Chief Financial Officer at Marsh & McLennan Companies
Thank you, John, and good morning. As Dan and John mentioned, our performance in the third quarter reflects continued momentum across our business. We saw another quarter of strong underlying revenue growth, meaningful earnings growth despite tough revenue and expense comparisons.
Consolidated revenue increased 4% to $4.8 billion and reflected underlying growth of 8%. Operating income was $791 million, adjusted operating income was $851 million. Our adjusted operating margin was 19.6%, up 110 basis points from last year. The increase was driven by modest operating leverage and a benefit from foreign exchange. We generated GAAP EPS of $1.08 in the quarter, adjusted EPS of $1.18, up 9% year-over-year.
For the first nine months of 2022, underlying revenue growth was 9%, our adjusted operating income rose [Technical Issues] 11% to $3.7 billion, our adjusted operating margin increased [Technical Issues] 60 basis points to 25.6%, and our adjusted EPS increased [Technical Issues] 12% to $5.38.
Looking at Risk & Insurance Services, third quarter revenue was $2.8 billion, up 6% compared with the year ago or 9% on an underlying basis. Operating income increased 32% to $529 million. Adjusted operating income increased 20% to $562 million, and our adjusted operating margin expanded 200 basis points to 22.4%.
For the first nine months of the year, revenue was $9.7 billion, underlying growth, 10%. Adjusted operating income for the first nine months increased 13% to $2.8 billion, with a margin of 31.1%, up 80 basis points from the same period in 2021.
At Marsh, revenue in the quarter was $2.5 billion, 5% up from a year ago. Revenue growth of 8% on an underlying basis supported by strong retention and new business [Technical Issues]. US and Canada had 5% underlying growth, a solid result considering a 16% growth in the third quarter of 2021, but included the benefit of significant M&A and SPAC-related activity. International underlying growth was 11%. Latin America grew 15%, Asia Pacific was up 14%, EMEA was up 9%. First nine months of the year, Marsh's revenue was $7.8 billion, underlying growth of 9%. US and Canada was up 8%, International grew [Phonetic] 10%.
Guy Carpenter's third quarter revenue was [Technical Issues] $328 million, up 7% on an underlying basis, reflecting [Technical Issues] solid production and retention. Guy Carpenter has now achieved underlying revenue growth of 7% or higher in six of the last seven quarters. For the first nine months of the year, Guy Carpenter generated $1.8 billion of revenue and 10% underlying growth.
In the Consulting segment, revenue of $2 billion was up 1% from a year ago or 8% on an underlying basis, building on 12% in the third quarter of 2021. Operating income decreased 14% to $350 million, reflecting a one-time noteworthy benefit a year ago. Adjusted operating income increased 3% to $362 million, where solid earnings growth was masked by a drag from foreign exchange. The adjusted operating margin expanded 20 basis points to 19.1%.
Consulting generated revenue of $6 billion for the first nine months of 2022, an underlying growth of 9%. Adjusted operating income for the first nine months of the year increased [Technical Issues] 5% to $1.1 billion, the adjusted operating margin was 19.6%, flat versus the third quarter of 2021.
Mercer's revenue was $1.3 billion in the third quarter, up 5% on an underlying basis, which is impressive given the impact of market declines on our investments. Career grew 15% on an underlying basis, the sixth consecutive quarter of mid to high-teens growth. We continue to see strong demand for solutions in workforce transformation as well as compensation and rewards. Health underlying growth was also excellent at 10% in the quarter, reflecting strength across all geographies. Wealth decreased 1% on an underlying basis due to declines in both equity and fixed income markets. This market impact represented a 2% headwind to Mercer's overall growth for the quarter. However, solid demand and defined benefits helped mitigate decline in investment.
Our assets under management was $318 billion at the end of the third quarter, down 8% sequentially and 20% from the third quarter of last year, due entirely to market declines in foreign exchange. For the first nine months of the year, revenue at Mercer was $4 billion, up 6% from underlying growth.
Oliver Wyman's strong momentum continued. Revenue in the third quarter was $667 million, an increase of 13% on an underlying growth. This comes on top of 25% of the third quarter last year and reflects continued strong demand across most geographies against solutions. For the first nine months of the year, revenue at Oliver Wyman was $2 billion, increase of 15% on underlying growth.
Adjusted corporate expense was $73 million in the third quarter. Based on our current outlook, we expect approximately $80 million for the fourth quarter. Foreign exchange had an immaterial effect on our adjusted EPS in the third quarter, although year-to-date, an [Technical Issues] headwind [Technical Issues]. Assuming exchange rates remain at current levels, we expect FX to be a headwind of $0.07 in the fourth quarter. Our other net benefit credit was $57 million. For the full year of 2022, we expect our other net benefit credit be around $230 million.
We reported an investment loss of $1 million in the third quarter on a GAAP basis. On an adjusted basis, we had investment income of $3 [Phoentic] million. Interest expense in the third quarter was $118 million compared to $107 million in the third quarter of 2021. Based on our current forecast, we expect interest expense of $121 million in the fourth quarter. Our adjusted effective tax rate in the third quarter was 24.6% compared with 24.4% in the third quarter of last year, included a modest net benefit of discrete items [Phonetic] [Technical Issues].
Excluding discrete items, our adjusted effective tax rate was 25% for the quarter. When we give forward guidance around our tax rate, not project discrete items, which is positive or negative. Based on the current environment, reasonable to assume an adjusted effective tax rate of 25% [Technical Issues] for the full year 2022.
Turning to capital management and our balance sheet. We ended the quarter with total debt of $11.4 billion. Our next scheduled debt maturity on March of 2023 with $350 million of senior note matures. Our cash position at the end of the third quarter was $802 million. Uses of cash in the quarter totaled $931 million, included $293 million of dividends, $138 million for acquisitions, $500 million for share repurchases. For the first nine months, uses of cash totaled $2.9 billion, included $840 million for dividends, $411 million for acquisitions, $1.6 billion of share repurchases. We continue to expect to deploy approximately $4 billion of cap in 2022 plus dividends, acquisitions and share repurchases.
Overall, we remain on track for a terrific 2022. For the full year, we expect to generate high single-digit growth in underlying revenue, solid growth in adjusted EPS and to report margin expansion of 15 consecutive years [Phonetic] [Technical Issues].
And with that, I'm happy to turn it back.