Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summarized Financial Information Reportable Segments

Summarized financial information concerning the Company’s reportable segments is shown in the following tables.

	Three months ended June 30, 2025
(in millions)	Retail		Programs		Wholesale Brokerage		Total
Total segment revenues	$	697	$	381	$	182	$	1,260
Reconciliation of revenues
Other (1)								25
Total consolidated revenues							$	1,285
Less: (2)
Employee compensation and benefits		385		109		93
Other operating expenses		120		71		27
(Gain)/loss on disposal		—		—		—
Depreciation and amortization		41		15		4
Interest expense		15		6		3
Change in estimated acquisition earn-out payables		9		—		2
Segment Income before income taxes	$	127	$	180	$	53	$	360
Reconciliation of income before income taxes
Other (1)								(49	)
Consolidated Income before income taxes							$	311

	Three months ended June 30, 2024
(in millions)	Retail			Programs			Wholesale Brokerage			Total
Total segment revenues	$	646		$	359		$	159		$	1,164
Reconciliation of revenues
Other (1)											14
Total consolidated revenues										$	1,178
Less: (2)
Employee compensation and benefits		355			111			82
Other operating expenses		110			70			24
(Gain)/loss on disposal		(2	)		(29	)		—
Depreciation and amortization		34			16			4
Interest expense		19			7			3
Change in estimated acquisition earn-out payables		1			1			(1	)
Segment Income before income taxes	$	129		$	183		$	47		$	359
Reconciliation of income before income taxes
Other (1)											(13	)
Consolidated Income before income taxes										$	346

(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items.

(2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

	Six months ended June 30, 2025
(in millions)	Retail		Programs		Wholesale Brokerage		Total
Total segment revenues	$	1,604	$	709	$	341	$	2,654
Reconciliation of revenues
Other (1)								35
Total consolidated revenues							$	2,689
Less: (2)
Employee compensation and benefits		833		222		179
Other operating expenses		241		140		49
(Gain)/loss on disposal		1		—		—
Depreciation and amortization		85		31		8
Interest expense		30		12		6
Change in estimated acquisition earn-out payables		3		2		2
Segment Income before income taxes	$	411	$	302	$	97	$	810
Reconciliation of income before income taxes
Other (1)								(72	)
Consolidated Income before income taxes							$	738

	Six months ended June 30, 2024
(in millions)	Retail			Programs			Wholesale Brokerage			Total
Total segment revenues	$	1,452		$	657		$	301		$	2,410
Reconciliation of revenues
Other (1)											25
Total consolidated revenues										$	2,435
Less: (2)
Employee compensation and benefits		755			219			158
Other operating expenses		225			133			44
(Gain)/loss on disposal		(1	)		(28	)		—
Depreciation and amortization		68			31			8
Interest expense		38			16			6
Change in estimated acquisition earn-out payables		—			1			(3	)
Segment Income before income taxes	$	367		$	285		$	88		$	740
Reconciliation of income before income taxes
Other (1)											(28	)
Consolidated Income before income taxes										$	712

(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items.

(2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.