Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable Operating Segments, Consolidated Revenue and Segment Operating Income

The following tables include information about our reportable segments, including total segment revenue, consolidated revenue, segment operating income, and income before income taxes:

	Three Months Ended June 30,
	Risk Capital		Human Capital		Corporate/Eliminations		Total Consolidated
	2025	2024	2025	2024	2025	2024	2025	2024
Revenue
Total revenue (1)	$2,866	$2,650	$1,291	$1,125	$(2)	$(15)	$4,155	$3,760
Expenses
Compensation and benefits	1,541	1,390	796	710	23	30	2,360	2,130
Information technology	88	93	45	39	3	—	136	132
Premises	54	54	30	28	1	—	85	82
Other expenses (2)	319	329	303	258	93	173	715	760
Total operating expenses	2,002	1,866	1,174	1,035	120	203	3,296	3,104
Operating income	$864	$784	$117	$90	$(122)	$(218)	$859	$656
Operating margin	30.1%	29.6%	9.1%	8.0%			20.7%	17.4%
Non-operating expenses
Interest income							—	31
Interest expense							(212)	(225)
Other income (expense)							56	236
Income before income taxes							$703	$698

	Six Months Ended June 30,
	Risk Capital		Human Capital		Corporate/Eliminations		Total Consolidated
	2025	2024	2025	2024	2025	2024	2025	2024
Revenue
Total revenue (1)	$6,057	$5,625	$2,836	$2,228	$(9)	$(23)	$8,884	$7,830
Expenses
Compensation and benefits	3,002	2,744	1,570	1,237	37	32	4,609	4,013
Information technology	178	182	90	74	4	—	272	256
Premises	106	104	59	49	2	—	167	153
Other expenses (2)	710	626	597	391	209	270	1,516	1,287
Total operating expenses	3,996	3,656	2,316	1,751	252	302	6,564	5,709
Operating income	$2,061	$1,969	$520	$477	$(261)	$(325)	$2,320	$2,121
Operating margin	34.0%	35.0%	18.3%	21.4%			26.1%	27.1%
Non-operating expenses
Interest income							5	59
Interest expense							(418)	(369)
Other income (expense)							46	311
Income before income taxes							$1,953	$2,122

(1)Includes fiduciary investment income of $60 million and $125 million, respectively, in Risk Capital and less than $1 million and $2 million, respectively, in Human Capital for the three and six months ended June 30, 2025. Includes fiduciary investment income of $73 million and $151 million, respectively, in Risk Capital and $2 million and $3 million, respectively, in Human Capital for the three and six months ended June 30, 2024.

(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.