Segment Information

3 Months Ended

Mar. 31, 2021

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 to the Company’s 2020 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, 2021 and 2020 are as follows:

	Three Months Ended March 31,
(In millions)	Revenue			Operating Income (Loss)
2021–
Risk and Insurance Services	$	3,225	(a)	$	1,060
Consulting	1,873		(b)	361
Total Operating Segments	5,098			1,421
Corporate/Eliminations	(15)			(63)
Total Consolidated	$	5,083		$	1,358
2020–
Risk and Insurance Services	$	2,911	(a)	$	854
Consulting	1,762		(b)	282
Total Operating Segments	4,673			1,136
Corporate/Eliminations	(22)			(66)
Total Consolidated	$	4,651		$	1,070

(a) Includes interest income on fiduciary funds of $5 million and $23 million in 2021 and 2020, respectively.

(b) Includes inter-segment revenue of $15 million and $21 million in 2021 and 2020, respectively.

Details of operating segment revenue for the three-month period ended March 31, 2021 and 2020 are as follows:

	Three Months Ended March 31,
(In millions)	2021		2020
Risk and Insurance Services
Marsh	$	2,329	$	2,076
Guy Carpenter	896		835
Total Risk and Insurance Services	3,225		2,911
Consulting
Mercer	1,288		1,251
Oliver Wyman Group	585		511
Total Consulting	1,873		1,762
Total Operating Segments	5,098		4,673
Corporate/Eliminations	(15)		(22)
Total	$	5,083	$	4,651