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Segment Information
 12 Months Ended
Dec. 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. 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 and geographic areas of operation are as follows:
For the Years Ended December 31, (In millions)
Revenue Operating
Income
(Loss)		 Total
Assets		Depreciation
and
Amortization		Capital
Expenditures
2023 –
Risk and Insurance Services$14,089 
(a)
$3,945 $34,449 
(c)
$487 $242 
Consulting8,709 
(b)
1,666 11,461 
(d)
152 105 
Total Segments22,798 5,611 45,910 639 347 
Corporate/Eliminations(62)(329)2,120 
(e) 
74 69 
Total Consolidated$22,736 $5,282 $48,030 $713 $416 
2022 –
Risk and Insurance Services$12,645 
(a) 
$3,089 $33,022 
(c)
$469 $283 
Consulting8,139 
(b) 
1,553 10,446 
(d)
158 109 
Total Segments20,784 4,642 43,468 627 392 
Corporate/Eliminations(64)(362)646 
(e) 
92 78 
Total Consolidated$20,720 $4,280 $44,114 $719 $470 
2021 –
Risk and Insurance Services$12,085 
(a)
$3,080 $31,233 
(c) 
$505 $214 
Consulting7,789 
(b)
1,504 10,731 
(d)
171 109 
Total Segments19,874 4,584 41,964 676 323 
Corporate/Eliminations(54)(272)2,046 
(e) 
71 83 
Total Consolidated$19,820 $4,312 $44,010 $747 $406 
(a)Includes inter-segment revenue of $6 million in 2023, and $5 million in 2022 and 2021, interest income on fiduciary funds of $453 million, $120 million and $15 million in 2023, 2022 and 2021, respectively, and equity method income of $18 million, $12 million and $31 million in 2023, 2022 and 2021, respectively. Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees. Revenue in 2022 includes the loss on deconsolidation of the Russian businesses of $27 million. Revenue in 2021 includes the gain on the consolidation of Marsh India of $267 million and a net gain on disposition of business of approximately $50 million.
(b)Includes inter-segment revenue of $56 million, $59 million and $49 million in 2023, 2022 and 2021, respectively, and equity method income of $1 million in 2022. Revenue in 2023 includes the loss on sale of an individual financial advisory business in Canada of $17 million. Revenue in 2022 includes a net 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 of $12 million.
(c)Includes equity method investments of $57 million, $50 million and $53 million at December 31, 2023, 2022 and 2021, respectively.
(d)Includes equity method investments of $6 million at December 31, 2023 and 2022, and $5 million at December 31, 2021.
(e)Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations.
Details of operating segment revenue are as follows:
For the Years Ended December 31,
(In millions)202320222021
Risk and Insurance Services
Marsh$11,657 $10,585 $10,214 
Guy Carpenter2,432 2,060 1,871 
Total Risk and Insurance Services14,089 12,645 12,085 
Consulting   
Mercer5,587 5,345 5,254 
Oliver Wyman Group 3,122 2,794 2,535 
Total Consulting8,709 8,139 7,789 
Total Segments22,798 20,784 19,874 
Corporate/Eliminations(62)(64)(54)
Total$22,736 $20,720 $19,820 
Information by geographic area is as follows: 
For the Years Ended December 31,
(In millions)202320222021
Revenue
United States (a)
$10,924 $10,215 

$9,343 
United Kingdom (b)
3,555 

3,114 3,130 
Other (c)
8,319 

7,455 

7,401 
22,798 20,784 19,874 
Corporate/Eliminations(62)(64)(54)
Total$22,736 $20,720 $19,820 
(a)Revenue in 2022 includes a net gain from the sale of the Mercer U.S. affinity business of $112 million.
(b)Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees. Revenue in 2021 includes net gain on disposition of businesses of approximately $50 million.
(c)Revenue in 2023 includes the loss on sale of an individual financial advisory business in Canada of $17 million. Revenue in 2022 includes the loss on deconsolidation of the Company's Russian businesses at Marsh and Oliver Wyman Group of $27 million and $12 million, respectively. Revenue in 2021 includes the gain on the consolidation of Marsh India of $267 million.
For the Years Ended December 31,
(In millions)202320222021
Fixed Assets, Net
United States$468 $473 $484 
United Kingdom168 166 116 
Other246 232 247 
Total$882 $871 $847