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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is organized based on the types of services provided. Under this structure, the Company’s operating segments are: Marsh, Guy Carpenter, Mercer and Oliver Wyman Group. The four segments are aggregated into two operating and reporting segments as follows:
▪Risk and Insurance Services, comprising Marsh (insurance services) and Guy Carpenter (reinsurance services); 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. Revenues are attributed to geographic areas based on location out of which the services are performed.
The Chief Executive Officer, as the Company's Chief Operating Decision Maker ("CODM"), evaluates segment performance and allocates resources 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. Segment operating income is also used to monitor budget versus actual results.
Selected information about the Company’s segments and geographic areas of operation are as follows:
For the Years Ended December 31,
(In millions)
Revenue Compensation and benefits Depreciation
and
amortization expense		Identified intangible
amortization expense		Other operating expensesOperating
Income
(Loss)
2024 –
Risk and Insurance Services$15,395 (a)$8,499 $192 $326 $2,013 $4,365 
Consulting9,133 (b)5,358 114 51 1,840 1,770 
Total Segments24,528 13,857 306 377 3,853 6,135 
Corporate/Eliminations(70)139 63 — 46 (318)
Total Consolidated$24,458 $13,996 $369 $377 $3,899 $5,817 
2023 –
Risk and Insurance Services$14,089 (a)$7,702 $190 $297 $1,955 $3,945 
Consulting8,709 (b)5,249 106 46 1,642 1,666 
Total Segments22,798 12,951 296 343 3,597 5,611 
Corporate/Eliminations(62)148 74 — 45 (329)
Total Consolidated$22,736 $13,099 $370 $343 $3,642 $5,282 
2022 –
Risk and Insurance Services$12,645 (a)$7,101 $178 $291 $1,986 $3,089 
Consulting8,139 (b)4,827 111 47 1,601 1,553 
Total Segments20,784 11,928 289 338 3,587 4,642 
Corporate/Eliminations(64)143 92 — 63 (362)
Total Consolidated$20,720 $12,071 $381 $338 $3,650 $4,280 
(a)Includes interest income on fiduciary funds of $497 million, $453 million and $120 million in 2024, 2023 and 2022, respectively, and equity method income of $22 million, $18 million and $12 million in 2024, 2023 and 2022, respectively. Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees.
(b)Includes inter-segment revenue of $60 million, $56 million and $59 million in 2024, 2023 and 2022, respectively. Revenue in 2024 includes a net gain on the sale of the Mercer U.K. pension administration and U.S. health and benefits administration business of $35 million. Revenue in 2022 includes a net gain on the sale of the Mercer U.S. affinity business of $112 million.
Other Risk and Insurance Services and Consulting segment expenses consist primarily of costs such as travel and entertainment, outside services, information and technology, and facilities and equipment.
The Company does not report its assets by segment, including capital expenditures, as that information is not used by the CODM in assessing segment performance and allocating resources.
Details of operating segment revenue are as follows:
For the Years Ended December 31,
(In millions)202420232022
Risk and Insurance Services
Marsh$12,851 $11,657 $10,585 
Guy Carpenter2,544 2,432 2,060 
Total Risk and Insurance Services15,395 14,089 12,645 
Consulting   
Mercer5,743 5,587 5,345 
Oliver Wyman Group 3,390 3,122 2,794 
Total Consulting9,133 8,709 8,139 
Total Segments24,528 22,798 20,784 
Corporate/Eliminations(70)(62)(64)
Total$24,458 $22,736 $20,720 
Information by geographic area is as follows: 
For the Years Ended December 31,
(In millions)202420232022
Revenue
United States (a)$11,671 $10,924 

$10,215 
United Kingdom (b)3,595 

3,555 3,114 
Other9,262 

8,319 

7,455 
24,528 22,798 20,784 
Corporate/Eliminations(70)(62)(64)
Total$24,458 $22,736 $20,720 
(a)Revenue in 2024 includes the loss on the sale of the Mercer U.S. health and benefits administration business of $35 million. Revenue in 2022 includes a net gain from the sale of the Mercer U.S. affinity business of $112 million.
(b)Revenue in 2024 includes the gain on the sale of the Mercer U.K. pension administration business of $70 million. Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees.
For the Years Ended December 31,
(In millions)202420232022
Fixed Assets, Net
United States$494 $468 $473 
United Kingdom150 168 166 
Other215 246 232 
Total$859 $882 $871