Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

 Segment Information

The Company is organized based on the types of services provided. Under this organizational 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. Segment performance is evaluated based on segment operating income, which includes directly related expenses, and charges or credits related to integration and 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 and geographic areas of operation are as follows:

For the Year Ended December 31, (In millions of dollars)	Revenue				Operating Income (Loss)				Total Assets			Depreciation and Amortization		Capital Expenditures
2013 –
Risk and Insurance Services	$	6,596		(a)	$	1,421			$	11,365		$	192	$	158
Consulting	5,701			(b)	845				5,178			115		155
Total Segments	12,297				2,266				16,543			307		313
Corporate / Eliminations	(36		)	(c)	(189		)	(c)	437		(d)	51		88
Total Consolidated	$	12,261			$	2,077			$	16,980		$	358	$	401
2012 –
Risk and Insurance Services	$	6,350		(a)	$	1,334			$	9,832		$	196	$	131
Consulting	5,613			(b)	692				5,203			113		117
Total Segments	11,963				2,026				15,035			309		248
Corporate / Eliminations	(39		)	(c)	(197		)	(c)	1,253		(d)	40		72
Total Consolidated	$	11,924			$	1,829			$	16,288		$	349	$	320
2011 –
Risk and Insurance Services	$	6,079		(a)	$	1,200			$	9,102		$	189	$	146
Consulting	5,487			(b)	617				4,820			112		91
Total Segments	11,566				1,817				13,922			301		237
Corporate / Eliminations	(40		)	(c)	(179		)	(c)	1,532		(d)	31		43
Total Consolidated	$	11,526			$	1,638			$	15,454		$	332	$	280

(a) Includes inter-segment revenue of $5 million in both 2013 and 2012 and $4 million in 2011, interest income on fiduciary funds of $27 million, $39 million and $47 million in 2013, 2012 and 2011, respectively, and equity method income of $8 million, $11 million and $14 million in 2013, 2012 and 2011, respectively.

(b) Includes inter-segment revenue of $31 million, $34 million and $36 million in 2013, 2012 and 2011, respectively, and interest income on fiduciary funds of $5 million in 2013, and $4 million in both 2012 and 2011.

(c) Includes results of corporate advisory and restructuring business.

(d) Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations.

Details of operating segment revenue are as follows:

For the Years Ended December 31,
(In millions of dollars)	2013			2012			2011
Risk and Insurance Services
Marsh	$	5,461		$	5,265		$	5,031
Guy Carpenter	1,135			1,085			1,048
Total Risk and Insurance Services	6,596			6,350			6,079
Consulting
Mercer	4,241			4,147			4,004
Oliver Wyman Group	1,460			1,466			1,483
Total Consulting	5,701			5,613			5,487
Total Segments	12,297			11,963			11,566
Corporate/ Eliminations	(36		)	(39		)	(40		)
Total	$	12,261		$	11,924		$	11,526

Information by geographic area is as follows:

For the Years Ended December 31,
(In millions of dollars)	2013			2012			2011
Revenue
United States	$	5,485		$	5,300		$	5,131
United Kingdom	1,979			1,960			1,922
Continental Europe	1,943			1,879			1,906
Asia Pacific	1,396			1,346			1,287
Other	1,494			1,478			1,320
	12,297			11,963			11,566
Corporate/Eliminations	(36		)	(39		)	(40		)
	$	12,261		$	11,924		$	11,526

For the Years Ended December 31,
(In millions of dollars)	2013		2012		2011
Fixed Assets, Net
United States	$	494	$	494	$	505
United Kingdom	121		121		133
Continental Europe	64		63		65
Asia Pacific	72		62		37
Other	77		69		64
	$	828	$	809	$	804