Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 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 March 31,
	2026		2025
Commercial Risk Solutions	$	2,223	$	2,002
Reinsurance Solutions	1,279		1,189
Total Risk Capital (1)	3,502		3,191
Health Solutions	1,119		1,026
Wealth Solutions	420		519
Total Human Capital (1)	1,539		1,545
Eliminations	(7)		(7)
Total revenue	$	5,034	$	4,729

(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 March 31, 2026
	Risk Capital		Human Capital		Corporate/Eliminations		Total
U.S.	$	1,326	$	691	$	(7)	$	2,010
Americas other than U.S.	261		123		—		384
U.K.	482		207		—		689
Ireland	25		28		—		53
Europe, Middle East, & Africa other than U.K. and Ireland	1,119		370		—		1,489
Asia Pacific	289		120		—		409
Total revenue	$	3,502	$	1,539	$	(7)	$	5,034

	Three Months Ended March 31, 2025
	Risk Capital		Human Capital		Corporate/Eliminations		Total
U.S.	$	1,221	$	788	$	(7)	$	2,002
Americas other than U.S.	254		120		—		374
U.K.	430		191		—		621
Ireland	22		23		—		45
Europe, Middle East, & Africa other than U.K. and Ireland	946		316		—		1,262
Asia Pacific	318		107		—		425
Total revenue	$	3,191	$	1,545	$	(7)	$	4,729

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 March 31,
	2026		2025
Balance at beginning of period	$	450	$	424
Additions	457		418
Amortization	(581)		(544)
Impairment	—		—
Foreign currency translation and other	(1)		4
Balance at end of period	$	325	$	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 March 31,
	2026		2025
Balance at beginning of period	$	208	$	207
Additions	15		13
Amortization	(13)		(13)
Impairment	—		—
Foreign currency translation and other	(1)		1
Balance at end of period	$	209	$	208