Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2025

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,
	2025		2024		2025		2024
Commercial Risk Solutions	$	1,988	$	1,852	$	6,168	$	5,675
Reinsurance Solutions	537		503		2,414		2,305
Total Risk Capital (1)	2,525		2,355		8,582		7,980
Health Solutions	935		870		2,733		2,265
Wealth Solutions	540		499		1,578		1,332
Total Human Capital (1)	1,475		1,369		4,311		3,597
Eliminations	(3)		(3)		(12)		(26)
Total revenue	$	3,997	$	3,721	$	12,881	$	11,551

(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, 2025
	Risk Capital		Human Capital		Corporate/Eliminations		Total
U.S.	$	1,229	$	858	$	(3)	$	2,084
Americas other than U.S.	260		121		—		381
U.K.	303		222		—		525
Ireland	21		21		—		42
Europe, Middle East, & Africa other than U.K. and Ireland	400		155		—		555
Asia Pacific	312		98		—		410
Total revenue	$	2,525	$	1,475	$	(3)	$	3,997

	Three Months Ended September 30, 2024
	Risk Capital		Human Capital		Corporate/Eliminations		Total
U.S.	$	1,206	$	880	$	(3)	$	2,083
Americas other than U.S.	195		68		—		263
U.K.	255		182		—		437
Ireland	20		18		—		38
Europe, Middle East, & Africa other than U.K. and Ireland	361		131		—		492
Asia Pacific	318		90		—		408
Total revenue	$	2,355	$	1,369	$	(3)	$	3,721

	Nine Months Ended September 30, 2025
	Risk Capital		Human Capital		Corporate/Eliminations		Total
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
Ireland	67		66		—		133
Europe, Middle East, & Africa other than U.K. and Ireland	1,815		636		—		2,451
Asia Pacific	983		282		—		1,265
Total revenue	$	8,582	$	4,311	$	(12)	$	12,881

	Nine Months Ended September 30, 2024
	Risk Capital		Human Capital		Corporate/Eliminations		Total
U.S.	$	3,501	$	1,957	$	(26)	$	5,432
Americas other than U.S.	682		266		—		948
U.K.	1,045		523		—		1,568
Ireland	56		50		—		106
Europe, Middle East, & Africa other than U.K. and Ireland	1,717		550		—		2,267
Asia Pacific	979		251		—		1,230
Total revenue	$	7,980	$	3,597	$	(26)	$	11,551

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,
	2025		2024		2025		2024
Balance at beginning of period	$	273	$	264	$	424	$	370
Additions	440		400		1,267		1,166
Amortization	(392)		(367)		(1,384)		(1,235)
Impairment	—		—		—		—
Foreign currency translation and other	(1)		5		13		1
Balance at end of period	$	320	$	302	$	320	$	302

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,
	2025		2024		2025		2024
Balance at beginning of period	$	187	$	196	$	207	$	195
Additions	4		19		31		51
Amortization	(1)		(13)		(54)		(40)
Impairment	—		—		—		—
Foreign currency translation and other	—		—		6		(4)
Balance at end of period	$	190	$	202	$	190	$	202