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 nine-month periods ended September 30, 2018 and 2017 are as follows:



	Three Months Ended September 30,							Nine Months Ended September 30,
(In millions)	Revenue				Operating Income (Loss)			Revenue				Operating Income (Loss)
2018–
Risk and Insurance Services	$	1,863		^(a)	$	293		$	6,303		^(c)	$	1,481
Consulting	1,656			^(b)	291			4,974			^(d)	805
Total Operating Segments	3,519				584			11,277				2,286
Corporate / Eliminations	(15		)		(43		)	(39		)		(146		)
Total Consolidated	$	3,504			$	541		$	11,238			$	2,140
2017–
Risk and Insurance Services	$	1,763		^(a)	$	268		$	5,668		^(c)	$	1,318
Consulting	1,587			^(b)	311			4,705			^(d)	801
Total Operating Segments	3,350				579			10,373				2,119
Corporate / Eliminations	(9		)		(44		)	(34		)		(134		)
Total Consolidated	$	3,341			$	535		$	10,339			$	1,985

^(a) Includes inter-segment revenue $4 million and $1 million in 2018 and 2017, respectively, interest income on fiduciary funds of $18 million and $11 million in 2018 and 2017, respectively, and equity method income of $4 million and $2 million in 2018 and 2017, respectively and $51 million related to the sale of business in 2018.

^(b) Includes inter-segment revenue of $11 million and $8 million in 2018 and 2017, respectively, interest income on fiduciary funds of $1 million and $2 million in 2018 and 2017, respectively, and equity method income of $4 million and $3 million in 2018 and 2017, respectively.

^(c) Includes inter-segment revenue of $5 million in both 2018 and 2017, interest income on fiduciary funds of $46 million and $28 million in 2018 and 2017, respectively, and equity method income of $10 million and $11 million in 2018 and 2017, respectively and $51 million related to the sale of business in 2018.

^(d) Includes inter-segment revenue of $34 million and $29 million in 2018 and 2017, respectively, interest income on fiduciary funds of $3 million in both 2018 and 2017, respectively, and equity method income of $12 million in both 2018 and in 2017, respectively.

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



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2018			2017			2018			2017
Risk and Insurance Services
Marsh	$	1,643		$	1,490		$	5,106		$	4,713
Guy Carpenter	220			273			1,197			955
Total Risk and Insurance Services	1,863			1,763			6,303			5,668
Consulting
Mercer	1,175			1,149			3,504			3,335
Oliver Wyman Group	481			438			1,470			1,370
Total Consulting	1,656			1,587			4,974			4,705
Total Operating Segments	3,519			3,350			11,277			10,373
Corporate / Eliminations	(15		)	(9		)	(39		)	(34		)
Total	$	3,504		$	3,341		$	11,238		$	10,339