Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $6.4 billion, with underlying growth of 4% despite headwinds from fiduciary interest income [12][15][26] - Adjusted operating income rose by 13% year-over-year, with an adjusted operating margin increase of 30 basis points to 22.7% [5][15] - Adjusted EPS grew by 11% to $1.85, while GAAP EPS was reported at $1.51 [15][24] Business Line Data and Key Metrics Changes - Risk and Insurance Services (RIS) revenue was $3.9 billion, up 13% year-over-year, with underlying growth of 3% [15][16] - Marsh's revenue increased by 16% to $3.4 billion, reflecting a 4% underlying growth [16][17] - Guy Carpenter's revenue was $398 million, up 5% on both GAAP and underlying basis [17] - Consulting segment revenue reached $2.5 billion, up 9% or 5% on an underlying basis [17][18] Market Data and Key Metrics Changes - Global commercial insurance rates decreased by 4% in Q3, with property rates down 8% year-over-year [10][11] - U.S. rates were down by 1%, while Canada saw a 3% decline; EMEA, Latin America, and Asia experienced mid-single-digit decreases [10] - Global casualty rates increased by 3%, with U.S. excess casualty up 16% [11] Company Strategy and Development Direction - The company announced a rebranding to Marsh, effective January, to enhance visibility and strengthen its value proposition [5][6] - The Thrive program aims to optimize operations, enhance efficiency, and leverage AI for better client service, with expected savings of $400 million over three years [6][21] - The company is focused on maintaining a strong talent base and enhancing its capabilities through strategic investments [9][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit underlying revenue growth despite economic uncertainties and pricing pressures [30][84] - The company anticipates that current market conditions will likely persist into 2026, with a focus on proactive client strategies [12][12] - Management highlighted the importance of navigating the complex operating environment and maintaining a strong growth trajectory [58][63] Other Important Information - The company repurchased $400 million of its stock in the quarter and plans to deploy approximately $4.5 billion in capital across dividends, acquisitions, and share repurchases in 2025 [13][24][25] - Interest expense increased to $237 million from $154 million year-over-year, with an adjusted effective tax rate of 24.8% [23][24] Q&A Session Summary Question: Impact of government shutdown on growth outlook - Management acknowledged the potential for low to mid-single-digit growth due to macroeconomic pressures but remains confident in their positioning and execution [29][30] Question: Details on the new wholesale business - The company clarified that it is not looking to build a third-party wholesale business but will enhance internal capabilities to access specialty markets [31][34] Question: Thrive program cost and savings ratio - Management explained that the $500 million in costs for $400 million in savings reflects a strong payback ratio, with confidence in achieving the projected savings [37][39] Question: Organic growth expectations in the U.S. - Management indicated that organic growth in the U.S. is expected to follow current trends, with some hesitancy from larger clients noted [42][44] Question: Oliver Wyman's growth amid uncertainty - Management expressed satisfaction with Oliver Wyman's performance and noted strong demand for their services despite economic challenges [47][48] Question: M&A environment in insurance brokerage - Management confirmed an appetite for larger-scale M&A while noting that the bid-ask spread may be widening in the current market [77][79]

Key Takeaways MMC sub-unit Mercer introduced Workforce Insights, an AI platform with benchmarks across over 100 countries. Mercer also launched Aida, an AI assistant integrated into the TAAP. Mercer's launches aims to boost MMC revenues, with the sub-unit contributing 21% of MMC's total revenues. Marsh & McLennan Companies, Inc.’s (MMC) sub-unit from the Consulting segment, Mercer, recently unveiled Workforce Insights. This AI-driven platform has access to benchmarks covering more than 100 countries and 20, ...