Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Selected Information and Details for MMC's Operating Segments

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 expenses		Operating Income (Loss)
2024 –
Risk and Insurance Services	$	15,395	(a)	$	8,499	$	192	$	326	$	2,013	$	4,365
Consulting	9,133		(b)	5,358		114		51		1,840		1,770
Total Segments	24,528			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
Consulting	8,709		(b)	5,249		106		46		1,642		1,666
Total Segments	22,798			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
Consulting	8,139		(b)	4,827		111		47		1,601		1,553
Total Segments	20,784			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.

Schedule of Details of Operating Segment Revenue

Details of operating segment revenue are as follows:


For the Years Ended December 31,
(In millions)	2024		2023		2022
Risk and Insurance Services
Marsh	$	12,851	$	11,657	$	10,585
Guy Carpenter	2,544		2,432		2,060
Total Risk and Insurance Services	15,395		14,089		12,645
Consulting
Mercer	5,743		5,587		5,345
Oliver Wyman Group	3,390		3,122		2,794
Total Consulting	9,133		8,709		8,139
Total Segments	24,528		22,798		20,784
Corporate/Eliminations	(70)		(62)		(64)
Total	$	24,458	$	22,736	$	20,720

Schedule of Information by Geographic Area

Information by geographic area is as follows:


For the Years Ended December 31,
(In millions)	2024		2023		2022
Revenue
United States (a)	$	11,671	$	10,924	$	10,215
United Kingdom (b)	3,595		3,555		3,114
Other	9,262		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)	2024		2023		2022
Fixed Assets, Net
United States	$	494	$	468	$	473
United Kingdom	150		168		166


Other	215		246		232
Total	$	859	$	882	$	871