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Revenues (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenues [Abstract] |
Schedule of Disaggregated by Revenue | The following tables present the revenues disaggregated by revenue source:
|  | Three months ended September 30, 2024 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Other (8) |  |  | Total |
Base commissions (1) |  | $ | 444 |  |  | $ | 249 |  |  | $ | 129 |  |  | $ | — |  |  | $ | 822 |
Fees (2) |  |  | 158 |  |  |  | 67 |  |  |  | 26 |  |  |  | — |  |  |  | 251 |
Other supplemental commissions (3) |  |  | 29 |  |  |  | 1 |  |  |  | 2 |  |  |  | — |  |  |  | 32 |
Profit-sharing contingent commissions (4) |  |  | 8 |  |  |  | 7 |  |  |  | 12 |  |  |  | — |  |  |  | 27 |
Earned premium (5) |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | — |  |  |  | 23 |
Investment income (6) |  |  | 2 |  |  |  | 6 |  |  |  | 2 |  |  |  | 21 |  |  |  | 31 |
Other income, net (7) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total revenues |  | $ | 641 |  |  | $ | 353 |  |  | $ | 171 |  |  | $ | 21 |  |  | $ | 1,186 |
|  | Three months ended September 30, 2023 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Other (8) |  |  | Total |
Base commissions (1) |  | $ | 412 |  |  | $ | 189 |  |  | $ | 121 |  |  | $ | (1 | ) |  | $ | 721 |
Fees (2) |  |  | 150 |  |  |  | 87 |  |  |  | 21 |  |  |  | — |  |  |  | 258 |
Other supplemental commissions (3) |  |  | 29 |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 31 |
Profit-sharing contingent commissions (4) |  |  | 9 |  |  |  | 12 |  |  |  | 6 |  |  |  | — |  |  |  | 27 |
Earned premium (5) |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 12 |
Investment income (6) |  |  | — |  |  |  | 4 |  |  |  | 1 |  |  |  | 12 |  |  |  | 17 |
Other income, net (7) |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Total revenues |  | $ | 602 |  |  | $ | 305 |  |  | $ | 150 |  |  | $ | 11 |  |  | $ | 1,068 |
|  | Nine months ended September 30, 2024 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Other (8) |  |  | Total |
Base commissions (1) |  | $ | 1,440 |  |  | $ | 696 |  |  | $ | 369 |  |  | $ | — |  |  | $ | 2,505 |
Fees (2) |  |  | 469 |  |  |  | 177 |  |  |  | 71 |  |  |  | (1 | ) |  |  | 716 |
Other supplemental commissions (3) |  |  | 148 |  |  |  | 8 |  |  |  | 6 |  |  |  | — |  |  |  | 162 |
Profit-sharing contingent commissions (4) |  |  | 30 |  |  |  | 58 |  |  |  | 22 |  |  |  | — |  |  |  | 110 |
Earned premium (5) |  |  | — |  |  |  | 52 |  |  |  | — |  |  |  | — |  |  |  | 52 |
Investment income (6) |  |  | 3 |  |  |  | 17 |  |  |  | 4 |  |  |  | 47 |  |  |  | 71 |
Other income, net (7) |  |  | 3 |  |  |  | 2 |  |  |  | — |  |  |  | 1 |  |  |  | 6 |
Total revenues |  | $ | 2,093 |  |  | $ | 1,010 |  |  | $ | 472 |  |  | $ | 47 |  |  | $ | 3,622 |
|  | Nine months ended September 30, 2023 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Other (8) |  |  | Total |
Base commissions (1) |  | $ | 1,297 |  |  | $ | 543 |  |  | $ | 336 |  |  | $ | — |  |  | $ | 2,176 |
Fees (2) |  |  | 446 |  |  |  | 246 |  |  |  | 59 |  |  |  | (3 | ) |  |  | 748 |
Other supplemental commissions (3) |  |  | 139 |  |  |  | 5 |  |  |  | 3 |  |  |  | — |  |  |  | 147 |
Profit-sharing contingent commissions (4) |  |  | 40 |  |  |  | 35 |  |  |  | 13 |  |  |  | — |  |  |  | 88 |
Earned premium (5) |  |  | — |  |  |  | 34 |  |  |  | — |  |  |  | — |  |  |  | 34 |
Investment income (6) |  |  | — |  |  |  | 7 |  |  |  | 1 |  |  |  | 26 |  |  |  | 34 |
Other income, net (7) |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |
Total revenues |  | $ | 1,926 |  |  | $ | 870 |  |  | $ | 412 |  |  | $ | 23 |  |  | $ | 3,231 |
(1) Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control. (2) Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I products and services. (3) Other supplemental commissions include additional commissions over base commissions received from insurance carriers based on predetermined growth or production measures. This includes incentive commissions and guaranteed supplemental commissions. (4) Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention. (5) Earned premium relates to the premiums earned in the Captives. (6) Investment income consists primarily of interest on cash and investments. (7) Other income consists primarily of other miscellaneous income. (8) Fees within Other reflect the elimination of intercompany revenues.
Schedule of Revenues Disaggregated by Geographic Area | The following table presents the revenues disaggregated by geographic area where our services are being performed:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
U.S. |  | $ | 1,031 |  |  | $ | 941 |  |  | $ | 3,136 |  |  | $ | 2,857 |
U.K. |  |  | 133 |  |  |  | 106 |  |  |  | 408 |  |  |  | 309 |
Republic of Ireland |  |  | 9 |  |  |  | 9 |  |  |  | 33 |  |  |  | 31 |
Canada |  |  | 10 |  |  |  | 10 |  |  |  | 29 |  |  |  | 25 |
Other |  |  | 3 |  |  |  | 2 |  |  |  | 16 |  |  |  | 9 |
Total revenues |  | $ | 1,186 |  |  | $ | 1,068 |  |  | $ | 3,622 |  |  | $ | 3,231 |
Schedule of Balances of Contract Assets and Contract Liabilities Arising from Contracts with Customers | The balances of contract assets and contract liabilities arising from contracts with customers as of September 30, 2024 and December 31, 2023 were as follows:
(in millions) |  | September 30, 2024 |  |  | December 31, 2023 |
Contract assets |  | $ | 575 |  |  | $ | 473 |
Contract liabilities |  | $ | 117 |  |  | $ | 113 |

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