Business Combinations (Tables)

6 Months Ended

Jun. 30, 2025

Business Combinations [Abstract]

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the six months ended June 30, 2025 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.

(in millions)	NBS Insurance Agency			Tim Parkman, Inc.		Other (1)			Total
Business Segment	Wholesale			Wholesale		Various
Effective date of acquisition	March 1, 2025			May 1, 2025		Various
Cash paid	$	54		$	69	$	60		$	183
Other payable		—			6		4			10
Recorded earn-out payable		—			4		13			17
Total consideration		54			79		77			210
Maximum potential earn-out payable		—			23		25			48
Allocation of purchase price:
Cash and equivalents		—			—		5			5
Fiduciary cash		13			—		4			17
Fiduciary receivables		—			—		22			22
Other current assets		4			—		1			5
Goodwill		30			60		42			132
Purchased customer accounts and other intangibles (2)		17			19		25			61
Other assets		—			—		4			4
Total assets acquired		64			79		103			246
Fiduciary liabilities		(10	)		—		(22	)		(32	)
Other current liabilities		—			—		(3	)		(3	)
Other long-term liabilities		—			—		(1	)		(1	)
Total liabilities assumed		(10	)		—		(26	)		(36	)
Net assets acquired	$	54		$	79	$	77		$	210

(1)The other column represents a summarization of current year acquisitions with total consideration of less than $50 million per acquisition and adjustments from prior year acquisitions that were made within the permitted measurement period.

(2)The weighted average useful life of purchased customer accounts is 15 years.

Unaudited Proforma Results

These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.

(UNAUDITED)	For the six months ended June 30,
(in millions, except per share data)	2025		2024
Total revenues	$	2,701	$	2,471
Net income	$	565	$	555
Net income per share:
Basic	$	1.97	$	1.97
Diluted	$	1.95	$	1.96

Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables

The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables were as follows:

	Three months ended June 30,						Six months ended June 30,
(in millions)	2025			2024			2025			2024
Balance as of the beginning of the period	$	143		$	203		$	167		$	249
Additions to estimated acquisition earn-out payables		12			10			17			19
Payments for estimated acquisition earn-out payables		(20	)		(45	)		(46	)		(96	)
Subtotal		135			168			138			172
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		9			(2	)		4			(7	)
Interest expense accretion		2			3			3			5
Net change in earnings from estimated acquisition earn-out payables		11			1			7			(2	)
Foreign currency translation adjustments during the year		5			—			6			(1	)
Balance as of June 30,	$	151		$	169		$	151		$	169