v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We have three reportable segments: brokerage, risk management and corporate.
The brokerage segment is primarily comprised of our retail and wholesale insurance and reinsurance brokerage operations. The brokerage segment (which comprises our retail property/casualty, wholesale, reinsurance, benefits and captive operations) generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks.
The risk management segment provides contract claim settlement and administration services for commercial, nonprofit, captive and public sector entities, and various organizations that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim or per-service fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered.
Revenues in the corporate segment consist of other income related to the run-off of clean energy and legacy investments. In addition, the corporate segment reports the financial information related to our debt, external acquisition-related expenses, other corporate costs and the impact of foreign currency remeasurements.
Allocations of interest income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local country statutory rates. Reported operating results by segment would change if different methods were applied.
Our Chief Operating Decision Maker (which we refer to as CODM), who is our Chairman and Chief Executive Officer, analyzes and evaluates the operating performance of the three reportable segments presented below. We have disclosed for each reportable segment the significant expense categories that are reviewed by the CODM and there are no additional significant expenses within the expense categories presented in the tables below. The key areas of focus by the CODM for allocation of resources are revenues from each reportable segment, as well as their compensation and operating expenses.
Financial information relating to our segments for the three and nine-month periods ended September 30, 2026 and 2025 are as follows (in millions):
Three-Month Period Ended September 30, 2026BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$2,371 $— $— $2,371 
Fees776 448 — 1,224 
Supplemental revenues148 — — 148 
Contingent revenues74 — — 74 
Interest income, premium finance revenues and other income 104 9 — 113 
Revenues before reimbursements3,473 457 — 3,930 
Reimbursements— 46 — 46 
Total revenues3,473 503 — 3,976 
Compensation1,929 271 37 2,237 
Operating508 85 52 645 
Reimbursements— 46 — 46 
Interest— — 168 168 
Depreciation46 10 2 58 
Amortization284 7 — 291 
Change in estimated acquisition earnout payables15 1 — 16 
Total expenses2,782 420 259 3,461 
Earnings (loss) before income taxes691 83 (259)515 
Provision (benefit) for income taxes176 22 (89)109 
Net earnings (loss)515 61 (170)406 
Net earnings attributable to noncontrolling interests3 — — 3 
Net earnings (loss) attributable to controlling interests$512 $61 $(170)$403 
Net foreign exchange loss$3 $— $9 $12 
Revenues:
United States$2,422 $390 $— $2,812 
United Kingdom529 31 — 560 
Australia102 75 — 177 
Canada104 2 — 106 
New Zealand55 — — 55 
Other foreign261 5 — 266 
Total revenues$3,473 $503 $— $3,976 
Nine-Month Period Ended September 30, 2026BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$7,936 $— $— $7,936 
Fees2,306 1,313 — 3,619 
Supplemental revenues469 — — 469 
Contingent revenues280 — — 280 
Interest income, premium finance revenues and other income (loss)277 25 (5)297 
Revenues before reimbursements11,268 1,338 (5)12,601 
Reimbursements— 136 — 136 
Total revenues11,268 1,474 (5)12,737 
Compensation6,157 809 117 7,083 
Operating1,565 246 156 1,967 
Reimbursements— 136 — 136 
Interest— — 494 494 
Depreciation140 30 6 176 
Amortization849 21 — 870 
Change in estimated acquisition earnout payables36 3 — 39 
Total expenses8,747 1,245 773 10,765 
Earnings (loss) before income taxes2,521 229 (778)1,972 
Provision (benefit) for income taxes643 61 (285)419 
Net earnings (loss)1,878 168 (493)1,553 
Net earnings attributable to noncontrolling interests4 — — 4 
Net earnings (loss) attributable to controlling interests$1,874 $168 $(493)$1,549 
Net foreign exchange loss$6 $— $4 $10 
Revenues:
United States$7,682 $1,150 $(5)$8,827 
United Kingdom1,960 91 — 2,051 
Australia292 213 — 505 
Canada297 7 — 304 
New Zealand157 — — 157 
Other foreign880 13 — 893 
Total revenues$11,268 $1,474 $(5)$12,737 
At September 30, 2026
Identifiable assets:
United States$41,351 $1,420 $1,981 $44,752 
United Kingdom18,747 450 — 19,197 
Australia2,104 493 — 2,597 
Canada2,241 9 — 2,250 
New Zealand745 7 — 752 
Other foreign9,311 42 163 9,516 
Total identifiable assets$74,499 $2,421 $2,144 $79,064 
Goodwill - net$22,839 $530 $16 $23,385 
Amortizable intangible assets - net9,994 208 — 10,202 
Three-Month Period Ended September 30, 2025BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$1,908 $— $— $1,908 
Fees665 393 — 1,058 
Supplemental revenues117 — — 117 
Contingent revenues75 — — 75 
Interest income, premium finance revenues and other income157 9 1 167 
Revenues before reimbursements2,922 402 1 3,325 
Reimbursements— 40 — 40 
Total revenues2,922 442 1 3,365 
Compensation1,649 244 39 1,932 
Operating434 76 71 581 
Reimbursements— 40 — 40 
Interest— — 161 161 
Depreciation42 10 2 54 
Amortization218 4 — 222 
Change in estimated acquisition earnout payables29 — — 29 
Total expenses2,372 374 273 3,019 
Earnings (loss) before income taxes550 68 (272)346 
Provision (benefit) for income taxes141 18 (86)73 
Net earnings (loss)409 50 (186)273 
Net earnings attributable to noncontrolling interests1 — — 1 
Net earnings (loss) attributable to controlling interests$408 $50 $(186)$272 
Net foreign exchange loss (gain)$2 $— $(4)$(2)
Revenues:
United States$2,021 $349 $1 $2,371 
United Kingdom485 27 — 512 
Australia89 62 — 151 
Canada88 2 — 90 
New Zealand54 — — 54 
Other foreign185 2 — 187 
Total revenues$2,922 $442 $1 $3,365