Core Insights - The company reported a solid third quarter with 5% organic growth and an adjusted EPS of $3.07, reflecting an 11% year-over-year increase [3][14][29] - The Health, Wealth, and Career segment achieved 4% revenue growth, with 5% growth when excluding certain activities, while the Risk and Broking segment saw a 6% increase in revenue [15][22][23] - The company continues to focus on strategic investments in technology and talent to drive efficiency and growth, particularly in the face of a challenging macroeconomic environment [6][32][50] Financial Performance - Adjusted operating margin expanded by 230 basis points year-over-year to 20.4%, with significant contributions from both segments [14][29] - Free cash flow for the nine months ending September 30, 2025, was $838 million, an increase of $114 million from the previous year, driven by operating margin expansion [31] - The company returned $690 million to shareholders through share repurchases and dividends during the quarter [32] Segment Analysis - Health, Wealth, and Career segment reported a 7% growth in health services, driven by international demand and strong performance in North America [16][18] - Wealth segment grew by 5%, primarily due to strong retirement work in Great Britain and North America, with expectations for low single-digit growth for the year [19][63] - Risk and Broking segment achieved 6% organic growth, with a focus on specialization strategies contributing to new business wins [22][23][24] Market Conditions - The company is navigating headwinds from declining rates in certain commercial insurance markets, but remains resilient due to its diversified revenue base [1][2] - Concerns about global trade, inflation, and geopolitical conditions present both opportunities and challenges for clients [2] - The pricing environment in the insurance market is softening, particularly in property insurance, but the company expects to maintain mid to high single-digit growth in Risk and Broking [24][41][52] Strategic Initiatives - Investments in digital tools, AI, and automation are enhancing operational efficiency and driving growth in the Risk and Broking segment [6][28] - The launch of new technology solutions, such as RADAR 5 and Gemini, aims to improve client service and operational capabilities [7][10] - The company is committed to delivering 100 basis points of average annual adjusted operating margin expansion over the next three years [28][36]