Core Insights - The company achieved adjusted diluted earnings per share (EPS) of $17.08 for the full year, reflecting a 13% increase year over year when excluding the contribution from TRANZACT [1][20] - For 2025, the company reported organic growth of 5% and expanded adjusted operating margin by 130 basis points to 25.2% [1][19] - The fourth quarter saw a 6% organic growth in health, wealth, and career segments, with a notable 10% growth in career services [2][23] Financial Performance - Adjusted EPS for the fourth quarter was $8.12, marking a 13% increase year over year when excluding TRANZACT [2][19] - The company generated free cash flow of $1.5 billion for the year, an increase of $279 million from the previous year, resulting in a free cash flow margin of 15.9% [34] - The adjusted operating margin for the fourth quarter was 36.9%, an 80 basis point improvement year over year [32] Segment Performance - Health, wealth, and career revenue grew 6% in the fourth quarter, with health business achieving 4% growth [20][21] - The corporate risk and broking (CRB) segment recorded 8% organic growth in the fourth quarter, continuing a trend of high single-digit growth [5][27] - The wealth segment saw strong growth driven by increased retirement work globally, with expectations for high single-digit growth in 2026 [22][66] Strategic Initiatives - The company is focused on enhancing efficiency through its enterprise delivery organization and investments in technology, which are expected to drive further margin expansion [2][11] - Recent acquisitions, including Newfront, Cushion, and Flowstone Partners, are aimed at optimizing the company's portfolio for growth and profitability [2][13] - The company plans to allocate at least $1 billion to share repurchases in 2026, reflecting a balanced capital allocation approach [36][71] Market Outlook - The company anticipates continued strong demand across its global business, driven by healthcare inflation and employers' focus on managing costs while maintaining competitive employee benefits [21][62] - For 2026, the company expects mid-single-digit organic growth across its segments, supported by ongoing investments in talent and technology [17][50] - The company is optimistic about its position in the market and the potential for synergies from recent acquisitions over the next three years [15][17]