Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

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

Selected information about the Company’s segments is as follows:


	Three Months Ended September 30,
(In millions)	Revenue			Compensation and benefits		Depreciation and amortization expense		Identified intangible amortization expense		Other operating expenses		Operating Income (Loss)
2025 –
Risk and Insurance Services	$	3,907	(a)	$	2,424	$	52	$	116	$	565	$	750
Consulting	2,465		(b)	1,429		25		17		493		501
Total Segments	6,372			3,853		77		133		1,058		1,251
Corporate/Eliminations	(21)			41		14		—		5		(81)
Total Consolidated	$	6,351		$	3,894	$	91	$	133	$	1,063	$	1,170
2024 –
Risk and Insurance Services	$	3,453	(a)	$	2,095	$	48	$	77	$	500	$	733
Consulting	2,262		(b)	1,309		25		13		453		462
Total Segments	5,715			3,404		73		90		953		1,195
Corporate/Eliminations	(18)			38		17		—		14		(87)
Total Consolidated	$	5,697		$	3,442	$	90	$	90	$	967	$	1,108


	Nine Months Ended September 30,
(In millions)	Revenue			Compensation and benefits		Depreciation and amortization expense		Identified intangible amortization expense		Other operating expenses		Operating Income (Loss)
2025 –
Risk and Insurance Services	$	13,294	(c)	$	7,337	$	153	$	357	$	1,641	$	3,806
Consulting	7,150		(d)	4,190		74		55		1,418		1,413
Total Segments	20,444			11,527		227		412		3,059		5,219
Corporate/Eliminations	(58)			112		43		—		2		(215)
Total Consolidated	$	20,386		$	11,639	$	270	$	412	$	3,061	$	5,004
2024 –
Risk and Insurance Services	$	11,748	(c)	$	6,321	$	140	$	233	$	1,459	$	3,595
Consulting	6,692		(d)	3,937		88		36		1,327		1,304
Total Segments	18,440			10,258		228		269		2,786		4,899
Corporate/Eliminations	(49)			108		48		—		19		(224)
Total Consolidated	$	18,391		$	10,366	$	276	$	269	$	2,805	$	4,675

(a)Includes interest income on fiduciary funds of $109 million and $138 million in 2025 and 2024, respectively, and equity method income of $5 million and $7 million in 2025 and 2024, respectively.

(b)Includes inter-segment revenue of $20 million and $18 million in 2025 and 2024, respectively.

(c)Includes inter-segment revenue of $5 million in 2025 and 2024, interest income on fiduciary funds of $311 million and $385 million in 2025 and 2024, respectively, and equity method income of $20 million and $17 million in 2025 and 2024, respectively. Revenue in 2025 also includes $28 million from a gain on the sale of the TCAS business and a gain on remeasurement of a previously held equity method investment to fair value upon consolidation.

(d)Includes inter-segment revenue of $53 million and $44 million in 2025 and 2024, respectively. Revenue in 2024 also includes a net gain of $21 million from the sale of Mercer's U.K. pension administration and U.S. health and benefits administration businesses.

Schedule of Details of Operating Segment Revenue

Details of operating segment revenue are as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
(In millions)		2025			2024		2025		2024
Risk and Insurance Services
Marsh		$	3,472		$	3,023	$	10,907	$	9,446
Guy Carpenter		435			430		2,387		2,302
Total Risk and Insurance Services		3,907			3,453		13,294		11,748
Consulting
Mercer		1,579			1,452		4,573		4,256
Oliver Wyman Group		886			810		2,577		2,436
Total Consulting		2,465			2,262		7,150		6,692
Total Segments		6,372			5,715		20,444		18,440
Corporate Eliminations		(21)			(18)		(58)		(49)
Total		$	6,351		$	5,697	$	20,386	$	18,391