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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers 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 |
Contract Costs 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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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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