Segment Information

3 Months Ended

Mar. 31, 2018

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 2017 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-month period ended March 31, 2018 and 2017 are as follows:



	Three Months Ended March 31,
(In millions)	Revenue				Operating Income (Loss)
2018–
Risk and Insurance Services	$	2,344		^(a)	$	716
Consulting	1,668			^(b)	247
Total Operating Segments	4,012				963
Corporate / Eliminations	(12		)		(55		)
Total Consolidated	$	4,000			$	908
2017–
Risk and Insurance Services	$	1,989		^(a)	$	568
Consulting	1,526			^(b)	225
Total Operating Segments	3,515				793
Corporate / Eliminations	(12		)		(44		)
Total Consolidated	$	3,503			$	749

^(a) Includes inter-segment revenue of $1 million in 2018, interest income on fiduciary funds of $13 million and $8 million in 2018 and 2017, respectively, and equity method (loss) income of $(1) million and $2 million in 2018 and 2017, respectively.

^(b) Includes inter-segment revenue of $11 million and $12 million in 2018 and 2017, respectively, interest income on fiduciary funds of $1 million in both 2018 and in 2017, and equity method income of $3 million in 2018 and $4 million in 2017, respectively.

Details of operating segment revenue for the three-month period ended March 31, 2018 and 2017 are as follows:



	Three Months Ended March 31,
(In millions)	2018			2017
Risk and Insurance Services
Marsh	$	1,703		$	1,602
Guy Carpenter	641			387
Total Risk and Insurance Services	2,344			1,989
Consulting
Mercer	1,171			1,077
Oliver Wyman Group	497			449
Total Consulting	1,668			1,526
Total Operating Segments	4,012			3,515
Corporate / Eliminations	(12		)	(12		)
Total	$	4,000		$	3,503