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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company is organized based on the types of services provided. Under this structure, the Company’s operating segments are: Marsh, Guy Carpenter, Mercer and Oliver Wyman Group. The four segments are aggregated into two operating and reporting segments as follows: •Risk and Insurance Services, comprising Marsh (insurance services) and Guy Carpenter (reinsurance services); 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 2024 Form 10-K. Revenues are attributed to geographic areas based on location out of which the services are performed. The Chief Executive Officer, as the Company's Chief Operating Decision Maker ("CODM"), evaluates segment performance and allocates resources 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. Segment operating income is also used to monitor budget versus actual results. Selected information about the Company’s segments is as follows:
|  | Three Months Ended June 30,
(In millions) |  | Revenue |  | Compensation and benefits |  | Depreciation and amortization expense |  | Identified intangible amortization expense |  | Other operating expenses | Operating Income (Loss)
2025 – |  |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 4,625 |  | (a) | $ | 2,462 |  |  | $ | 51 |  |  | $ | 121 |  |  | $ | 548 |  | $ | 1,443 |
Consulting |  | 2,371 |  | (b) | 1,398 |  |  | 25 |  |  | 19 |  |  | 473 |  | 456 |
Total Segments |  | 6,996 |  |  | 3,860 |  |  | 76 |  |  | 140 |  |  | 1,021 |  | 1,899 |
Corporate/Eliminations |  | (22) |  |  | 35 |  |  | 15 |  |  | — |  |  | (2) |  | (70) |
Total Consolidated |  | $ | 6,974 |  |  | $ | 3,895 |  |  | $ | 91 |  |  | $ | 140 |  |  | $ | 1,019 |  | $ | 1,829 |
2024 – |  |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 4,022 |  | (a) | $ | 2,108 |  |  | $ | 46 |  |  | $ | 77 |  |  | $ | 494 |  | $ | 1,297 |
Consulting |  | 2,216 |  | (b) | 1,314 |  |  | 26 |  |  | 12 |  |  | 454 |  | 410 |
Total Segments |  | 6,238 |  |  | 3,422 |  |  | 72 |  |  | 89 |  |  | 948 |  | 1,707 |
Corporate/Eliminations |  | (17) |  |  | 32 |  |  | 15 |  |  | — |  |  | 1 |  | (65) |
Total Consolidated |  | $ | 6,221 |  |  | $ | 3,454 |  |  | $ | 87 |  |  | $ | 89 |  |  | $ | 949 |  | $ | 1,642 |
|  | Six Months Ended June 30,
(In millions) |  | Revenue |  | Compensation and benefits |  | Depreciation and amortization expense |  | Identified intangible amortization expense |  | Other operating expenses | Operating Income (Loss)
2025 – |  |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 9,387 |  | (c) | $ | 4,913 |  |  | $ | 101 |  |  | $ | 241 |  |  | $ | 1,076 |  | $ | 3,056 |
Consulting |  | 4,685 |  | (d) | 2,761 |  |  | 49 |  |  | 38 |  |  | 925 |  | 912 |
Total Segments |  | 14,072 |  |  | 7,674 |  |  | 150 |  |  | 279 |  |  | 2,001 |  | 3,968 |
Corporate/Eliminations |  | (37) |  |  | 71 |  |  | 29 |  |  | — |  |  | (3) |  | (134) |
Total Consolidated |  | $ | 14,035 |  |  | $ | 7,745 |  |  | $ | 179 |  |  | $ | 279 |  |  | $ | 1,998 |  | $ | 3,834 |
2024 – |  |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 8,295 |  | (c) | $ | 4,226 |  |  | $ | 92 |  |  | $ | 156 |  |  | $ | 959 |  | $ | 2,862 |
Consulting |  | 4,430 |  | (d) | 2,628 |  |  | 63 |  |  | 23 |  |  | 874 |  | 842 |
Total Segments |  | 12,725 |  |  | 6,854 |  |  | 155 |  |  | 179 |  |  | 1,833 |  | 3,704 |
Corporate/Eliminations |  | (31) |  |  | 70 |  |  | 31 |  |  | — |  |  | 5 |  | (137) |
Total Consolidated |  | $ | 12,694 |  |  | $ | 6,924 |  |  | $ | 186 |  |  | $ | 179 |  |  | $ | 1,838 |  | $ | 3,567 |
(a)Includes inter-segment revenue of $4 million in 2025 and 2024, respectively, interest income on fiduciary funds of $99 million and $125 million in 2025 and 2024, respectively, and equity method income of $15 million and $10 million in 2025 and 2024, respectively. (b)Includes inter-segment revenue of $18 million and $13 million in 2025 and 2024, respectively. (c)Includes inter-segment revenue of $5 million in 2025 and 2024, interest income on fiduciary funds of $202 million and $247 million in 2025 and 2024, respectively, and equity method income of $15 million and $10 million in 2025 and 2024, respectively. Revenue in 2025 also includes $28 million from a gain on the sale of the TCAS business and a gain on remeasurement of a previously held equity method investment to fair value upon consolidation. (d)Includes inter-segment revenue of $33 million and $26 million in 2025 and 2024, 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. Other Risk and Insurance Services and Consulting segment expenses consist primarily of costs such as travel and entertainment, outside services, information and technology, facilities and equipment, and taxes and insurance. The Company does not report its assets by segment, including capital expenditures, as that information is not used by the CODM in assessing segment performance and allocating resources. Details of operating segment revenue are as follows:
|  |  | Three Months Ended June 30, | Six Months Ended June 30,
(In millions) |  |  |  |  | 2025 |  | 2024 | 2025 |  | 2024
Risk and Insurance Services |  |  |  |  |  |  |  |  |  |
Marsh |  |  |  |  | $ | 3,915 |  |  | $ | 3,342 |  | $ | 7,435 |  |  | $ | 6,423 |
Guy Carpenter |  |  |  |  | 710 |  |  | 680 |  | 1,952 |  |  | 1,872 |
Total Risk and Insurance Services |  |  |  |  | 4,625 |  |  | 4,022 |  | 9,387 |  |  | 8,295 |
Consulting |  |  |  |  |  |  |  |  |  |
Mercer |  |  |  |  | 1,498 |  |  | 1,379 |  | 2,994 |  |  | 2,804 |
Oliver Wyman Group |  |  |  |  | 873 |  |  | 837 |  | 1,691 |  |  | 1,626 |
Total Consulting |  |  |  |  | 2,371 |  |  | 2,216 |  | 4,685 |  |  | 4,430 |
Total Segments |  |  |  |  | 6,996 |  |  | 6,238 |  | 14,072 |  |  | 12,725 |
Corporate Eliminations |  |  |  |  | (22) |  |  | (17) |  | (37) |  |  | (31) |
Total |  |  |  |  | $ | 6,974 |  |  | $ | 6,221 |  | $ | 14,035 |  |  | $ | 12,694 |

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