Aon plc — Call Transcript 2026

Good morning, everybody. We're honored to have Edmund Reese, the CFO of Aon, to join us today. Thank you, Edmund, for taking your time. This is actually a very exciting time to talk about insurance in general, especially the brokers. Yep. Maybe with that, let's get started. Maybe the first thing, if we want to look at the broader environment, right? This is your second year. Yeah. at Aon, and it's probably two of the most exciting years in recent memory. From that perspective, maybe can you help us talk about, going forward, what are the things that you're most excited about for Aon and also the brokers industry in general? Yeah. Well, first, let me just thank you for having me this morning. This is always a very high-quality conference with great investors. Thanks for having me, Bob. Yeah, it has been an exciting two years, and there's a lot to look forward to moving forward. When I stepped into the CFO role of Aon two years ago, almost exactly today, the company was, prior to 2024, lagging on organic growth relative to the other peers. It had just done an acquisition as a percentage of its market cap, the largest of all time, and of course, that had an impact on capital as well. Those were the three priorities, organic revenue growth, re-underwriting that large acquisition NFP, and focusing on capital. Where are we now? Organic revenue growth has been accelerating. The most recent data point is 150 basis points better than the industry average. Commercial Risk itself is 440 basis points better than the industry average. The decisions that we've been making, the investments that we've been making, really have us in a strong position in terms of accelerating and leading the industry in organic revenue growth. NFP, that acquisition, you notice at the end of the Q4 we made the call to accelerate the integration into ABS. We've learned how to drive the revenue synergies, how to integrate. The retention is better than it was when we first acquired the company, and we're executing on the inorganic component as well. We brought in over $42 million in EBITDA last year. From a capital standpoint, I looked at this company, it was over 30% ROIC, leading the industry. That was obviously impacted by the acquisition. A year, certainly two years later, we're again from an ROIC level at the top of the industries. Those were the priorities. That's what we've been focused on, and that's what the progress has been. Now, we really are just executing on the 3x3 Plan. You ask about moving forward. It's showing up in the results. These are differentiated results relative to the peers right now. The balance sheet is stronger than ever with free cash flow back at the double-digit level with leverage actually below the objectives that we set. I am sure we will talk about AI right now. The industry itself, I would say with the increasing risk, the increasing demand, and the investments that we've been making in our capabilities, I think it's a great outlook for us moving forward. I would just say that we've just become much more relevant to the client, given our Aon United model. The investments that we've been making, I think, make the business much more valuable going forward. An exciting two years, we're really excited about what comes next. Okay. Yeah, that's pretty amazing. Also for what it's worth, right, organic growth, you have one of the best organic growth thus far within the industry. Yeah. Maybe actually on that point, one of the key debate in the investment community is the fact that we have a softer market environment the growth potentially slowing down for the industry. That seems to be less of a case for you guys so far. Maybe can you help us think about just the impact of organic going forward in various segments, and how can you kind of arrive to that mid-single digit- Yeah -greater organic growth? Yeah. You're right. It has been less of a case for us. We did 6% top-line organic growth for the last two years, both in 2024 and 2025. As I just said, the most recent data point was another quarter of strong organic with 7% in Commercial Risk. That means for us that the business is resilient. That means that the drivers of growth are stable. Your question is about what those drivers of growth are. For us, it begins with new business, and we've been trending at very healthy levels relative to the objectives that we've set. We've said 9-11 points of contribution from new business. We're at 10 points of contribution the last two years, nine in this most recent quarter. The things that are driving that are the investments that we've been making in revenue-generating hires in priority areas like data center, construction, energy, health. I mentioned last quarter, in fact, that the contribution from those priority hires was 75 basis points to overall revenue growth. That's helping drive the new business. Our Aon Client Leadership program is driving that new business. The pipeline and the new business growth where we have Aon Client Leaders, particularly on our large global accounts, is now at a double-digit level. That's driving that new business as well, and we continue to see this contribution from middle market as well on the new business. That's one big driver. New business growth from existing and new clients is the largest contributor for us. That's where we've been focused, and that's what's been driving it. I'd also mention as a second item, retention. That's been up 50 basis points last year, 20 basis points in this most recent quarter, and a couple of contributors there. One, the analytics. We present them, we win more. RFP rates are up over 40%, presenting that more. What we've been doing in Aon Client Leadership, that means we have the relationships with the CHROs, with the CFOs, these higher-level relationships which make the relationship with the company, stickier and the client service through ABS has been helping there. Lastly, I'll just say that the net market impact pricing and exposure, again, what we've been doing to help clients take advantage of this opportunity has led to one point contribution from pricing exposure as well. On top of those things, there's some tailwinds that further support the business. The tailwind in M&A, acquisitions by company, was up over 25% in the Q1. The data center spend by the hyperscalers, that's a big tailwind for us as well. I'd also mention specialty, the MGA, the MGU business, we've been seeing growth. We have a specialty business in NFP and one in our legacy business, and we've been seeing strong growth there. You asked about the trends, and I'll end on that. I look at our solution lines. In Commercial Risk, you might have lower property rates, but growth in the core, growth in M&A and construction, those things are helping Commercial Risk. In Reinsurance, again, rate pressure there, but our international facultative business is strong. Our STG business is strong. In health, global benefits from new accounts has been big. The regulatory environment and wealth has been strong again. The plans are clear for us. The business is resilient, the plans are clear. We're executing on that. That's what allows us to have this continued type of growth, and we continue to feel confident in it. Really just firing all cylinders, basically. They're compounding. We're very specific about the areas where we're going to invest, and we're seeing results from each one of them, so they should compound and lead to that kind of growth. Excellent. Yeah, really appreciate that. Yeah. One thing you did touch on is the pricing environment for property is softening. Yeah. For casualty, it seems decelerating. If you look at your carrier partners, would you say that have their appetite between property and casualty changed? Are they more willing to perhaps focus on casualty side? Curious is your view on how your partners on the carrier side are reacting to the current pricing environment. Remember, I have to just step back and say pricing's impact to us, then I'll talk about the carrier's- Yeah -impact for us as well. It is just low correlation and a low explanation of variance. We shared a stat during Investor Day that said that the R-squared of pricing to our organic growth was 0.11. Nominal GDP, on the other hand, is 0.67. Right. That's more important to us. You're right, we don't look at pricing as one cycle. We look at it as a collection of micro markets, really, that vary by geography, that vary by product, which is what you're asking about now when you ask about property and pricing, and vary by client segment as well. I think you are seeing more underwriting focus driving less aggressive price competition as well. I think you are seeing the structural trends that are impacting these underwriters, primarily loss severity, arguing against an extended and prolonged pricing environment. Really even coming back to these micro markets, you think about them, property to your specific question, that is where you see, particularly large property, that's where you've seen over the last five years the highest increases. Therefore, you're now seeing 15% decline in rate in that area for the large market. It's more muted, to my point earlier about being different in client segments, is more muted in the middle market. Casualty, you might see some decelerating, but it's still growing at a high single digit rate. I think you're still seeing the underwriters, to your question, lean in on that. It varies by the other products as well. For us, the value is not in the rate- Yeah for us. The value is in placing complex insurance and designing the solutions for us. That's why we've still been able to drive results that are one point of contribution from this environment and why we feel good that we'll be able to continue our mid-single digit growth in all pricing environments. Okay. No, that's very helpful. Yeah. I think one thing you talked about that's very interesting, the value add of the brokers, right? Yeah. This wouldn't be a financial conference if you don't talk about AI and tech. From that perspective, one of the things that people tend to talk about is that AI could potentially be a disintermediating force within the broker space. Can you maybe talk about is that, one, sensible? Then maybe to the folks that feel that AI is a disintermediating force, what would be your messaging- Okay -to those folks? For brokers, or for AI specifically, actually. Yeah. I'm going to break it up into two. I hear two parts in your question. One is the question on disintermediation. The other part that I heard in your question is the naysayers, those who think that the impact is going to be negative. First, when I think about the disintermediation point, an insurance brokerage for sure is a network business in my mind. In network businesses, there's always this fear that technology will disrupt it, will disintermediate it or disrupt it. What we've actually seen is fragmented point solutions that come in and impact a slice of the process, disrupt that, or actually even amplify a slice of the process. The strongest players, the most resilient players own or play across the entire end-to-end process. That's an important point. They own or play across the entire end-to-end process. In insurance, that means onboarding, that means placement, policy management, invoicing, cash and collections, claims servicing and the policy renewal. If I were to try to summarize the process, that's the entire process. In addition to owning that process or playing across that entire process, there are advantages that protect against disintermediation for the large brokers. We know what they are. They're very obvious. The proprietary data, the scale and the negotiating leverage with the carrier, our relationships, the claims advocacy and resolution, and for some of us, given the investments that we've made, the analytics that support bringing capital into the market. Those are obvious advantages. Playing across the process with these sort of advantages here, I would say those things protect against disintermediation, but I'd also add that there's a less obvious advantage that is unique to Aon as well, and that is our organizational structure. We've been transforming the organization for the last 15 years to be more centered on the client. That means Aon United in 2010, bringing together our geographies and our solutions, no boundaries. That means 2018, Aon Business Services or ABS, bringing together our operations and technology. By the way, we amplified that with a billion three investment in technology and in the organizational structure. What that means is that we are ready to embrace the technology, so not disintermediate. We see AI as a strategic enabler, and in an AI-enabled world, value accrues to the network integrator, integrating those processes. That's my point on the disintermediation piece. In terms of disproving the negative, the naysayers here, the first thing, we are less focused on the if scenario, will it destroy the industry or not, but more focused on the scenario outcomes and the assumptions within those outcomes that drive growth or drive productivity in there. When I think about the top line, you want to consider what's the client segment you're playing in, what's the consulting percentage of your business and how that's impacted. Very importantly, and what I think a lot of folks miss is, whether it is the opportunity to increase the addressable market, and data center is a great example of that because that is a capital-constrained market. There's not enough in traditional insurance, and we're bringing in other players like PE. What can you do to increase the addressable market? That's a key assumption. Are you making the investments that increase your share in an expanding market? On the revenue side. On the productivity and efficiency side, we're already seeing tangible proof of the benefits there, across the workflows and claims, invoicing, policy management, those things are already coming through. We believe for those who have a question about it, focus on the companies that have the right organizational structure in place, that have started to make the investments in the technology capabilities that drive revenue. You do those things, and we believe you'll have an expanding addressable market. The content, the structure that we have in place, and the investments that we've been making will help us expand our share in that market. That means a more valuable company, a more durable company, a more scalable company when you think about it. Yeah. That's actually a very interesting point, right? Would you say that within the AI opportunities, which you kind of laid out right there. Yeah Are they different between the Commercial Risk solutions, the Health or the Wealth, or would you say they're kind of similar in that regard? Just curious of your long-term opportunities there within each division. There's opportunities that are AI-driven that we're taking advantage of now across those solution lines, and there's a longer-term opportunity as well, and hit them both. In the immediate term, as I just mentioned, we are already seeing benefits in construction, and in particular, data center, right? Companies are spending over $800 billion in CapEx on this. That, as I just mentioned, is a capital-constrained opportunity that if we don't bring in other capital, it really will bypass insurance and make us less relevant. As I mentioned, we've been bringing in other forms of capital for that. That's on the Commercial Risk side. We have a facility for data centers that was $1 billion less than a year ago. It's now $3.5 billion, and we expect to expand that even more as we bring in more capital associated with it, traditional and non-traditional. That's in Commercial Risk to your question. In Health, the workforce opportunity is a big driver of growth for us now, and that we expect moving forward as companies look to up-skill and re-skill their employee base as they transition and adopt AI. That's happening right now. Then I'd also call out one other area, because you asked about construction and Health, but I'd call out the middle market as well. The opportunity is big for us to use our capabilities for the middle markets who really don't have risk management teams in place. They look for us to come and be their risk manager, talk to their CFO. We're diagnosing the risk, understanding their exposure, understanding the P&L impact. Those things are benefiting us today, and I would say it's largely being driven by this environment. As we move forward, though, it is all about embedding AI in our capabilities to scale innovation across our Suite of Analyzers, both in Commercial Risk and Health, to increase client service and retention and to continue to get the productivity and efficiency benefits as well. We see that as a huge opportunity for us moving forward. We're making the investment in that. It is what gives us confidence that this is an opportunity and not a risk moving forward for us. It's really as long as we're continuously investing in these opportunities. Yeah It's a compounder. Focus on those companies that are structurally set up and making the investment in the technology capabilities that don't just help productivity, but drive top-line revenue growth as well. Thank you for that. That was a very great detail- Yeah. -in terms of how to think about this. Really appreciate it. If we pivot a little bit to capital allocation, you have a very strong balance sheet, right? $7 billion available capacity. That being said, the broader brokers' valuation have come down because of all the things we talked about before. At the same time, you have a very strong pipeline on the M&A side as well. Could you maybe give us an update on capital priorities and where do you think is the most attractive use of capital right now? Yeah. Whether you're thinking about share repurchases or acquisition, for us, the capital model begins with free cash flow generation. I have to start there because we've had very strong double digit. The quarter was over 332%. That is what has enabled us to execute our capital allocation model. Leverage, as I just mentioned, is actually in a very strong position relative to our objectives. It was 2.6x. We again increased the dividend at a double-digit level here. If you look at Q1, it is a great demonstration of our disciplined model. Right. We deployed $349 million towards tuck-in M&A in the middle market, primarily through our NFP platform. To the question you asked, the largest deployment of capital was actually share repurchases, where we deployed $500 million. That's twice what it's been over the last eight quarters, and that's because we definitely think that the market does not currently recognize the intrinsic value of the firm. We take advantage of that. This trade-off between a market that is dislocated right now and below the intrinsic value of the firm and M&A opportunities that might not yet reflect public market valuations is what we're constantly balancing. We'll continue to be disciplined on that. When you look at our M&A over the last 10 years, the acquisitions that we've made, roughly 150 of them, after the first year of ownership, they're over 10% growth. The IRRs are over 20%. As I said at the beginning of this conversation, our ROIC continues to lead the industry. Those are our objectives, when I think about those objectives, the pipeline is still strong, though I don't think the valuations fully reflect the current market. We are focused on middle market, particularly in Commercial Risk in the U.S., tuck-in and further. We're focused on some of the international countries, places like France, Germany, Japan, even some of the countries in Latin America, I think, have some opportunities for us. Increasingly, we've brought together our specialty business that we purchased as part of NFP in our legacy business, there are some MGA, MGU opportunities for us as well. Again, it really is about the highest return for shareholders here. We're very disciplined about that. That means balancing investment for growth with capital return to shareholders, we're just in a great position to do it with the strength of our balance sheet and the flexibility we have. Sounds like a wonderful time to have a strong balance sheet. Another thing you kind of touched on earlier on the strategy side. This is the final year of the 3x3 Plan. Yeah. The program is obviously successful. What's next? Can you give us a little bit of a preview of how we should think about this going forward? I think our CEO, Greg, said this best, that the 3x3 Plan was never a destination for us. It was never a destination. The goal was to exit 2026, the final year of our 3x3 Plan, with momentum. That's exactly what we're doing here. We have the ABS foundation, that growth engine in place, which allows us to have operating leverage to both invest and drive margin expansion through our core operating business, through the core business here. That's very important for us as we move next. We have the suite of analyzers across Commercial Risk and human capital and Reinsurance that's always been in place, really helping us with win rates and with retention. As we go into the next phase after the 3x3, which again, is an evolution, not a reset. It's an evolution, not a reset. We want to scale those analyzers, make sure that they're presented in every client interaction because we see stronger results when they are presented. Aon Client Leadership, I mentioned that earlier. When we have an Aon Client Leader on the account, which we now have for nearly 750 global accounts, we see the best retention in the portfolio. We see product penetration that's twice what it is for accounts that don't have it. We see higher new business, and we see the highest retention in the portfolio as well. We want to get these Aon Client Leaders across the other client segments as well. We want to continue doing that. We now have this beachhead in middle market. We know how to attack the middle market when it comes to integrating, when it comes to going after the revenue synergies that's there as well. As we get into this next phase, we're going to focus more and more on that. The organization has said that we're making the investments in our technology capabilities that's helping us win, that means that we are in a great place coming out of the 3x3 Plan to really scale and enhance, and have these decisions that we've been making compound and potentially be at the right end of our overall objectives here. Right. It's really expanding into your existing advantage really having technology also enable a lot of that as well. Enabling that. Yeah. Maybe that's actually an interesting point on the technology side, right? When a lot of people talk about AI, they feel like it's a miracle drug, but people kind of ignore the cost aspect of this. AI is a variable cost, it's not a fixed cost, based on our understanding. Someone can spend a lot of money on that. With today's capability, how do you think about the ROI of the technology you're implementing, and how do you think about cost measures overall for all the capabilities that you're introducing to the firm? Yeah, that's an interesting question, and one that me and our COO, who leads our technology and AI team, connect on and discuss constantly. First thing that I'd say is I don't look at the cost of AI as this high risk, high visibility, separate line item bet. We really look at it as part of our ongoing tech dev investment and product innovation. We look at it increasingly as part of our day-to-day workflows, as well. As I said, we use AI as a strategic enabler to scale our innovation, that's our suite of analyzers, to drive client service better, enhance service and retention, and to drive productivity and efficiency. We measure those things in terms of the contribution to revenue growth from the products that have it embedded in it. We measure it on the contribution to margin expansion from the productivity and efficiency that we have as well. That's overall how we discuss the measurement. Specifically on the cost side of it, this is again a place where I think our organizational structure and how we think about it is helping us. We've tiered the organization. It's just our terminology, where tier 1 is broad tools that's primarily a licensing fixed cost. Tier 2 is more of a hybrid model, but tier 3 is the high consumption, high variable cost, expert outcomes, and we're really looking at measurable outcomes from those. That structure, tier 1, 2, and 3, that have different tools with different cost structures, fixed versus variable in them, is how we think about it. That allows us to have discipline on the cost, not stifle the innovation as we move forward, and be balanced about the overall cost of it moving forward. We'll just continue to monitor the innovation as the technology continues to evolve here. Okay. It's very much a balanced approach. It's a balanced approach. Okay, got it. No, very helpful. We do have some time for questions. If anybody have any questions, we have the mic around. Anybody want to raise their hand and go ahead? All right. If not, maybe I can squeeze one more. Let's go for it. Sure. GDP, obviously one of the bigger component when we think about growth, right? Now, obviously, there has been a lot of volatility globally. If you think about the U.S. business and the international business, curious as how you feel the opportunities between inflation, between GDP growth, and then various parts of the world. Curious if you have a view on that. Yeah. Certainly in the U.S., the levels of inflation has increased property and asset values. That means more exposure. That's a benefit for insurance and insurance brokers as well. In the international regions, I would say the inflation is more uneven, but that's not disruptive to our business at all. It's not disruptive because the regulatory environment, the geopolitical environment, that increases risk and increases the demand, which is a benefit to our business. I'd also say that our global footprint, which means a diversified portfolio, we're operating in over 120 countries, really moderates the impact from any individual region. When we look at our international business right now, particularly EMEA and LATAM, we have seen strong contribution to our overall growth. You asked about inflation in GDP. If you look into EMEA, our specialty business in Commercial Risk, the move from public to private markets in Health, the regulatory environment impacting Wealth and Health, the global benefit expansion from our existing clients, those are things that in this macro environment are actually bolstering risk and the demand for our services in driving the contribution in EMEA. In LATAM, GDP, I would say, is lower but more stable, foreign direct investment is growing at multiples of the GDP in those markets. That is a benefit to the overall industry and to us as well. There you see medical inflation being impacted by the pressure on the private healthcare systems. The big countries for us, places like Mexico, the last three years has been growing at a double-digit level for us as well. These international markets might have more uneven macro environments, but they've been resilient and strong contributors to our overall growth as well. Really a very strong diversified portfolio across. Yeah. Diversified portfolio. I appreciate it. Well, I think anybody have any questions here? If not, I think, Edmund, thank you for your time. Yeah.Health I really appreciate it. Great questions. It was very enlightening. Thank you. Thank you. Thank you.

Speaker 1: Good morning, everybody. We're honored to have Edmund Reese, the CFO of Aon, to join us today. Thank you, Edmund, for taking your time. This is actually a very exciting time to talk about insurance in general, especially the brokers. Good morning, everybody. good morning everybody We're honored to have Edmund Reese, the CFO of Aon, to join us today. we're honored to have edmund reese the cfo of aon to join us today Thank you, Edmund, for taking your time. thank you edmund for taking your time This is actually a very exciting time to talk about insurance in general, especially the brokers. this is actually a very exciting time to talk about insurance in general especially the brokers

Speaker 2: Yep. Yep. yep

Speaker 1: Maybe with that, let's get started. Maybe the first thing, if we want to look at the broader environment, right? This is your second year. Maybe with that, let's get started. maybe with that let's get started Maybe the first thing, if we want to look at the broader environment, right? maybe the first thing if we want to look at the broader environment right This is your second year. this is your second year

Speaker 2: Yeah. Yeah. yeah

Speaker 1: at Aon, and it's probably two of the most exciting years in recent memory. From that perspective, maybe can you help us talk about, going forward, what are the things that you're most excited about for Aon and also the brokers industry in general? at Aon, and it's probably two of the most exciting years in recent memory. at aon and it's probably two of the most exciting years in recent memory From that perspective, maybe can you help us talk about, going forward, what are the things that you're most excited about for Aon and also the brokers industry in general? from that perspective maybe can you help us talk about going forward what are the things that you're most excited about for aon and also the brokers industry in general

Speaker 2: Yeah. Well, first, let me just thank you for having me this morning. This is always a very high-quality conference with great investors. Thanks for having me, Bob. Yeah, it has been an exciting two years, and there's a lot to look forward to moving forward. When I stepped into the CFO role of Aon two years ago, almost exactly today, the company was, prior to 2024, lagging on organic growth relative to the other peers. It had just done an acquisition as a percentage of its market cap, the largest of all time, and of course, that had an impact on capital as well. Those were the three priorities, organic revenue growth, re-underwriting that large acquisition NFP, and focusing on capital. Where are we now? Yeah. yeah Well, first, let me just thank you for having me this morning. well first let me just thank you for having me this morning This is always a very high-quality conference with great investors. this is always a very high-quality conference with great investors Thanks for having me, Bob. thanks for having me bob Yeah, it has been an exciting two years, and there's a lot to look forward to moving forward. yeah it has been an exciting two years and there's a lot to look forward to moving forward When I stepped into the CFO role of Aon two years ago, almost exactly today, the company was, prior to 2024, lagging on organic growth relative to the other peers. when i stepped into the cfo role of aon two years ago almost exactly today the company was prior to 2024 lagging on organic growth relative to the other peers It had just done an acquisition as a percentage of its market cap, the largest of all time, and of course, that had an impact on capital as well. it had just done an acquisition as a percentage of its market cap the largest of all time and of course that had an impact on capital as well Those were the three priorities, organic revenue growth, re-underwriting that large acquisition NFP, and focusing on capital. those were the three priorities organic revenue growth re-underwriting that large acquisition nfp and focusing on capital Where are we now? where are we now Organic revenue growth has been accelerating. The most recent data point is 150 basis points better than the industry average. Commercial Risk itself is 440 basis points better than the industry average. The decisions that we've been making, the investments that we've been making, really have us in a strong position in terms of accelerating and leading the industry in organic revenue growth. NFP, that acquisition, you notice at the end of the Q4 we made the call to accelerate the integration into ABS. We've learned how to drive the revenue synergies, how to integrate. The retention is better than it was when we first acquired the company, and we're executing on the inorganic component as well. We brought in over $42 million in EBITDA last year. From a capital standpoint, I looked at this company, it was over 30% ROIC, leading the industry. Organic revenue growth has been accelerating. organic revenue growth has been accelerating The most recent data point is 150 basis points better than the industry average. the most recent data point is 150 basis points better than the industry average Commercial Risk itself is 440 basis points better than the industry average. commercial risk itself is 440 basis points better than the industry average The decisions that we've been making, the investments that we've been making, really have us in a strong position in terms of accelerating and leading the industry in organic revenue growth. the decisions that we've been making the investments that we've been making really have us in a strong position in terms of accelerating and leading the industry in organic revenue growth NFP, that acquisition, you notice at the end of the Q4 we made the call to accelerate the integration into ABS. nfp that acquisition you notice at the end of the q4 we made the call to accelerate the integration into abs We've learned how to drive the revenue synergies, how to integrate. we've learned how to drive the revenue synergies how to integrate The retention is better than it was when we first acquired the company, and we're executing on the inorganic component as well. the retention is better than it was when we first acquired the company and we're executing on the inorganic component as well We brought in over $42 million in EBITDA last year. we brought in over $42 million in ebitda last year From a capital standpoint, I looked at this company, it was over 30% ROIC, leading the industry. from a capital standpoint i looked at this company it was over 30% roic leading the industry That was obviously impacted by the acquisition. A year, certainly two years later, we're again from an ROIC level at the top of the industries. Those were the priorities. That's what we've been focused on, and that's what the progress has been. Now, we really are just executing on the 3x3 Plan. You ask about moving forward. It's showing up in the results. These are differentiated results relative to the peers right now. The balance sheet is stronger than ever with free cash flow back at the double-digit level with leverage actually below the objectives that we set. I am sure we will talk about AI right now. The industry itself, I would say with the increasing risk, the increasing demand, and the investments that we've been making in our capabilities, I think it's a great outlook for us moving forward. That was obviously impacted by the acquisition. that was obviously impacted by the acquisition A year, certainly two years later, we're again from an ROIC level at the top of the industries. a year certainly two years later we're again from an roic level at the top of the industries Those were the priorities. those were the priorities That's what we've been focused on, and that's what the progress has been. that's what we've been focused on and that's what the progress has been Now, we really are just executing on the 3x3 Plan. now we really are just executing on the 3x3 plan You ask about moving forward. you ask about moving forward It's showing up in the results. it's showing up in the results These are differentiated results relative to the peers right now. these are differentiated results relative to the peers right now The balance sheet is stronger than ever with free cash flow back at the double-digit level with leverage actually below the objectives that we set. the balance sheet is stronger than ever with free cash flow back at the double-digit level with leverage actually below the objectives that we set I am sure we will talk about AI right now. i am sure we will talk about ai right now The industry itself, I would say with the increasing risk, the increasing demand, and the investments that we've been making in our capabilities, I think it's a great outlook for us moving forward. the industry itself i would say with the increasing risk the increasing demand and the investments that we've been making in our capabilities i think it's a great outlook for us moving forward I would just say that we've just become much more relevant to the client, given our Aon United model. The investments that we've been making, I think, make the business much more valuable going forward. An exciting two years, we're really excited about what comes next. I would just say that we've just become much more relevant to the client, given our Aon United model. i would just say that we've just become much more relevant to the client given our aon united model The investments that we've been making, I think, make the business much more valuable going forward. the investments that we've been making i think make the business much more valuable going forward An exciting two years, we're really excited about what comes next. an exciting two years we're really excited about what comes next

Speaker 1: Okay. Yeah, that's pretty amazing. Also for what it's worth, right, organic growth, you have one of the best organic growth thus far within the industry. Okay. okay Yeah, that's pretty amazing. yeah that's pretty amazing Also for what it's worth, right, organic growth, you have one of the best organic growth thus far within the industry. also for what it's worth right organic growth you have one of the best organic growth thus far within the industry

Speaker 2: Yeah. Yeah. yeah

Speaker 1: Maybe actually on that point, one of the key debate in the investment community is the fact that we have a softer market environment the growth potentially slowing down for the industry. Maybe actually on that point, one of the key debate in the investment community is the fact that we have a softer market environment the growth potentially slowing down for the industry. maybe actually on that point one of the key debate in the investment community is the fact that we have a softer market environment the growth potentially slowing down for the industry That seems to be less of a case for you guys so far. Maybe can you help us think about just the impact of organic going forward in various segments, and how can you kind of arrive to that mid-single digit- That seems to be less of a case for you guys so far. that seems to be less of a case for you guys so far Maybe can you help us think about just the impact of organic going forward in various segments, and how can you kind of arrive to that mid-single digit- maybe can you help us think about just the impact of organic going forward in various segments and how can you kind of arrive to that mid-single digit-

Speaker 2: Yeah Yeah yeah

Speaker 1: -greater organic growth? -greater organic growth? -greater organic growth

Speaker 2: Yeah. You're right. It has been less of a case for us. We did 6% top-line organic growth for the last two years, both in 2024 and 2025. As I just said, the most recent data point was another quarter of strong organic with 7% in Commercial Risk. That means for us that the business is resilient. That means that the drivers of growth are stable. Your question is about what those drivers of growth are. For us, it begins with new business, and we've been trending at very healthy levels relative to the objectives that we've set. We've said 9-11 points of contribution from new business. We're at 10 points of contribution the last two years, nine in this most recent quarter. Yeah. yeah You're right. you're right It has been less of a case for us. it has been less of a case for us We did 6% top-line organic growth for the last two years, both in 2024 and 2025. we did 6% top-line organic growth for the last two years both in 2024 and 2025 As I just said, the most recent data point was another quarter of strong organic with 7% in Commercial Risk. as i just said the most recent data point was another quarter of strong organic with 7% in commercial risk That means for us that the business is resilient. that means for us that the business is resilient That means that the drivers of growth are stable. that means that the drivers of growth are stable Your question is about what those drivers of growth are. your question is about what those drivers of growth are For us, it begins with new business, and we've been trending at very healthy levels relative to the objectives that we've set. for us it begins with new business and we've been trending at very healthy levels relative to the objectives that we've set We've said 9- 11 points of contribution from new business. we've said 9- 11 points of contribution from new business We're at 10 points of contribution the last two years, nine in this most recent quarter. we're at 10 points of contribution the last two years nine in this most recent quarter The things that are driving that are the investments that we've been making in revenue-generating hires in priority areas like data center, construction, energy, health. I mentioned last quarter, in fact, that the contribution from those priority hires was 75 basis points to overall revenue growth. That's helping drive the new business. Our Aon Client Leadership program is driving that new business. The pipeline and the new business growth where we have Aon Client Leaders, particularly on our large global accounts, is now at a double-digit level. That's driving that new business as well, and we continue to see this contribution from middle market as well on the new business. That's one big driver. New business growth from existing and new clients is the largest contributor for us. That's where we've been focused, and that's what's been driving it. The things that are driving that are the investments that we've been making in revenue-generating hires in priority areas like data center, construction, energy, health. the things that are driving that are the investments that we've been making in revenue-generating hires in priority areas like data center construction energy health I mentioned last quarter, in fact, that the contribution from those priority hires was 75 basis points to overall revenue growth. i mentioned last quarter in fact that the contribution from those priority hires was 75 basis points to overall revenue growth That's helping drive the new business. that's helping drive the new business Our Aon Client Leadership program is driving that new business. our aon client leadership program is driving that new business The pipeline and the new business growth where we have Aon Client Leaders, particularly on our large global accounts, is now at a double-digit level. the pipeline and the new business growth where we have aon client leaders particularly on our large global accounts is now at a double-digit level That's driving that new business as well, and we continue to see this contribution from middle market as well on the new business. that's driving that new business as well and we continue to see this contribution from middle market as well on the new business That's one big driver. that's one big driver New business growth from existing and new clients is the largest contributor for us. new business growth from existing and new clients is the largest contributor for us That's where we've been focused, and that's what's been driving it. that's where we've been focused and that's what's been driving it I'd also mention as a second item, retention. That's been up 50 basis points last year, 20 basis points in this most recent quarter, and a couple of contributors there. One, the analytics. We present them, we win more. RFP rates are up over 40%, presenting that more. What we've been doing in Aon Client Leadership, that means we have the relationships with the CHROs, with the CFOs, these higher-level relationships which make the relationship with the company, stickier and the client service through ABS has been helping there. Lastly, I'll just say that the net market impact pricing and exposure, again, what we've been doing to help clients take advantage of this opportunity has led to one point contribution from pricing exposure as well. On top of those things, there's some tailwinds that further support the business. I'd also mention as a second item, retention. i'd also mention as a second item retention That's been up 50 basis points last year, 20 basis points in this most recent quarter, and a couple of contributors there. that's been up 50 basis points last year 20 basis points in this most recent quarter and a couple of contributors there One, the analytics. one the analytics We present them, we win more. we present them we win more RFP rates are up over 40%, presenting that more. rfp rates are up over 40% presenting that more What we've been doing in Aon Client Leadership, that means we have the relationships with the CHROs, with the CFOs, these higher-level relationships which make the relationship with the company, stickier and the client service through ABS has been helping there. what we've been doing in aon client leadership that means we have the relationships with the chros with the cfos these higher-level relationships which make the relationship with the company stickier and the client service through abs has been helping there Lastly, I'll just say that the net market impact pricing and exposure, again, what we've been doing to help clients take advantage of this opportunity has led to one point contribution from pricing exposure as well. lastly i'll just say that the net market impact pricing and exposure again what we've been doing to help clients take advantage of this opportunity has led to one point contribution from pricing exposure as well On top of those things, there's some tailwinds that further support the business. on top of those things there's some tailwinds that further support the business The tailwind in M&A, acquisitions by company, was up over 25% in the Q1. The data center spend by the hyperscalers, that's a big tailwind for us as well. I'd also mention specialty, the MGA, the MGU business, we've been seeing growth. We have a specialty business in NFP and one in our legacy business, and we've been seeing strong growth there. You asked about the trends, and I'll end on that. I look at our solution lines. In Commercial Risk, you might have lower property rates, but growth in the core, growth in M&A and construction, those things are helping Commercial Risk. In Reinsurance, again, rate pressure there, but our international facultative business is strong. Our STG business is strong. In health, global benefits from new accounts has been big. The regulatory environment and wealth has been strong again. The tailwind in M&A, acquisitions by company, was up over 25% in the Q1. the tailwind in m&a acquisitions by company was up over 25% in the q1 The data center spend by the hyperscalers, that's a big tailwind for us as well. the data center spend by the hyperscalers that's a big tailwind for us as well I'd also mention specialty, the MGA, the MGU business, we've been seeing growth. i'd also mention specialty the mga the mgu business we've been seeing growth We have a specialty business in NFP and one in our legacy business, and we've been seeing strong growth there. we have a specialty business in nfp and one in our legacy business and we've been seeing strong growth there You asked about the trends, and I'll end on that. you asked about the trends and i'll end on that I look at our solution lines. i look at our solution lines In Commercial Risk, you might have lower property rates, but growth in the core, growth in M&A and construction, those things are helping Commercial Risk. in commercial risk you might have lower property rates but growth in the core growth in m&a and construction those things are helping commercial risk In Reinsurance, again, rate pressure there, but our international facultative business is strong. in reinsurance again rate pressure there but our international facultative business is strong Our STG business is strong. our stg business is strong In health, global benefits from new accounts has been big. in health global benefits from new accounts has been big The regulatory environment and wealth has been strong again. the regulatory environment and wealth has been strong again The plans are clear for us. The business is resilient, the plans are clear. We're executing on that. That's what allows us to have this continued type of growth, and we continue to feel confident in it. The plans are clear for us. the plans are clear for us The business is resilient, the plans are clear. the business is resilient the plans are clear We're executing on that. we're executing on that That's what allows us to have this continued type of growth, and we continue to feel confident in it. that's what allows us to have this continued type of growth and we continue to feel confident in it

Speaker 1: Really just firing all cylinders, basically. Really just firing all cylinders, basically. really just firing all cylinders basically

Speaker 2: They're compounding. We're very specific about the areas where we're going to invest, and we're seeing results from each one of them, so they should compound and lead to that kind of growth. They're compounding. they're compounding We're very specific about the areas where we're going to invest, and we're seeing results from each one of them, so they should compound and lead to that kind of growth. we're very specific about the areas where we're going to invest and we're seeing results from each one of them so they should compound and lead to that kind of growth

Speaker 1: Excellent. Yeah, really appreciate that. Excellent. excellent Yeah, really appreciate that. yeah really appreciate that

Speaker 2: Yeah. Yeah. yeah

Speaker 1: One thing you did touch on is the pricing environment for property is softening. One thing you did touch on is the pricing environment for property is softening. one thing you did touch on is the pricing environment for property is softening

Speaker 2: Yeah. Yeah. yeah

Speaker 1: For casualty, it seems decelerating. If you look at your carrier partners, would you say that have their appetite between property and casualty changed? Are they more willing to perhaps focus on casualty side? Curious is your view on how your partners on the carrier side are reacting to the current pricing environment. For casualty, it seems decelerating. for casualty it seems decelerating If you look at your carrier partners, would you say that have their appetite between property and casualty changed? if you look at your carrier partners would you say that have their appetite between property and casualty changed Are they more willing to perhaps focus on casualty side? are they more willing to perhaps focus on casualty side Curious is your view on how your partners on the carrier side are reacting to the current pricing environment. curious is your view on how your partners on the carrier side are reacting to the current pricing environment

Speaker 2: Remember, I have to just step back and say pricing's impact to us, then I'll talk about the carrier's- Remember, I have to just step back and say pricing's impact to us, then I'll talk about the carrier's- remember i have to just step back and say pricing's impact to us then i'll talk about the carrier's-

Speaker 1: Yeah Yeah yeah

Speaker 2: -impact for us as well. It is just low correlation and a low explanation of variance. We shared a stat during Investor Day that said that the R-squared of pricing to our organic growth was 0.11. Nominal GDP, on the other hand, is 0.67. -impact for us as well. -impact for us as well It is just low correlation and a low explanation of variance. it is just low correlation and a low explanation of variance We shared a stat during Investor Day that said that the R-squared of pricing to our organic growth was 0.11. we shared a stat during investor day that said that the r-squared of pricing to our organic growth was 0.11 Nominal GDP, on the other hand, is 0.67. nominal gdp on the other hand is 0.67

Speaker 1: Right. Right. right

Speaker 2: That's more important to us. You're right, we don't look at pricing as one cycle. We look at it as a collection of micro markets, really, that vary by geography, that vary by product, which is what you're asking about now when you ask about property and pricing, and vary by client segment as well. I think you are seeing more underwriting focus driving less aggressive price competition as well. I think you are seeing the structural trends that are impacting these underwriters, primarily loss severity, arguing against an extended and prolonged pricing environment. Really even coming back to these micro markets, you think about them, property to your specific question, that is where you see, particularly large property, that's where you've seen over the last five years the highest increases. Therefore, you're now seeing 15% decline in rate in that area for the large market. That's more important to us. that's more important to us You're right, we don't look at pricing as one cycle. you're right we don't look at pricing as one cycle We look at it as a collection of micro markets, really, that vary by geography, that vary by product, which is what you're asking about now when you ask about property and pricing, and vary by client segment as well. we look at it as a collection of micro markets really that vary by geography that vary by product which is what you're asking about now when you ask about property and pricing and vary by client segment as well I think you are seeing more underwriting focus driving less aggressive price competition as well. i think you are seeing more underwriting focus driving less aggressive price competition as well I think you are seeing the structural trends that are impacting these underwriters, primarily loss severity, arguing against an extended and prolonged pricing environment. i think you are seeing the structural trends that are impacting these underwriters primarily loss severity arguing against an extended and prolonged pricing environment Really even coming back to these micro markets, you think about them, property to your specific question, that is where you see, particularly large property, that's where you've seen over the last five years the highest increases. really even coming back to these micro markets you think about them property to your specific question that is where you see particularly large property that's where you've seen over the last five years the highest increases Therefore, you're now seeing 15% decline in rate in that area for the large market. therefore you're now seeing 15% decline in rate in that area for the large market It's more muted, to my point earlier about being different in client segments, is more muted in the middle market. Casualty, you might see some decelerating, but it's still growing at a high single digit rate. I think you're still seeing the underwriters, to your question, lean in on that. It varies by the other products as well. For us, the value is not in the rate- It's more muted, to my point earlier about being different in client segments, is more muted in the middle market. it's more muted to my point earlier about being different in client segments is more muted in the middle market Casualty, you might see some decelerating, but it's still growing at a high single digit rate. casualty you might see some decelerating but it's still growing at a high single digit rate I think you're still seeing the underwriters, to your question, lean in on that. i think you're still seeing the underwriters to your question lean in on that It varies by the other products as well. it varies by the other products as well For us, the value is not in the rate- for us the value is not in the rate-

Speaker 1: Yeah Yeah yeah

Speaker 2: for us. The value is in placing complex insurance and designing the solutions for us. That's why we've still been able to drive results that are one point of contribution from this environment and why we feel good that we'll be able to continue our mid-single digit growth in all pricing environments. for us. for us The value is in placing complex insurance and designing the solutions for us. the value is in placing complex insurance and designing the solutions for us That's why we've still been able to drive results that are one point of contribution from this environment and why we feel good that we'll be able to continue our mid-single digit growth in all pricing environments. that's why we've still been able to drive results that are one point of contribution from this environment and why we feel good that we'll be able to continue our mid-single digit growth in all pricing environments

Speaker 1: Okay. No, that's very helpful. Yeah. I think one thing you talked about that's very interesting, the value add of the brokers, right? Okay. okay No, that's very helpful. no that's very helpful Yeah. yeah I think one thing you talked about that's very interesting, the value add of the brokers, right? i think one thing you talked about that's very interesting the value add of the brokers right

Speaker 2: Yeah. Yeah. yeah

Speaker 1: This wouldn't be a financial conference if you don't talk about AI and tech. From that perspective, one of the things that people tend to talk about is that AI could potentially be a disintermediating force within the broker space. Can you maybe talk about is that, one, sensible? Then maybe to the folks that feel that AI is a disintermediating force, what would be your messaging- This wouldn't be a financial conference if you don't talk about AI and tech. this wouldn't be a financial conference if you don't talk about ai and tech From that perspective, one of the things that people tend to talk about is that AI could potentially be a disintermediating force within the broker space. from that perspective one of the things that people tend to talk about is that ai could potentially be a disintermediating force within the broker space Can you maybe talk about is that, one, sensible? can you maybe talk about is that one sensible Then maybe to the folks that feel that AI is a disintermediating force, what would be your messaging- then maybe to the folks that feel that ai is a disintermediating force what would be your messaging-

Speaker 2: Okay Okay okay

Speaker 1: -to those folks? For brokers, or for AI specifically, actually. -to those folks? -to those folks For brokers, or for AI specifically, actually. for brokers or for ai specifically actually

Speaker 2: Yeah. I'm going to break it up into two. I hear two parts in your question. One is the question on disintermediation. The other part that I heard in your question is the naysayers, those who think that the impact is going to be negative. First, when I think about the disintermediation point, an insurance brokerage for sure is a network business in my mind. In network businesses, there's always this fear that technology will disrupt it, will disintermediate it or disrupt it. What we've actually seen is fragmented point solutions that come in and impact a slice of the process, disrupt that, or actually even amplify a slice of the process. The strongest players, the most resilient players own or play across the entire end-to-end process. That's an important point. They own or play across the entire end-to-end process. Yeah. yeah I'm going to break it up into two. i'm going to break it up into two I hear two parts in your question. i hear two parts in your question One is the question on disintermediation. one is the question on disintermediation The other part that I heard in your question is the naysayers, those who think that the impact is going to be negative. the other part that i heard in your question is the naysayers those who think that the impact is going to be negative First, when I think about the disintermediation point, an insurance brokerage for sure is a network business in my mind. first when i think about the disintermediation point an insurance brokerage for sure is a network business in my mind In network businesses, there's always this fear that technology will disrupt it, will disintermediate it or disrupt it. in network businesses there's always this fear that technology will disrupt it will disintermediate it or disrupt it What we've actually seen is fragmented point solutions that come in and impact a slice of the process, disrupt that, or actually even amplify a slice of the process. what we've actually seen is fragmented point solutions that come in and impact a slice of the process disrupt that or actually even amplify a slice of the process The strongest players, the most resilient players own or play across the entire end-to-end process. the strongest players the most resilient players own or play across the entire end-to-end process That's an important point. that's an important point They own or play across the entire end-to-end process. they own or play across the entire end-to-end process In insurance, that means onboarding, that means placement, policy management, invoicing, cash and collections, claims servicing and the policy renewal. If I were to try to summarize the process, that's the entire process. In addition to owning that process or playing across that entire process, there are advantages that protect against disintermediation for the large brokers. We know what they are. They're very obvious. The proprietary data, the scale and the negotiating leverage with the carrier, our relationships, the claims advocacy and resolution, and for some of us, given the investments that we've made, the analytics that support bringing capital into the market. Those are obvious advantages. Playing across the process with these sort of advantages here, I would say those things protect against disintermediation, but I'd also add that there's a less obvious advantage that is unique to Aon as well, and that is our organizational structure. In insurance, that means onboarding, that means placement, policy management, invoicing, cash and collections, claims servicing and the policy renewal. in insurance that means onboarding that means placement policy management invoicing cash and collections, claims servicing and the policy renewal If I were to try to summarize the process, that's the entire process. if i were to try to summarize the process that's the entire process In addition to owning that process or playing across that entire process, there are advantages that protect against disintermediation for the large brokers. in addition to owning that process or playing across that entire process there are advantages that protect against disintermediation for the large brokers We know what they are. we know what they are They're very obvious. they're very obvious The proprietary data, the scale and the negotiating leverage with the carrier, our relationships, the claims advocacy and resolution, and for some of us, given the investments that we've made, the analytics that support bringing capital into the market. the proprietary data the scale and the negotiating leverage with the carrier our relationships the claims advocacy and resolution and for some of us given the investments that we've made the analytics that support bringing capital into the market Those are obvious advantages. those are obvious advantages Playing across the process with these sort of advantages here, I would say those things protect against disintermediation, but I'd also add that there's a less obvious advantage that is unique to Aon as well, and that is our organizational structure. playing across the process with these sort of advantages here i would say those things protect against disintermediation but i'd also add that there's a less obvious advantage that is unique to aon as well and that is our organizational structure We've been transforming the organization for the last 15 years to be more centered on the client. That means Aon United in 2010, bringing together our geographies and our solutions, no boundaries. That means 2018, Aon Business Services or ABS, bringing together our operations and technology. By the way, we amplified that with a billion three investment in technology and in the organizational structure. What that means is that we are ready to embrace the technology, so not disintermediate. We see AI as a strategic enabler, and in an AI-enabled world, value accrues to the network integrator, integrating those processes. That's my point on the disintermediation piece. We've been transforming the organization for the last 15 years to be more centered on the client. we've been transforming the organization for the last 15 years to be more centered on the client That means Aon United in 2010, bringing together our geographies and our solutions, no boundaries. that means aon united in 2010 bringing together our geographies and our solutions no boundaries That means 2018, Aon Business Services or ABS, bringing together our operations and technology. that means 2018 aon business services or abs bringing together our operations and technology By the way, we amplified that with a billion three investment in technology and in the organizational structure. by the way we amplified that with a billion three investment in technology and in the organizational structure What that means is that we are ready to embrace the technology, so not disintermediate. what that means is that we are ready to embrace the technology so not disintermediate We see AI as a strategic enabler, and in an AI-enabled world, value accrues to the network integrator, integrating those processes. we see ai as a strategic enabler and in an ai-enabled world value accrues to the network integrator integrating those processes That's my point on the disintermediation piece. that's my point on the disintermediation piece In terms of disproving the negative, the naysayers here, the first thing, we are less focused on the if scenario, will it destroy the industry or not, but more focused on the scenario outcomes and the assumptions within those outcomes that drive growth or drive productivity in there. When I think about the top line, you want to consider what's the client segment you're playing in, what's the consulting percentage of your business and how that's impacted. Very importantly, and what I think a lot of folks miss is, whether it is the opportunity to increase the addressable market, and data center is a great example of that because that is a capital-constrained market. There's not enough in traditional insurance, and we're bringing in other players like PE. What can you do to increase the addressable market? That's a key assumption. In terms of disproving the negative, the naysayers here, the first thing, we are less focused on the if scenario, will it destroy the industry or not, but more focused on the scenario outcomes and the assumptions within those outcomes that drive growth or drive productivity in there. in terms of disproving the negative the naysayers here the first thing we are less focused on the if scenario will it destroy the industry or not but more focused on the scenario outcomes and the assumptions within those outcomes that drive growth or drive productivity in there When I think about the top line, you want to consider what's the client segment you're playing in, what's the consulting percentage of your business and how that's impacted. when i think about the top line you want to consider what's the client segment you're playing in what's the consulting percentage of your business and how that's impacted Very importantly, and what I think a lot of folks miss is, whether it is the opportunity to increase the addressable market, and data center is a great example of that because that is a capital-constrained market. very importantly and what i think a lot of folks miss is whether it is the opportunity to increase the addressable market and data center is a great example of that because that is a capital-constrained market There's not enough in traditional insurance, and we're bringing in other players like PE. there's not enough in traditional insurance and we're bringing in other players like pe What can you do to increase the addressable market? what can you do to increase the addressable market That's a key assumption. that's a key assumption Are you making the investments that increase your share in an expanding market? On the revenue side. On the productivity and efficiency side, we're already seeing tangible proof of the benefits there, across the workflows and claims, invoicing, policy management, those things are already coming through. We believe for those who have a question about it, focus on the companies that have the right organizational structure in place, that have started to make the investments in the technology capabilities that drive revenue. You do those things, and we believe you'll have an expanding addressable market. The content, the structure that we have in place, and the investments that we've been making will help us expand our share in that market. That means a more valuable company, a more durable company, a more scalable company when you think about it. Are you making the investments that increase your share in an expanding market? are you making the investments that increase your share in an expanding market On the revenue side. on the revenue side On the productivity and efficiency side, we're already seeing tangible proof of the benefits there, across the workflows and claims, invoicing, policy management, those things are already coming through. on the productivity and efficiency side we're already seeing tangible proof of the benefits there across the workflows and claims invoicing policy management those things are already coming through We believe for those who have a question about it, focus on the companies that have the right organizational structure in place, that have started to make the investments in the technology capabilities that drive revenue. we believe for those who have a question about it focus on the companies that have the right organizational structure in place that have started to make the investments in the technology capabilities that drive revenue You do those things, and we believe you'll have an expanding addressable market. you do those things and we believe you'll have an expanding addressable market The content, the structure that we have in place, and the investments that we've been making will help us expand our share in that market. the content the structure that we have in place and the investments that we've been making will help us expand our share in that market That means a more valuable company, a more durable company, a more scalable company when you think about it. that means a more valuable company a more durable company a more scalable company when you think about it

Speaker 1: Yeah. That's actually a very interesting point, right? Would you say that within the AI opportunities, which you kind of laid out right there. Yeah. yeah That's actually a very interesting point, right? that's actually a very interesting point right Would you say that within the AI opportunities, which you kind of laid out right there. would you say that within the ai opportunities which you kind of laid out right there

Speaker 2: Yeah Yeah yeah

Speaker 1: Are they different between the Commercial Risk solutions, the Health or the Wealth, or would you say they're kind of similar in that regard? Just curious of your long-term opportunities there within each division. Are they different between the Commercial Risk solutions, the Health or the Wealth, or would you say they're kind of similar in that regard? are they different between the commercial risk solutions the health or the wealth or would you say they're kind of similar in that regard Just curious of your long-term opportunities there within each division. just curious of your long-term opportunities there within each division

Speaker 2: There's opportunities that are AI-driven that we're taking advantage of now across those solution lines, and there's a longer-term opportunity as well, and hit them both. In the immediate term, as I just mentioned, we are already seeing benefits in construction, and in particular, data center, right? Companies are spending over $800 billion in CapEx on this. That, as I just mentioned, is a capital-constrained opportunity that if we don't bring in other capital, it really will bypass insurance and make us less relevant. As I mentioned, we've been bringing in other forms of capital for that. That's on the Commercial Risk side. We have a facility for data centers that was $1 billion less than a year ago. It's now $3.5 billion, and we expect to expand that even more as we bring in more capital associated with it, traditional and non-traditional. There's opportunities that are AI-driven that we're taking advantage of now across those solution lines, and there's a longer-term opportunity as well, and hit them both. there's opportunities that are ai-driven that we're taking advantage of now across those solution lines and there's a longer-term opportunity as well and hit them both In the immediate term, as I just mentioned, we are already seeing benefits in construction, and in particular, data center, right? in the immediate term as i just mentioned we are already seeing benefits in construction and in particular data center right Companies are spending over $800 billion in CapEx on this. companies are spending over $800 billion in capex on this That, as I just mentioned, is a capital-constrained opportunity that if we don't bring in other capital, it really will bypass insurance and make us less relevant. that as i just mentioned is a capital-constrained opportunity that if we don't bring in other capital it really will bypass insurance and make us less relevant As I mentioned, we've been bringing in other forms of capital for that. as i mentioned we've been bringing in other forms of capital for that That's on the Commercial Risk side. that's on the commercial risk side We have a facility for data centers that was $1 billion less than a year ago. we have a facility for data centers that was $1 billion less than a year ago It's now $3.5 billion, and we expect to expand that even more as we bring in more capital associated with it, traditional and non-traditional. it's now $3.5 billion and we expect to expand that even more as we bring in more capital associated with it traditional and non-traditional That's in Commercial Risk to your question. In Health, the workforce opportunity is a big driver of growth for us now, and that we expect moving forward as companies look to up-skill and re-skill their employee base as they transition and adopt AI. That's happening right now. Then I'd also call out one other area, because you asked about construction and Health, but I'd call out the middle market as well. The opportunity is big for us to use our capabilities for the middle markets who really don't have risk management teams in place. They look for us to come and be their risk manager, talk to their CFO. We're diagnosing the risk, understanding their exposure, understanding the P&L impact. Those things are benefiting us today, and I would say it's largely being driven by this environment. That's in Commercial Risk to your question. that's in commercial risk to your question In Health, the workforce opportunity is a big driver of growth for us now, and that we expect moving forward as companies look to up-skill and re-skill their employee base as they transition and adopt AI. in health the workforce opportunity is a big driver of growth for us now and that we expect moving forward as companies look to up-skill and re-skill their employee base as they transition and adopt ai That's happening right now. that's happening right now Then I'd also call out one other area, because you asked about construction and Health, but I'd call out the middle market as well. then i'd also call out one other area because you asked about construction and health but i'd call out the middle market as well The opportunity is big for us to use our capabilities for the middle markets who really don't have risk management teams in place. the opportunity is big for us to use our capabilities for the middle markets who really don't have risk management teams in place They look for us to come and be their risk manager, talk to their CFO. they look for us to come and be their risk manager talk to their cfo We're diagnosing the risk, understanding their exposure, understanding the P&L impact. we're diagnosing the risk understanding their exposure understanding the p&l impact Those things are benefiting us today, and I would say it's largely being driven by this environment. those things are benefiting us today and i would say it's largely being driven by this environment As we move forward, though, it is all about embedding AI in our capabilities to scale innovation across our Suite of Analyzers, both in Commercial Risk and Health, to increase client service and retention and to continue to get the productivity and efficiency benefits as well. We see that as a huge opportunity for us moving forward. We're making the investment in that. It is what gives us confidence that this is an opportunity and not a risk moving forward for us. As we move forward, though, it is all about embedding AI in our capabilities to scale innovation across our Suite of Analyzers, both in Commercial Risk and Health, to increase client service and retention and to continue to get the productivity and efficiency benefits as well. as we move forward though it is all about embedding ai in our capabilities to scale innovation across our suite of analyzers both in commercial risk and health to increase client service and retention and to continue to get the productivity and efficiency benefits as well We see that as a huge opportunity for us moving forward. we see that as a huge opportunity for us moving forward We're making the investment in that. we're making the investment in that It is what gives us confidence that this is an opportunity and not a risk moving forward for us. it is what gives us confidence that this is an opportunity and not a risk moving forward for us

Speaker 1: It's really as long as we're continuously investing in these opportunities. It's really as long as we're continuously investing in these opportunities. it's really as long as we're continuously investing in these opportunities

Speaker 2: Yeah Yeah yeah

Speaker 1: It's a compounder. It's a compounder. it's a compounder

Speaker 2: Focus on those companies that are structurally set up and making the investment in the technology capabilities that don't just help productivity, but drive top-line revenue growth as well. Focus on those companies that are structurally set up and making the investment in the technology capabilities that don't just help productivity, but drive top-line revenue growth as well. focus on those companies that are structurally set up and making the investment in the technology capabilities that don't just help productivity but drive top-line revenue growth as well

Speaker 1: Thank you for that. That was a very great detail- Thank you for that. thank you for that That was a very great detail- that was a very great detail-

Speaker 2: Yeah. Yeah. yeah

Speaker 1: -in terms of how to think about this. Really appreciate it. If we pivot a little bit to capital allocation, you have a very strong balance sheet, right? $7 billion available capacity. That being said, the broader brokers' valuation have come down because of all the things we talked about before. At the same time, you have a very strong pipeline on the M&A side as well. Could you maybe give us an update on capital priorities and where do you think is the most attractive use of capital right now? -in terms of how to think about this. -in terms of how to think about this Really appreciate it. really appreciate it If we pivot a little bit to capital allocation, you have a very strong balance sheet, right? $7 billion available capacity. if we pivot a little bit to capital allocation you have a very strong balance sheet right $7 billion available capacity That being said, the broader brokers' valuation have come down because of all the things we talked about before. that being said the broader brokers' valuation have come down because of all the things we talked about before At the same time, you have a very strong pipeline on the M&A side as well. at the same time you have a very strong pipeline on the m&a side as well Could you maybe give us an update on capital priorities and where do you think is the most attractive use of capital right now? could you maybe give us an update on capital priorities and where do you think is the most attractive use of capital right now

Speaker 2: Yeah. Whether you're thinking about share repurchases or acquisition, for us, the capital model begins with free cash flow generation. I have to start there because we've had very strong double digit. The quarter was over 332%. That is what has enabled us to execute our capital allocation model. Leverage, as I just mentioned, is actually in a very strong position relative to our objectives. It was 2.6x. We again increased the dividend at a double-digit level here. If you look at Q1, it is a great demonstration of our disciplined model. Yeah. yeah Whether you're thinking about share repurchases or acquisition, for us, the capital model begins with free cash flow generation. whether you're thinking about share repurchases or acquisition for us the capital model begins with free cash flow generation I have to start there because we've had very strong double digit. i have to start there because we've had very strong double digit The quarter was over 332%. the quarter was over 332% That is what has enabled us to execute our capital allocation model. that is what has enabled us to execute our capital allocation model Leverage, as I just mentioned, is actually in a very strong position relative to our objectives. leverage as i just mentioned is actually in a very strong position relative to our objectives It was 2.6x . it was 2.6x We again increased the dividend at a double-digit level here. we again increased the dividend at a double-digit level here If you look at Q1, it is a great demonstration of our disciplined model. if you look at q1 it is a great demonstration of our disciplined model

Speaker 1: Right. Right. right

Speaker 2: We deployed $349 million towards tuck-in M&A in the middle market, primarily through our NFP platform. To the question you asked, the largest deployment of capital was actually share repurchases, where we deployed $500 million. That's twice what it's been over the last eight quarters, and that's because we definitely think that the market does not currently recognize the intrinsic value of the firm. We take advantage of that. This trade-off between a market that is dislocated right now and below the intrinsic value of the firm and M&A opportunities that might not yet reflect public market valuations is what we're constantly balancing. We'll continue to be disciplined on that. When you look at our M&A over the last 10 years, the acquisitions that we've made, roughly 150 of them, after the first year of ownership, they're over 10% growth. The IRRs are over 20%. We deployed $349 million towards tuck-in M&A in the middle market, primarily through our NFP platform. we deployed $349 million towards tuck-in m&a in the middle market primarily through our nfp platform To the question you asked, the largest deployment of capital was actually share repurchases, where we deployed $500 million. to the question you asked the largest deployment of capital was actually share repurchases where we deployed $500 million That's twice what it's been over the last eight quarters, and that's because we definitely think that the market does not currently recognize the intrinsic value of the firm. that's twice what it's been over the last eight quarters and that's because we definitely think that the market does not currently recognize the intrinsic value of the firm We take advantage of that. we take advantage of that This trade-off between a market that is dislocated right now and below the intrinsic value of the firm and M&A opportunities that might not yet reflect public market valuations is what we're constantly balancing. this trade-off between a market that is dislocated right now and below the intrinsic value of the firm and m&a opportunities that might not yet reflect public market valuations is what we're constantly balancing We'll continue to be disciplined on that. we'll continue to be disciplined on that When you look at our M&A over the last 10 years, the acquisitions that we've made, roughly 150 of them, after the first year of ownership, they're over 10% growth. when you look at our m&a over the last 10 years the acquisitions that we've made roughly 150 of them after the first year of ownership they're over 10% growth The IRRs are over 20%. the irrs are over 20% As I said at the beginning of this conversation, our ROIC continues to lead the industry. Those are our objectives, when I think about those objectives, the pipeline is still strong, though I don't think the valuations fully reflect the current market. We are focused on middle market, particularly in Commercial Risk in the U.S., tuck-in and further. We're focused on some of the international countries, places like France, Germany, Japan, even some of the countries in Latin America, I think, have some opportunities for us. Increasingly, we've brought together our specialty business that we purchased as part of NFP in our legacy business, there are some MGA, MGU opportunities for us as well. As I said at the beginning of this conversation, our ROIC continues to lead the industry. as i said at the beginning of this conversation our roic continues to lead the industry Those are our objectives, when I think about those objectives, the pipeline is still strong, though I don't think the valuations fully reflect the current market. those are our objectives when i think about those objectives the pipeline is still strong though i don't think the valuations fully reflect the current market We are focused on middle market, particularly in Commercial Risk in the U.S., tuck-in and further. we are focused on middle market particularly in commercial risk in the u.s tuck-in and further We're focused on some of the international countries, places like France, Germany, Japan, even some of the countries in Latin America, I think, have some opportunities for us. we're focused on some of the international countries places like france germany japan even some of the countries in latin america i think have some opportunities for us Increasingly, we've brought together our specialty business that we purchased as part of NFP in our legacy business, there are some MGA, MGU opportunities for us as well. increasingly we've brought together our specialty business that we purchased as part of nfp in our legacy business there are some mga mgu opportunities for us as well Again, it really is about the highest return for shareholders here. We're very disciplined about that. That means balancing investment for growth with capital return to shareholders, we're just in a great position to do it with the strength of our balance sheet and the flexibility we have. Again, it really is about the highest return for shareholders here. again it really is about the highest return for shareholders here We're very disciplined about that. we're very disciplined about that That means balancing investment for growth with capital return to shareholders, we're just in a great position to do it with the strength of our balance sheet and the flexibility we have. that means balancing investment for growth with capital return to shareholders we're just in a great position to do it with the strength of our balance sheet and the flexibility we have

Speaker 1: Sounds like a wonderful time to have a strong balance sheet. Another thing you kind of touched on earlier on the strategy side. This is the final year of the 3x3 Plan. Sounds like a wonderful time to have a strong balance sheet. sounds like a wonderful time to have a strong balance sheet Another thing you kind of touched on earlier on the strategy side. another thing you kind of touched on earlier on the strategy side This is the final year of the 3x3 Plan. this is the final year of the 3x3 plan

Speaker 2: Yeah. Yeah. yeah

Speaker 1: The program is obviously successful. What's next? Can you give us a little bit of a preview of how we should think about this going forward? The program is obviously successful. the program is obviously successful What's next? what's next Can you give us a little bit of a preview of how we should think about this going forward? can you give us a little bit of a preview of how we should think about this going forward

Speaker 2: I think our CEO, Greg, said this best, that the 3x3 Plan was never a destination for us. It was never a destination. The goal was to exit 2026, the final year of our 3x3 Plan, with momentum. That's exactly what we're doing here. We have the ABS foundation, that growth engine in place, which allows us to have operating leverage to both invest and drive margin expansion through our core operating business, through the core business here. That's very important for us as we move next. We have the suite of analyzers across Commercial Risk and human capital and Reinsurance that's always been in place, really helping us with win rates and with retention. As we go into the next phase after the 3x3, which again, is an evolution, not a reset. It's an evolution, not a reset. I think our CEO, Greg, said this best, that the 3x3 Plan was never a destination for us. i think our ceo greg said this best that the 3x3 plan was never a destination for us It was never a destination. it was never a destination The goal was to exit 2026, the final year of our 3x3 Plan, with momentum. the goal was to exit 2026 the final year of our 3x3 plan with momentum That's exactly what we're doing here. that's exactly what we're doing here We have the ABS foundation, that growth engine in place, which allows us to have operating leverage to both invest and drive margin expansion through our core operating business, through the core business here. we have the abs foundation that growth engine in place which allows us to have operating leverage to both invest and drive margin expansion through our core operating business through the core business here That's very important for us as we move next. that's very important for us as we move next We have the suite of analyzers across Commercial Risk and human capital and Reinsurance that's always been in place, really helping us with win rates and with retention. we have the suite of analyzers across commercial risk and human capital and reinsurance that's always been in place really helping us with win rates and with retention As we go into the next phase after the 3x3, which again, is an evolution, not a reset. as we go into the next phase after the 3x3 which again is an evolution not a reset It's an evolution, not a reset. it's an evolution not a reset We want to scale those analyzers, make sure that they're presented in every client interaction because we see stronger results when they are presented. Aon Client Leadership, I mentioned that earlier. When we have an Aon Client Leader on the account, which we now have for nearly 750 global accounts, we see the best retention in the portfolio. We see product penetration that's twice what it is for accounts that don't have it. We see higher new business, and we see the highest retention in the portfolio as well. We want to get these Aon Client Leaders across the other client segments as well. We want to continue doing that. We now have this beachhead in middle market. We know how to attack the middle market when it comes to integrating, when it comes to going after the revenue synergies that's there as well. We want to scale those analyzers, make sure that they're presented in every client interaction because we see stronger results when they are presented. we want to scale those analyzers make sure that they're presented in every client interaction because we see stronger results when they are presented Aon Client Leadership, I mentioned that earlier. aon client leadership i mentioned that earlier When we have an Aon Client Leader on the account, which we now have for nearly 750 global accounts, we see the best retention in the portfolio. when we have an aon client leader on the account which we now have for nearly 750 global accounts we see the best retention in the portfolio We see product penetration that's twice what it is for accounts that don't have it. we see product penetration that's twice what it is for accounts that don't have it We see higher new business, and we see the highest retention in the portfolio as well. we see higher new business and we see the highest retention in the portfolio as well We want to get these Aon Client Leaders across the other client segments as well. we want to get these aon client leaders across the other client segments as well We want to continue doing that. we want to continue doing that We now have this beachhead in middle market. We know how to attack the middle market when it comes to integrating, when it comes to going after the revenue synergies that's there as well. we now have this beachhead in middle market. we know how to attack the middle market when it comes to integrating when it comes to going after the revenue synergies that's there as well As we get into this next phase, we're going to focus more and more on that. The organization has said that we're making the investments in our technology capabilities that's helping us win, that means that we are in a great place coming out of the 3x3 Plan to really scale and enhance, and have these decisions that we've been making compound and potentially be at the right end of our overall objectives here. As we get into this next phase, we're going to focus more and more on that. as we get into this next phase we're going to focus more and more on that The organization has said that we're making the investments in our technology capabilities that's helping us win, that means that we are in a great place coming out of the 3x3 Plan to really scale and enhance, and have these decisions that we've been making compound and potentially be at the right end of our overall objectives here. the organization has said that we're making the investments in our technology capabilities that's helping us win that means that we are in a great place coming out of the 3x3 plan to really scale and enhance and have these decisions that we've been making compound and potentially be at the right end of our overall objectives here

Speaker 1: Right. It's really expanding into your existing advantage really having technology also enable a lot of that as well. Right. right It's really expanding into your existing advantage really having technology also enable a lot of that as well. it's really expanding into your existing advantage really having technology also enable a lot of that as well

Speaker 2: Enabling that. Enabling that. enabling that

Speaker 1: Yeah. Maybe that's actually an interesting point on the technology side, right? When a lot of people talk about AI, they feel like it's a miracle drug, but people kind of ignore the cost aspect of this. AI is a variable cost, it's not a fixed cost, based on our understanding. Someone can spend a lot of money on that. With today's capability, how do you think about the ROI of the technology you're implementing, and how do you think about cost measures overall for all the capabilities that you're introducing to the firm? Yeah. yeah Maybe that's actually an interesting point on the technology side, right? maybe that's actually an interesting point on the technology side right When a lot of people talk about AI, they feel like it's a miracle drug, but people kind of ignore the cost aspect of this. when a lot of people talk about ai they feel like it's a miracle drug but people kind of ignore the cost aspect of this AI is a variable cost, it's not a fixed cost, based on our understanding. ai is a variable cost it's not a fixed cost based on our understanding Someone can spend a lot of money on that. someone can spend a lot of money on that With today's capability, how do you think about the ROI of the technology you're implementing, and how do you think about cost measures overall for all the capabilities that you're introducing to the firm? with today's capability how do you think about the roi of the technology you're implementing and how do you think about cost measures overall for all the capabilities that you're introducing to the firm

Speaker 2: Yeah, that's an interesting question, and one that me and our COO, who leads our technology and AI team, connect on and discuss constantly. First thing that I'd say is I don't look at the cost of AI as this high risk, high visibility, separate line item bet. We really look at it as part of our ongoing tech dev investment and product innovation. We look at it increasingly as part of our day-to-day workflows, as well. As I said, we use AI as a strategic enabler to scale our innovation, that's our suite of analyzers, to drive client service better, enhance service and retention, and to drive productivity and efficiency. We measure those things in terms of the contribution to revenue growth from the products that have it embedded in it. Yeah, that's an interesting question, and one that me and our COO, who leads our technology and AI team, connect on and discuss constantly. yeah that's an interesting question and one that me and our coo who leads our technology and ai team connect on and discuss constantly First thing that I'd say is I don't look at the cost of AI as this high risk, high visibility, separate line item bet. first thing that i'd say is i don't look at the cost of ai as this high risk high visibility separate line item bet We really look at it as part of our ongoing tech dev investment and product innovation. we really look at it as part of our ongoing tech dev investment and product innovation We look at it increasingly as part of our day-to-day workflows, as well. we look at it increasingly as part of our day-to-day workflows as well As I said, we use AI as a strategic enabler to scale our innovation, that's our suite of analyzers, to drive client service better, enhance service and retention, and to drive productivity and efficiency. as i said we use ai as a strategic enabler to scale our innovation that's our suite of analyzers to drive client service better enhance service and retention and to drive productivity and efficiency We measure those things in terms of the contribution to revenue growth from the products that have it embedded in it. we measure those things in terms of the contribution to revenue growth from the products that have it embedded in it We measure it on the contribution to margin expansion from the productivity and efficiency that we have as well. That's overall how we discuss the measurement. Specifically on the cost side of it, this is again a place where I think our organizational structure and how we think about it is helping us. We've tiered the organization. It's just our terminology, where tier 1 is broad tools that's primarily a licensing fixed cost. Tier 2 is more of a hybrid model, but tier 3 is the high consumption, high variable cost, expert outcomes, and we're really looking at measurable outcomes from those. That structure, tier 1, 2, and 3, that have different tools with different cost structures, fixed versus variable in them, is how we think about it. We measure it on the contribution to margin expansion from the productivity and efficiency that we have as well. we measure it on the contribution to margin expansion from the productivity and efficiency that we have as well That's overall how we discuss the measurement. that's overall how we discuss the measurement Specifically on the cost side of it, this is again a place where I think our organizational structure and how we think about it is helping us. specifically on the cost side of it this is again a place where i think our organizational structure and how we think about it is helping us We've tiered the organization. we've tiered the organization It's just our terminology, where tier 1 is broad tools that's primarily a licensing fixed cost. it's just our terminology where tier 1 is broad tools that's primarily a licensing fixed cost Tier 2 is more of a hybrid model, but tier 3 is the high consumption, high variable cost, expert outcomes, and we're really looking at measurable outcomes from those. tier 2 is more of a hybrid model but tier 3 is the high consumption high variable cost expert outcomes and we're really looking at measurable outcomes from those That structure, tier 1, 2, and 3, that have different tools with different cost structures, fixed versus variable in them, is how we think about it. that structure tier 1 2 and 3 that have different tools with different cost structures fixed versus variable in them is how we think about it That allows us to have discipline on the cost, not stifle the innovation as we move forward, and be balanced about the overall cost of it moving forward. We'll just continue to monitor the innovation as the technology continues to evolve here. That allows us to have discipline on the cost, not stifle the innovation as we move forward, and be balanced about the overall cost of it moving forward. that allows us to have discipline on the cost not stifle the innovation as we move forward and be balanced about the overall cost of it moving forward We'll just continue to monitor the innovation as the technology continues to evolve here. we'll just continue to monitor the innovation as the technology continues to evolve here

Speaker 1: Okay. It's very much a balanced approach. Okay. okay It's very much a balanced approach. it's very much a balanced approach

Speaker 2: It's a balanced approach. It's a balanced approach. it's a balanced approach

Speaker 1: Okay, got it. No, very helpful. We do have some time for questions. If anybody have any questions, we have the mic around. Anybody want to raise their hand and go ahead? All right. If not, maybe I can squeeze one more. Okay, got it. okay got it No, very helpful. no very helpful We do have some time for questions. we do have some time for questions If anybody have any questions, we have the mic around. if anybody have any questions we have the mic around Anybody want to raise their hand and go ahead? anybody want to raise their hand and go ahead All right. all right If not, maybe I can squeeze one more. if not maybe i can squeeze one more

Speaker 2: Let's go for it. Let's go for it. let's go for it

Speaker 1: Sure. GDP, obviously one of the bigger component when we think about growth, right? Now, obviously, there has been a lot of volatility globally. If you think about the U.S. business and the international business, curious as how you feel the opportunities between inflation, between GDP growth, and then various parts of the world. Curious if you have a view on that. Sure. sure GDP, obviously one of the bigger component when we think about growth, right? gdp obviously one of the bigger component when we think about growth right Now, obviously, there has been a lot of volatility globally. now obviously there has been a lot of volatility globally If you think about the U.S. business and the international business, curious as how you feel the opportunities between inflation, between GDP growth, and then various parts of the world. if you think about the u.s business and the international business curious as how you feel the opportunities between inflation between gdp growth and then various parts of the world Curious if you have a view on that. curious if you have a view on that

Speaker 2: Yeah. Certainly in the U.S., the levels of inflation has increased property and asset values. That means more exposure. That's a benefit for insurance and insurance brokers as well. In the international regions, I would say the inflation is more uneven, but that's not disruptive to our business at all. It's not disruptive because the regulatory environment, the geopolitical environment, that increases risk and increases the demand, which is a benefit to our business. I'd also say that our global footprint, which means a diversified portfolio, we're operating in over 120 countries, really moderates the impact from any individual region. When we look at our international business right now, particularly EMEA and LATAM, we have seen strong contribution to our overall growth. You asked about inflation in GDP. Yeah. yeah Certainly in the U.S., the levels of inflation has increased property and asset values. certainly in the u.s the levels of inflation has increased property and asset values That means more exposure. that means more exposure That's a benefit for insurance and insurance brokers as well. that's a benefit for insurance and insurance brokers as well In the international regions, I would say the inflation is more uneven, but that's not disruptive to our business at all. in the international regions i would say the inflation is more uneven but that's not disruptive to our business at all It's not disruptive because the regulatory environment, the geopolitical environment, that increases risk and increases the demand, which is a benefit to our business. it's not disruptive because the regulatory environment the geopolitical environment that increases risk and increases the demand which is a benefit to our business I'd also say that our global footprint, which means a diversified portfolio, we're operating in over 120 countries, really moderates the impact from any individual region. i'd also say that our global footprint which means a diversified portfolio we're operating in over 120 countries really moderates the impact from any individual region When we look at our international business right now, particularly EMEA and LATAM, we have seen strong contribution to our overall growth. when we look at our international business right now particularly emea and latam we have seen strong contribution to our overall growth You asked about inflation in GDP. you asked about inflation in gdp If you look into EMEA, our specialty business in Commercial Risk, the move from public to private markets in Health, the regulatory environment impacting Wealth and Health, the global benefit expansion from our existing clients, those are things that in this macro environment are actually bolstering risk and the demand for our services in driving the contribution in EMEA. In LATAM, GDP, I would say, is lower but more stable, foreign direct investment is growing at multiples of the GDP in those markets. That is a benefit to the overall industry and to us as well. There you see medical inflation being impacted by the pressure on the private healthcare systems. If you look into EMEA, our specialty business in Commercial Risk, the move from public to private markets in Health, the regulatory environment impacting Wealth and Health, the global benefit expansion from our existing clients, those are things that in this macro environment are actually bolstering risk and the demand for our services in driving the contribution in EMEA. if you look into emea our specialty business in commercial risk the move from public to private markets in health the regulatory environment impacting wealth and health the global benefit expansion from our existing clients those are things that in this macro environment are actually bolstering risk and the demand for our services in driving the contribution in emea In LATAM, GDP, I would say, is lower but more stable, foreign direct investment is growing at multiples of the GDP in those markets. in latam gdp i would say is lower but more stable foreign direct investment is growing at multiples of the gdp in those markets That is a benefit to the overall industry and to us as well. that is a benefit to the overall industry and to us as well There you see medical inflation being impacted by the pressure on the private healthcare systems. there you see medical inflation being impacted by the pressure on the private healthcare systems The big countries for us, places like Mexico, the last three years has been growing at a double-digit level for us as well. These international markets might have more uneven macro environments, but they've been resilient and strong contributors to our overall growth as well. The big countries for us, places like Mexico, the last three years has been growing at a double-digit level for us as well. the big countries for us places like mexico the last three years has been growing at a double-digit level for us as well These international markets might have more uneven macro environments, but they've been resilient and strong contributors to our overall growth as well. these international markets might have more uneven macro environments but they've been resilient and strong contributors to our overall growth as well

Speaker 1: Really a very strong diversified portfolio across. Really a very strong diversified portfolio across. really a very strong diversified portfolio across

Speaker 2: Yeah. Diversified portfolio. Yeah. yeah Diversified portfolio. diversified portfolio

Speaker 1: I appreciate it. Well, I think anybody have any questions here? If not, I think, Edmund, thank you for your time. I appreciate it. i appreciate it Well, I think anybody have any questions here? well i think anybody have any questions here If not, I think, Edmund, thank you for your time. if not i think edmund thank you for your time

Speaker 2: Yeah.Health Yeah.Health yeah.health

Speaker 1: I really appreciate it. I really appreciate it. i really appreciate it

Speaker 2: Great questions. Great questions. great questions

Speaker 1: It was very enlightening. It was very enlightening. it was very enlightening

Speaker 2: Thank you. Thank you. thank you

Speaker 1: Thank you. Thank you. thank you

Speaker 2: Thank you. Thank you. thank you