Final Results

Marsh & McLennan Co Inc
30 January 2001


MMC REPORTS STRONG FOURTH QUARTER AND YEAR-END RESULTS
Earnings Per Share Rises 20 Percent for Quarter and 18 Percent for Year
                                        
NEW YORK, NEW YORK, January 30, 2001 - Marsh & McLennan Companies, Inc. (MMC)
today reported strong revenue and earnings growth for both the quarter and
year ended December 31, 2000.

For the year, revenues rose 11 percent to $10.2 billion from $9.2 billion in
1999. Net income increased 23 percent to $1.2 billion, and earnings per share
grew 18 percent to $4.10, compared with $959 million and $3.48, respectively,
excluding the special charges in 1999 related to MMC's acquisition of
Sedgwick.

For the fourth quarter, revenues grew 6 percent to $2.5 billion from $2.3
billion in 1999. Excluding the special charges, net income increased 25
percent to $286 million from $229 million, and earnings per share rose 20
percent to $0.98 from $0.82 in 1999.

J.W. Greenberg, chairman, said, 'MMC performed well in 2000. Our businesses
are leaders in growing markets for professional services. We are confident
about the future.'

The integration of Sedgwick has proceeded smoothly and ahead of schedule. Net
consolidation savings totaled $30 million in 1999, $90 million in 2000, with
a remaining $40 million anticipated in 2001. Risk and insurance services
results were excellent, fueled by new business. For the year, a revenue
increase of 6 percent to $4.8 billion, combined with margin improvement, led
to operating income growth of 17 percent to $944 million. In 2000, for the
first time in more than a decade, there was a pricing turn in most U.S.
commercial insurance lines. Premium rates began to rise in the spring, and
increases averaged approximately 10 percent at midyear, with the trend
continuing in early 2001. In this changing environment for the transfer of
risk, clients derive even greater value from Marsh's advice and knowledge,
its ability to analyze, structure and negotiate insurance programs, and its
relationships with insurance markets throughout the world.

Putnam managed its business successfully during a period of decline and
extreme volatility in U.S. equity markets. Its diversification across asset
classes and distribution channels, range of investment expertise and emphasis
on the quality of assets give it a strong position. Revenues grew 21 percent
to $3.2 billion, and operating income grew 23 percent to $1 billion. Putnam
achieved net new sales of $33 billion across its mutual fund and
institutional business units. As a result of equity market declines, year-end
assets under management were $370 billion, compared with $391 billion in
1999.

Mercer had another year of new business growth and excellent financial
results. Revenues rose 9 percent to $2.1 billion, and with continued margin
expansion, operating income grew 20 percent to $312 million. This performance
reflects strong contributions from all of Mercer's consulting practices. As
the U.S. economy moves from rapid growth to slower expansion, clients face a
different operating environment, but one that continues to be influenced by
change, intense competition and a wide range of human resource pressures, to
which Mercer is responding.

With the repayment of $700 million of debt in 2000, MMC enters 2001 with a
strong balance sheet, creating the potential for increased share repurchases
beginning in the first quarter.

MMC is a global professional services firm with annual revenues exceeding $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. 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.

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


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, cash
flow, capital structure, 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, changes in interest
rates, movements in 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.

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
assets under management at Putnam and reports on insurance market conditions.
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      Twelve Months
                                  December 31,             Ended
                                                        December 31,
                               ___________________    _______________
                                 2000        1999       2000        1999
                                _____       _____     _____         ____
                                                                
Revenue:                                                        
Risk and Insurance Services    $1,199       $1,120    $4,780      $4,523
Investment Management             740          721     3,242       2,684
Consulting                        537          493     2,135       1,950
                               ______        ______   ______      ______
     Total Revenue              2,476        2,334    10,157       9,157
                             _______         ______    ______     ______
                                                                       
Expense:                                                               
Compensation and Benefits       1,159         1,161    4,941       4,574
Amortization of Intangibles                                                
                                   49            44      183         156
Other Operating Expenses          750           704    2,856       2,623
Special (Credit)/Charges           (2)          253       (2)        337
                               _______       _______  _______      ______
     Total Expense              1,956         2,162    7,978       7,690
                               _______       _______  _______      ______
                                                                       
Operating Income                  520           172    2,179       1,467
                                                                       
Interest Income                     5             4       23          21
                                                                       
Interest Expense                  (56)          (59)    (247)       (233)
                                 _______       _______  _______     _______
                                                                       
Income Before Income Taxes                                                 
and Minority Interest             469           117    1,955       1,255
                                                                       
Income Taxes                      177            68      753         524
                                                                
Minority Interest, Net of                                                  
Tax                                 6             2       21           5
                                ________     _______  _______   _______
                                                                       
Net Income                    $   286         $  47    $ 1,181    $   726
                                 =======     =======  =======    =======
                                                                       
Basic Net Income Per Share         $1.03      $0.17   $4.35     $  2.76
                                 =======     =======  =======   =======
                                                                       
Diluted Net Income Per Share                                               
                                   $0.98       $0.16    $4.10     $2.62
                                ========     =======  =======   =======
                                                                       
Diluted Net Income Per Share                                           
    Excluding Special                                                      
(Credit)/Charges                   $0.98       $0.82    $4.10     $3.48
                                ========    ========   =======  =======
                                                      
                                                          
                                                                       
Average Number of                                                      
    Shares Outstanding -                                                   
Basic                                277        267       272       263
                                 =======    =======   =======   =======
                                                    
                                                    
Average Number of                                                      
    Shares Outstanding -                                                   
Diluted                             288         275       284       272
                                 ======     =======   =======    ======
                                                                
                                        
                        Marsh & McLennan Companies, Inc.
          Supplemental Information - Excluding Special (Credit)/Charges
                  (In millions, except assets under management)
                                   (Unaudited)
                                        
                                        
                         Three Months Ended       Twelve Months Ended
                            December 31,             December 31,
                           ______________                  
                                                  ___________________
                          2000         1999       2000         1999
                         _____         ____       ____         ____
Operating Income                                                       
Including Minority
Interest Expense:
Risk and Insurance                                                          
Services                  $   217      $  176    $    944       $   806
Investment Management                                                       
                              245         209       1,027           836
Consulting                                                                  
                               79          68         312           260
Corporate                                                                   
                             (29)        (30)       (127)         (103)
                       __________    ________   _________   ___________
                          $   512      $  423     $ 2,156        $1,799
                       ==========    ========   =========   ===========
                                 
                                                                       
Minority Interest                                                      
Expense, Net of Tax,
Included Above:
Risk and Insurance                                                          
Services                $      2    $      -    $      6     $       -
Investment Management   $      4    $      2    $     15     $       5
                       ----------    ---------   --------     ---------
                        $      6    $      2    $     21     $       5        
                                      
                                                               
Segment Operating                                                      
Margins:
Risk and Insurance                                                          
Services                    18.1%       15.8%       19.7%         17.8%
Investment Management                                                       
                            33.1%       29.0%       31.7%         31.1%
Consulting                  14.7%       13.6%      14.6%          13.3%
                                                                         
Consolidated Operating                                                   
Margin                      20.9%       18.2%      21.4%          19.7%
Pretax Margin               18.9%       15.9%      19.2%          17.4%
Tax Rate                    37.7%       37.8%      38.5%          39.5%
                                                                       
Underlying Revenue                                                     
Growth:
Risk and Insurance                                                          
Services                       9%          3%         8%            4%
Investment Management                                                       
                               3%         24%         21%           17%
Consulting                    10%          8%         11%           9%
                                                                       
Basic Shares                                                                
Outstanding at End of                                                  
Period                        277         267         277           267
                                                                       
Potential Minority                                                     
Interest Associated
with the Putnam Equity                                                      
Partnership Plan                                                       
                        $       3    $      2    $     17      $     14
                                                            
Putnam Assets Under                                         
Management (billions):
Ending Assets                                                          
(December 31):
   Retail Mutual Funds    $   219      $   236                            
Defined Benefit                67           70                            
Defined Contribution                                                      
                               55          58
International                  29           27                            
                          $   370      $   391                            
                                                                       
Composition of Ending                                                  
Assets (December 31):
Equity                    $   307      $   321                            
Fixed Income                   63           70                            
                          $   370      $   391                            
                                                                       
Average Assets            $   381      $   349       $   397         $   322
                                                            
Net New Sales                                                          
Including Dividends                                                    
Reinvested             $       9     $      5       $  33      $     16


Operating Income excludes the 2000 Pretax Special Credit and the 1999
Pretax Special Charges.
Underlying revenue growth excludes the effect of 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.

                                        
                         Marsh & McLennan Companies, Inc.
     Supplemental Information - Reclassification of Segment Data, Excluding
                            Special (Credit)/Charges
                                  (In millions)
                                   (Unaudited)
                                        
                                        
                                      1999
                   1Q        2Q        3Q        4Q        YR
                                                                
Operating                                                       
Income
Including
Minority
Interest
Expense:
Risk and         $    294  $    171   $   165  $    176   $    806
Insurance
Services
Investment            200      219       208       209        836
Management
Consulting             48        72        72        68       260

Corporate             (23)      (30)      (20)      (30)     (103)            
       
                   
                 ________    ________  ________  ________  _________
                                   
                  $   519    $  432      $ 425     $  423     $1,799
                  =======    ========  ========  ========  =========
                                                                
Minority                                                        
Interest
Expense,
Net of Tax,
Included
Above:
Risk and           $  -      $     -     $    -   $    -    $     -
Insurance               
Services
Investment                                                       
Management            -            1          2        2          5
                 _________  _________   ________  ________  _________
                                                  
                 $    -      $    1    $      2  $    2     $     5
                 ========   ========   ========  ========   =========
                                             
                                                        
Income Before                                           
Income Taxes                                            
and Minority                                            
Interest         $   466  $   382   $   374   $   370   $1,592
                                                        
                                                                 
   Income Taxes      187      153      149       139      628
                                                        
       Minority                                                  
  Interest, Net                                                  
         of Tax        -       1         2          2         5
                 ________ ________  ________  ________  ________
Net Income       $   279  $   228   $   223   $   229   $   959
                 =======  =======   =======   =======   =======
                                                        
                                                        
Segment                                                 
Operating
Margins:
       Risk and                                
      Insurance    23.4%     15.6%     15.6%     15.8%     17.8%
       Services

     Investment    31.8%     33.2%     30.9%     29.0%     31.1%
     Management

     Consulting    10.3%     14.7%     14.5%     13.6%     13.3%
                                                                
   Consolidated                                                 
      Operating                                                 
         Margin    22.1%     19.2%     19.1%     18.2%     19.7%

  Pretax Margin    19.8%     17.0%     16.8%     15.9%     17.4%   
                                                     
                                                        
                                        
                                        
                                     2000
                 ____________________________________________
                                     
                    1Q         2Q       3Q        4Q         YR
                                                       
Operating                                              
Income
Including
Minority
Interest
Expense:
Risk and        $   324     $   204     $ 199    $   217     $ 944
Insurance                                 
Services
Investment                                                       
Management          259         252       271        245     1,027

Consulting           63          86        84         79       312
                                                      
Corporate           (31)        (33)      (34)       (29)    (127)            
                --------------------------------------------------
                                 
                $   615     $   509       $ 520     $ 512   $2,156
                                          
                 =========  ========     =======    ====== ========
Minority                                               
Interest
Expense,
Net of Tax,
Included
Above:
Risk and        $     1     $     1       $    2   $    2   $    6
Insurance                           
Services              3           4-           4        4       15
    
Investment        
    Management     ================================================ 
                $     4           5            6        6       21            
 
                 
                                                                 
                                                                
                                                                 
Income Before                                                 
Income Taxes                                                   
and                                                            
Minority                                                       
Interest       $   564      $   452       $470      $467     $1,953
                                                       
Income Taxes       223          171        182       176        752           
                                     
                                                       
Minority                                                         
Interest, Net        4            5         6          6         21
of Tax           _________  _________   _______   _______    _______
                                                              
                                                       
Net Income       $  337      $  276     $   282    $ 285      $1,180
                 ========   ========    =======  ========    =======
                                                      
                                                       
Segment                                                
Operating
Margins: 
Risk and          25.0%      17.7%     17.7%   18.1%     19.7%
Insurance
Services

Investment        30.4%      32.0%     31.5%   33.1%      31.7%
Management

Consulting        12.1%      15.9%     15.6%   14.7%      14.6%
                                                       
Consolidated      23.2%      20.7%     20.7%   20.9%      21.4%
Operating
Margin

Pretax Margin     21.2%      18.2%     18.5%   18.9%     19.2%
                                                       
                                        
Operating income excludes the 2000 Pretax Special Credit and the 1999 Pretax
Special Charges