MARSH & MCLENNAN COMPANIES, INC.MRSH
MARSH & MCLENNAN COMPANIES, INC. Segments Disclosure
Segment Information
The Company is organized based on the types of services provided. Under this structure, the Company’s operating segments are: Marsh Risk, Guy Carpenter, Mercer and Marsh Management Consulting. The four segments are aggregated into two operating and reporting segments as follows:
▪Risk and Insurance Services, comprising Marsh Risk (insurance services) and Guy Carpenter (reinsurance services); and
▪Consulting, comprising Mercer and Marsh Management Consulting.
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 segment items | Operating Income (Loss) | |||||||||||||||||||||||||||||
| 2025 – | |||||||||||||||||||||||||||||||||||
| Risk and Insurance Services | $ | 17,265 | (a) | $ | 9,711 | $ | 204 | $ | 475 | $ | 2,239 | $ | 4,636 | ||||||||||||||||||||||
| Consulting | 9,794 | (b) | 5,710 | 100 | 74 | 2,014 | 1,896 | ||||||||||||||||||||||||||||
| Total Segments | 27,059 | 15,421 | 304 | 549 | 4,253 | 6,532 | |||||||||||||||||||||||||||||
| Corporate/Eliminations | (78) | 156 | 57 | — | 18 | (309) | |||||||||||||||||||||||||||||
| Total Consolidated | $ | 26,981 | $ | 15,577 | $ | 361 | $ | 549 | $ | 4,271 | $ | 6,223 | |||||||||||||||||||||||
| 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 | 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 | |||||||||||||||||||||||
(a)Includes interest income on fiduciary funds of $403 million, $497 million and $453 million in 2025, 2024 and 2023, respectively, and equity method income of $24 million, $22 million and $18 million in 2025, 2024 and 2023, 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. 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 $73 million, $60 million and $56 million in 2025, 2024 and 2023, respectively. Revenue in 2024 includes a net gain of $35 million on the sale of the Mercer U.K. pension administration and U.S. health and benefits administration business. Revenue in 2024 also includes a gain of $20 million from the sale of a business in Marsh Management Consulting.
Other Risk and Insurance Services and Consulting segment items consist primarily of costs such as travel and entertainment, outside services, information and technology, facilities and equipment, and taxes and insurance.
The reconciliation of total consolidated operating income (loss) to income before income taxes is provided on the consolidated statements of income.
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) | 2025 | 2024 | 2023 | |||||||||||||||||
| Risk and Insurance Services | ||||||||||||||||||||
| Marsh Risk | $ | 14,630 | $ | 12,851 | $ | 11,657 | ||||||||||||||
| Guy Carpenter | 2,635 | 2,544 | 2,432 | |||||||||||||||||
| Total Risk and Insurance Services | 17,265 | 15,395 | 14,089 | |||||||||||||||||
| Consulting | ||||||||||||||||||||
| Mercer | 6,190 | 5,743 | 5,587 | |||||||||||||||||
| Marsh Management Consulting | 3,604 | 3,390 | 3,122 | |||||||||||||||||
| Total Consulting | 9,794 | 9,133 | 8,709 | |||||||||||||||||
| Total Segments | 27,059 | 24,528 | 22,798 | |||||||||||||||||
| Corporate/Eliminations | (78) | (70) | (62) | |||||||||||||||||
| Total | $ | 26,981 | $ | 24,458 | $ | 22,736 | ||||||||||||||
Information by geographic area is as follows:
| For the Years Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Revenue | ||||||||||||||||||||
| United States (a) | $ | 13,344 | $ | 11,671 | $ | 10,924 | ||||||||||||||
| United Kingdom (b) | 3,816 | 3,595 | 3,555 | |||||||||||||||||
| Other (c) | 9,899 | 9,262 | 8,319 | |||||||||||||||||
| 27,059 | 24,528 | 22,798 | ||||||||||||||||||
| Corporate/Eliminations | (78) | (70) | (62) | |||||||||||||||||
| Total | $ | 26,981 | $ | 24,458 | $ | 22,736 | ||||||||||||||
(a)Revenue in 2025 includes a gain on the sale of the TCAS business of $15 million. Revenue in 2024 includes the loss on the sale of the Mercer U.S. health and benefits administration business of $35 million, and a gain of $20 million from the sale of a business in Marsh Management Consulting.
(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.
(c)Revenue in 2025 incudes a $13 million gain on remeasurement of a previously held equity method investment to fair value upon consolidation.
| For the Years Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Fixed Assets, Net | ||||||||||||||||||||
| United States | $ | 469 | $ | 494 | $ | 468 | ||||||||||||||
| United Kingdom | 136 | 150 | 168 | |||||||||||||||||
| Other | 224 | 215 | 246 | |||||||||||||||||
| Total | $ | 829 | $ | 859 | $ | 882 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 10, 2025 | |
| 2023 | Feb 12, 2024 | |
| 2022 | Feb 13, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.