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Segment Information
6 Months Ended
Jun. 30, 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 utilized 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 and six months ended June 30, 2022 and 2021 is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)Revenue Operating Income (Loss)Revenue Operating Income (Loss)
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 
2021–
Risk and Insurance Services$3,141 
(a)
$950 $6,366 
(c) 
$2,010 
Consulting1,892 
(b)
344 3,765 
(d) 
705 
Total Operating Segments5,033 1,294 10,131 2,715 
Corporate/Eliminations(16)(66)(31)(129)
Total Consolidated$5,017 $1,228 $10,100 $2,586 
(a) Includes inter-segment revenue of $5 million and $4 million in 2022 and 2021, respectively, interest income on fiduciary funds of $13 million and $3 million in 2022 and 2021, respectively, and equity method income of $7 million and $14 million in 2022 and 2021, respectively. Revenue for 2021 also includes $51 million primarily from the gain on the sale of the U.K. commercial networks business.
(b) Includes inter-segment revenue of $13 million and $12 million in 2022 and 2021, respectively. 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 and $4 million in 2022 and 2021, respectively, interest income on fiduciary funds of $17 million and $8 million in 2022 and 2021, respectively, and equity method income of $8 million and $17 million in 2022 and 2021, respectively. Revenue for 2022 also includes the loss on deconsolidation of the Russian businesses of $27 million. Revenue for 2021 also includes $53 million primarily from the gain on the sale of the U.K. commercial networks business.
(d) Includes inter-segment revenue of $23 million and $27 million in 2022 and 2021, respectively. Revenue for 2022 also includes a gain on the sale of the Mercer U.S. affinity business of $112 million, partly offset by the loss on deconsolidation of the Russian businesses of $12 million.
Details of operating segment revenue for the three and six months ended June 30, 2022 and 2021 are as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)2022202120222021
Risk and Insurance Services
Marsh$2,787 $2,652 $5,336 $4,981 
Guy Carpenter526 489 1,526 1,385 
Total Risk and Insurance Services3,313 3,141 6,862 6,366 
Consulting    
Mercer1,389 1,274 2,732 2,562 
Oliver Wyman Group695 618 1,362 1,203 
Total Consulting2,084 1,892 4,094 3,765 
Total Operating Segments5,397 5,033 10,956 10,131 
Corporate Eliminations(18)(16)(28)(31)
Total$5,379 $5,017 $10,928 $10,100