87377016 2024-01-01 2024-12-31 87377016 2024-01-01 2024-12-31 1 87377016 2024-01-01 2024-12-31 1 87377016 2024-01-01 2024-12-31 2 87377016 2024-01-01 2024-12-31 3 87377016 2024-01-01 2024-12-31 1 87377016 2024-12-31 87377016 2023-12-31 fsa:ContributedCapitalMember 87377016 2023-12-31 fsa:RetainedEarningsMember 87377016 2023-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 87377016 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 87377016 2023-12-31 87377016 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 87377016 2024-01-01 2024-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 87377016 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 87377016 2024-12-31 fsa:ContributedCapitalMember 87377016 2024-12-31 fsa:RetainedEarningsMember 87377016 2024-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 87377016 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 87377016 2024-01-01 2024-12-31 fsa:ShorttermDeferredIncomeMember 87377016 2023-01-01 2023-12-31 iso4217:DKK xbrli:pure The Board of Directors and the Executive Board have today considered and approved the annual report of Marsh A/S for the financial year 01.01.2024 - 31.12.2024. 111033000 110065000 The annual report is presented in accordance with the Danish Financial Statements Act. 88186000 104668000 In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024. 988000 2029000 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 21859000 3368000 We recommend the annual report for adoption at the Annual General Meeting. 9141000 5724000 Copenhagen 3761000 2625000 Dorothee Carolin Gnädinger 372000 46000 Palle Stegelmann Kensø 34389000 11671000 Cilla Katarina Nygård 5743000 1486000 Carl Henrik Samuel Rydén 28646000 10185000 To the shareholders of Marsh A/S 2905000 3431000 We have audited the financial statements of Marsh A/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 2516000 2914000 We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 5421000 6345000 Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. 5597000 5597000 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. 352000 352000 209000 747000 Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.​Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary. 6158000 6696000 11579000 13041000 Copenhagen 125724000 106969000 Tim Kjær-Hansen 30325000 16629000 mne23295 0 50000 State Authorised Public Accountant 815000 3561000 Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss111,033110,065108,181107,82389,248Operating profit/loss21,8593,36813,59519,07311,872Net financials3,3892,579347(466)(1,222)Profit/loss for the year28,64610,18517,60226,99522,263Total assets296,507257,839222,708207,631188,865Equity35,22716,38120,19819,3962,401RatiosReturn on equity (%)111.0155.6888.91247.69394.98Solvency ratio (%)11.886.359.079.349.34Risk Adjusted Equity ratio*52.3425.7730.5440.427.17Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equitySolvency ratio (%): Equity * 100 Total assetsRisk adjusted Equity ratio (%): Equity * 100 ___________________ (Total assets less risk free assets) Risk free assets consist of both cash and receivables regarding insurance premiums not settled with the insurance companies at the balance sheet date. 535000 748000 Primary activitiesMarsh A/S is part of Marsh & McLennan Companies, Inc. (MMC) a global professional services firm with business in risk and insurance services, investment management, and consulting. MMC is listed on the New York stock exchange. ​​The Company’s activities comprise management of insurance arrangements and risk management consulting. ​​A considerable part of the consulting is development and delivery of risk strategies and services, and in cooperation with clients to establish the known insurable risks as well as the strategic, commercial, market-related, operational, and other risks that may threaten the values and objectives of a company. ​​As member of Forsikringsmæglerforeningen i Danmark (The Insurance Broker Association in Denmark) the company upholds seperate fiduciary accounts for the securing of premium recieved from clients, which premium is subsequently paid to Insurers. 157399000 127957000 Development in activities and financesThe development in the entity's activities has been stable. 127529000 116841000 Profit/loss for the year in relation to expected developmentsThe net result was DKK ‘000 28,646 compared to DKK ‘000 10,185 the year before. This is in accordance with the expectation for the year, and the financial result is very satisfactory. Demand for the company's services was again high this year with a turnover just above last yera. The one-off staff restructuring gave the expected cost saving. This result can also be attributed to our commitment to innovation, customer satisfaction and operational efficiency. 284928000 244798000 OutlookDemand for the company's services is expected to grow in 2025 with a 5-10%, and with a 0-5% growth in expenses the Management therefore again anticipates an increase in both gross profit and net result. 296507000 257839000 Knowledge resourcesAs an intellectual capital ressource, the employees in particular are, as always, important for the future earnings of the company. The company has focus on working environment and development of competence to ensure our workfoce is equipped with the necessary skills to meet the evolving demands of our industry. 965000 965000 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 11262000 15416000 This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. 23000000 0 Consolidated financial statementsReferring to section 112(2) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 35227000 16381000 Business combinationsThe uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions of assets and exchanges of shares, etc where the enterprises concerned are controlled by the Parent. Under the uniting-of-interests method, the acquiree’s assets and liabilities are recognised at their carrying amounts, adjusted for any differences in accounting policies. The difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity. The comparative figures are restated. 199692000 174230000 Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. 10517000 21000000 Gross profit or lossGross profit or loss comprises revenue and external expenses. 39525000 38167000 RevenueRevenue from the mediation of insurance services is included in revenues when delivery and transfer of risk to the buyer has occurred, at the earliest when the underlying brokered insurance contract is in force. Revenue from other services is recognized upon delivery. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. 11546000 8061000 Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities. 261280000 241458000 Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets. 261280000 241458000 296507000 257839000 Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff. 965000 103 Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment. 15416000 Income from investments in group enterprisesIncome from investments in group enterprises comprises dividend etc received from the individual group enterprises in the financial year. 0 14000000 Other financial incomeOther financial income comprises interest income, net capital gains on payables and foreign currency transactions as well as tax relief under the Danish Tax Prepayment Scheme etc. 0 -3815000 Other financial expensesOther financial expenses comprise interest expenses, net capital losses on payables and foreign currency transactions as well as tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. The Entity is jointly taxed with all Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). 0 Property, plant and equipmentOther fixtures and fittings, tools and equipment as well as leasehold improvements are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straightline depreciation​is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements10 yearsFor leasehold improvements, the depreciation period cannot exceed the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. 9800000 9800000 Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount. -4154000 Other investmentsOther investments comprise unlisted securities which are measured at cost. Other investments are written down to the lower of recoverable amount and carrying amount. 9800000 Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the taxbased value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. 23000000 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. 965000 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. 11262000 CashCash comprises bank deposits. 0 DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss. 23000000 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost. 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. Cash flow statementPursuant to section 86(1) of the Danish Financial Statements Act there has not been prepared cash flow statement. 2 Staff costs2024 DKK'0002023 DKK'000Wages and salaries77,44092,549Pension costs9,38510,712Other social security costs1,3611,40788,186104,668Average number of full-time employees91103Referring to section 98 b(3) of the Danish Financial Statements Act, remuneration of the Board of Executives and the Board of Directors have not been disclosed. true 91 Grundlag for konklusion 3 Income from investments in group enterprisesIncome from investments in group enterprises comprise received dividends of DKK'000 9,141. Konklusion 4 Other financial income2024 DKK'0002023 DKK'000Financial income from group enterprises856844Other interest income2,9051,682Exchange rate adjustments0993,7612,625 2025-06-25 5 Other financial expenses2024 DKK'0002023 DKK'000Exchange rate adjustments3724637246 2025-06-25 6 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Current tax5,2051,423Change in deferred tax538635,7431,486 Regnskabsklasse C, mellemstor virksomhed 7 Proposed distribution of profit and loss2024​DKK'0002023​DKK'000Ordinary dividend for the financial year23,0000Extraordinary dividend distributed in the financial year9,80014,000Retained earnings(4,154)(3,815)28,64610,185 2023-01-01 2023-12-31 9800000 33963556 -4154000 København S 2300 8 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Cost beginning of year8,6173,271Additions640Cost end of year8,6813,271Depreciation and impairment losses beginning of year(5,186)(357)Depreciation for the year(590)(398)Depreciation and impairment losses end of year(5,776)(755)Carrying amount end of year2,9052,516 6 9 Financial assetsInvestments in group enterprises DKK'000Other investments DKK'000Deferred tax DKK'000Cost beginning of year5,597352747Disposals00(538)Cost end of year5,597352209Carrying amount end of year5,597352209Investments in subsidiariesRegistered inCorporate formEquity interest %Equity DKK'000Profit/loss DKK'000Marsh Kindlustusmaakler ASEstoniaAS10016,5476,868Marsh Lietuva UADBBLithuaniaUADBB10011,8064,798Marsh & McLennan Agency A/SRudersdalA/S10016,3469,631 Weidekampsgade 10 Deferred tax 2024​DKK'0002023​DKK'000Intangible assets54431Property, plant and equipment155193Liabilities other than provisions0123Deferred tax209747​​Changes during the year2024​DKK'0002023​DKK'000Beginning of year747810Recognised in the income statement(538)(63)End of year209747​Deferred tax assetsDeferred tax realizes for future tax deductions, which management estimates may be used to reduce future tax payable. Deloitte Statsautoriseret Revisionspartnerselskab 11 Trade receivablesIn the item unpaid premiums due to Insurance Companies, which relates to premiums not paid by policyholders, is included with DKK'000 101,723 (2023: DKK ’000 89,351). København 12 PrepaymentsPrepayments include prepayments of insurance and other expenses. København Ø 13 Contributed capitalNumberPar value​DKK'000Nominal​value​DKK'000A-Shares9001,000900B-Shares651,00065965965 2100 14 Deferred incomeDeferred income include accrued revenue relating to insurance offerings sold. Revisionspåtegning 15 Unrecognised rental and lease commitments2024 DKK'0002023 DKK'000Liabilities under rental or lease agreements until maturity in total20,90422,034 2024-12-31 16 Contingent liabilitiesThe Entity is the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable from the financial year 2013 for income taxes etc for the jointly taxed companies and from 1 July 2012 also for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies. 2024-01-01 17 Related parties with controlling interest 18 Transactions with related partiesOther related parties​DKK'000Sale of services20,539Purchase of services6,095Purchase of administrative services19,370Receivables30,325Liabilities other than provisions10,517 19 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Marsh & McLennan Companies, Inc., 1166 Avenue of Americas, NY 10036 New York, USA.Copies of the consolidated financial statements of Marsh & McLennan Companies, Inc. may be ordered at the following address: Marsh & McLennan Companies, Inc., 1166 Avenue of Americas, NY 10036 New York, USA 2 Tromsøgade Marsh A/S 87377016 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab Årsrapport 2025-06-25 Dorothee Carolin Gnädinger