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 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 and six-month periods ended June 30, 2018 and 2017 are as follows:



	Three Months Ended June 30,							Six Months Ended June 30,
(In millions)	Revenue				Operating Income (Loss)			Revenue				Operating Income (Loss)
2018–
Risk and Insurance Services	$	2,096		^(a)	$	472		$	4,440		^(c)	$	1,188
Consulting	1,650			^(b)	267			3,318			^(d)	514
Total Operating Segments	3,746				739			7,758				1,702
Corporate / Eliminations	(12		)		(48		)	(24		)		(103		)
Total Consolidated	$	3,734			$	691		$	7,734			$	1,599
2017–
Risk and Insurance Services	$	1,916		^(a)	$	482		$	3,905		^(c)	$	1,050
Consulting	1,592			^(b)	265			3,118			^(d)	490
Total Operating Segments	3,508				747			7,023				1,540
Corporate / Eliminations	(13		)		(46		)	(25		)		(90		)
Total Consolidated	$	3,495			$	701		$	6,998			$	1,450

^(a) Includes inter-segment revenue of $4 million in 2017, interest income on fiduciary funds of $15 million and $9 million in 2018 and 2017, respectively, and equity method income of $7 million in both 2018 and 2017.

^(b) Includes inter-segment revenue of $12 million and $9 million in 2018 and 2017, respectively, interest income on fiduciary funds of $1 million and less than $1 million in 2018 and 2017, respectively, and equity method income of $5 million in both 2018 and in 2017.

^(c) Includes inter-segment revenue of $1 million and $4 million in 2018 and 2017, respectively, interest income on fiduciary funds of $28 million and $17 million in 2018 and 2017, respectively, and equity method income of $6 million and $9 million in 2018 and 2017, respectively.

^(d) Includes inter-segment revenue of $23 million and $21 million in 2018 and 2017, respectively, interest income on fiduciary funds of $2 million and $1 million in 2018 and 2017, respectively, and equity method income of $8 million in 2018 and $9 million in 2017, respectively.

Details of operating segment revenue for the three and six-month periods ended June 30, 2018 and 2017 are as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2018			2017			2018			2017
Risk and Insurance Services
Marsh	$	1,760		$	1,621		$	3,463		$	3,223
Guy Carpenter	336			295			977			682
Total Risk and Insurance Services	2,096			1,916			4,440			3,905
Consulting
Mercer	1,158			1,109			2,329			2,186
Oliver Wyman Group	492			483			989			932
Total Consulting	1,650			1,592			3,318			3,118
Total Operating Segments	3,746			3,508			7,758			7,023
Corporate / Eliminations	(12		)	(13		)	(24		)	(25		)
Total	$	3,734		$	3,495		$	7,734		$	6,998