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 to the Company’s 2016 Form 10-K. 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 operating segments for the three and six-month periods ended June 30, 2017 and 2016 are as follows:



	Three Months Ended June 30,							Six Months Ended June 30,
(In millions)	Revenue				Operating Income (Loss)			Revenue				Operating Income (Loss)
2017–
Risk and Insurance Services	$	1,916		^(a)	$	528		$	3,905		^(c)	$	1,141
Consulting	1,592			^(b)	283			3,118			^(d)	524
Total Operating Segments	3,508				811			7,023				1,665
Corporate / Eliminations	(13		)		(47		)	(25		)		(92		)
Total Consolidated	$	3,495			$	764		$	6,998			$	1,573
2016–
Risk and Insurance Services	$	1,850		^(a)	$	490		$	3,718		^(c)	$	1,025
Consulting	1,539			^(b)	285			3,017			^(d)	530
Total Operating Segments	3,389				775			6,735				1,555
Corporate / Eliminations	(13		)		(49		)	(23		)		(96		)
Total Consolidated	$	3,376			$	726		$	6,712			$	1,459


^(a)	Includes inter-segment revenue of $4 million and $3 million in 2017 and 2016, respectively, interest income on fiduciary funds of $9 million and $6 million in 2017 and 2016, respectively, and equity method income of $7 million and $6 million in 2017 and 2016, respectively.


^(b)	Includes inter-segment revenue of $9 million and $10 million in 2017 and 2016, respectively, interest income on fiduciary funds of less than $1 million in both 2017 and 2016, and equity method income of $5 million in both 2017 and 2016.


^(c)	Includes inter-segment revenue of $4 million in both 2017 and 2016, interest income on fiduciary funds of $17 million and $12 million in 2017 and 2016, respectively, and equity method income of $9 million and $7 million in 2017 and 2016, respectively.


^(d)	Includes inter-segment revenue of $21 million and $19 million in 2017 and 2016, respectively, interest income on fiduciary funds of $1 million in both 2017 and 2016, and equity method income of $9 million in both 2017 and 2016.

Details of operating segment revenue for the three and six month period ended June 30, 2017 and 2016 are as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2017			2016			2017			2016
Risk and Insurance Services
Marsh	$	1,621		$	1,564		$	3,223		$	3,057
Guy Carpenter	295			286			682			661
Total Risk and Insurance Services	1,916			1,850			3,905			3,718
Consulting
Mercer	1,109			1,079			2,186			2,118
Oliver Wyman Group	483			460			932			899
Total Consulting	1,592			1,539			3,118			3,017
Total Operating Segments	3,508			3,389			7,023			6,735
Corporate / Eliminations	(13		)	(13		)	(25		)	(23		)
Total	$	3,495		$	3,376		$	6,998		$	6,712