Core Insights - US employees are increasingly choosing to remain with their current employers amid economic uncertainty and AI-related anxieties, presenting an opportunity for companies to foster long-term loyalty [1][2] Economic Pressures - Economic volatility is a significant concern, with 70% of US employees reporting increased financial stress due to inflation and market fluctuations [1] - The leading unmet needs among employees include covering monthly expenses, job security, retirement readiness, and work-life balance [1] - Short-term financial pressures have eased, with fewer employees reducing discretionary spending (38%, down from 51% in 2023) and tapping into savings (32%, down from 37% in 2023) [1] Pay and Benefits - Pay remains the strongest driver for both attraction (37%) and retention (32%), with healthcare benefits as the second most important factor [1] - More than 40% of candidates would not apply for jobs without disclosed pay ranges, indicating a shift towards pay transparency as a baseline expectation [1] AI Adoption and Employee Sentiment - Despite recognizing AI's potential, many employees are anxious about its impact on job security, with 53% believing new technology will affect their job security [1] - Only about 25% of employees regularly use AI tools, highlighting uneven adoption across industries, particularly in retail and healthcare [1] Industry Variations - Employee experiences vary significantly across industries, with lower-income and hourly workers facing heightened financial and mental health challenges [1] - High-tech and financial services sectors report stronger engagement, particularly among on-site workers and those with five to ten years of tenure [1] Flexibility and Engagement - Nearly 78% of employees can fully utilize their paid vacation time, and 70% feel that paid time off supports their mental health and family care needs [1] - Employee engagement remains high, with 73% not seriously considering leaving their organization, an increase from 68% in 2023 [1] Conditional Commitment - Employees are recommitting to their employers but with conditions, closely monitoring internal job postings and development opportunities [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K _____________________________________________ (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 1-5998 _____________________________________________ Marsh & McLennan Companies, Inc. (Exact name of registrant as specified in ...

Marsh & McLennan Companies (NYSE:MMC) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBrian Meredith - Managing DirectorDean Klisura - CEO of Guy CarpenterGregory Peters - Managing DirectorJohn Doyle - President and CEOMark McGivney - CFOMartin South - CEO of Marsh RiskMeyer Shields - Managing DirectorNick Studer - CEO of Marsh Management ConsultingPat Tomlinson - CEO of MercerConference Call ParticipantsDavid Motemaden - Managing Director and Senior Equity Research AnalystJimmy Bhull ...

Financial Data and Key Metrics Changes - Total revenue grew 10% to $27 billion, with underlying revenue growth of 4% [4] - Adjusted operating income increased 11% to $7.3 billion, following 11% growth in 2024 [4] - Adjusted EPS grew 9% [4] - Free cash flow increased by 25% [5] - Adjusted operating margin improved by 30 basis points, marking 18 consecutive years of margin expansion [4] Business Line Data and Key Metrics Changes - Risk and Insurance Services (RIS) revenue was $4 billion, up 9% year-over-year, with 2% underlying growth [18] - Marsh Risk revenue was $3.7 billion, up 10% from a year ago, or 3% on an underlying basis [18] - Guy Carpenter's revenue in the quarter was $215 million, up 7%, or 5% on an underlying basis [20] - Consulting segment revenue was $2.6 billion, up 8% or 5% on an underlying basis [20] - Mercer revenue was $1.6 billion, up 9% or 4% on an underlying basis [21] Market Data and Key Metrics Changes - Primary commercial insurance rates decreased 4% in Q4, following a 4% decline in Q3 [10] - Global property rates decreased 9% year-over-year [10] - Global financial and professional liability rates were down 4%, while cyber rates decreased 7% [10] - Global casualty rates increased 4%, with U.S. excess casualty up 19% [10] Company Strategy and Development Direction - The company aims to be the most impactful professional services firm globally, focusing on risk, reinsurance, capital, health, and management consulting [7] - The Thrive program is expected to provide greater financial flexibility and organizational agility over the next three years [7] - Investments are being made in digital infrastructure, healthcare, private capital, and energy [7][9] - The new Marsh brand was launched to simplify the value proposition for clients [8] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a complex operating environment characterized by geopolitical tensions and economic challenges [15] - Despite headwinds from lower interest rates and decreasing insurance pricing, the company is well-positioned for solid growth in 2026 [14][26] - The company expects underlying revenue growth in 2026 to be similar to 2025 [14][26] Other Important Information - The company repurchased $2 billion in shares, the largest annual amount in its history [5] - Total debt at the end of the quarter was $19.6 billion [24] - The adjusted effective tax rate for 2025 was 25.3%, down from 25.9% in 2024 [23] Q&A Session Questions and Answers Question: Impact of AI and digital infrastructure investments on long-term revenue outlook - The company expects approximately $3 trillion of investment in digital infrastructure over the next five years, which is a significant focus area [30] Question: Reinsurance market rate reductions and organic revenue growth - Management acknowledges that while rate reductions in property cat pricing may pose challenges, there are still areas of demand and new business opportunities [44][50] Question: AI's impact on headcount and revenue in management consulting - Thrive will fuel efficiency and investment in market-facing talent, with ongoing development of productivity tools to enhance efficiency [54][56]

Marsh & McLennan Companies (NYSE:MMC) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker11Hello, and welcome to Marsh's Earnings Conference Call. Today's call is being recorded. Fourth quarter 2025 financial results and supplemental information were issued earlier this morning. They are available on the company's website at corporate.marsh.com. Please note that remarks made today may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and a variety ...

Marsh 212 345 5000 www.corporate.marsh.com News release Exhibit 99.1 Marsh reports solid fourth quarter and full-year 2025 results NEW YORK, January 29, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the fourth quarter and year ended December 31, 2025. John Doyle, President and CEO, said: "Our fourth quarter results capped another solid year for Marsh. For the full year, we generated 10% rev ...

Core Insights - Fluke Networks has launched CertiFiber™ Max, the first third-generation optical loss test set (OLTS) tailored for high-density data centre environments, enabling certification of up to 24 fibres in under one second [1][4]. Industry Context - The increasing fibre density and tightening performance margins, driven by AI, cloud, and next-generation digital infrastructure, place pressure on contractors to test and certify complex fibre systems quickly and accurately [2][4]. - Existing testing tools often struggle to keep pace with these demands, either limiting fibre counts or introducing complexity through fan-out cables and adapters, which can lead to errors [2][4]. Product Features - CertiFiber Max offers faster testing, greater accuracy, and long-term flexibility with field-replaceable UniPort™ adapters, supporting various multi-fibre connector types, including 12, 16, and 24 multi-fibre push-ons (MPO) and 16 and 24 MMCs [3][5]. - The solution measures loss, length, and polarity across multiple fibres in under a second, ensuring accuracy through the recommended one-jumper reference method [5]. Market Demand - The adoption of MMC connectors is rising as AI data centres scale rapidly, with MMC technology providing triple the density of MPO connectors and facilitating mass-insertion solutions [5]. - The demand for faster and more accurate performance testing is driven by ultra-low loss standards required by AI, increasing fibre counts, and a shortage of skilled labor [5].

Core Thesis - Marsh & McLennan Companies, Inc. (MMC) is viewed positively due to its asset-light business model, strong client relationships, and long-term growth potential despite recent concerns about moderating insurance premiums [1][5]. Company Overview - MMC operates primarily in the insurance brokerage industry, earning commissions from premiums without assuming underwriting risk, with approximately 75% of its revenue coming from this core brokerage business [2]. - The remaining 25% of revenue is generated from its consulting arm, which does not have the same defensive advantages as the brokerage segment [2]. Market Dynamics - Recent investor concerns focus on the potential slowdown in commission growth due to moderating insurance premiums after years of rapid increases; however, insurance pricing is cyclical, and long-term premium increases are expected as the cost of risk rises globally [3]. - This cyclical nature of insurance pricing supports the long-term earnings potential of MMC [3]. Financial Metrics - MMC currently offers a free cash flow yield of over 5%, with projected earnings growth of approximately 7% CAGR driven by pricing, volume growth, and reinvestment returns [3]. - Valuation multiples for MMC remain below historical averages, with an EV/EBIT of 16 compared to a 10-year mean of around 18, indicating that the market may not fully recognize the stability and growth potential of the business [4]. Investment Opportunity - MMC is characterized as a highly profitable, asset-light business with resilient long-term growth prospects and an undervalued stock, potentially delivering above-average returns of 12% to 15% CAGR over the long term [4].

Group 1 - The start of the new year provides a natural opportunity for portfolio deep cleaning, allowing investors to reassess their holdings and strategies [1] - The focus is on uncovering high-yield investment opportunities for individual investors, emphasizing the importance of clear and actionable insights for better returns [1] Group 2 - The article expresses the author's personal opinions and indicates a beneficial long position in the shares of MMC, highlighting a vested interest in the stock [2]

Group 1 - Goldman Sachs maintains a Neutral rating for Marsh McLennan, with a current stock price of $182.90 and a revised price target of $199 from $196 [1][5] - Marsh McLennan is undergoing a rebranding process, changing its ticker symbol from "MMC" to "MRSH" on January 14, 2026, to align its brand identity with its core services [2][5] - The current stock price reflects a decrease of 1.42%, or $2.64, from the previous trading session, with fluctuations between a low of $181.36 and a high of $185.54 [3][5] Group 2 - Marsh McLennan has a market capitalization of approximately $89.99 billion, indicating its significant position in the industry [4] - The trading volume for the day is 2,272,091 shares, suggesting active investor interest [4] - The company is set to host its fourth-quarter earnings investor call on January 29, which may provide further insights into its financial performance and future prospects [4]