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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summarized Financial Information Reportable Segments | Summarized financial information concerning the Company’s reportable segments is shown in the following tables.
|  | Three months ended June 30, 2025 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Total |
Total segment revenues |  | $ | 697 |  |  | $ | 381 |  |  | $ | 182 |  |  | $ | 1,260 |
Reconciliation of revenues |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | 25 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  | $ | 1,285 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 385 |  |  |  | 109 |  |  |  | 93 |  |  |  |
Other operating expenses |  |  | 120 |  |  |  | 71 |  |  |  | 27 |  |  |  |
(Gain)/loss on disposal |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Depreciation and amortization |  |  | 41 |  |  |  | 15 |  |  |  | 4 |  |  |  |
Interest expense |  |  | 15 |  |  |  | 6 |  |  |  | 3 |  |  |  |
Change in estimated acquisition earn-out payables |  |  | 9 |  |  |  | — |  |  |  | 2 |  |  |  |
Segment Income before income taxes |  | $ | 127 |  |  | $ | 180 |  |  | $ | 53 |  |  | $ | 360 |
Reconciliation of income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | (49 | )
Consolidated Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 311 |
|  | Three months ended June 30, 2024 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Total |
Total segment revenues |  | $ | 646 |  |  | $ | 359 |  |  | $ | 159 |  |  | $ | 1,164 |
Reconciliation of revenues |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | 14 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  | $ | 1,178 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 355 |  |  |  | 111 |  |  |  | 82 |  |  |  |
Other operating expenses |  |  | 110 |  |  |  | 70 |  |  |  | 24 |  |  |  |
(Gain)/loss on disposal |  |  | (2 | ) |  |  | (29 | ) |  |  | — |  |  |  |
Depreciation and amortization |  |  | 34 |  |  |  | 16 |  |  |  | 4 |  |  |  |
Interest expense |  |  | 19 |  |  |  | 7 |  |  |  | 3 |  |  |  |
Change in estimated acquisition earn-out payables |  |  | 1 |  |  |  | 1 |  |  |  | (1 | ) |  |  |
Segment Income before income taxes |  | $ | 129 |  |  | $ | 183 |  |  | $ | 47 |  |  | $ | 359 |
Reconciliation of income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | (13 | )
Consolidated Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 346 |
(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items. (2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
|  | Six months ended June 30, 2025 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Total |
Total segment revenues |  | $ | 1,604 |  |  | $ | 709 |  |  | $ | 341 |  |  | $ | 2,654 |
Reconciliation of revenues |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | 35 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  | $ | 2,689 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 833 |  |  |  | 222 |  |  |  | 179 |  |  |  |
Other operating expenses |  |  | 241 |  |  |  | 140 |  |  |  | 49 |  |  |  |
(Gain)/loss on disposal |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  |
Depreciation and amortization |  |  | 85 |  |  |  | 31 |  |  |  | 8 |  |  |  |
Interest expense |  |  | 30 |  |  |  | 12 |  |  |  | 6 |  |  |  |
Change in estimated acquisition earn-out payables |  |  | 3 |  |  |  | 2 |  |  |  | 2 |  |  |  |
Segment Income before income taxes |  | $ | 411 |  |  | $ | 302 |  |  | $ | 97 |  |  | $ | 810 |
Reconciliation of income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | (72 | )
Consolidated Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 738 |
|  | Six months ended June 30, 2024 |
(in millions) |  | Retail |  |  | Programs |  |  | Wholesale Brokerage |  |  | Total |
Total segment revenues |  | $ | 1,452 |  |  | $ | 657 |  |  | $ | 301 |  |  | $ | 2,410 |
Reconciliation of revenues |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | 25 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  | $ | 2,435 |
Less: (2) |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 755 |  |  |  | 219 |  |  |  | 158 |  |  |  |
Other operating expenses |  |  | 225 |  |  |  | 133 |  |  |  | 44 |  |  |  |
(Gain)/loss on disposal |  |  | (1 | ) |  |  | (28 | ) |  |  | — |  |  |  |
Depreciation and amortization |  |  | 68 |  |  |  | 31 |  |  |  | 8 |  |  |  |
Interest expense |  |  | 38 |  |  |  | 16 |  |  |  | 6 |  |  |  |
Change in estimated acquisition earn-out payables |  |  | — |  |  |  | 1 |  |  |  | (3 | ) |  |  |
Segment Income before income taxes |  | $ | 367 |  |  | $ | 285 |  |  | $ | 88 |  |  | $ | 740 |
Reconciliation of income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  |  |  |  |  |  |  |  |  |  | (28 | )
Consolidated Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 712 |
(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items. (2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

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- 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 + Details
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