XML 34 R23.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Information
 3 Months Ended
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, 2026BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$3,123 $— $— $3,123 
Fees792 420 — 1,212 
Supplemental revenues180 — — 180 
Contingent revenues115 — — 115 
Interest income, premium finance revenues and other income (loss)83 8 (5)86 
Revenues before reimbursements4,293 428 (5)4,716 
Reimbursements— 42 — 42 
Total revenues4,293 470 (5)4,758 
Compensation2,211 264 41 2,516 
Operating520 78 45 643 
Reimbursements— 42 — 42 
Interest— — 158 158 
Depreciation49 10 2 61 
Amortization271 7 — 278 
Change in estimated acquisition earnout payables16 1 — 17 
Total expenses3,067 402 246 3,715 
Earnings (loss) before income taxes1,226 68 (251)1043 
Provision (benefit) for income taxes313 18 (111)220 
Net earnings (loss)913 50 (140)823 
Net earnings attributable to noncontrolling interests1 — — 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 Kingdom745 30 — 775 
Australia79 67 — 146 
Canada91 2 — 93 
New Zealand42 — — 42 
Other foreign381 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 Kingdom13,279 432 — 13,711 
Australia1,738 476 — 2,214 
Canada1,452 8 — 1,460 
New Zealand706 8 — 714 
Other foreign7,760 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 - net10,154 212 — 10,366 
Three-Month Period Ended March 31, 2025BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$2,249 $— $— $2,249 
Fees620 365 — 985 
Supplemental revenues114 — — 114 
Contingent revenues93 — — 93 
Interest income, premium finance revenues and other income238 9 — 247 
Revenues before reimbursements3,314 374 — 3,688 
Reimbursements— 39 — 39 
Total revenues3,314 413 — 3,727 
Compensation1,617 231 49 1,897 
Operating346 71 73 490 
Reimbursements— 39 — 39 
Interest— — 158 158 
Depreciation33 10 2 45 
Amortization204 6 — 210 
Change in estimated acquisition earnout payables15 — — 15 
Total expenses2,215 357 282 2,854 
Earnings (loss) before income taxes1,099 56 (282)873 
Provision (benefit) for income taxes283 15 (134)164 
Net earnings (loss)816 41 (148)709 
Net earnings attributable to noncontrolling interests5 — — 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 Kingdom675 22 — 697 
Australia69 56 — 125 
Canada99 2 — 101 
New Zealand40 — — 40 
Other foreign300 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 Kingdom20,826 427 10 21,263 
Australia1,583 380 — 1,963 
Canada1,685 4 — 1,689 
New Zealand659 13 — 672 
Other foreign7,214 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 - net4,335 197 — 4,532