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Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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