Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Estimated Fair Values of Aggregate Assets and Liabilities Acquired

The following table summarizes the purchase price allocations and estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. These adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date.

(in millions)	NBS Insurance Agency			Tim Parkman, Inc.		Accession Risk Management Group			Poulton Associates, LLC		Other (1)			Total
Segment	Specialty Distribution			Specialty Distribution		Retail & Specialty Distribution			Specialty Distribution		Retail & Specialty Distribution
Effective date of acquisition	March 1, 2025			May 1, 2025		August 1, 2025			November 1, 2025		Various
Cash paid	$	54		$	69	$	8,293		$	168	$	124		$	8,708
Common stock issued		—			—		613			21		—			634
Other payable		—			6		702			1		3			712
Recorded earn-out payable		—			7		—			20		31			58
Total consideration		54			82		9,608			210		158			10,112
Maximum potential earn-out payable		—			23		—			104		59			186
Allocation of purchase price:
Cash and cash equivalents		—			—		314			—		2			316
Fiduciary cash		14			—		516			—		8			538
Commission, fees, and other receivables		4			—		430			—		1			435
Fiduciary receivables		—			—		437			—		23			460
Other current assets		—			—		851			—		—			851
Goodwill		34			62		6,547			141		101			6,885
Purchased customer accounts and other intangibles (2)		16			19		3,221			69		46			3,371
Other assets		—			1		111			—		15			127
Total assets acquired		68			82		12,427			210		196			12,983
Fiduciary liabilities		(13	)		—		(957	)		—		(22	)		(992	)
Accounts payable and accrued expenses		—			—		(722	)		—		(13	)		(735	)
Other current liabilities		(1	)		—		(775	)		—		—			(776	)
Deferred income tax, net		—			—		(80	)		—		—			(80	)
Other long-term liabilities		—			—		(285	)		—		(3	)		(288	)
Total liabilities assumed		(14	)		—		(2,819	)		—		(38	)		(2,871	)
Net assets acquired	$	54		$	82	$	9,608		$	210	$	158		$	10,112

(1) The other column represents current year acquisitions with total net assets acquired of less than $50 million 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 14 years.

Unaudited Proforma Results

The pro forma information includes adjustments for (i) amortization of acquired intangible assets, (ii) interest expense on borrowings to fund the acquisitions and (iii) shares issued as consideration and funding for the acquisitions. Included in the pro forma information presented below is a non-recurring pro forma adjustment directly attributable to the acquisitions for transaction and integration costs totaling $113 million. The pro forma information does not reflect any operating efficiencies or potential cost savings that may result from the acquisitions. Accordingly, it is for illustrative purposes only and is not intended to present or be indicative of the actual results of operations of the combined company that may have been achieved had the acquisitions actually occurred at the beginning of 2024, nor is it intended to represent or be indicative of future results of the combined business.

(UNAUDITED)	Year Ended December 31,
(in millions, except per share data)	2025		2024
Total revenues	$	6,947	$	6,637
Net income attributable to the Company	$	1,220	$	1,080
Net income per share:
Basic	$	3.63	$	3.22
Diluted	$	3.45	$	3.20

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, for the years ended December 31, 2025, 2024 and 2023 were as follows:

	Year Ended December 31,
(in millions)	2025			2024			2023
Balance as of the beginning of the period	$	167		$	249		$	252
Additions from new acquisitions		58			73			67
Assumed estimated acquisition earn-out payables		435			3			21
Payments		(146	)		(154	)		(119	)
Subtotal		514			171			221
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value		16			(6	)		14
Interest expense accretion		9			8			7
Net change in earnings from estimated acquisition earn out payables		25			2			21
Foreign currency translation adjustments during the year		2			(6	)		7
Balance as of December 31,	$	541		$	167		$	249