Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summarized Financial Information Reportable Segments

Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charged to the reporting segment.

In the fourth quarter of 2023, the Company sold certain third-party claims administration and adjusting services businesses representing approximately 50% of the total revenues of the Services segment. As a result, beginning in fiscal year 2024, the Company operates three segments: Retail, Programs (formerly National Programs) and Wholesale Brokerage. Balances presented for the three months ended March 31, 2023 have been recast to align with the three-segment structure.

	Three months ended March 31, 2024
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	806	$	298	$	142	$	12		$	1,258
Investment income	$	1	$	5	$	1	$	11		$	18
Amortization	$	29	$	11	$	3	$	—		$	43
Depreciation	$	5	$	4	$	1	$	1		$	11
Interest expense	$	19	$	8	$	3	$	18		$	48
Income before income taxes	$	238	$	101	$	41	$	(16	)	$	364
Total assets	$	8,557	$	4,221	$	1,617	$	411		$	14,806
Capital expenditures	$	7	$	5	$	1	$	—		$	13

	Three months ended March 31, 2023
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	733	$	255	$	123	$	5		$	1,116
Investment income	$	—	$	1	$	—	$	6		$	7
Amortization	$	28	$	11	$	3	$	(1	)	$	41
Depreciation	$	5	$	3	$	1	$	1		$	10
Interest expense	$	22	$	10	$	3	$	12		$	47
Income before income taxes	$	214	$	75	$	31	$	(26	)	$	294
Total assets	$	7,913	$	3,652	$	1,441	$	394		$	13,400
Capital expenditures	$	5	$	5	$	—	$	2		$	12