Financial Data and Key Metrics Changes - In Q3 2025, the company achieved 5% organic growth, 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% [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 [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] - Risk and Broking (R&B) reported 6% organic growth, marking the 11th consecutive quarter of high single-digit growth when excluding specific impacts [8][21] Market Data and Key Metrics Changes - The company noted headwinds from declining rates in certain segments of the commercial insurance market across various geographies [6][22] - Pricing pressure was particularly noted in property insurance, with most lines showing softening except for North American Casualty, where pricing continues to rise [42][81] Company Strategy and Development Direction - The company continues to focus on its specialization strategy, investments in talent, data, and technology to drive sustainable growth [21][60] - The strategy aims to enhance efficiency and optimize the portfolio, which has been effective despite macroeconomic volatility [5][29] - 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 2025, despite challenges in the current pricing environment [29][60] - The company anticipates strong demand across its global business driven by healthcare inflation and employers' focus on managing costs [17][68] 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] - The company returned $690 million to shareholders via share repurchases and dividends during the quarter [28] Q&A Session Summary Question: Insights on Risk and Broking organic revenue results - Management noted that the 6% growth in Risk and Broking was supported by strong new business across global markets and specialty lines, with project-based placements contributing to growth [31][34] Question: Concerns about margin expansion in Risk and Broking - Management reaffirmed commitment to achieving 100 basis points of margin improvement annually, driven by technology investments and process improvements [36][37] Question: Expectations for free cash flow in the fourth quarter - Management indicated confidence in delivering free cash flow margin expansion, supported by reduced transformation costs and the divestiture of TRANZACT [39][40] Question: Impact of insurance pricing headwinds - Management acknowledged ongoing pricing pressure, particularly in property insurance, but maintained expectations for mid to high single-digit organic revenue growth in Risk and Broking [42][43] Question: HWC margins and future outlook - Management highlighted consistent margin improvement in HWC, driven by disciplined resource management and process optimization [45][46] Question: Prospects for BD&O growth - Management expressed confidence in BD&O growth due to the timing of revenue generation, particularly during the Medicare enrollment period [48][49] Question: Talent acquisition and retention - Management emphasized the company's ability to attract and retain top talent, which is crucial for driving organic growth [54][56]

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]