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Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Financial information relating to our segments for the three-month periods ended March 31, 2023 and 2022 as follows

(in millions):

	Three-month period ended March 31,
	2023				2022
Brokerage
Total revenues	$	2,375.2			$	2,122.6
Earnings before income taxes	$	690.9			$	618.4
Identifiable assets at March 31, 2023 and 2022 *	$	40,919.9			$	39,237.3
Risk Management
Total revenues	$	330.8			$	289.9
Earnings before income taxes	$	45.5			$	32.3
Identifiable assets at March 31, 2023 and 2022 *	$	1,126.7			$	1,047.2
Corporate
Total revenues	$	0.1			$	22.8
Loss before income taxes	$	(130.6	)		$	(113.0	)
Identifiable assets at March 31, 2023 and 2022 *	$	3,047.8			$	2,613.0
Total
Total revenues	$	2,706.1			$	2,435.3
Earnings before income taxes	$	605.8			$	537.7
Identifiable assets at March 31, 2023 and 2022 *	$	45,094.4			$	42,897.5

* See Note 1 for a discussion on the 2022 impact of the change in presentation of fiduciary assets and liabilities.

Summary of Revenues by Type and Segment

Revenues by type and segment for the three-month period ended March 31, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	1,747.4			$	—			$	—			$	1,747.4
Fees			412.7				293.0				—				705.7
Supplemental revenues			81.6				—				—				81.6
Contingent revenues			71.8				—				—				71.8
Investment income			61.5				4.5				—				66.0
Net gains on divestitures			0.2				0.1				—				0.3
Other net revenues			—				—				0.1				0.1
Revenues before reimbursements			2,375.2				297.6				0.1				2,672.9
Reimbursements			—				33.2				—				33.2
Total revenues		$	2,375.2			$	330.8			$	0.1			$	2,706.1

Revenues by type and segment for the three-month period ended March 31, 2022 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	1,565.3			$	—			$	—			$	1,565.3
Fees			391.9				259.0				—				650.9
Supplemental revenues			74.3				—				—				74.3
Contingent revenues			71.6				—				—				71.6
Investment income			18.1				0.1				—				18.2
Net gains on divestitures			1.4				—				—				1.4
Revenues from clean coal activities			—				—				22.7				22.7
Other net revenues			—				—				0.1				0.1
Revenues before reimbursements			2,122.6				259.1				22.8				2,404.5
Reimbursements			—				30.8				—				30.8
Total revenues		$	2,122.6			$	289.9			$	22.8			$	2,435.3

Summary of Geographical Location and Segment

Revenues by geographical location and segment for the three-month period ended March 31, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	1,475.3			$	280.1			$	0.1			$	1,755.5
United Kingdom			513.5				11.3				—				524.8
Australia			64.2				34.0				—				98.2
Canada			93.7				1.5				—				95.2
New Zealand			38.0				3.9				—				41.9
Other foreign			190.5				—				—				190.5
Total revenues		$	2,375.2			$	330.8			$	0.1			$	2,706.1

Revenues by geographical location and segment for the three-month period ended March 31, 2022 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	1,336.7			$	242.3			$	22.8			$	1,601.8
United Kingdom			440.2				11.0				—				451.2
Australia			59.0				31.7				—				90.7
Canada			87.5				1.4				—				88.9
New Zealand			34.4				3.5				—				37.9
Other foreign			164.8				—				—				164.8
Total revenues		$	2,122.6			$	289.9			$	22.8			$	2,435.3

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