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v3.26.1

Segment Information | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information We have three reportable segments: brokerage, risk management and corporate. The brokerage segment is primarily comprised of our retail and wholesale insurance and reinsurance brokerage operations. The brokerage segment (which comprises our retail property/casualty, wholesale, reinsurance, benefits and captive operations) generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks. The risk management segment provides contract claim settlement and administration services for commercial, nonprofit, captive and public sector entities, and various organizations that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim or per-service fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered. Revenues in the corporate segment consists of other income related to the run-off of clean energy and legacy investments. In addition, the corporate segment reports the financial information related to our debt, external acquisition-related expenses, other corporate costs and the impact of foreign currency remeasurements. Allocations of interest income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local country statutory rates. Reported operating results by segment would change if different methods were applied. Our Chief Operating Decision Maker (which we refer to as CODM), who is our Chairman and Chief Executive Officer, analyzes and evaluates the operating performance of the three reportable segments presented below. We have disclosed for each reportable segment the significant expense categories that are reviewed by the CODM and there are no additional significant expenses within the expense categories presented in the tables below. The key areas of focus by the CODM for allocation of resources are revenues from each reportable segment, as well as their compensation and operating expenses. Financial information relating to our segments for the three-month periods ended March 31, 2026 and 2025 as follows (in millions):
Three-Month Period Ended March 31, 2026 |  | Brokerage |  | Risk Management |  | Corporate |  | Total
Revenues: |  |  |  |  |  |  |  |
Commissions |  | $ | 3,123 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,123 |
Fees |  | 792 |  |  | 420 |  |  | — |  |  | 1,212 |
Supplemental revenues |  | 180 |  |  | — |  |  | — |  |  | 180 |
Contingent revenues |  | 115 |  |  | — |  |  | — |  |  | 115 |
Interest income, premium finance revenues and other income (loss) |  | 83 |  |  | 8 |  |  | (5) |  |  | 86 |
Revenues before reimbursements |  | 4,293 |  |  | 428 |  |  | (5) |  |  | 4,716 |
Reimbursements |  | — |  |  | 42 |  |  | — |  |  | 42 |
Total revenues |  | 4,293 |  |  | 470 |  |  | (5) |  |  | 4,758 |
Compensation |  | 2,211 |  |  | 264 |  |  | 41 |  |  | 2,516 |
Operating |  | 520 |  |  | 78 |  |  | 45 |  |  | 643 |
Reimbursements |  | — |  |  | 42 |  |  | — |  |  | 42 |
Interest |  | — |  |  | — |  |  | 158 |  |  | 158 |
Depreciation |  | 49 |  |  | 10 |  |  | 2 |  |  | 61 |
Amortization |  | 271 |  |  | 7 |  |  | — |  |  | 278 |
Change in estimated acquisition earnout payables |  | 16 |  |  | 1 |  |  | — |  |  | 17 |
Total expenses |  | 3,067 |  |  | 402 |  |  | 246 |  |  | 3,715 |
Earnings (loss) before income taxes |  | 1,226 |  |  | 68 |  |  | (251) |  |  | 1043 |
Provision (benefit) for income taxes |  | 313 |  |  | 18 |  |  | (111) |  |  | 220 |
Net earnings (loss) |  | 913 |  |  | 50 |  |  | (140) |  |  | 823 |
Net earnings attributable to noncontrolling interests |  | 1 |  |  | — |  |  | — |  |  | 1 |
Net earnings (loss) attributable to controlling interests |  | $ | 912 |  |  | $ | 50 |  |  | $ | (140) |  |  | $ | 822 |
Net foreign exchange (loss) gain |  | $ | 2 |  |  | $ | (6) |  |  | $ | — |  |  | $ | (4) |
Revenues: |  |  |  |  |  |  |  |
United States |  | $ | 2,955 |  |  | $ | 367 |  |  | $ | (5) |  |  | $ | 3,317 |
United Kingdom |  | 745 |  |  | 30 |  |  | — |  |  | 775 |
Australia |  | 79 |  |  | 67 |  |  | — |  |  | 146 |
Canada |  | 91 |  |  | 2 |  |  | — |  |  | 93 |
New Zealand |  | 42 |  |  | — |  |  | — |  |  | 42 |
Other foreign |  | 381 |  |  | 4 |  |  | — |  |  | 385 |
Total revenues |  | $ | 4,293 |  |  | $ | 470 |  |  | $ | (5) |  |  | $ | 4,758 |
At March 31, 2026 |  |  |  |  |  |  |  |
Identifiable assets: |  |  |  |  |  |  |  |
United States |  | $ | 48,944 |  |  | $ | 1,272 |  |  | $ | 2,043 |  |  | $ | 52,259 |
United Kingdom |  | 13,279 |  |  | 432 |  |  | — |  |  | 13,711 |
Australia |  | 1,738 |  |  | 476 |  |  | — |  |  | 2,214 |
Canada |  | 1,452 |  |  | 8 |  |  | — |  |  | 1,460 |
New Zealand |  | 706 |  |  | 8 |  |  | — |  |  | 714 |
Other foreign |  | 7,760 |  |  | 40 |  |  | 143 |  |  | 7,943 |
Total identifiable assets |  | $ | 73,879 |  |  | $ | 2,236 |  |  | $ | 2,186 |  |  | $ | 78,301 |
Goodwill - net |  | $ | 22,424 |  |  | $ | 517 |  |  | $ | 17 |  |  | $ | 22,958 |
Amortizable intangible assets - net |  | 10,154 |  |  | 212 |  |  | — |  |  | 10,366 |
Three-Month Period Ended March 31, 2025 |  | Brokerage |  | Risk Management |  | Corporate |  | Total
Revenues: |  |  |  |  |  |  |  |
Commissions |  | $ | 2,249 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,249 |
Fees |  | 620 |  |  | 365 |  |  | — |  |  | 985 |
Supplemental revenues |  | 114 |  |  | — |  |  | — |  |  | 114 |
Contingent revenues |  | 93 |  |  | — |  |  | — |  |  | 93 |
Interest income, premium finance revenues and other income |  | 238 |  |  | 9 |  |  | — |  |  | 247 |
Revenues before reimbursements |  | 3,314 |  |  | 374 |  |  | — |  |  | 3,688 |
Reimbursements |  | — |  |  | 39 |  |  | — |  |  | 39 |
Total revenues |  | 3,314 |  |  | 413 |  |  | — |  |  | 3,727 |
Compensation |  | 1,617 |  |  | 231 |  |  | 49 |  |  | 1,897 |
Operating |  | 346 |  |  | 71 |  |  | 73 |  |  | 490 |
Reimbursements |  | — |  |  | 39 |  |  | — |  |  | 39 |
Interest |  | — |  |  | — |  |  | 158 |  |  | 158 |
Depreciation |  | 33 |  |  | 10 |  |  | 2 |  |  | 45 |
Amortization |  | 204 |  |  | 6 |  |  | — |  |  | 210 |
Change in estimated acquisition earnout payables |  | 15 |  |  | — |  |  | — |  |  | 15 |
Total expenses |  | 2,215 |  |  | 357 |  |  | 282 |  |  | 2,854 |
Earnings (loss) before income taxes |  | 1,099 |  |  | 56 |  |  | (282) |  |  | 873 |
Provision (benefit) for income taxes |  | 283 |  |  | 15 |  |  | (134) |  |  | 164 |
Net earnings (loss) |  | 816 |  |  | 41 |  |  | (148) |  |  | 709 |
Net earnings attributable to noncontrolling interests |  | 5 |  |  | — |  |  | — |  |  | 5 |
Net earnings (loss) attributable to controlling interests |  | $ | 811 |  |  | $ | 41 |  |  | $ | (148) |  |  | $ | 704 |
Net foreign exchange gain |  | $ | 1 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 25 |
Revenues: |  |  |  |  |  |  |  | — |
United States |  | $ | 2,131 |  |  | $ | 332 |  |  | $ | — |  |  | $ | 2,463 |
United Kingdom |  | 675 |  |  | 22 |  |  | — |  |  | 697 |
Australia |  | 69 |  |  | 56 |  |  | — |  |  | 125 |
Canada |  | 99 |  |  | 2 |  |  | — |  |  | 101 |
New Zealand |  | 40 |  |  | — |  |  | — |  |  | 40 |
Other foreign |  | 300 |  |  | 1 |  |  | — |  |  | 301 |
Total revenues |  | $ | 3,314 |  |  | $ | 413 |  |  | $ | — |  |  | $ | 3,727 |
At March 31, 2025 |  |  |  |  |  |  |  |
Identifiable assets: |  |  |  |  |  |  |  |
United States |  | $ | 22,461 |  |  | $ | 1,130 |  |  | $ | 17,551 |  |  | $ | 41,142 |
United Kingdom |  | 20,826 |  |  | 427 |  |  | 10 |  |  | 21,263 |
Australia |  | 1,583 |  |  | 380 |  |  | — |  |  | 1,963 |
Canada |  | 1,685 |  |  | 4 |  |  | — |  |  | 1,689 |
New Zealand |  | 659 |  |  | 13 |  |  | — |  |  | 672 |
Other foreign |  | 7,214 |  |  | 28 |  |  | 125 |  |  | 7,367 |
Total identifiable assets |  | $ | 54,428 |  |  | $ | 1,982 |  |  | $ | 17,686 |  |  | $ | 74,096 |
Goodwill - net |  | $ | 12,277 |  |  | $ | 419 |  |  | $ | 19 |  |  | $ | 12,715 |
Amortizable intangible assets - net |  | 4,335 |  |  | 197 |  |  | — |  |  | 4,532 |

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- Definition The entire disclosure for reporting segments including data and tables. 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