Financial Data and Key Metrics Changes - The company achieved 5% organic growth in Q3 2025, with adjusted EPS of $3.07, reflecting an 11% year-over-year increase [4][15] - Adjusted operating margin expanded by 230 basis points year-over-year to 20.4% [15][26] - Free cash flow for the nine months ending September 30, 2025, was $838 million, an increase of $114 million from the prior year [27][28] Business Line Data and Key Metrics Changes - Health, Wealth & Career (HWC) revenue grew 4% year-over-year, with 5% growth when excluding book of business settlement activity and interest income [16][20] - The Health segment achieved 7% growth, or 8% excluding certain impacts, driven by strong performance in International and North America [17][20] - Risk and Broking (R&B) reported 6% organic growth, with Corporate Risk & Broking (CRB) also growing 6%, or 7% when excluding specific activities [21][24] Market Data and Key Metrics Changes - The company noted headwinds from declining rates in certain segments of the commercial insurance market [6][5] - Pricing pressure was particularly noted in the property insurance sector, with expectations of mid to high single-digit organic revenue growth despite these challenges [42][43] Company Strategy and Development Direction - The company continues to focus on its specialization strategy and investments in technology to drive sustainable growth [21][24] - The strategy aims to enhance efficiency and optimize the portfolio, which has been effective despite a volatile macroeconomic environment [5][4] - The company is committed to delivering 100 basis points of average annual adjusted operating margin expansion over the next three years [24][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit organic growth and margin expansion for the full year 2025 [29][15] - The company is monitoring economic indicators such as employment levels, which may impact business prospects [5][6] - There is a strong pipeline for the remainder of the year, particularly in the Health segment, driven by healthcare inflation and employers' focus on managing costs [17][69] Other Important Information - The divestiture of TRANZACT is expected to create a headwind to adjusted diluted earnings per share of $1.14 for the full year 2025 [15][26] - The company returned $690 million to shareholders through share repurchases and dividends [28][29] Q&A Session Summary Question: Insights on Risk and Broking organic revenue results - Management noted that the 6% growth in R&B was supported by strong new business across global markets, particularly in construction and credit risk solutions [32][34] Question: Concerns about margin expansion in Risk and Broking - Management remains committed to achieving 100 basis points of margin improvement annually, driven by investments in technology and process improvements [37] Question: Expectations for free cash flow in the fourth quarter - The company anticipates continued free cash flow margin expansion, supported by the divestiture of TRANZACT and reduced transformation costs [40] Question: Impact of insurance pricing headwinds - Pricing pressure has been significant in property insurance, but the company expects to maintain mid to high single-digit organic revenue growth in Risk and Broking [42][43] Question: HWC margins and future expectations - HWC margins improved significantly in Q3, and management is confident in sustaining this performance through disciplined resource management and process optimization [46][47] Question: Confidence in BD&O growth - BD&O is expected to see strong growth in Q4 due to the timing of commissions and new client implementations [48] Question: Interest income levels and sustainability - Interest income levels are influenced by geographic cash balances, and while there are no one-time factors, the company expects healthy interest income moving forward [50] Question: Talent acquisition and retention - The company is successfully attracting and retaining top talent, which is crucial for driving organic growth [54][55] Question: Long-term growth prospects in Wealth - The Wealth segment is expected to grow steadily, supported by new client acquisitions and project work [71][74]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved 5% organic growth and expanded adjusted operating margin by 230 basis points to 20% [15][20] - Adjusted EPS was $3.07, reflecting an 11% year-over-year increase [3][15] - Free cash flow for the nine months ending September 30, 2025, was $838 million, an increase of $114 million from the prior year [26][28] Business Line Data and Key Metrics Changes - Health, Wealth & Career (HWC) revenue grew 4% year-over-year, with 5% growth when excluding book of business settlement activity and interest income [16][20] - The Health segment achieved 7% growth, driven by strong performance in International and North America [17][20] - Risk and Broking (R&B) reported 6% organic growth, with Corporate Risk & Broking (CRB) growing 6% or 7% when excluding book of business activity and interest income [21][24] Market Data and Key Metrics Changes - The company noted headwinds from declining rates in certain segments of the commercial insurance market across various geographies [4][22] - Pricing pressure has continued in certain areas, particularly in property insurance, but the company expects mid to high single-digit organic revenue growth in Risk and Broking despite these challenges [42][76] Company Strategy and Development Direction - The company is focused on accelerating performance, enhancing efficiency, and optimizing its portfolio to drive value for stakeholders [4][29] - Investments in digital tools, AI, and automation are seen as key to capturing growth opportunities and creating efficiencies [8][29] - The company aims for 100 basis points of average annual adjusted operating margin expansion over the next three years [24][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on 2025 financial objectives, including mid-single-digit organic growth and adjusted operating margin expansion [29] - The macroeconomic environment presents both opportunities and challenges, with concerns about global trade, inflation, and geopolitical conditions [4][29] - The company anticipates strong demand across its global business driven by healthcare inflation and employers' focus on managing costs [17][29] Other Important Information - The company returned $690 million to shareholders through share repurchases and dividends [28] - The divestiture of TRANZACT is expected to create a headwind to adjusted diluted earnings per share of $1.14 for the full year 2025 [15][26] Q&A Session Summary Question: Insights on Risk and Broking organic revenue results - Management noted that the 6% growth in R&B was supported by strong new business across global markets and specialty lines, with project-based placements contributing to growth [31][35] Question: Expectations for free cash flow - The company confirmed confidence in delivering free cash flow margin expansion, driven by operating margin improvements and reduced transformation costs [39][41] Question: Insurance pricing headwinds - Management indicated that pricing pressure is most significant in property insurance, but they expect mid to high single-digit organic revenue growth in Risk and Broking despite these developments [42][43] Question: HWC margins and future expectations - Management reiterated commitment to incremental margin improvement in HWC, with a focus on process optimization and resource management [45][49] Question: BD&O business growth expectations - The company expects BD&O to generate nearly half of its revenue in the fourth quarter, driven by new client implementations and the timing of commissions [51][52] Question: Interest income levels - Management clarified that interest income levels are influenced by geographic cash balances and interest rates, with no specific one-time factors affecting current results [54][55]