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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Selected Information and Details for MMC's Operating Segments | 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.
Schedule of Details of Operating Segment Revenue | 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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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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