v3.26.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2026202520262025
Commercial Risk Solutions$2,110 $1,988 $6,628 $6,168 
Reinsurance Solutions572 537 2,562 2,414 
Total Risk Capital (1)
2,682 2,525 9,190 8,582 
Health Solutions992 935 2,929 2,733 
Wealth Solutions429 540 1,275 1,578 
Total Human Capital (1)
1,421 1,475 4,204 4,311 
Eliminations(2)(3)(13)(12)
Total revenue$4,101 $3,997 $13,381 $12,881 
(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 September 30, 2026
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$1,353 $785 $(2)$2,136 
Americas other than U.S.263 121 — 384 
U.K.302 224 — 526 
Ireland21 25 — 46 
Europe, Middle East, & Africa other than U.K. and Ireland443 163 — 606 
Asia Pacific300 103 — 403 
Total revenue$2,682 $1,421 $(2)$4,101 
Three Months Ended September 30, 2025
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$1,229 $858 $(3)$2,084 
Americas other than U.S.260 121 — 381 
U.K.303 222 — 525 
Ireland21 21 — 42 
Europe, Middle East, & Africa other than U.K. and Ireland400 155 — 555 
Asia Pacific312 98 — 410 
Total revenue$2,525 $1,475 $(3)$3,997 
Nine Months Ended September 30, 2026
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$4,071 $2,108 $(13)$6,166 
Americas other than U.S.823 353 — 1,176 
U.K.1,206 641 — 1,847 
Ireland68 78 — 146 
Europe, Middle East, & Africa other than U.K. and Ireland2,095 718 — 2,813 
Asia Pacific927 306 — 1,233 
Total revenue$9,190 $4,204 $(13)$13,381 
Nine Months Ended September 30, 2025
Risk CapitalHuman CapitalCorporate/EliminationsTotal
U.S.$3,774 $2,364 $(12)$6,126 
Americas other than U.S.799 351 — 1,150 
U.K.1,144 612 — 1,756 
Ireland67 66 — 133 
Europe, Middle East, & Africa other than U.K. and Ireland1,815 636 — 2,451 
Asia Pacific983 282 — 1,265 
Total revenue$8,582 $4,311 $(12)$12,881 
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 September 30,Nine Months Ended September 30,
2026202520262025
Balance at beginning of period$309 $273 $450 $424 
Additions467 440 1,397 1,267 
Amortization(426)(392)(1,494)(1,384)
Impairment— — — — 
Foreign currency translation and other2 (1)(1)13 
Balance at end of period$352 $320 $352 $320 
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 September 30,Nine Months Ended September 30,
2026202520262025
Balance at beginning of period$217 $187 $208 $207 
Additions13 4 49 31 
Amortization(15)(1)(42)(54)
Impairment— — — — 
Foreign currency translation and other— — — 6 
Balance at end of period$215 $190 $215 $190