Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Selected Information And Details For MMC's Operating Segments

Selected information about the Company’s segments for the three and nine months ended September 30, 2023 and 2022 is as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
(In millions)	Revenue			Operating Income/(Loss)		Revenue			Operating Income/(Loss)
2023 –
Risk and Insurance Services	$	3,190	(a)	$	640	$	10,818	(c)	$	3,192
Consulting	2,206		(b)	424		6,409		(d)	1,223
Total Operating Segments	5,396			1,064		17,227			4,415
Corporate/Eliminations	(14)			(68)		(45)			(236)
Total Consolidated	$	5,382		$	996	$	17,182		$	4,179
2022 –
Risk and Insurance Services	$	2,838	(a)	$	529	$	9,700	(c)	$	2,617
Consulting	1,951		(b)	350		6,045		(d)	1,217
Total Operating Segments	4,789			879		15,745			3,834
Corporate/Eliminations	(19)			(88)		(47)			(234)
Total Consolidated	$	4,770		$	791	$	15,698		$	3,600

(a) Includes interest income on fiduciary funds of $131 million and $40 million in 2023 and 2022, respectively; and equity method income of $3 million in 2023.

(b) Includes inter-segment revenue of $14 million and $19 million in 2023 and 2022, respectively.

(c) Includes inter-segment revenue of $5 million in both 2023 and 2022, interest income on fiduciary funds of $330 million and $57 million in 2023 and 2022, respectively, and equity method income of $14 million and $9 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 $40 million and $42 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.

Schedule of Details of Operating Segment Revenue

Details of operating segment revenue for the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Risk and Insurance Services
Marsh	$	2,782	$	2,497	$	8,685	$	7,833
Guy Carpenter	408		341		2,133		1,867
Total Risk and Insurance Services	3,190		2,838		10,818		9,700
Consulting
Mercer	1,425		1,284		4,143		4,016
Oliver Wyman Group	781		667		2,266		2,029
Total Consulting	2,206		1,951		6,409		6,045
Total Operating Segments	5,396		4,789		17,227		15,745
Corporate Eliminations	(14)		(19)		(45)		(47)
Total	$	5,382	$	4,770	$	17,182	$	15,698