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Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information 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.
Prior to being acquired by the Company, JLT operated in three segments: Specialty, Reinsurance and Employee Benefits. JLT operated in 41 countries, with significant revenue in the United Kingdom, Pacific, Asia and the United States. As of April 1, 2019, the historical JLT businesses were combined into MMC
operations as follows: JLT Specialty is included by geography within Marsh, JLT Reinsurance is included in Guy Carpenter and the majority of JLT's Employee Benefits business was included in Mercer Health and Wealth.
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
2020 –
Risk and Insurance Services$10,337 (a) $2,346 $20,612 (d) $500 $170 
Consulting6,976 (b) 994 9,571 (e)174 107 
Total Segments17,313 3,340 30,183 674 277 
Corporate/Eliminations(89)(274)2,866 (c) 67 71 
Total Consolidated$17,224 $3,066 $33,049 $741 $348 
2019 –
Risk and Insurance Services$9,599 (a) $1,833 $26,098 (d) $416 $184 
Consulting7,143 (b) 1,210 9,722 (e)156 150 
Total Segments16,742 3,043 35,820 572 334 
Corporate/Eliminations(90)(366)(4,463)(c) 75 87 
Total Consolidated$16,652 $2,677 $31,357 $647 $421 
2018 –
Risk and Insurance Services$8,228 (a) $1,864 $15,868 (d) $290 $158 
Consulting6,779 (b) 1,099 8,003 (e)130 97 
Total Segments15,007 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 
(a)Includes inter-segment revenue of $5 million, $8 million and $6 million in 2020, 2019 and 2018, respectively, interest income on fiduciary funds of $46 million, $105 million and $65 million in 2020, 2019 and 2018, respectively, and equity method income of $27 million, $25 million and $13 million in 2020, 2019 and 2018 and $40 million related to the sale of business in 2018.
(b)Includes inter-segment revenue of $84 million, $82 million and $51 million in 2020, 2019 and 2018, respectively, interest income on fiduciary funds of $1 million, $4 million and $3 million in 2020, 2019 and 2018, respectively, and equity method income of $5 million, $16 million and $8 million in 2020, 2019 and 2018, respectively.
(c)Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations.
(d)Includes equity method investments of $165 million, $179 million and $57 million at December 31, 2020, 2019 and 2018, respectively.
(e)Includes equity method investments of $5 million, $149 million and $148 million at December 31, 2020, 2019 and 2018, respectively.
Details of operating segment revenue are as follows:
For the Years Ended December 31,
(In millions of dollars)202020192018
Risk and Insurance Services
Marsh$8,628 $8,085 $6,923 
Guy Carpenter1,709 1,514 1,305 
Total Risk and Insurance Services10,337 9,599 8,228 
Consulting   
Mercer4,928 5,021 4,732 
Oliver Wyman Group 2,048 2,122 2,047 
Total Consulting6,976 7,143 6,779 
Total Segments17,313 16,742 15,007 
Corporate/Eliminations(89)(90)(57)
Total$17,224 $16,652 $14,950 
Information by geographic area is as follows: 
For the Years Ended December 31,
(In millions of dollars)202020192018
Revenue
United States$8,168 $7,840 $7,219 
United Kingdom2,818 2,679 2,243 
Continental Europe2,881 2,837 2,694 
Asia Pacific2,093 2,001 1,616 
Other1,353 1,385 1,235 
17,313 16,742 15,007 
Corporate/Eliminations(89)(90)(57)
Total$17,224 $16,652 $14,950 

For the Years Ended December 31,
(In millions of dollars)202020192018
Fixed Assets, Net
United States$492 $462 $403 
United Kingdom115 149 91 
Continental Europe74 68 59 
Asia Pacific105 101 74 
Other70 78 74 
Total$856 $858 $701