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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company is organized based on the types of services provided. Under this structure, the Company’s segments are: •Risk and Insurance Services, comprising insurance services (Marsh) and reinsurance services (Guy Carpenter); and •Consulting, comprising Mercer and Oliver Wyman Group. The accounting policies of the segments are the same as those used for the consolidated financial statements described in Note 1, Summary of Significant Accounting Policies, in the Company’s 2023 Form 10-K. Segment performance is evaluated based on segment operating income, which includes directly related expenses, and charges or credits related to restructuring but not the Company’s corporate-level expenses. Revenues are attributed to geographic areas on the basis of where the services are performed. Selected information about the Company’s segments for the three and nine months ended September 30, 2024 and 2023 is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | Revenue |  | Operating Income/(Loss) |  | Revenue |  | Operating Income/(Loss)
2024 – |  |  |  |  |  |  |
Risk and Insurance Services | $ | 3,453 |  | (a) | $ | 733 |  |  | $ | 11,748 |  | (c) | $ | 3,595 |
Consulting | 2,262 |  | (b) | 462 |  |  | 6,692 |  | (d) | 1,304 |
Total Segments | 5,715 |  |  | 1,195 |  |  | 18,440 |  |  | 4,899 |
Corporate/Eliminations | (18) |  |  | (87) |  |  | (49) |  |  | (224) |
Total Consolidated | $ | 5,697 |  |  | $ | 1,108 |  |  | $ | 18,391 |  |  | $ | 4,675 |
2023 – |  |  |  |  |  |  |
Risk and Insurance Services | $ | 3,190 |  | (a) | $ | 640 |  |  | $ | 10,818 |  | (c) | $ | 3,192 |
Consulting | 2,206 |  | (b) | 424 |  |  | 6,409 |  | (d) | 1,223 |
Total Segments | 5,396 |  |  | 1,064 |  |  | 17,227 |  |  | 4,415 |
Corporate/Eliminations | (14) |  |  | (68) |  |  | (45) |  |  | (236) |
Total Consolidated | $ | 5,382 |  |  | $ | 996 |  |  | $ | 17,182 |  |  | $ | 4,179 |
(a)Includes interest income on fiduciary funds of $138 million and $131 million in 2024 and 2023, respectively, and equity method income of $7 million and $3 million in 2024 and 2023, respectively. (b)Includes inter-segment revenue of $18 million and $14 million in 2024 and 2023, respectively. (c)Includes inter-segment revenue of $5 million in both 2024 and 2023, interest income on fiduciary funds of $385 million and $330 million in 2024 and 2023, respectively, and equity method income of $17 million and $14 million in 2024 and 2023, respectively. (d)Includes inter-segment revenue of $44 million and $40 million in 2024 and 2023, respectively. Revenue in 2024 also includes a net gain of $21 million from the sale of Mercer's U.K. pension administration and U.S. health and benefits administration businesses. Details of operating segment revenue for the three and nine months ended September 30, 2024 and 2023 are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Risk and Insurance Services |  |  |  |  |  |  |
Marsh | $ | 3,023 |  |  | $ | 2,782 |  |  | $ | 9,446 |  |  | $ | 8,685 |
Guy Carpenter | 430 |  |  | 408 |  |  | 2,302 |  |  | 2,133 |
Total Risk and Insurance Services | 3,453 |  |  | 3,190 |  |  | 11,748 |  |  | 10,818 |
Consulting |  |  |  |  |  |  |
Mercer | 1,452 |  |  | 1,425 |  |  | 4,256 |  |  | 4,143 |
Oliver Wyman Group | 810 |  |  | 781 |  |  | 2,436 |  |  | 2,266 |
Total Consulting | 2,262 |  |  | 2,206 |  |  | 6,692 |  |  | 6,409 |
Total Segments | 5,715 |  |  | 5,396 |  |  | 18,440 |  |  | 17,227 |
Corporate Eliminations | (18) |  |  | (14) |  |  | (49) |  |  | (45) |
Total | $ | 5,697 |  |  | $ | 5,382 |  |  | $ | 18,391 |  |  | $ | 17,182 |

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