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 nine-month periods ended September 30, 2017 and 2016 are as follows:



	Three Months Ended September 30,							Nine Months Ended September 30,
(In millions)	Revenue				Operating Income (Loss)			Revenue				Operating Income (Loss)
2017–
Risk and Insurance Services	$	1,763		^(a)	$	314		$	5,668		^(c)	$	1,455
Consulting	1,587			^(b)	329			4,705			^(d)	853
Total Operating Segments	3,350				643			10,373				2,308
Corporate / Eliminations	(9		)		(46		)	(34		)		(138		)
Total Consolidated	$	3,341			$	597		$	10,339			$	2,170
2016–
Risk and Insurance Services	$	1,632		^(a)	$	315		$	5,350		^(c)	$	1,340
Consulting	1,513			^(b)	308			4,530			^(d)	838
Total Operating Segments	3,145				623			9,880				2,178
Corporate / Eliminations	(10		)		(51		)	(33		)		(147		)
Total Consolidated	$	3,135			$	572		$	9,847			$	2,031


^(a)	Includes inter-segment revenue of $1 million in both 2017 and 2016, interest income on fiduciary funds of $11 million and $8 million in 2017 and 2016, respectively, and equity method income of $2 million and $4 million in 2017 and 2016, respectively.


^(b)	Includes inter-segment revenue of $8 million and $9 million in 2017 and 2016, respectively, interest income on fiduciary funds of $2 million in 2017 and $1 million in 2016, respectively, and equity method income of $3 million in 2017 and $5 million in 2016, respectively.


^(c)	Includes inter-segment revenue of $5 million in both 2017 and 2016, interest income on fiduciary funds of $28 million and $20 million in 2017 and 2016, respectively, and equity method income of $11 million in both 2017 and 2016.


^(d)	Includes inter-segment revenue of $29 million and $28 million in 2017 and 2016, respectively, interest income on fiduciary funds of $3 million in 2017 and $2 million in 2016, respectively, and equity method income of $12 million in 2017 and $14 million in 2016, respectively.

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



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2017			2016			2017			2016
Risk and Insurance Services
Marsh	$	1,490		$	1,370		$	4,713		$	4,427
Guy Carpenter	273			262			955			923
Total Risk and Insurance Services	1,763			1,632			5,668			5,350
Consulting
Mercer	1,149			1,109			3,335			3,227
Oliver Wyman Group	438			404			1,370			1,303
Total Consulting	1,587			1,513			4,705			4,530
Total Operating Segments	3,350			3,145			10,373			9,880
Corporate / Eliminations	(9		)	(10		)	(34		)	(33		)
Total	$	3,341		$	3,135		$	10,339		$	9,847