v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
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 June 30,Six Months Ended June 30,
2026202520262025
Commercial Risk Solutions$2,295 $2,178 $4,518 $4,180 
Reinsurance Solutions711 688 1,990 1,877 
Total Risk Capital (1)
3,006 2,866 6,508 6,057 
Health Solutions818 772 1,937 1,798 
Wealth Solutions426 519 846 1,038 
Total Human Capital (1)
1,244 1,291 2,783 2,836 
Eliminations(4)(2)(11)(9)
Total revenue$4,246 $4,155 $9,280 $8,884 
(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 June 30, 2026
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$1,392 $632 $(4)$2,020 
Americas other than U.S.299 109 — 408 
U.K.422 210 — 632 
Ireland22 25 — 47 
Europe, Middle East, & Africa other than U.K. and Ireland533 185 — 718 
Asia Pacific338 83 — 421 
Total revenue$3,006 $1,244 $(4)$4,246 
Three Months Ended June 30, 2025
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$1,324 $718 $(2)$2,040 
Americas other than U.S.285 110 — 395 
U.K.411 199 — 610 
Ireland24 22 — 46 
Europe, Middle East, & Africa other than U.K. and Ireland469 165 — 634 
Asia Pacific353 77 — 430 
Total revenue$2,866 $1,291 $(2)$4,155 
Six Months Ended June 30, 2026
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$2,718 $1,323 $(11)$4,030 
Americas other than U.S.560 232 — 792 
U.K.904 417 — 1,321 
Ireland47 53 — 100 
Europe, Middle East, & Africa other than U.K. and Ireland1,652 555 — 2,207 
Asia Pacific627 203 — 830 
Total revenue$6,508 $2,783 $(11)$9,280 
Six Months Ended June 30, 2025
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$2,545 $1,506 $(9)$4,042 
Americas other than U.S.539 230 — 769 
U.K.841 390 — 1,231 
Ireland46 45 — 91 
Europe, Middle East, & Africa other than U.K. and Ireland1,415 481 — 1,896 
Asia Pacific671 184 — 855 
Total revenue$6,057 $2,836 $(9)$8,884 
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 June 30,Six Months Ended June 30,
2026202520262025
Balance at beginning of period$325 $302 $450 $424 
Additions473 409 930 827 
Amortization(487)(448)(1,068)(992)
Impairment— — — — 
Foreign currency translation and other(2)10 (3)14 
Balance at end of period$309 $273 $309 $273 
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 June 30,Six Months Ended June 30,
2026202520262025
Balance at beginning of period$209 $208 $208 $207 
Additions21 14 36 27 
Amortization(14)(40)(27)(53)
Impairment— — — — 
Foreign currency translation and other1 5 — 6 
Balance at end of period$217 $187 $217 $187