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Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table summarizes revenue from contracts with customers by principal service line (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Commercial Risk Solutions |  | $ | 1,988 |  |  | $ | 1,852 |  |  | $ | 6,168 |  |  | $ | 5,675 |
Reinsurance Solutions |  | 537 |  |  | 503 |  |  | 2,414 |  |  | 2,305 |
Total Risk Capital (1) |  | 2,525 |  |  | 2,355 |  |  | 8,582 |  |  | 7,980 |
Health Solutions |  | 935 |  |  | 870 |  |  | 2,733 |  |  | 2,265 |
Wealth Solutions |  | 540 |  |  | 499 |  |  | 1,578 |  |  | 1,332 |
Total Human Capital (1) |  | 1,475 |  |  | 1,369 |  |  | 4,311 |  |  | 3,597 |
Eliminations |  | (3) |  |  | (3) |  |  | (12) |  |  | (26) |
Total revenue |  | $ | 3,997 |  |  | $ | 3,721 |  |  | $ | 12,881 |  |  | $ | 11,551 |
(1)Includes inter-segment revenue. Refer to Note 16 “Segment Information” for further information. Consolidated revenue from contracts with customers by geographic area, which is attributed on the basis of where the services are performed, is as follows (in millions):
|  | Three Months Ended September 30, 2025
|  | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total
U.S. |  | $ | 1,229 |  |  | $ | 858 |  |  | $ | (3) |  |  | $ | 2,084 |
Americas other than U.S. |  | 260 |  |  | 121 |  |  | — |  |  | 381 |
U.K. |  | 303 |  |  | 222 |  |  | — |  |  | 525 |
Ireland |  | 21 |  |  | 21 |  |  | — |  |  | 42 |
Europe, Middle East, & Africa other than U.K. and Ireland |  | 400 |  |  | 155 |  |  | — |  |  | 555 |
Asia Pacific |  | 312 |  |  | 98 |  |  | — |  |  | 410 |
Total revenue |  | $ | 2,525 |  |  | $ | 1,475 |  |  | $ | (3) |  |  | $ | 3,997 |
|  | Three Months Ended September 30, 2024
|  | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total
U.S. |  | $ | 1,206 |  |  | $ | 880 |  |  | $ | (3) |  |  | $ | 2,083 |
Americas other than U.S. |  | 195 |  |  | 68 |  |  | — |  |  | 263 |
U.K. |  | 255 |  |  | 182 |  |  | — |  |  | 437 |
Ireland |  | 20 |  |  | 18 |  |  | — |  |  | 38 |
Europe, Middle East, & Africa other than U.K. and Ireland |  | 361 |  |  | 131 |  |  | — |  |  | 492 |
Asia Pacific |  | 318 |  |  | 90 |  |  | — |  |  | 408 |
Total revenue |  | $ | 2,355 |  |  | $ | 1,369 |  |  | $ | (3) |  |  | $ | 3,721 |
|  | Nine Months Ended September 30, 2025
|  | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total
U.S. |  | $ | 3,774 |  |  | $ | 2,364 |  |  | $ | (12) |  |  | $ | 6,126 |
Americas other than U.S. |  | 799 |  |  | 351 |  |  | — |  |  | 1,150 |
U.K. |  | 1,144 |  |  | 612 |  |  | — |  |  | 1,756 |
Ireland |  | 67 |  |  | 66 |  |  | — |  |  | 133 |
Europe, Middle East, & Africa other than U.K. and Ireland |  | 1,815 |  |  | 636 |  |  | — |  |  | 2,451 |
Asia Pacific |  | 983 |  |  | 282 |  |  | — |  |  | 1,265 |
Total revenue |  | $ | 8,582 |  |  | $ | 4,311 |  |  | $ | (12) |  |  | $ | 12,881 |
|  | Nine Months Ended September 30, 2024
|  | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total
U.S. |  | $ | 3,501 |  |  | $ | 1,957 |  |  | $ | (26) |  |  | $ | 5,432 |
Americas other than U.S. |  | 682 |  |  | 266 |  |  | — |  |  | 948 |
U.K. |  | 1,045 |  |  | 523 |  |  | — |  |  | 1,568 |
Ireland |  | 56 |  |  | 50 |  |  | — |  |  | 106 |
Europe, Middle East, & Africa other than U.K. and Ireland |  | 1,717 |  |  | 550 |  |  | — |  |  | 2,267 |
Asia Pacific |  | 979 |  |  | 251 |  |  | — |  |  | 1,230 |
Total revenue |  | $ | 7,980 |  |  | $ | 3,597 |  |  | $ | (26) |  |  | $ | 11,551 |
Schedule of Capitalized Contract Cost | An analysis of the changes in the net carrying amount of costs to fulfill contracts with customers are as follows (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period |  | $ | 273 |  |  | $ | 264 |  |  | $ | 424 |  |  | $ | 370 |
Additions |  | 440 |  |  | 400 |  |  | 1,267 |  |  | 1,166 |
Amortization |  | (392) |  |  | (367) |  |  | (1,384) |  |  | (1,235) |
Impairment |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation and other |  | (1) |  |  | 5 |  |  | 13 |  |  | 1 |
Balance at end of period |  | $ | 320 |  |  | $ | 302 |  |  | $ | 320 |  |  | $ | 302 |
An analysis of the changes in the net carrying amount of costs to obtain contracts with customers are as follows (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period |  | $ | 187 |  |  | $ | 196 |  |  | $ | 207 |  |  | $ | 195 |
Additions |  | 4 |  |  | 19 |  |  | 31 |  |  | 51 |
Amortization |  | (1) |  |  | (13) |  |  | (54) |  |  | (40) |
Impairment |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation and other |  | — |  |  | — |  |  | 6 |  |  | (4) |
Balance at end of period |  | $ | 190 |  |  | $ | 202 |  |  | $ | 190 |  |  | $ | 202 |

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