Segment Information

3 Months Ended

Mar. 31, 2019

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 2018 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 periods ended March 31, 2019 and 2018 are as follows:



	Three Months Ended March 31,
(In millions)	Revenue				Operating Income (Loss)
2019–
Risk and Insurance Services	$	2,423		^(a)	$	733
Consulting	1,673			^(b)	279
Total Operating Segments	4,096				1,012
Corporate/Eliminations	(25		)		(74		)
Total Consolidated	$	4,071			$	938
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

^(a) Includes inter-segment revenue of $1 million in 2019 and 2018, respectively, interest income on fiduciary funds of $23 million and $13 million in 2019 and 2018, respectively, and equity method income (loss) of $2 million and $(1) million in 2019 and 2018, respectively.

^(b) Includes inter-segment revenue of $24 million and $11 million in 2019 and 2018, respectively, interest income on fiduciary funds of $1 million in 2019 and 2018, respectively, and equity method income of $5 million and $3 million in 2019 and in 2018, respectively.

Details of operating segment revenue for the three-month periods ended March 31, 2019 and 2018 are as follows:



	Three Months Ended March 31,
(In millions)	2019			2018
Risk and Insurance Services
Marsh	$	1,753		$	1,703
Guy Carpenter	670			641
Total Risk and Insurance Services	2,423			2,344
Consulting
Mercer	1,155			1,171
Oliver Wyman Group	518			497
Total Consulting	1,673			1,668
Total Operating Segments	4,096			4,012
Corporate/Eliminations	(25		)	(12		)
Total	$	4,071		$	4,000