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]