Marsh & McLennan Companies (MMC) will raise its quarterly dividend by 2.2 percent in 2020. This follows a 9.6 percent dividend hike to $0.455 per share in 2019 and will mark 11 consecutive years of dividend increases by the  professional services firm.

The next dividend of 45.5 cents per share is payable on August 14, 2020, to stockholders of record on July 27, 2020. The new yield for professional services firm is 1.6% based on the annual payment of $1.86 and a stock price $112.78.

When we include this new dividend hike Marsh & McLennan will be paying shareholders an estimated $941 million in dividends annually with an average annual increase of 8.4 percent in the last five years.

Marsh & McLennan last announced a double digit dividend increase in 2018, when the quarterly dividend was boosted by 10.7 percent. This year's dividend hike so far is the smallest announced by the company since 2009. During the financial crisis Marsh & McLennan did nog announce a dividend increase.

Marsh & McLennan Companies, Inc. is a professional services firm offering clients advice and solutions in risk, strategy and people.  Its businesses include: Marsh, the insurance broker, intermediary and risk advisor; Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and investment related advice and services; and Oliver Wyman Group, the management, economic and brand consultancy. The company conducts business through two segments: Risk and Insurance Services and Consulting. Marsh was originally founded in 1871.