Segment Information

3 Months Ended

Mar. 31, 2023

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 2022 Form 10-K. Segment performance is evaluated based on segment operating income, which includes directly related expenses, and charges or credits related to 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 for the three months ended March 31, 2023 and 2022 is as follows:

	Three Months Ended March 31,
(In millions)	Revenue			Operating Income (Loss)
2023 –
Risk and Insurance Services	$	3,906	(a)	$	1,395
Consulting	2,031		(b)	411
Total Operating Segments	5,937			1,806
Corporate/Eliminations	(13)			(80)
Total Consolidated	$	5,924		$	1,726
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

(a) Includes interest income on fiduciary funds of $91 million and $4 million in 2023 and 2022, respectively. Revenue in 2022 also includes the loss on deconsolidation of the Russian businesses of $27 million.

(b) Includes inter-segment revenue of $13 million and $10 million in 2023 and 2022, respectively. Revenue in 2023 also includes the loss on sale of a small individual financial advisory business in Canada of $19 million. Revenue in 2022 includes the loss on deconsolidation of the Russian businesses of $12 million.

Details of operating segment revenue for the three months ended March 31, 2023 and 2022 are as follows:

	Three Months Ended March 31,
(In millions)	2023		2022
Risk and Insurance Services
Marsh	$	2,800	$	2,549
Guy Carpenter	1,106		1,000
Total Risk and Insurance Services	3,906		3,549
Consulting
Mercer	1,344		1,343
Oliver Wyman Group	687		667
Total Consulting	2,031		2,010
Total Operating Segments	5,937		5,559
Corporate Eliminations	(13)		(10)
Total	$	5,924	$	5,549