's activities in 1999, A.J.C. Smith, chairman, said, 'By all
measures, this was an excellent year.  Each of our operating companies
produced strong results.
                                      
Marsh performed well in an insurance market environment that remained
challenging. It captured important new business and strengthened its global
position.  Putnam had another outstanding year.  Profitability rose 24
percent and assets under management grew from $294 billion at year-end 1998
to $391 billion.  This reflects favorable equity markets, superb investment
performance and net new sales.  Putnam's average assets under management for
1999 totalled $322 billion, compared with $264 billion in 1998.  Mercer
achieved excellent results reflecting strong revenue gains and improved
profitability.  Its operating income grew more than 20 percent, excluding
acquisitions, with gains across all major practices.'

J.W. Greenberg, chief executive, added, 'The merger with Sedgwick has gone
well.  It followed the positive experience we had with Johnson & Higgins,
which was acquired in 1997.  Three years later, we have met all expectations
for Johnson & Higgins, combining complementary cultures, strengthening our
professional staff and realizing consolidation savings that doubled its
profitability.

'Integrating Sedgwick into our risk and insurance services and consulting
businesses was a focus of our activities last year.  When the merger was
announced in August 1998, we estimated gross consolidation savings of $200
million.  We anticipated net cost savings to approximate $110 million, after
factoring in additional expenses for goodwill amortization and improvements
to information technology systems and employee benefit, compensation and
retirement plans.  Today, we are achieving significant operating efficiencies
and have a unified organization in place globally. Sedgwick adds to our
strength internationally and enables us to enhance service to clients
throughout the world. It also gives us a larger base to support the
investments we will continue to make in targeted growth opportunities. We are
pleased that net consolidation savings are now expected to approach $160
million over three years including $30 million reflected in our 1999 results.

'We are encouraged about MMC's prospects for 2000,' Mr. Greenberg concluded,
'and confident that our businesses are positioned to grow profitably.'

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,
Year 2000 remediation and testing of computer systems, 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, computer failures arising out of Year 2000-
related issues, 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'
1998 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    Twelve Months Ended
                      December 31           December 31
                       -------------------- -------------------
                                           
                           1999        1998      1999      1998
                       --------    --------  --------  --------
Revenue:                                                       
Risk and Insurance                                             
Services                 $1,120        $933    $4,523    $3,351
Investment                                                     
Management                  721         583     2,684     2,296
Consulting                  493         429     1,950     1,543
                       --------    --------  --------  --------
   Total Revenue          2,334       1,945     9,157     7,190
                       --------    --------  --------  --------
Expense:                                                       
Compensation and                                               
Benefits                  1,161         988     4,574     3,565
Amortization of                                                
Intangibles                  44          26       156        82
Other Operating                                                
Expenses                    708         600     2,631     2,127
Special Charges                                                
(Credits), net              253         (4)       337       (4)
                       --------    --------  --------  --------
Total Expense             2,166       1,610     7,698     5,770
                       --------    --------  --------  --------
                                                               
Operating Income            168         335     1,459     1,420
                                                               
Interest Income               4           8        21        25
                                                               
Interest Expense           (59)        (46)     (233)     (140)
                                                               
Income Before Income                                           
Taxes                       113         297     1,247     1,305
                                                               
Income Taxes                 66         111       521       509
                       --------    --------  --------  --------
                                                               
Net Income                  $47        $186      $726      $796
                          =====       =====     =====     =====
Basic Net Income Per                                           
Share (A)                 $0.17       $0.73     $2.76     $3.11
                          =====       =====     =====     =====
Diluted Net Income                                             
Per Share (A)             $0.16       $0.70     $2.62     $2.98
                          =====       =====     =====     =====
Diluted Net Income                                             
Per Share
Excluding 1999                                                 
Special Charge            $0.82       $0.70     $3.48     $2.98
                          =====       =====     =====     =====
                                                               
Average Number of                                              
Shares Outstanding -                                           
Basic                       267         257       263       256
                          =====       =====     =====     =====
Average Number of                                              
Shares Outstanding -                                           
Diluted                     275         264       272       264
                          =====       =====     =====     =====
                                                               

(A)  Net income per share is computed independently for each of the periods
  presented.  In 1999, the sum of the quarterly net income per share amounts
  exceeds the total for the year.


Marsh & McLennan Companies, Inc.
Supplemental Information - Excluding 1999 Special Charges
(In millions, except assets under management)
(Unaudited)
                                      
                        Three Months     Twelve Months
                        Ended            Ended
                        December 31      December 31,
                        --------------   ---------------
                                         
                          1999*    1998    1999*    1998
                          -----    ----    -----    ----
                                                        
Revenue:                                                
Risk and Insurance                                      
Services                 $1,120  $  933   $4,523  $3,351
Investment Management       721     583    2,684   2,296
Consulting                  493     429    1,950   1,543
                         ------  ------   ------  ------
                          2,334   1,945    9,157   7,190
                         ------  ------   ------  ------
                                       
Expense:                                                
Risk and Insurance                                
Services                    994     814    3,717   2,738
Investment Management       510     401    1,843   1,619
Consulting                  425     368    1,690   1,341
Corporate                    30      31      103      76
Minority Interest             4       -        8       -
Special Credit, net           -     (4)        -     (4)
                         ------  ------   ------  ------
                          1,913   1,610    7,361   5,770
                         ------  ------   ------  ------
                                                        
Operating Income:                                       
Risk and Insurance                                      
Services                    176     119      806     613
Investment Management       211     182      841     677
Consulting                   68      61      260     202
Corporate                  (30)    (31)    (103)    (76)
Minority Interest           (4)       -      (8)       -
Special Credit, net           -       4        -       4
                         ------  ------   ------  ------
                         $  421  $  335   $1,796  $1,420
                         ======  ======   ======  ======
                                                        
Segment Operating                                       
Margins:
Risk and Insurance                                      
Services                  15.8%   12.8%    17.8%   18.3%
Investment Management     29.3%   31.2%    31.3%   29.5%
Consulting                13.6%   14.2%    13.3%   13.1%
                                                        
Consolidated Operating                                  
Margin                    18.0%   17.1%    19.6%   19.7%
Pretax Margin             15.7%   15.3%    17.3%   18.2%
Tax Rate                  37.8%   37.3%    39.5%   39.0%
                                                        
Shares Outstanding at                                   
End of Period               267     257      267     257
                                                        
Potential Minority                                      
Interest                                                
Associated with the                                     
Putnam Equity                                           
Partnership Plan         $    2  $    2   $   14  $   10
                                                        
Putnam Assets Under                                     
Management                             
(billions):                            
Ending Assets (December                
31):                                   
Mutual Fund              $  289  $  221
Institutional               102      73                 
                         ------  ------
                         $  391  $  294
                         ======  ------
Composition of Ending                                   
Assets (December 31):                  
Equity                   $  321  $  215
Fixed income                 70      79
                         ------  ------
                         $  391  $  294
                         ======  ------
                                                        
Average Assets           $  349  $  269   $  322  $  264

* Excludes 1999 Pretax Special Charges of $253 million for the quarter and
$337 million for the year