Segment Information

3 Months Ended

Mar. 31, 2022

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, Summary of Significant Accounting Policies, in the Company’s 2021 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 period ended March 31, 2022 and 2021 is as follows:

	Three Months Ended March 31,
(In millions)	Revenue			Operating Income (Loss)
2022–
Risk and Insurance Services	$	3,549	(a)	$	1,121
Consulting	2,010		(b)	392
Total Operating Segments	5,559			1,513
Corporate/Eliminations	(10)			(68)
Total Consolidated	$	5,549		$	1,445
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

(a) Includes interest income on fiduciary funds of $4 million and $5 million in 2022 and 2021. Revenue for 2022 also includes the loss on deconsolidation of the Russian businesses of $27 million.

(b) Includes inter-segment revenue of $10 million and $15 million in 2022 and 2021. Revenue for 2022 also includes the loss on deconsolidation of the Russian businesses of $12 million.

Details of operating segment revenue for the three month periods ended March 31, 2022 and 2021 are as follows:

	Three Months Ended March 31,
(In millions)	2022		2021
Risk and Insurance Services
Marsh	$	2,549	$	2,329
Guy Carpenter	1,000		896
Total Risk and Insurance Services	3,549		3,225
Consulting
Mercer	1,343		1,288
Oliver Wyman Group	667		585
Total Consulting	2,010		1,873
Total Operating Segments	5,559		5,098
Corporate Eliminations	(10)		(15)
Total	$	5,549	$	5,083