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. 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 segments and geographic areas of operation are as follows:



For the Year Ended December 31, (In millions of dollars)	Revenue				Operating Income (Loss)			Total Assets				Depreciation and Amortization		Capital Expenditures
2018 –
Risk and Insurance Services	$	8,228		(a)	$	1,864		$	15,868			$	290	$	158
Consulting	6,779			(b)	1,099			8,003				130		97
Total Segments	15,007				2,963			23,871				420		255
Corporate/Eliminations	(57		)		(202		)	(2,293		)	(c)	74		59
Total Consolidated	$	14,950			$	2,761		$	21,578			$	494	$	314
2017 –
Risk and Insurance Services	$	7,630		(a)	$	1,731		$	16,490			$	282	$	139
Consulting	6,444			(b)	1,110			8,200				129		88
Total Segments	14,074				2,841			24,690				411		227
Corporate/Eliminations	(50		)		(186		)	(4,261		)	(c)	70		75
Total Consolidated	$	14,024			$	2,655		$	20,429			$	481	$	302
2016 –
Risk and Insurance Services	$	7,143		(a)	$	1,581		$	14,728			$	248	$	128
Consulting	6,112			(b)	1,038			6,770				121		68
Total Segments	13,255				2,619			21,498				369		196
Corporate/Eliminations	(44		)		(188		)	(3,308		)	(c)	69		57
Total Consolidated	$	13,211			$	2,431		$	18,190			$	438	$	253


(a)	Includes inter-segment revenue of $6 million, $5 million and $6 million in 2018, 2017 and 2016, respectively, interest income on fiduciary funds of $65 million, $39 million and $26 million in 2018, 2017 and 2016, respectively, and equity method income of $13 million, $14 million and $12 million in 2018, 2017 and 2016, respectively and $40 million related to the sale of business in 2018.


(b)	Includes inter-segment revenue of $51 million, $45 million and $38 million in 2018, 2017 and 2016, respectively, interest income on fiduciary funds of $3 million, $4 million and $3 million in 2018, 2017 and 2016, respectively, and equity method income of $8 million, $17 million and $19 million in 2018, 2017 and 2016, respectively.


(c)	Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations.

Details of operating segment revenue are as follows:



For the Years Ended December 31,
(In millions of dollars)	2018			2017			2016
Risk and Insurance Services
Marsh	$	6,923		$	6,433		$	5,997
Guy Carpenter	1,305			1,197			1,146
Total Risk and Insurance Services	8,228			7,630			7,143
Consulting
Mercer	4,732			4,528			4,323
Oliver Wyman Group	2,047			1,916			1,789
Total Consulting	6,779			6,444			6,112
Total Segments	15,007			14,074			13,255
Corporate/Eliminations	(57		)	(50		)	(44		)
Total	$	14,950		$	14,024		$	13,211

Information by geographic area is as follows:



For the Years Ended December 31,
(In millions of dollars)	2018			2017			2016
Revenue
United States	$	7,219		$	6,870		$	6,573
United Kingdom	2,243			2,112			2,019
Continental Europe	2,694			2,197			2,022
Asia Pacific	1,616			1,517			1,363
Other	1,235			1,378			1,278
	15,007			14,074			13,255
Corporate/Eliminations	(57		)	(50		)	(44		)
Total	$	14,950		$	14,024		$	13,211



For the Years Ended December 31,
(In millions of dollars)	2018		2017		2016
Fixed Assets, Net
United States	$	403	$	399	$	412
United Kingdom	91		91		94
Continental Europe	59		57		53
Asia Pacific	74		78		76
Other	74		87		90
Total	$	701	$	712	$	725