Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $6.4 billion, with underlying growth of 4% [12][15] - Adjusted operating income rose by 13% year-over-year, with adjusted EPS growing by 11% to $1.85 [5][13] - Adjusted operating margin increased by 30 basis points to 22.7% [15][24] Business Line Data and Key Metrics Changes - Risk and insurance services revenue was $3.9 billion, up 13% year-over-year, with underlying growth of 3% [15][16] - Consulting segment revenue increased by 9% to $2.5 billion, with underlying growth of 5% [17][19] - Marsh's revenue grew by 16% to $3.4 billion, with underlying growth of 4% [16][17] 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 [10] - Global casualty rates increased by 3%, with U.S. excess casualty up 16% [11] Company Strategy and Development Direction - The company will rebrand from Marsh & McLennan Companies to Marsh in January, aiming to enhance visibility and strengthen its value proposition [5][6] - The Thrive program aims to generate approximately $400 million in savings over three years, with a focus on automation and efficiency [6][21] - The company is investing in AI and technology to improve client service and operational efficiency [7][22] Management's Comments on Operating Environment and Future Outlook - Management anticipates mid-single-digit underlying revenue growth for 2025, despite economic uncertainties [13][25] - The company is confident in its ability to navigate different economic cycles and pricing pressures [30][44] - Management noted that the current economic environment is uneven, impacting client behavior and growth [62] Other Important Information - The company repurchased $400 million of its stock in the quarter [13][24] - Total debt at the end of the quarter was $19.6 billion, with a cash position of $2.5 billion [24] Q&A Session Summary Question: Impact of government shutdown on growth outlook - Management acknowledged potential pressures from the macro environment but remains confident in their growth strategy and execution [30] Question: Details on the new wholesale business - The company is not looking to build a third-party wholesale business but will develop internal capabilities where necessary [33] Question: Thrive program cost and savings ratio - Management highlighted a favorable cost-to-savings ratio and expressed 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. may remain stable despite economic uncertainties [42][44] Question: Performance of Oliver Wyman amid economic uncertainty - Management expressed satisfaction with Oliver Wyman's growth and noted strong demand for their services [47][50] Question: M&A environment in insurance brokerage - Management confirmed ongoing appetite for M&A and noted a potential widening of bid-ask spreads in the current market [77][79]

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 [11][14] - Adjusted operating income rose by 13% year-over-year, with an adjusted operating margin increase of 30 basis points to 22.7% [14][23] - Adjusted EPS grew by 11% to $1.85, while GAAP EPS was reported at $1.51 [14][23] Business Line Data and Key Metrics Changes - Risk and insurance services revenue was $3.9 billion, up 13% year-over-year, with underlying growth of 3% [14][15] - Marsh's revenue increased by 16% to $3.4 billion, with 4% underlying growth [15][16] - Consulting segment revenue was $2.5 billion, up 9% or 5% on an underlying basis [16][17] Market Data and Key Metrics Changes - Global commercial insurance rates decreased by 4% in Q3, with property rates down 8% year-over-year [9][10] - Global casualty rates increased by 3%, with U.S. excess casualty up 16% [10] - Dedicated reinsurance capital is projected to reach approximately $650 billion by year-end 2025 [10] Company Strategy and Development Direction - The company will change its brand to Marsh in January 2026, aiming to enhance visibility and strengthen its value proposition [4][5] - The Thrive program aims to generate approximately $400 million in savings over three years, with a focus on automation and efficiency [5][20] - The company is investing in AI and technology to improve client service and operational efficiency [6][21] Management's Comments on Operating Environment and Future Outlook - Management anticipates mid-single-digit underlying revenue growth for 2025, despite economic uncertainties and pricing pressures [12][24] - The company is confident in its ability to navigate different economic cycles and maintain growth [28][41] - Management noted that the current economic environment is uneven, impacting client behavior and growth rates [41][56] Other Important Information - The company repurchased $400 million of its stock in the quarter and plans to deploy approximately $4.5 billion of capital in 2025 across dividends, acquisitions, and share repurchases [12][23] - Interest expense increased to $237 million from $154 million year-over-year [22][23] 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 expressed confidence in their positioning and execution [28] Question: Details on the new wholesale business - The company clarified that it is not looking to build a third-party wholesale business but will develop internal capabilities where necessary [30][32] Question: Thrive program cost and savings ratio - Management highlighted a favorable cost-to-savings ratio for the Thrive program and expressed confidence in achieving the projected savings [34][36] Question: Organic growth expectations in the U.S. - Management indicated that organic growth in the U.S. is expected to remain stable despite economic uncertainties [40][41] Question: Oliver Wyman's growth amid economic uncertainty - Management reported strong growth at Oliver Wyman and expressed optimism about the demand pipeline despite a complex operating environment [44][46] Question: International pricing sensitivity - Management noted that pricing dynamics vary by geography, with a competitive market impacting overall rates [59][60] Question: M&A environment and appetite for larger deals - Management confirmed ongoing interest in M&A, focusing on cultural fit and strategic alignment rather than just size [69][70]