v3.25.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 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 March 31,
20252024
Commercial Risk Solutions$2,002 $1,808 
Reinsurance Solutions1,189 1,167 
Total Risk Capital (1)
3,191 2,975 
Health Solutions1,026 733 
Wealth Solutions519 370 
Total Human Capital (1)
1,545 1,103 
Eliminations(7)(8)
Total revenue$4,729 $4,070 
(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 March 31, 2025
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$1,221 $788 $(7)$2,002 
Americas other than U.S.254 120 — 374 
U.K.430 191 — 621 
Ireland22 23 — 45 
Europe, Middle East, & Africa other than U.K. and Ireland946 316 — 1,262 
Asia Pacific318 107 — 425 
Total revenue$3,191 $1,545 $(7)$4,729 
Three Months Ended March 31, 2024
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$1,078 $442 $(8)$1,512 
Americas other than U.S.227 96 — 323 
U.K.411 172 — 583 
Ireland16 17 — 33 
Europe, Middle East, & Africa other than U.K. and Ireland928 281 — 1,209 
Asia Pacific315 95 — 410 
Total revenue$2,975 $1,103 $(8)$4,070 
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 March 31,
20252024
Balance at beginning of period$424 $370 
Additions418 380 
Amortization(544)(478)
Impairment— — 
Foreign currency translation and other4 (3)
Balance at end of period$302 $269 
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 March 31,
20252024
Balance at beginning of period$207 $195 
Additions13 14 
Amortization(13)(13)
Impairment— — 
Foreign currency translation and other1 (2)
Balance at end of period$208 $194