v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
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, in the Company's 2024 Form 10-K. 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 is as follows:
Three Months Ended June 30,

(In millions)
Revenue Compensation and benefits Depreciation
and
amortization expense		Identified intangible
amortization expense		Other operating expensesOperating
Income
(Loss)
2025 –
Risk and Insurance Services$4,625 (a)$2,462 $51 $121 $548 $1,443 
Consulting2,371 (b)1,398 25 19 473 456 
Total Segments6,996 3,860 76 140 1,021 1,899 
Corporate/Eliminations(22)35 15 — (2)(70)
Total Consolidated$6,974 $3,895 $91 $140 $1,019 $1,829 
2024 –
Risk and Insurance Services$4,022 (a)$2,108 $46 $77 $494 $1,297 
Consulting2,216 (b)1,314 26 12 454 410 
Total Segments6,238 3,422 72 89 948 1,707 
Corporate/Eliminations(17)32 15 — 1 (65)
Total Consolidated$6,221 $3,454 $87 $89 $949 $1,642 
Six Months Ended June 30,

(In millions)
Revenue Compensation and benefits Depreciation
and
amortization expense		Identified intangible
amortization expense		Other operating expensesOperating
Income
(Loss)
2025 –
Risk and Insurance Services$9,387 (c)$4,913 $101 $241 $1,076 $3,056 
Consulting4,685 (d)2,761 49 38 925 912 
Total Segments14,072 7,674 150 279 2,001 3,968 
Corporate/Eliminations(37)71 29 — (3)(134)
Total Consolidated$14,035 $7,745 $179 $279 $1,998 $3,834 
2024 –
Risk and Insurance Services$8,295 (c)$4,226 $92 $156 $959 $2,862 
Consulting4,430 (d)2,628 63 23 874 842 
Total Segments12,725 6,854 155 179 1,833 3,704 
Corporate/Eliminations(31)70 31 — 5 (137)
Total Consolidated$12,694 $6,924 $186 $179 $1,838 $3,567 
(a)Includes inter-segment revenue of $4 million in 2025 and 2024, respectively, interest income on fiduciary funds of $99 million and $125 million in 2025 and 2024, respectively, and equity method income of $15 million and $10 million in 2025 and 2024, respectively.
(b)Includes inter-segment revenue of $18 million and $13 million in 2025 and 2024, respectively.
(c)Includes inter-segment revenue of $5 million in 2025 and 2024, interest income on fiduciary funds of $202 million and $247 million in 2025 and 2024, respectively, and equity method income of $15 million and $10 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 $33 million and $26 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.
Other Risk and Insurance Services and Consulting segment expenses consist primarily of costs such as travel and entertainment, outside services, information and technology, facilities and equipment, and taxes and insurance.
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:
Three Months Ended
 June 30,		Six Months Ended
 June 30,
(In millions)2025202420252024
Risk and Insurance Services
Marsh$3,915 $3,342 $7,435 $6,423 
Guy Carpenter710 680 1,952 1,872 
Total Risk and Insurance Services4,625 4,022 9,387 8,295 
Consulting  
Mercer1,498 1,379 2,994 2,804 
Oliver Wyman Group873 837 1,691 1,626 
Total Consulting2,371 2,216 4,685 4,430 
Total Segments6,996 6,238 14,072 12,725 
Corporate Eliminations(22)(17)(37)(31)
Total$6,974 $6,221 $14,035 $12,694