Revenues (Tables)

6 Months Ended

Jun. 30, 2026

The following tables present the revenues disaggregated by revenue source:


	Three months ended June 30, 2026
(in millions)	Retail		Specialty Distribution		Other (8)		Total
Base commissions (1)	$	657	$	465	$	—	$	1,122
Fees (2)		226		166		—		392
Other supplemental commissions (3)		31		6		—		37
Profit-sharing contingent commissions (4)		26		59		—		85
Earned premium (5)		—		18		—		18
Investment income (6)		7		7		8		22
Other income, net (7)		—		—		—		—
Total revenues	$	947	$	721	$	8	$	1,676


	Three months ended June 30, 2025
(in millions)	Retail		Specialty Distribution		Other (8)		Total
Base commissions (1)	$	483	$	395	$	—	$	878
Fees (2)		173		95		—		268
Other supplemental commissions (3)		31		10		—		41
Profit-sharing contingent commissions (4)		7		38		—		45
Earned premium (5)		—		17		—		17
Investment income (6)		3		7		25		35
Other income, net (7)		—		1		—		1
Total revenues	$	697	$	563	$	25	$	1,285


	Six months ended June 30, 2026
(in millions)	Retail		Specialty Distribution		Other (8)		Total
Base commissions (1)	$	1,502	$	891	$	—	$	2,393
Fees (2)		446		325		—		771
Other supplemental commissions (3)		139		10		—		149
Profit-sharing contingent commissions (4)		56		126		—		182
Earned premium (5)		—		39		—		39
Investment income (6)		11		12		16		39
Other income, net (7)		2		—		2		4
Total revenues	$	2,156	$	1,403	$	18	$	3,577


	Six months ended June 30, 2025
(in millions)	Retail		Specialty Distribution		Other (8)			Total
Base commissions (1)	$	1,099	$	737	$	—		$	1,836
Fees (2)		350		184		(1	)		533
Other supplemental commissions (3)		128		13		—			141
Profit-sharing contingent commissions (4)		22		66		—			88
Earned premium (5)		—		36		—			36
Investment income (6)		4		13		36			53
Other income, net (7)		1		1		—			2
Total revenues	$	1,604	$	1,050	$	35		$	2,689

(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, including 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 June 30,				Six months ended June 30,
(in millions)	2026		2025		2026		2025
U.S.	$	1,449	$	1,073	$	3,086	$	2,247
U.K.		168		164		323		304
Other		59		48		168		138
Total revenues	$	1,676	$	1,285	$	3,577	$	2,689

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 June 30, 2026 and December 31, 2025 were as follows:


(in millions)	June 30, 2026		December 31, 2025
Contract assets	$	964	$	908
Contract liabilities	$	172	$	168