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Segment Information
6 Months Ended
Jun. 30, 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 and six months ended June 30, 2023 and 2022 is as follows:
Three Months Ended
 June 30,
Six Months Ended
 June 30,
(In millions)Revenue Operating Income (Loss)Revenue Operating Income (Loss)
2023 –
Risk and Insurance Services$3,722 
(a)
$1,157 $7,628 
(c) 
$2,552 
Consulting2,172 
(b)
388 4,203 
(d) 
799 
Total Operating Segments5,894 1,545 11,831 3,351 
Corporate/Eliminations(18)(88)(31)(168)
Total Consolidated$5,876 $1,457 $11,800 $3,183 
2022 –
Risk and Insurance Services$3,313 
(a)
$967 $6,862 
(c)
$2,088 
Consulting2,084 
(b)
475 4,094 
(d)
867 
Total Operating Segments5,397 1,442 10,956 2,955 
Corporate/Eliminations(18)(78)(28)(146)
Total Consolidated$5,379 $1,364 $10,928 $2,809 
(a) Includes inter-segment revenue of $5 million in both 2023 and 2022, interest income on fiduciary funds of $108 million and $13 million in 2023 and 2022, respectively; and equity method income of $12 million and $7 million in 2023 and 2022, respectively.
(b) Includes inter-segment revenue of $13 million in both 2023 and 2022. Revenue for 2022 also includes a gain on the sale of the Mercer U.S. affinity business of $112 million.
(c) Includes inter-segment revenue of $5 million in both 2023 and 2022, interest income on fiduciary funds of $199 million and $17 million in 2023 and 2022, respectively, and equity method income of $11 million and $8 million in 2023 and 2022, respectively. Revenue for 2022 also includes the loss on deconsolidation of the Russian businesses at Marsh of $27 million.
(d) Includes inter-segment revenue of $26 million and $23 million in 2023 and 2022, respectively. Revenue for 2023 also includes the loss on sale of an individual financial advisory business in Canada of $17 million. Revenue for 2022 also includes a gain on the sale of the Mercer U.S. affinity business of $112 million, partially offset by the loss on deconsolidation of the Russian businesses at Oliver Wyman Group of $12 million.
Details of operating segment revenue for the three and six months ended June 30, 2023 and 2022 are as follows:
Three Months Ended
 June 30,
Six Months Ended
 June 30,
(In millions)2023202220232022
Risk and Insurance Services
Marsh$3,103 $2,787 $5,903 $5,336 
Guy Carpenter619 526 1,725 1,526 
Total Risk and Insurance Services3,722 3,313 7,628 6,862 
Consulting    
Mercer1,374 1,389 2,718 2,732 
Oliver Wyman Group798 695 1,485 1,362 
Total Consulting2,172 2,084 4,203 4,094 
Total Operating Segments5,894 5,397 11,831 10,956 
Corporate Eliminations(18)(18)(31)(28)
Total$5,876 $5,379 $11,800 $10,928