| Schedule of Selected Information and Details for MMC's Operating Segments |
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 expenses | Operating
Income
(Loss) | 2025 – | | | | | | | | | | | | | Risk and Insurance Services | | $ | 4,625 | | (a) | $ | 2,462 | | | $ | 51 | | | $ | 121 | | | $ | 548 | | $ | 1,443 | | | Consulting | | 2,371 | | (b) | 1,398 | | | 25 | | | 19 | | | 473 | | 456 | | | Total Segments | | 6,996 | | | 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 | | | Consulting | | 2,216 | | (b) | 1,314 | | | 26 | | | 12 | | | 454 | | 410 | | | Total Segments | | 6,238 | | | 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 expenses | Operating
Income
(Loss) | 2025 – | | | | | | | | | | | | | Risk and Insurance Services | | $ | 9,387 | | (c) | $ | 4,913 | | | $ | 101 | | | $ | 241 | | | $ | 1,076 | | $ | 3,056 | | | Consulting | | 4,685 | | (d) | 2,761 | | | 49 | | | 38 | | | 925 | | 912 | | | Total Segments | | 14,072 | | | 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 | | | Consulting | | 4,430 | | (d) | 2,628 | | | 63 | | | 23 | | | 874 | | 842 | | | Total Segments | | 12,725 | | | 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.
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| Schedule of Details of Operating Segment Revenue |
Details of operating segment revenue are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | Six Months Ended
June 30, | | (In millions) | | | | | 2025 | | 2024 | 2025 | | 2024 | | Risk and Insurance Services | | | | | | | | | | | | Marsh | | | | | $ | 3,915 | | | $ | 3,342 | | $ | 7,435 | | | $ | 6,423 | | | Guy Carpenter | | | | | 710 | | | 680 | | 1,952 | | | 1,872 | | | Total Risk and Insurance Services | | | | | 4,625 | | | 4,022 | | 9,387 | | | 8,295 | | | Consulting | | | | | | | | | | | | Mercer | | | | | 1,498 | | | 1,379 | | 2,994 | | | 2,804 | | | Oliver Wyman Group | | | | | 873 | | | 837 | | 1,691 | | | 1,626 | | | Total Consulting | | | | | 2,371 | | | 2,216 | | 4,685 | | | 4,430 | | | Total Segments | | | | | 6,996 | | | 6,238 | | 14,072 | | | 12,725 | | | Corporate Eliminations | | | | | (22) | | | (17) | | (37) | | | (31) | | | Total | | | | | $ | 6,974 | | | $ | 6,221 | | $ | 14,035 | | | $ | 12,694 | |
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