Segment Information (Tables)

6 Months Ended

Jun. 30, 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 charge 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 and six months ended June 30, 2023 have been recast to align with the three-segment structure.

	Three months ended June 30, 2024
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	646	$	359	$	159	$	14		$	1,178
Investment income		1		5		1		15			22
Amortization		29		12		3		—			44
Depreciation		5		4		1		1			11
Interest expense		19		7		3		20			49
Income before income taxes		129		183		47		(13	)		346
Total assets		8,676		4,723		1,659		886			15,944
Capital expenditures		20		6		1		—			27

	Three months ended June 30, 2023
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	591	$	310	$	139	$	7		$	1,047
Investment income		—		2		—		8			10
Amortization		28		11		3		(1	)		41
Depreciation		5		3		1		1			10
Interest expense		22		9		3		14			48
Income before income taxes		106		124		38		(14	)		254
Total assets		8,192		3,997		1,423		460			14,072
Capital expenditures		9		3		1		—			13

	Six months ended June 30, 2024
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	1,452	$	657	$	301	$	25		$	2,435
Investment income		2		10		2		26			40
Amortization		58		23		6		(1	)		86
Depreciation		10		8		2		1			21
Interest expense		38		16		6		37			97
Income before income taxes		367		285		88		(28	)		712
Total assets		8,676		4,723		1,659		886			15,944
Capital expenditures		27		10		1		1			39

	Six months ended June 30, 2023
(in millions)	Retail		Programs		Wholesale Brokerage		Other			Total
Total revenues	$	1,324	$	565	$	262	$	12		$	2,163
Investment income		—		3		—		14			17
Amortization		56		22		6		(1	)		83
Depreciation		10		6		2		2			20
Interest expense		44		19		6		26			95
Income before income taxes		320		199		69		(40	)		548
Total assets		8,192		3,997		1,423		460			14,072
Capital expenditures		15		8		1		1			25