怡安集團 (AON) 2025 Q2 法說會逐字稿

Good morning, and thank you for holding. Welcome to Aon PLC's second-quarter 2025 conference call. (Operator Instructions) I would also like to remind all parties that this call is being recorded. (Operator Instructions).

早上好，謝謝您的支持。歡迎參加怡安集團 2025 年第二季電話會議。（接線員指示）我還想提醒各方，本次通話正在被錄音。（操作員指令）。

It is important to note that some of the comments in today's call may constitute certain statements that are forward-looking in nature, as defined by the Private Securities Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. For information concerning these risk factors, please refer to our earnings release for this quarter and to our most recent quarterly or annual SEC filings, all of which are available on our website.

值得注意的是，今天電話會議中的某些評論可能構成《1995 年私人證券改革法》所定義的前瞻性陳述。此類聲明受某些風險和不確定性的影響，可能導致實際結果與歷史結果或預期結果有重大差異。有關這些風險因素的信息，請參閱我們本季度的收益報告以及我們最近的季度或年度 SEC 文件，所有這些文件均可在我們的網站上查閱。

It is now my pleasure to turn the call over to Greg Case, CEO of Aon plc. Thank you. Please go ahead.

現在我很高興將電話轉給怡安集團執行長 Greg Case。謝謝。請繼續。

Thank you, Donna. Good morning, and welcome to our second-quarter earnings call. I'm joined today by Edmund Reese, our CFO. And as always, we posted a detailed financial presentation on our website which Edmund will reference in his remarks. To begin, we want to take a moment to reflect on the momentum coming out of our Investor Day, where we detailed why and how our client-centric Aon United strategy drive sustainable top-line growth and exceptional free cash flow per share growth.

謝謝你，唐娜。早上好，歡迎參加我們的第二季財報電話會議。今天和我一起參加的是我們的財務長 Edmund Reese。像往常一樣，我們在網站上發布了詳細的財務報告，埃德蒙將在他的演講中引用它。首先，我們想花點時間回顧一下投資者日的勢頭，在投資者日上我們詳細介紹了以客戶為中心的怡安聯合戰略為何以及如何推動可持續的營收成長和卓越的每股自由現金流增長。

Aon United, operationalized and accelerated by the 3x3 plan is driving meaningful performance demonstrated in our Q2 results, with continued momentum as we enter the second half of 2025, and look ahead to 2026. Let's start with some Q2 highlights.

Aon United 在 3x3 計劃的實施和加速下，正在推動我們第二季度業績所展現出的有意義的表現，並將在進入 2025 年下半年並展望 2026 年時繼續保持這一勢頭。讓我們從第二季的一些亮點開始。

We delivered a strong quarter, in line with our expectations, including 6% organic revenue growth, 19% adjusted EPS growth, and 59% free cash flow growth. For clients, facing an increasingly complex operating environment, our work to deliver for them has never been more essential, and we remain confident in our ability to meet their evolving needs, both now and over the long term.

我們本季業績表現強勁，符合預期，包括有機收入成長 6%、調整後每股收益成長 19% 以及自由現金流成長 59%。對於客戶而言，面對日益複雜的營運環境，我們為他們提供服務的工作從未如此重要，我們仍然有信心滿足他們現在和長期不斷變化的需求。

At Investor Day, we discussed how market reality shaping the current operating landscape are complex and constantly evolving. Clients of all sizes, industries, and geographies are challenged with how to address and respond to the interconnected megatrends of trade, technology, weather and workforce. And the pressure is only growing.

在投資者日，我們討論了塑造當前營運格局的市場現實如何複雜且不斷變化。各種規模、行業和地區的客戶都面臨著如何應對和應對貿易、技術、天氣和勞動力等相互關聯的大趨勢的挑戰。而且壓力還在不斷增大。

In the weeks following Investor Day alone, we've seen several major developments but demonstrate the impact and connectivity of these megatrends. The enactment of US tax legislation and continued shifts in the global tariff landscape. Severe flooding in convective storms across the US, alongside record-breaking heat waves in both the US and Europe. Events that have given historic first-half catastrophe losses, disrupted supply chains, displaced workforces, and caused widespread property damage.

僅在投資者日之後的幾週內，我們就看到了幾項重大發展，但也顯示了這些大趨勢的影響和連結性。美國稅法的頒布和全球關稅格局的持續變化。美國各地對流風暴引發嚴重洪災，同時美國和歐洲遭遇創紀錄的熱浪。這些事件造成了上半年歷史性的災難損失、供應鏈中斷、勞動力流失以及大面積財產損失。

And significant workforce changes announced by some of the world's largest technology companies, citing the accelerated impact of AI on roles and responsibilities. These events, and many others, reinforce the importance of our Aon United strategy as we help clients make better decisions, and achieve better outcomes, in what is arguably the most complex operating environment they've ever faced.

一些全球最大的科技公司宣布了重大的勞動力變動，指出人工智慧對角色和職責的影響正在加速。這些事件以及許多其他事件都強調了怡安聯合策略的重要性，因為我們幫助客戶在他們所面臨的最複雜的營運環境中做出更好的決策並取得更好的結果。

Our strategy is working. As we detailed on Investor Day, the industrial strength foundation powering Aon United and driving sustainable top-line growth and margin expansion is Aon Business Services. With ABS fully operationalized, we're winning more share in core markets, capturing demand in existing markets, and creating new demand in new categories. Let me highlight a few specific examples from the second quarter.

我們的策略正在發揮作用。正如我們在投資者日所詳述的那樣，怡安聯合的行業實力基礎以及推動可持續的收入成長和利潤率擴張的正是怡安商業服務。隨著 ABS 的全面投入運營，我們在核心市場贏得了更多份額，抓住了現有市場的需求，並在新的類別中創造了新的需求。讓我重點介紹一下第二季的幾個具體例子。

We are winning more in the core by deepening relationships with existing clients. One of the world's largest investment firms who previously engaged us solely on risk capital topics recently awarded us their US and Global Benefits Advisory business. This win was driven by two key factors.

透過深化與現有客戶的關係，我們在核心領域贏得了更多勝利。全球最大的投資公司之一之前曾與我們合作，專門負責風險資本事宜，但最近他們將其美國和全球福利諮詢業務授予了我們。這次勝利由兩個關鍵因素推動。

First, our integrated risk capital and human capital structure is unique in our industry and allows clients to employ a holistic risk strategy across their full business. Leveraging our scale and analytics, this leading global company could see their business differently across their own internal silos. And second, our differentiated human capital analytics provide globally comparable insights that help them make better data-driven decisions.

首先，我們綜合的風險資本和人力資本結構在產業中是獨一無二的，使客戶能夠在整個業務中採用整體風險策略。利用我們的規模和分析能力，這家領先的全球公司可以跨越其內部孤島以不同的方式看待其業務。其次，我們差異化的人力資本分析提供了全球可比較的見解，幫助他們做出更好的數據驅動決策。

We are also capturing demand in existing markets by developing new capabilities. In the second quarter, we launched Aon Broker Copilot, and placed our first client program, a game changer for our brokers, advisers, and clients. This capability leverages Aon's global scale, proprietary data, and embedded AI to provide an enhanced view into how the global insurance market is pricing risk, arming our team with insight into (inaudible) time market behavior.

我們也透過開發新功能來滿足現有市場的需求。第二季度，我們推出了 Aon Broker Copilot，並推出了我們的第一個客戶計劃，這對我們的經紀人、顧問和客戶來說是一個改變遊戲規則的舉措。此功能利用怡安的全球規模、專有數據和嵌入式人工智慧，提供對全球保險市場如何定價風險的增強視角，使我們的團隊能夠洞察（聽不清楚）時間市場行為。

Broker Copilot augments predictive broking, enabling Aon brokers to match capital to risk in an unparalleled manner. And another example of how ABS assets support our colleagues to capture new demand and serve clients with superior solutions. And finally, we're creating new demand in new ways by innovating on the health of clients in categories like Cyber, an expected area to drive outsized growth for Aon as sourcing sufficient and tailored Cyber Insurance remains a pressing concern for clients.

Broker Copilot 增強了預測經紀功能，使 Aon 經紀人能夠以無與倫比的方式將資本與風險進行匹配。另一個例子是 ABS 資產如何支持我們的同事抓住新需求並為客戶提供卓越的解決方案。最後，我們透過在網路等類別的客戶健康方面進行創新，以新的方式創造新的需求，預計該領域將推動怡安的超額成長，因為採購充足且量身定制的網路保險仍然是客戶迫切關注的問題。

In Q2, we developed and placed a first-of-its-kind Cyber Reinsurance offering, Aon Surge Stop-Loss, which enables enhanced protection against cumulative cyber losses. Unlike traditional reinsurance products that require a specific event-driven -- event to trigger coverage, Aon Surge Stop-Loss triggers based on aggregate loss thresholds, resulting in broader, more flexible protection, an important evolution in the Cyber Reinsurance market, given the ever-increasing risk of cyber-attacks.

在第二季度，我們開發並推出了首個網路再保險產品－怡安浪湧止損保險，該產品能夠增強對累積網路損失的保障。與需要特定事件驅動事件來觸發承保的傳統再保險產品不同，怡安激增止損基於總損失閾值觸發，從而帶來更廣泛、更靈活的保護，鑑於網絡攻擊風險日益增加，這是網絡再保險市場的一個重要發展。

We also continue to invest in client-facing talent across high-growth areas, and our revenue-generating (inaudible) are up 6% through June 30. Colleagues come to Aon because they recognize the competitive advantage of Aon's differentiated platform, and how it enables them to deliver superior client outcomes.

我們也持續在高成長領域投資面向客戶的人才，截至 6 月 30 日，我們的營收（聽不清楚）成長了 6%。同事之所以選擇怡安，是因為他們意識到怡安差異化平台的競爭優勢，以及它如何幫助他們提供卓越的客戶成果。

Finally, the $31 billion North American middle market remains a significant growth opportunity. Our integration of NFP continues to progress very well, and we're making meaningful progress toward our $80 million net revenue synergy target for 2025, as our combined team continues to unlock value by leveraging complementary capabilities and deep client relationships.

最後，價值 310 億美元的北美中階市場仍然是一個巨大的成長機會。我們對 NFP 的整合繼續進展順利，我們正在朝著 2025 年 8000 萬美元的淨收入協同目標取得有意義的進展，因為我們的合併團隊繼續透過利用互補能力和深厚的客戶關係來釋放價值。

It's clear our Aon United strategy, powered by ABS, continues to drive innovation, deliver actionable insights, and match client risk with new sources of capital. Our strong first-half performance and continued progress against the commitments to the 3x3 plan reinforce that we have the right strategy and plan in place to deliver long-term value. And as a result, we reaffirm our 2025 full-year guidance, and our commitment to deliver double-digit free cash flow growth over the '23 to '26 3x3 plan period.

顯然，由 ABS 支持的 Aon United 策略將繼續推動創新、提供可行的見解，並將客戶風險與新的資本來源相匹配。我們上半年的強勁表現和對 3x3 計劃承諾的持續進展進一步證明，我們擁有正確的策略和計劃來實現長期價值。因此，我們重申 2025 年全年指導，以及在 2023 年至 2026 年 3x3 計畫期間實現兩位數自由現金流成長的承諾。

To conclude, I will highlight three points. First, as the global environment continues to evolve, Aon's capability and integrated solutions are mission critical for clients, to mitigate complexity, protect assets, and grow their businesses. Second, our team is confident in our ability to capitalize on the compelling opportunities ahead and deliver long-term shareholder value.

最後，我想強調三點。首先，隨著全球環境的不斷發展，怡安的能力和綜合解決方案對客戶至關重要，可以減輕複雜性、保護資產並發展業務。其次，我們的團隊對我們利用未來的巨大機會並為股東創造長期價值的能力充滿信心。

And the results today are just another proof point of the strength of our strategy. And third, we have momentum across our businesses. We are attracting great talent. We are capturing the growing middle market opportunity, and we are winning more with both new and existing clients. Finally, to our over 60,000 colleagues around the world, thank you. Thank you for your commitment to our clients, each other, and our Aon United strategy, their dedication to driving force of our firm.

今天的成果再次證明了我們策略的強大。第三，我們的各項業務都呈現良好發展動能。我們正在吸引優秀人才。我們正在抓住不斷成長的中階市場機遇，並且正在贏得更多新舊客戶。最後，我們向全球6萬多名同事表示感謝。感謝您對我們的客戶、彼此以及我們的怡安聯合策略的承諾，以及他們對我們公司驅動力的奉獻。

Now I'll turn the call over to Edmund for his thoughts on our financial performance and long-term opportunity to drive shareholder value creation. Edmund, over to you.

現在，我將把電話轉給埃德蒙，請他談談我們對我們的財務表現以及推動股東價值創造的長期機會的看法。艾德蒙，交給你了。

Thank you, Greg, and good morning, everyone. I'm excited to be here to discuss our second-quarter results, which reflect both execution and the growing momentum of our 3x3 plan. And before we get into the details of our second-quarter results, I want to take a moment to elevate what matters most.

謝謝你，格雷格，大家早安。我很高興在這裡討論我們的第二季度業績，這反映了我們的 3x3 計劃的執行情況和成長勢頭。在我們討論第二季業績細節之前，我想花點時間談談最重要的事情。

There are three key proof points that best capture the momentum behind our strategy and the strength of our performance. These highlights provide the right context for the details that follow and underscore how our execution on the 3x3 plan is translating into tangible results.

有三個關鍵證據點最能體現我們策略背後的動力和績效的實力。這些亮點為接下來的細節提供了正確的背景，並強調了我們如何將 3x3 計劃的執行轉化為實際的成果。

First, we see clear evidence that our financial model is delivering as designed. Our investments in revenue-generating hires equipped with the analytical tools and client experience enhancements enabled by Aon Business Services, or ABS, are translating into sustainable mid-single-digit or greater organic revenue growth. Organic revenue growth was 6% for the quarter and we are winning new business, expanding our relationships with existing clients and doing so with greater client engagement.

首先，我們看到了明確的證據表明我們的財務模型正在按照設計發揮作用。我們對配備有分析工具和由怡安商業服務 (ABS) 提供支援的客戶體驗增強功能的創收員工的投資正在轉化為可持續的中等個位數或更高的有機收入成長。本季有機收入成長率為 6%，我們正在贏得新業務，擴大與現有客戶的關係，並透過提高客戶參與度來實現這一目標。

Second, these Q2 results are not just about top-line performance. They reflect our ability to invest in growth and expand margins, not through cost cutting, but through operating leverage. The scale improvements powered by ABS, along with our restructuring program savings, created capacity to fund growth investments while still expanding margins by 80 basis points over last year, in line with our long-term model.

其次，第二季的業績不僅關乎營收表現。它們反映了我們投資成長和擴大利潤的能力，不是透過削減成本，而是透過經營槓桿。由 ABS 推動的規模改進，加上我們的重組計劃節省，創造了為成長投資提供資金的能力，同時利潤率仍比去年擴大了 80 個基點，符合我們的長期模型。

Third, the top-line strength, coupled with the operating leverage drove 19% adjusted EPS growth year over year, and we converted those earnings into 59% free cash flow growth in the quarter, a clear demonstration of the strength of our earnings power and capital position. This performance reinforces our conviction in delivering double-digit free cash flow growth for the full year, and it gives us the flexibility to execute across all dimensions of our capital allocation strategy.

第三，強勁的營收加上經營槓桿推動調整後每股收益同比增長 19%，並且我們在本季度將這些收益轉化為 59% 的自由現金流增長，這清楚地證明了我們的盈利能力和資本狀況的強勁。這項業績增強了我們實現全年兩位數自由現金流成長的信心，並使我們能夠靈活地執行資本配置策略的各個方面。

We remain on track to meet our leverage objective, continue our disciplined middle-market M&A strategy, and return $1 billion in capital to shareholders via share repurchases this year. Taken together, our first-half performance, 5% organic revenue growth and 8% adjusted EPS growth, reflects the strength and resilience of our business and financial model and the discipline of our execution.

我們仍有望實現槓桿目標，繼續推行嚴謹的中端市場併購策略，並在今年透過股票回購向股東返還 10 億美元資本。總體而言，我們上半年的業績，即 5% 的有機收入增長和 8% 的調整後每股收益增長，反映了我們業務和財務模式的實力和彈性以及我們執行的紀律。

In the macro environment that remains uncertain, we are delivering results by deepening client relationships and creating more value for clients through data insights and innovative capital solutions. We are driving growth through our investments and data capabilities, expanding margins through ABS, and converting earnings into strong free cash flow. This gives us confidence in achieving our full-year 2025 guidance.

在宏觀環境仍不確定的情況下，我們透過深化客戶關係、透過數據洞察和創新資本解決方案為客戶創造更多價值來取得成果。我們透過投資和數據能力推動成長，透過 ABS 擴大利潤率，並將收益轉化為強勁的自由現金流。這使我們對實現 2025 年全年目標充滿信心。

So now turning to the second quarter results in the financial summary on slide 5. You see that we delivered 6% organic revenue growth in the second quarter, and total revenue increased 11% to $4.2 billion. Adjusted operating margin was 28.2%, up 80 basis points for the quarter, in line with our expectations. And this includes the impact from NFP, as we lap the anniversary of the acquisition at the end of April, resulting in a more normalized margin profile going forward.

現在我們來看看投影片 5 中的財務摘要中的第二季業績。您會發現，我們在第二季度實現了 6% 的有機收入成長，總收入成長 11% 至 42 億美元。調整後的營業利潤率為 28.2%，本季上漲 80 個基點，符合我們的預期。這其中包括非農就業數據的影響，因為四月底恰逢收購週年紀念日，這將使未來的利潤率狀況更加正常化。

Adjusted EPS was $3.49. And finally, free cash flow increased to $732 million, reflecting strong adjusted operating income growth and continued improvement in days sales outstanding.

調整後每股收益為3.49美元。最後，自由現金流增至7.32億美元，反映調整後營業收入強勁成長，且應收帳款週轉天數持續改善。

Let's get into the details of these results, starting with organic revenue growth on slide 6. Organic revenue growth in Q2 '25 was in line with our mid-single digit or greater guidance range. Growth was broad-based with three of our four solution lines: Commercial Risk, Reinsurance, and Health, each delivering 6% organic revenue growth, reflecting strong new business performance and high retention.

讓我們了解這些結果的細節，從幻燈片 6 上的有機收入成長開始。2025 年第二季的有機收入成長符合我們的中等個位數或更高的指導範圍。我們的四大解決方案系列中的三大解決方案系列均實現了廣泛增長：商業風險、再保險和健康，每項解決方案系列均實現了 6% 的有機收入增長，反映出強勁的新業務表現和高保留率。

In Commercial Risk, the 6% organic revenue growth in Q2 reflected strong performance in our core P&C business with meaningful contributions from both North America and EMEA, as well as strength in M&A services relative to prior year, and double-digit growth in construction. Notably, construction and renewable energy projects remain key areas of focus for us with activity levels continuing to be robust.

在商業風險方面，第二季 6% 的有機收入成長反映了我們核心財產和意外傷害業務的強勁表現，其中北美和歐洲、中東和非洲地區均做出了重大貢獻，併購服務相對於上年有所增強，建築業務也實現了兩位數的成長。值得注意的是，建築和再生能源項目仍然是我們關注的重點領域，活動水平持續強勁。

In Reinsurance, organic revenue growth was 6%, driven by double-digit growth in our insurance-linked securities business, where we continue to lead the market in CAT bond placements, now totaling $50 billion outstanding. We saw double-digit growth in facultative placements in EMEA and Asia Pacific, which helped offset softer April 1 property renewals where rates declined 5% to 20%.

在再保險方面，有機收入成長了 6%，這得益於我們保險相關證券業務的兩位數成長，我們繼續在巨災債券配售方面引領市場，目前未償還總額達 500 億美元。我們看到歐洲、中東和非洲地區以及亞太地區的臨時安置量實現了兩位數成長，這有助於抵消 4 月 1 日房產續約率下降 5% 至 20% 的影響。

Looking ahead, we continue to expect full-year organic revenue growth in line with our mid-single-digit or greater objective. Supported by higher limits at July 1 renewals, continued momentum in international facultative placements, and strong demand for analytics from our strategy and technology group.

展望未來，我們繼續預期全年有機收入成長將符合我們的中等個位數或更高的目標。受到 7 月 1 日續約限額提高、國際兼職安排持續成長動能以及我們的策略和技術部門對分析的強勁需求的支持。

Health Solutions also delivered 6% growth in the quarter and benefited from continued strength in our core Health and Benefits business, especially across international markets. Growth was fueled by net new business and market dynamics that continue to drive rising healthcare costs. We also saw a strong contribution from NFP, most notably in executive benefits and pharmacy solutions, where demand remains elevated.

健康解決方案本季也實現了 6% 的成長，並受益於我們核心健康和福利業務的持續強勁成長，尤其是在國際市場。淨新業務和市場動態推動了醫療成本的持續上升，從而推動了成長。我們也看到 NFP 的強勁貢獻，最明顯的是高階主管福利和藥品解決方案，這兩個領域的需求仍然很高。

And finally, Wealth generated 3% organic revenue growth on top of 9% growth in the prior year period. The performance this quarter was driven by regulatory work across the UK and EMEA. We also saw a meaningful contribution from NFP asset inflows and market performance. So let me take a moment now to walk through the components of our Q2 organic revenue growth on slide 7.

最後，Wealth 的有機收入在去年同期 9% 的成長基礎上又成長了 3%。本季的業績受到英國和歐洲、中東和非洲地區監管工作的推動。我們也看到非農就業資產流入和市場表現做出了有意義的貢獻。現在，請容許我花點時間在第 7 張投影片上介紹我們第二季有機收入成長的組成部分。

As I shared at Investor Day, Aon has a consistent track record of generating new business, and that continued in Q2. In the quarter, new business powered organic revenue growth and contributed 11 points, with an equal contribution from both new clients and expansion with existing clients. Our investments in revenue-generating talent, in high-growth areas like construction and energy, are delivering measurable impact.

正如我在投資者日上所分享的，怡安在創造新業務方面有著一貫的良好記錄，並且在第二季度也延續了這一勢頭。本季度，新業務推動了有機收入成長並貢獻了 11 個百分點，新客戶和現有客戶的擴張貢獻相同。我們對建築和能源等高成長領域的創收人才的投資正在產生可衡量的影響。

Revenue-generating head count is up 6% through the first half, and these colleagues are equipped with advanced data analytics and capabilities from ABS, enabling them to win more business. We continue to expect these investments to support sustainable organic revenue growth, with the 2024 cohort projected to contribute 30 to 35 basis points to full-year organic revenue growth.

上半年，創收員工數量增加了 6%，這些同事配備了 ABS 的先進數據分析和功能，使他們能夠贏得更多業務。我們繼續預計這些投資將支持可持續的有機收入成長，預計 2024 年的投資群體將為全年有機收入成長貢獻 30 至 35 個基點。

Q2 '25 retention improved by 1 point year over year, driven by continued gains in Commercial Risk, as we expand enterprise client leader coverage and deploy our Risk Capital Analyzer. Net new business contributed 5 points to organic revenue growth in the quarter. Net market impact, which captures the impact of rate and exposure, contributed approximately 1 point to organic revenue growth, consistent with our 0 to 2-point estimated range.

隨著我們擴大企業客戶領導覆蓋範圍並部署風險資本分析器，商業風險持續成長，推動 2025 年第二季保留率年增 1 個百分點。淨新業務為本季有機收入成長貢獻了 5 個百分點。淨市場影響（反映了利率和風險敞口的影響）對有機收入成長貢獻了約 1 個百分點，與我們 0 到 2 個百分點的估計範圍一致。

Reinsurance was down from rate declines and higher retentions, and rate pressure in Commercial Risk was offset with limit and coverage increases across our book. Health and Wealth both benefited from positive net market impact with rising healthcare costs and favorable asset performance supporting growth.

再保險因費率下降和留存率提高而下降，商業風險的費率壓力被我們整個保險範圍的限額和承保範圍的增加所抵消。健康和財富均受益於正面的淨市場影響，醫療保健成本的上升和良好的資產表現支持了成長。

And one final point on revenue. Second-quarter fiduciary investment income was $66 million in the quarter, down 12% versus the prior year, while average balances increased lower interest rates more than offset that benefit.

最後關於收入還有一點。第二季信託投資收入為 6,600 萬美元，較上年下降 12%，但平均餘額因利率降低而增加，抵銷了這一收益。

On slide 8, adjusted operating income was up 14% year over year to $1.2 billion, and adjusted operating margin was up 80 basis points to 28.2%. This margin expansion reflects the impact of the four components that we highlighted when we provided full-year guidance: NFP, fiduciary investment income, restructuring, and operating leverage, all of which are in line with our expectations.

在第 8 張投影片上，調整後的營業收入年增 14% 至 12 億美元，調整後的營業利潤率上漲 80 個基點至 28.2%。利潤率的擴大反映了我們在提供全年指導時強調的四個因素的影響：非農業就業數據、受託人投資收益、重組和經營槓桿，所有這些都符合我們的預期。

While we absorbed a one-month margin headwind from NFP given the April 2024 closing, our margin continued to benefit from the scale improvement driven by ABS and the savings from our restructuring program. Specifically, restructuring savings totaled $35 million in the quarter, contributing approximately 83 basis points to adjusted operating margin.

雖然由於 2024 年 4 月收盤，我們承受了 NFP 帶來的一個月的利潤率逆風，但我們的利潤率繼續受益於 ABS 推動的規模改善和重組計劃帶來的節省。具體而言，本季重組節省總額為 3,500 萬美元，為調整後的營業利潤率貢獻了約 83 個基點。

We remain on track to deliver $150 million in restructuring savings for the full year, and are progressing well toward our goal of $350 million in run rate savings by 2026. Given our strong progress in the first half of the year, we remain confident in our ability to drive full-year adjusted operating margin expansion of 80 to 90 basis points, consistent with our long-term model.

我們仍有望實現全年 1.5 億美元的重組節省，並且朝著 2026 年實現 3.5 億美元運行率節省的目標穩步前進。鑑於我們上半年的強勁進展，我們仍然有信心推動全年調整後營業利潤率擴大 80 至 90 個基點，這與我們的長期模式一致。

Moving to interest, other income and taxes on slide 9. As we indicated last quarter, interest income was negligible in the second quarter, and $31 million lower than last year when we earned interest on funds held ahead of the NFP acquisition. Interest expense of $212 million was lower by $13 million versus the prior year, primarily due to lower average debt balances. We expect interest expense to be approximately $210 million in Q3 '25.

轉到幻燈片 9 上的利息、其他收入和稅金。正如我們上個季度所指出的，第二季的利息收入微不足道，比去年同期（我們在收購 NFP 之前持有的資金中獲得的利息收入）低了 3,100 萬美元。利息支出為 2.12 億美元，比上年減少 1,300 萬美元，主要原因是平均債務餘額較低。我們預計 2025 年第三季的利息支出約為 2.1 億美元。

Other expense rose by $17 million year over year to $32 million, primarily due to the remeasurement of balance sheet items in nonfunctional currencies and higher non-cash pension expense. We estimate Q3 '25 other expense to range between $25 million and $32 million. And finally, the Q2 tax rate was 16.5%, reflecting a favorable impact related to discrete items. While we expect variability in the quarterly rate, our year-to-date rate of 19.3% is in line with our expectations, and our full-year tax outlook remains unchanged at 19.5% to 20.5%.

其他費用年增 1,700 萬美元，達到 3,200 萬美元，主要原因是以非功能性貨幣重新計量資產負債表項目以及非現金退休金費用增加。我們估計 25 年第三季的其他支出在 2,500 萬美元至 3,200 萬美元之間。最後，第二季的稅率為 16.5%，反映了與離散項目相關的有利影響。雖然我們預計季度稅率會有所變化，但今年迄今的稅率為 19.3%，符合我們的預期，全年稅率預期保持不變，為 19.5% 至 20.5%。

Turning now to free cash flow on slide 10. We generated $732 million in free cash flow in the second quarter, up 59% year over year. On a year-to-date basis, free cash flow is up 13%, and this growth reflects strong adjusted operating income, including contributions from NFP, and continued improvements in days sales outstanding. This free cash flow performance gives us the flexibility to execute across all dimensions of our capital allocation strategy, and we continue to expect double-digit free cash flow growth in 2025.

現在轉到第 10 張投影片上的自由現金流。我們在第二季產生了 7.32 億美元的自由現金流，年增 59%。從年初至今，自由現金流成長了 13%，這一成長反映了強勁的調整後營業收入（包括來自 NFP 的貢獻）以及應收帳款週轉天數的持續改善。這種自由現金流表現使我們能夠靈活地執行資本配置策略的各個方面，我們預計 2025 年自由現金流將繼續實現兩位數成長。

Turning to capital allocation. On the right side of the page, we remain focused on executing our disciplined and balanced capital allocation. We continue to make progress on deleveraging, lowering our leverage ratio to 3.4 times in the second quarter. We remain on track to achieve our target range of 2.8 times to 3.0 times by the fourth quarter of 2025, consistent with the objective we set when we announced the NFP acquisition.

轉向資本配置。在頁面的右側，我們仍然專注於執行嚴謹且均衡的資本配置。我們繼續推進去槓桿，第二季槓桿率降至3.4倍。我們仍有望在 2025 年第四季實現 2.8 倍至 3.0 倍的目標範圍，這與我們宣布收購 NFP 時設定的目標一致。

We also remained active in M&A, continuing our targeted tuck-in acquisitions across priority areas, including middle market deals to NFP. Through June, NFP has closed eight acquisitions representing $20 million of EBITDA, with 80% of the EBITDA connected to P&C deals. Finally, we returned $411 million in capital to shareholders this quarter, due to dividend, and $250 million in share repurchases, keeping us on track for $1 billion in capital return through share repurchases for the full year.

我們也持續積極進行併購活動，並繼續在重點領域進行有針對性的補充收購，包括從中端市場到非營利組織的交易。截至 6 月份，NFP 已完成 8 項收購，EBITDA 達 2,000 萬美元，其中 80% 的 EBITDA 與 P&C 交易相關。最後，本季我們透過股息向股東返還了 4.11 億美元的資本，並透過股票回購返還了 2.5 億美元，使我們全年可望透過股票回購實現 10 億美元的資本回報。

Each of these actions underpinned by strong free cash flow generation reflects our disciplined capital allocation model in action, reducing leverage, investing in high-return growth, and returning capital to shareholders. So I'll conclude my prepared remarks on slide 11 with some thoughts on our financial objectives and 2025 guidance.

上述每項行動都以強勁的自由現金流生成為基礎，體現了我們嚴謹的資本配置模式，即降低槓桿率、投資高回報成長並向股東返還資本。因此，我將在第 11 張投影片上以對我們的財務目標和 2025 年指導的一些想法來結束我準備好的發言。

Our second-quarter results, and our performance through the first half of 2025, reflect the strength of our financial model and our execution on our 3x3 plan. We are delivering sustainable organic revenue growth by investing in the capabilities that fuel growth: client-facing talent, differentiated analytics, and seamless client experience through ABS.

我們第二季的業績以及到 2025 年上半年的表現反映了我們的財務模型的實力以及我們對 3x3 計劃的執行情況。我們透過投資推動成長的能力來實現可持續的有機收入成長：面向客戶的人才、差異化分析以及透過 ABS 實現的無縫客戶體驗。

Our organic revenue growth, combined with the initiatives we are executing across ABS to standardize operations and integrate platforms is creating capacity to fund our growth investments, while strengthening the foundation for ongoing margin expansion. This combination is enhancing our earnings power and positioning us to deliver on our full-year commitments and long-term financial objectives.

我們的有機收入成長，加上我們在 ABS 實施的標準化營運和整合平台的舉措，為我們的成長投資創造了資金能力，同時也為持續的利潤擴張奠定了基礎。這種結合增強了我們的獲利能力，並使我們能夠兌現全年承諾和長期財務目標。

As a result, we are reaffirming our full-year guidance, including mid-single-digit or greater organic revenue growth, 80 to 90 basis points of margin expansion, including $260 million in cumulative annual savings from our Aon United restructuring initiative, strong earnings growth, and double-digit free cash flow growth in 2025, and a double-digit three-year CAGR for 2023 to 2026. We are executing with focus. We have momentum, and we remain confident in our ability to deliver long-term value for our shareholders.

因此，我們重申全年業績指引，包括中等個位數或更高的有機收入增長、80 至 90 個基點的利潤率增長（包括怡安聯合重組計劃帶來的 2.6 億美元累計年度節省）、強勁的盈利增長、2025 年兩位數的自由現金流增長以及 2023 年至 2026 年三年增長率達到兩位數）。我們正在集中精力執行。我們擁有強勁的發展勢頭，我們仍然有信心為股東創造長期價值。

So with that, let's jump into your questions. Donna, back to you.

那麼，就讓我們來回答你的問題吧。唐娜，回到你身邊。

(Operator Instructions) Jimmy Bhullar, JPMorgan.

（操作員指示）Jimmy Bhullar，摩根大通。

So first, just a question for Greg on the contribution to growth from capital markets activities and new hires. On new hires, I think Edmund had outlined at Investor Day that the contribution should pick up as you go through this year. So assuming that hasn't changed and -- but you could comment if it has?

首先，我想問格雷格一個問題，關於資本市場活動和新進員工對成長的貢獻。關於新員工，我認為埃德蒙在投資者日已經概述過，隨著今年的推進，貢獻應該會增加。因此假設這沒有改變——但如果改變了，您可以評論一下嗎？

And then on Capital Markets, not sure if you're seeing, or expecting a greater impact in the third and the fourth quarters versus what you've seen in the first half, given that it looks like M&A IPO activity across the board is picking up in several industries?

然後關於資本市場，鑑於看起來多個行業的併購 IPO 活動正在全面回升，不確定您是否看到或預期第三季和第四季的影響會比上半年更大？

First of all, Jimmy, appreciate the questions. We'll start with M&A services and then maybe go to talent when you're asking your second question. Listen, M&A services. You know this story well from our side. We love this space. We're unbelievably well positioned to win. We've been investing behind this capability because we know how important it is from a client standpoint, and we've been investing behind it in times when it wasn't doing so well.

首先，吉米，我很感謝你提出這個問題。我們將從併購服務開始，然後當您提出第二個問題時，我們可能會談到人才。聽著，併購服務。從我們的角度來說，您很了解這個故事。我們喜歡這個空間。我們擁有令人難以置信的獲勝優勢。我們一直在投資這項能力，因為我們知道從客戶的角度來看它有多重要，而且在它表現不太好的時候，我們也一直在投資它。

We have not -- we've said to you before on calls, we're going to quit projecting, and we're going to talk to you about the rearview mirror. But as this has impact, you will see it have impact, and we've made progress in the quarter. Maybe describe it as better but not back.

我們沒有──我們之前在電話中跟你們說過，我們將停止預測，我們將和你們談談後視鏡。但隨著它產生影響，你會看到它產生影響，而且我們在本季取得了進展。也許可以將其描述為更好，但不會再回來。

You certainly see the pipelines pick up, as you've heard the investment banks describe. But there's a tremendous amount of dry powder still out there on the sidelines, and we made progress. And as Edmund described it was a tailwind in the quarter, but literally, the overall impact in our growth, in performance in the quarter was really very broad-based as Edmund described.

正如您所聽到的投資銀行所描述的那樣，您肯定會看到管道的回升。但場外仍有大量的乾火藥，我們取得了進展。正如埃德蒙所描述的，這是本季度的順風，但實際上，它對我們本季的成長和業績的整體影響確實非常廣泛。

So generally, very positive, good prospects, but I describe it as progress. But Edmund, what else would you add before we go to talent?

所以總的來說，非常積極，前景良好，但我將其描述為進步。但是埃德蒙，在我們談論才藝之前您還有什麼要補充的嗎？

Yeah, just on the M&A point, Greg, just reiterating your point. It strengthened in Q1, Jimmy, and in Q2, that was modest, growing over a low base. There's modest growth in our second-half outlook for M&A, and we still expect to maintain our mid-single-digit growth levels despite that. If it comes in stronger, then that will be a tailwind for us.

是的，就併購問題而言，格雷格，我只是重申你的觀點。吉米，它在第一季有所增強，而在第二季度，它的成長速度較慢，是在較低基數上實現的。我們對下半年併購前景的預期是溫和成長，儘管如此，我們仍然預期維持中等個位數的成長水準。如果它變得更加強大，那麼這對我們來說將是一個順風。

The point I want to emphasize is the point that Greg made about broad-based growth. M&A falls into our Commercial Risk segment, which was at 6% for the quarter, again, right in line with our expectations. We weren't surprised by that. That was strength driven by, what I mentioned in my prepared remarks, our core P&C business in North America. Double-digit growth in construction. That means the priority hires.

我想強調的是格雷格提出的關於廣泛成長的觀點。併購屬於我們的商業風險部門，本季該部門的佔比為 6%，同樣符合我們的預期。我們對此並不感到驚訝。正如我在準備好的演講中提到的，這種優勢是由我們在北美的核心財產和意外保險業務所推動的。建築業實現兩位數成長。這意味著優先僱用。

What you -- the next part of your question is contributing right in line with our expectations. M&A was a tailwind, but not the key driver. I'll also point out in construction our international markets, particularly in EMEA and LatAm. And again, there, the growth was driven by new business and the impact of us hiring in those markets. So the growth was broad-based across our different solution lines, coming from new business and new hires.

您問題的下一部分所做的貢獻完全符合我們的期望。併購是順風，但不是關鍵驅動力。我還要指出的是，我們正在建立國際市場，特別是歐洲、中東和非洲地區以及拉丁美洲。再次強調，成長是由新業務和我們在這些市場招募的影響所推動的。因此，我們的不同解決方案系列都實現了廣泛成長，包括新業務和新員工。

And on your second question, Greg, do you want to -- should I start there? On the second question, you're right. We did -- I think the first thing, you heard me say it in the remarks, I'd point out is that through six months, were up 6% in revenue generating higher. So right in line with the 4% to 8% that we communicated at Investor Day. That is strong growth in the priority areas. We saw growth in energy.

關於你的第二個問題，格雷格，你想──我該從這裡開始嗎？關於第二個問題，你說得對。我們確實做到了——我想首先，你們聽到我在評論中說過，我想指出的是，在六個月的時間裡，我們的收入增加了 6%。這與我們在投資者日傳達的 4% 至 8% 一致。這是重點領域的強勁成長。我們看到了能源的成長。

Again, I'll mention double-digit growth in construction. So those are areas that we think are outpacing GDP growth, what we're doubling down on. Contribution at -- 11 points of contribution from new business to our organic revenue growth. That's broad-based, but there's a significant component of that as we start to see the new hire pickup in their contribution.

我再次提到建築業的兩位數成長。因此，我們認為這些領域的成長速度超過了 GDP 的成長速度，因此我們正在加倍投入。貢獻－新業務對我們的有機收入成長貢獻了 11 個百分點。這是廣泛的，但其中有一個重要的組成部分，因為我們開始看到新員工的貢獻增加。

So we still remain confident in what we said at Investor Day of 30 to 35 basis points of contribution from the 24 cohort of new hires. And the last point I'll make on it is that we're just going to stay focused on this. We're a growth company. So we'll remain committed to investing in talent, in the tools that we talked about on the calls and the capabilities through ABS as well.

因此，我們仍然對我們在投資者日所說的 24 名新員工將帶來 30 至 35 個基點的貢獻充滿信心。我要說的最後一點是，我們將繼續集中精力於此。我們是一家成長型公司。因此，我們將繼續致力於投資人才、投資我們在電話會議上談到的工具以及透過 ABS 實現的能力。

Thanks. And maybe just a question on your preferred uses of free cash flow. You mentioned deleveraging as you had outlined at the end with the NFP deal. But just maybe comment on your interest in large M&A. It seems like the antitrust environment better than it was before, and some of your peers have done larger deals since you did the NFP acquisition. But just your interest in large-scale M&A as a use of capital?

謝謝。也許只是想問一下您對自由現金流的偏好用途。您提到了去槓桿，正如您在 NFP 協議最後概述的那樣。但也許只是評論一下您對大型併購的興趣。看起來反壟斷環境比以前好多了，自從你們完成 NFP 收購之後，你們的一些同行已經完成了更大的交易。但您只是對大規模併購作為資本用途感興趣嗎？

Yeah. Maybe I'll make a few points about where we are in our position, which is strength -- a position of strength. And then I'll turn it to Greg to talk a little bit broader about the environment. But I start -- the answer to this question, which is the free cash flow growth? 59% in the quarter, 13% in the quarter -- 13% year to date coming from our operating income, coming from NFP, coming from integration and transaction costs winding down as we called out due at Investor Day.

是的。也許我可以就我們的現狀談幾點看法，這就是實力──實力地位。然後我會請格雷格更廣泛地談論環境問題。但我開始──這個問題的答案是，自由現金流成長是多少？本季為 59%，本季為 13%——年初至今的 13% 來自我們的營業收入，來自 NFP，來自整合和交易成本的減少，正如我們在投資者日呼籲的那樣。

And so the confidence in double-digit free cash flow is very high, and that means that we are in a position of strength with flexibility. And on that point about flexibility, the priority, of course, is giving that leverage ratio down. We're well on track to be able to do that. We're paying the dividend. But we will continue to evaluate assets that meet our strategic and financial criteria.

因此，我們對兩位數自由現金流的信心非常高，這意味著我們處於靈活且強大的地位。說到靈活性，當然首要任務是降低槓桿。我們正順利實現這一目標。我們正在支付股息。但我們將繼續評估符合我們策略和財務標準的資產。

We're very diligent on ensuring that our M&A decisions are accretive to returns. I put up a slide during the Investor Day that said, 12% revenue growth after one year of ownership over 20% of IRR and industry-leading ROIC. So my point is that we are in a position of strength with the free cash flow. We have the flexibility. We're going to use the right criteria to evaluate as we continue to invest for growth.

我們非常努力地確保我們的併購決策能帶來回報。我在投資者日期間放了一張幻燈片，上面說，擁有該公司一年後，收入增長 12%，內部收益率 (IRR) 超過 20%，ROIC 達到行業領先。所以我的觀點是，我們憑藉自由現金流處於優勢。我們具有靈活性。我們將使用正確的標準進行評估，並繼續為成長進行投資。

But Greg, maybe a little bit on the environment?

但是格雷格，也許可以談談環境問題？

Yeah. And listen, you captured it very well. Edmund. Jimmy, you get the point here. This is an underlying foundation that's driven our capital allocation decisions for a long time, just fully reinforced by Edmund. This is operating on strength with flexibility, but go back in time, return on invested capital, cash-on-cash return, true evaluation across the spectrum.

是的。聽著，你捕捉到的非常好。埃德蒙。吉米，你明白我的意思了。這是長期以來推動我們資本配置決策的潛在基礎，而 Edmund 則對此進行了充分的強化。這是基於實力和靈活性的經營，但回顧過去，投資資本的回報率、現金回報率、全方位的真實評估。

And also remember, we're buying and selling, right? We are managing capital in a way in which we are absolutely focused on it. And we'll take steps to focus the portfolio if it's going to be helpful, and add to the portfolio in any way, it's going to support us as well, from dividend to buyback to acquisition in every way, shape or form. So I appreciate the question, but we're excited about the potential here.

另外請記住，我們正在買賣，對嗎？我們以絕對專注的方式管理資本。如果有幫助的話，我們會採取措施集中投資組合，並以任何方式增加投資組合，它也將以各種方式支持我們，從股息到回購到收購。我很感謝你的提問，但我們對這裡的潛力感到興奮。

Thank you.

謝謝。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

My first question is also on the M&A transactional book. I was just wondering, is it overweight on any geography, or industry vertical? Or is it pretty diversified? And then directionally, is the margin better or worse than the core P&C margin within the Commercial Risk segment?

我的第一個問題也是關於併購交易帳簿的。我只是想知道，它是否在任何地區或垂直行業中都佔比過高？或者說它相當多元？然後從方向來看，商業風險部門的利潤率比核心財產及意外險利潤率好還是差？

Appreciate the question, Elyse. Listen, we're happy to talk about M&A services all day long. So I just love the questions. For us, remember, we have truly invested in world-class capability and content here. And we continue to do it when it wasn't as robust.

感謝你的提問，Elyse。聽著，我們很樂意整天談論併購服務。所以我很喜歡這些問題。對我們來說，請記住，我們確實在這裡投資了世界一流的能力和內容。當它還不是那麼強大​​時，我們仍繼續這樣做。

The demand wasn't as robust for all the reasons that we all know. We described at the time that we have expanded our capability. So we expanded it both geographically, as well as beyond just sort of the classic P/E focus. So it really is to the corporate world, too. If you think about sort of the uses of M&A services, they've predominantly been directed towards the P/E world, but equally compelling in the context of the overall corporate world.

由於眾所周知的原因，需求並不那麼強勁。我們當時描述說我們已經擴展了我們的能力。因此，我們在地理範圍上進行了擴展，並且超越了傳統的本益比關注範圍。對於企業界來說，情況也是如此。如果您考慮一下併購服務的用途，它們主要針對的是市盈率領域，但在整個企業界也同樣引人注目。

So from our standpoint, what we've got is broad-based capability and what we believe will be with time, very broad-based demand across the world, and now even broader in terms of sort of how it's going to be applied. So again, we're excited about the potential. We always has been. Nothing's changed there.

因此，從我們的角度來看，我們擁有的是廣泛的能力，我們相信隨著時間的推移，全球範圍內會有非常廣泛的需求，而現在就其應用方式而言，需求將會更加廣泛。因此，我們再次對其潛力感到興奮。我們一直都是這樣。那裡什麼都沒改變。

But as Edmund and I both tried to describe better, not bad, right? There's a long way to go here with a lot of dry powder, and we're going to continue to see it evolve over time. On the margin question, Edmund, can you maybe comment on that?

但正如埃德蒙和我都試圖描述的那樣，還不錯，對吧？這裡還有很長的路要走，還有很多乾粉，我們將繼續觀察它隨著時間的推移而發展。關於利潤問題，埃德蒙，您能對此發表評論嗎？

Yeah. And I think, first, on the first question, your operative word there is broad-based. So at least the growth is a tailwind, but modest, but we saw that growth across all of our regions. EMEA was strong. Asia Pacific was strong, just like US as well in the M&A space.

是的。我認為，首先，關於第一個問題，你的關鍵字是「廣泛」。因此，至少增長是順風，但幅度不大，但我們在所有地區都看到了這種增長。歐洲、中東和非洲地區表現強勁。亞太地區在併購領域表現強勁，與美國相同。

On the margin, I think your question is about margins in the components of Commercial Risk versus the other areas. I think the key thing for us is that Commercial Risk has a slightly higher margins, but the margins are in line. I don't pay too much attention to a particular -- we're an annual company. So the margin in a particular quarter isn't where I'd focus.

關於利潤，我認為您的問題是關於商業風險組成部分與其他領域的利潤。我認為對我們來說關鍵的是商業風險的利潤率略高，但利潤率是一致的。我不太關注某個特定方面——我們是一家年度公司。因此，特定季度的利潤率並不是我關注的重點。

But most importantly, the key area of focus should be the expansion in both margins on the commercial risk side and on the human capital side, and we're seeing that expansion across both the segments, because it's driven by the operating leverage and the scale improvements that we get through ABS. And we're seeing it across our solutions.

但最重要的是，重點關注領域應該是商業風險和人力資本方面的利潤率擴張，我們看到這兩個領域的利潤率都在擴張，因為它是由我們透過 ABS 獲得的經營槓桿和規模改進所驅動的。我們在我們的解決方案中看到了這一點。

Thanks. And then my second question. I was hoping you could spend a little bit more time on what drove the pretty strong free cash flow growth in the quarter? And then I know the full-year guide is for $300 million from NFP free cash flow. Where do we sit through the first half of the year?

謝謝。然後是我的第二個問題。我希望您能多花一點時間來解釋一下是什麼推動了本季自由現金流的強勁成長？然後我知道全年指南是來自 NFP 自由現金流 3 億美元。我們上半年的狀況如何？

Yeah. So I caught that -- I mean, again, you're answering the question within the question there. Those are the drivers. Like, I think there are four areas to keep your eyes on when you think about our free cash flow growth and how we get to double digit. One is the operating income growth and within that NFP. Both of those items were a contributor for us in the quarter. So we feel very good about the $300 million in 2025 free cash flow contribution from NFP on that question.

是的。所以我明白了——我的意思是，你又一次回答了問題中的問題。這些就是驅動因素。例如，當你考慮到我們的自由現金流成長以及如何達到兩位數時，我認為有四個面向需要關注。一是營業收入成長和NFP。這兩項都是我們本季的貢獻者。因此，我們對 NFP 在 2025 年貢獻的 3 億美元自由現金流感到非常滿意。

The second area for us is the continued working capital improvements, in particular days sales outstanding. I called that out in the prepared remarks that we continue to focus on that by region, within our procurement teams. So we continue to see benefit from that as well.

我們的第二個領域是持續改善營運資本，特別是應收帳款週轉天數。我在準備好的發言中指出，我們將繼續在我們的採購團隊內按地區關注這一問題。因此我們也繼續看到其帶來的好處。

The third area that I'd focus on is restructure, the Aon United restructuring program. That continues to be a degradation of free cash flow as we go through 2026, in line with our plans on that. The benefit that we saw in addition to those three items in the quarter was through the lower NFP transaction and integration costs, just as I said at Investor Day.

我要關注的第三個領域是重組，即怡安聯合重組計劃。隨著我們進入 2026 年，自由現金流將繼續下降，這與我們的計劃一致。正如我在投資者日所說的那樣，本季度我們除了這三項之外還看到的好處是 NFP 交易和整合成本的降低。

So operating income, including NFP, the working capital improvements, and the lower transaction and integration costs from NFP. That is what are -- those are the drivers for 13% year to date and just continued strength in those drivers is what will have us on track for double digits in 2025.

因此，營業收入包括 NFP、營運資本改善以及 NFP 帶來的較低交易和整合成本。這就是今年迄今成長 13% 的驅動因素，只有這些驅動因素持續強勁，我們才能在 2025 年實現兩位數的成長。

But it's -- at least I just want to add one point here, an important one because you touched on the key note for us, which is free cash flow and free cash flow growth. So Edmund just described very well kind of what's happening in the year, what's happening year to date, all exactly on point. Step back. Remember, we are all about revenue and revenue enhancement and then the translation of free cash flow from revenue, period.

但至少我只想在這裡補充一點，這一點很重要，因為你觸及了我們的關鍵點，即自由現金流和自由現金流成長。因此，埃德蒙非常準確地描述了今年發生的事情、今年迄今為止發生的事情。退後。請記住，我們所關心的是收入和收入增加，然後從收入轉化為自由現金流，僅此而已。

And we look at that in every angle, every shape. You can imagine. And you look at our history, we've done double-digit free cash flow growth for a long period of time. And then we add the 3x3 plan. And the 3x3 plan with Aon Business Services is again, it's a leverage to revenue, i'ts a leverage on capability, driving revenue, you're seeing that opportunity. And then it is a leverage to operate improvement, operating efficiency.

我們從各個角度、各個角度來觀察它。你可以想像。看看我們的歷史，我們的自由現金流長期保持兩位數的成長。然後我們加入 3x3 計劃。怡安商業服務公司的 3x3 計劃再次表明，它是對收入的一種槓桿，是對能力的一種槓桿，可以推動收入，您看到了這個機會。然後，它就可以成為營運改善和營運效率的槓桿。

So for us, we did double digit without Aon Business Services. Now Aon Business Services continuing to come on fully online and what we're now underscoring and reinforcing our ability to deliver that, and you're seeing that come to fruition.

因此，對我們來說，即使沒有怡安商業服務，我們的業績也達到了兩位數。現在，怡安商業服務繼續全面上線，我們現在正在強調和加強我們實現這一目標的能力，並且您將看到這一切正在取得成果。

So for us, we absolutely want you to stay focused on free cash flow. We are as well. And the opportunity here for us, we think, is substantial, which is why we're reinforcing guidance around this. But understand the mechanics of this isn't about just a '25 result. It's about '25, '26 and ongoing well beyond the 3x3 plan period.

因此對我們來說，我們絕對希望您專注於自由現金流。我們也是。我們認為，這對我們來說是一個很大的機會，這就是我們加強這方面指導的原因。但要明白這其中的機制不只 25 個結果那麼簡單。它與 25、26 年有關，並且遠遠超出了 3x3 計劃期。

Thank you.

謝謝。

Andrew Kligerman, TD Cowen.

安德魯·克里格曼（Andrew Kligerman），TD Cowen。

So back when you closed on the NFP deal about a year -- a year plus, the talk was of the expectation of generating about 175 (inaudible) coupled with about $60 million in cost synergies. And I think, Edmund, you mentioned that this year, you're on track for $80 million in revenue synergies.

因此，當您在大約一年多前完成 NFP 交易時，談論的是預計將產生約 175（聽不清楚）加上約 6000 萬美元的成本協同效應。埃德蒙，我想您提到過，今年您的收入協同效應預計將達到 8000 萬美元。

So looking out to 2026, how are you progressing there? What can we expect along these numbers? Maybe -- any specific numbers you could provide around these metrics as we look to the incremental upside in 2026?

那麼展望 2026 年，您在這方面的進展如何？根據這些數字我們可以期待什麼？也許——當我們展望 2026 年的增量上升時，您能提供圍繞這些指標的任何具體數字嗎？

Andrew, thanks for the question. Maybe just a bit of context around NFP overall and the progress because then it sets up the specifics and sort of how they've continued to strengthen and evolve, which Edmund can take us through. Listen, step back. We talked about this in Investor Day.

安德魯，謝謝你的提問。也許只是關於 NFP 整體和進展的一些背景信息，因為它可以說明具體情況以及它們如何繼續加強和發展，Edmund 可以向我們介紹一下。聽著，退後一步。我們在投資者日討論了這個問題。

High expectations as NFP came into the Aon world, and they have been exceeded. It's been truly been terrific for us to sort of get a chance to work with this team. Support them and they support Aon. It's actually been a great combination.

當非農就業崗位進入怡安世界時，人們對其寄予厚望，而這些期望已經超出了預期。對我們來說，有機會與這個團隊合作真是太棒了。支持他們，他們就支持怡安。這確實是一個很棒的組合。

And you've seen this show up on the revenue side and the organic revenue side, and what we've been able to do. As well as on the operating side, which showed up sort of in the quarter, just showing up throughout the overall year. So for us, this is exactly what we hoped it would be, a platform. (inaudible) the platform also upon which we can add the programmatic M&A that Edmund talked about as well.

您已經看到這在收入方面和有機收入方面有所體現，以及我們能夠做到什麼。就營運方面而言，這在本季度有所體現，並貫穿全年。所以對我們來說，這正是我們所希望的，一個平台。 （聽不清楚）在這個平台上，我們還可以加入 Edmund 談到的程式化併購。

And really, a lot of this driven as you think about NFP overall on the idea of independent and connected. Independent and connected has made a huge difference as we think about adding capability to NFP from the producer front but also from an M&A front, us more attractive to others who want to be part of the overall Aon world.

事實上，當你思考 NFP 整體時，很大程度上都是基於獨立和互聯的概念。當我們考慮從生產者方面和併購方面為非營利組織增加能力時，獨立和互聯互通產生了巨大的變化，這對那些希望成為整個怡安世界一部分的人更有吸引力。

So I just want to set context as you think about sort of NFP and the progress we've made. And then against that, absolutely, you're seeing it show up in the outcome. So maybe Edmund, a little comment on that?

因此，我只是想在您思考 NFP 和我們所取得的進展時提供一些背景資訊。與此相反，你肯定會看到結果的體現。那麼埃德蒙，對此有什麼評論嗎？

Yeah. Andrew, on this question, the first thing that Greg and I have both highlight is producer retention. That's -- because without that, you're not going to have any of the revenue synergies come through. It's better than it was pre-acquisition. And in 2025, we continue to be as strong as we were in '24 on producer retention as well.

是的。安德魯，關於這個問題，格雷格和我首先強調的是生產者保留率。這是因為——如果沒有這一點，你就不會產生任何收入綜效。這比收購前好。到 2025 年，我們在生產商保留方面仍將保持與 2024 年一樣強勁的勢頭。

And that's driven by the independent and connected strategy that Greg was just talking about. So first step is minimizing any revenue leakage. To date, you're right with the numbers that you mentioned, $80 million in 2025, $175 million in synergies due 2026.

這是由格雷格剛才談到的獨立和互聯策略所推動的。因此，第一步是盡量減少收入流失。到目前為止，您提到的數字是正確的，2025 年為 8000 萬美元，2026 年將產生 1.75 億美元的協同效應。

To date, we balanced several million in new business from joint activity across the business units. But as we think about specific areas that we're focused on as we look at the pipeline, of what we've accomplished to date and what's going to help us meet that $80 million number, and $175 million number.

到目前為止，我們透過跨業務部門的聯合活動平衡了數百萬的新業務。但是，當我們考慮我們所關注的特定領域時，我們會考慮管道、我們迄今為止所取得的成就以及什麼將幫助我們實現 8000 萬美元和 1.75 億美元的目標。

Maybe highlight two or three things for you. One is transitioning from third-party wholesale to Aon expertise capability that we have. That was exactly what we thought when we thought about opening up the Aon Store to the NFP population. Two is using our Aon Global Broking Centre for international placements and specialized placements. That has been an area of growth and strength, and NFP is taking advantage of and contributing to the synergies thus far.

也許可以為您強調兩三件事。一是從第三方批發轉向我們擁有的怡安專業能力。當我們考慮向非農就業人口開放怡安商店時，我們正是這麼想的。二是利用我們的怡安全球經紀中心進行國際配售和專案配售。這是一個成長和實力的領域，迄今為止，NFP 正在利用並促進這種協同效應。

And then we have middle-market panels in place, in places like marine, and terrorism, and builders risk. Places that are even -- certainly relevant in the macro environment that we're in right now. So those are areas that we're focused on to be able to meet the $80 million commitment in 2025, and $175 million in 2026, which we continue to be confident in.

然後我們在海洋、恐怖主義和建築商風險等領域設立了中端市場小組。這些地方甚至——與我們目前所處的宏觀環境肯定是相關的。因此，這些是我們重點關注的領域，以便能夠在 2025 年兌現 8000 萬美元的承諾，並在 2026 年兌現 1.75 億美元的承諾，我們對此仍然充滿信心。

Got it. And then just second question is around Reinsurance Solutions. You talked about double-digit increases in ILS and facultative placements. How should we think about the dynamic with Treaty? Is that kind of taking from Treaty? Or do you see kind of an uplift in both? Like how should we think about that dynamic between the two product areas ILS and Treaty?

知道了。第二個問題是關於再保險解決方案。您談到了 ILS 和兼職安置的兩位數成長。我們該如何看待條約的動態？這是否違背了《條約》的規定？或者您認為兩者都有提升嗎？例如，我們該如何看待 ILS 和 Treaty 這兩個產品領域之間的動態關係？

Andrew, I love the question. We suggest you step back a little bit and think about this isn't really from a product orientation. It's from a client orientation. I mean we're literally stepping and asking the question, how can we help clients both defend the house, think about their balance sheet and what they're doing, but also grow it, and actually build capability. And for us, whether Treaty, (inaudible), ILS, all of these things sort of come into play as you think about helping the client do that. So in many respects, not competing, but complementary.

安德魯，我喜歡這個問題。我們建議您稍微退一步思考一下，這並不是真正從產品角度出發的。這是從客戶的角度出發的。我的意思是，我們實際上正在提出這個問題，我們如何幫助客戶既保衛家園，思考他們的資產負債表和他們正在做的事情，又能發展它，並真正建立能力。對我們來說，無論是條約、（聽不清楚）、ILS，當您考慮幫助客戶做到這一點時，所有這些事情都會發揮作用。因此在很多方面，它們不是競爭，而是互補。

And for us, it's been -- it's really been a great story from a Reinsurance standpoint. We've just got such a remarkable capability -- remarkable global capability that continues to get stronger. And now with a 3x3 plan, and the investment behind it in analytics, absolutely tremendous. And we highlighted -- I highlighted one of the examples that we came up with the surge stop-loss opportunity. This is a net new ad that comes into the fray that helps us to actually be better from a reinsurance standpoint.

對我們來說，從再保險的角度來看，這確實是一個很棒的故事。我們剛剛獲得瞭如此卓越的能力——卓越的全球能力，並且還在不斷增強中。現在有了 3x3 計劃，以及其在分析方面的投資，這絕對是巨大的。我們強調了——我強調了我們提出的激增止損機會的一個例子。這是一則全新的廣告，它可以幫助我們從再保險的角度更好地服務客戶。

And then Andrew, step back and understand, this capability as part of risk capital is then an amplifier, a big amplifier. So you've got Reinsurance in and of itself tremendously positive, continuing to progress with increasing demand, great opportunity. And within Risk Capital, now we're talking about how to take this capability and really embed it into the Commercial Risk decision process as well, very complementary.

然後安德魯，退一步去理解，作為風險資本的一部分，這種能力是一個放大器，一個大放大器。因此，再保險本身就具有極大的正面意義，隨著需求的增加而不斷進步，這是一個巨大的機會。在創投內部，我們現在正在討論如何利用這種能力並將其真正嵌入到商業風險決策​​過程中，這是非常互補的。

Now we're talking about the largest companies in the world, trillion-dollar balance sheets, asking the question around how do I understand volatility? And the answer to that is not a product. It's not an individual solution line. It is Global Aon. If you think about just ILS and what we've done for commercial companies, emanating from Reinsurance.

現在我們正在談論世界上最大的公司、數萬億美元的資產負債表，並提出如何理解波動性的問題？答案不是產品。這不是一條單獨的解決方案。它是全球怡安。如果您只考慮 ILS 以及我們為商業公司所做的工作，那麼它源自於再保險。

In 2021 we did basically no deals. 2020, nothing. In '24, we did 109. And year-to-date '25, we're already at roughly 100. I mean this is truly remarkable in terms of what the opportunity is here. So for us, this is the wheelhouse in terms of sort of net new demand as it evolves over time that we're going after. And so pretty excited about the opportunities here as they connect Reinsurance and Commercial Risk. And the same story on the Commercial Risk side, we can talk about as well.

2021 年我們基本上沒有達成任何交易。 2020 年，什麼都沒有。1924 年，我們完成了 109 項。截至目前，25 年我們的會員數已達約 100 人。我的意思是，就這裡的機會而言，這確實令人驚嘆。因此，對我們來說，這就是我們所追求的隨著時間推移而不斷演變的淨新需求的駕駛室。因此，他們對這裡將再保險和商業風險聯繫起來的機會感到非常興奮。我們也可以談論商業風險方面的同樣的故事。

Thanks. Very helpful.

謝謝。非常有幫助。

Rob Cox, Goldman Sachs.

高盛的羅布·考克斯（Rob Cox）。

Just a question first on talent. The revenue-generating head count seems like it's up 6% year to date, and this push has been successful. I'm curious, has this changed your mind at all about the sort of run rate future investments in talent? And is this 4% to 8% increase annually sort of the right level to think about going forward?

首先問一個關於天賦的問題。今年迄今為止，創收員工數量似乎增加了 6%，這項措施取得了成功。我很好奇，這是否改變了您對未來人才投資運作率的看法？每年 4% 到 8% 的增幅是否是未來值得考慮的正確水準？

Maybe, Rob, if I could. I want to start with an overview, but Edmund can really dig in on this. This talent question is important. It really is part of the conversation we had on the Investor Day around adding content and capability. But I really want to touch on this for a bit.

也許吧，羅布，如果可以的話。我想先做一個概述，但 Edmund 確實可以深入探討這個問題。這個人才問題很重要。這確實是我們在投資者日關於增加內容和功能的討論的一部分。但我確實想稍微談一下這一點。

But when we think about talent, remember, the mission of our firm is client-obsessed. I mean it literally is helping clients make better decisions and get to better outcomes. Because of that, not because for financial leverage, and not because we're going to move people around, our industry does a lot of that, we're adding talent to deliver an outcome. That's why we focus on priority areas. Construction, energy help in our priority areas.

但當我們考慮人才時，請記住，我們公司的使命是客戶至上。我的意思是它確實可以幫助客戶做出更好的決策並獲得更好的結果。正因為如此，並不是因為財務槓桿，也不是因為我們要調動人員，我們的行業經常這樣做，我們增加人才以取得成果。這就是我們關注優先領域的原因。建築、能源是我們優先援助的領域。

But remember, our commitment is add talent, better capability, but we've got to help them be better at Aon. So somebody coming over to Aon without the analyzers is not a net add. Somebody come in without sort of the improvements in service and what we do with search, et cetera, is not an add. So for us, Rob, this is talent in the right areas and then it's reinforced by Aon, by what we do, by Aon Business Services.

但請記住，我們的承諾是增加人才、提升能力，但我們必須幫助他們在怡安做得更好。因此，如果有人來到 Aon 時沒有攜帶分析儀，那麼這對 Aon 來說不算是一個淨增值。有人加入時沒有對服務進行任何改進，而我們在搜尋等方面所做的工作並不是什麼附加功能。所以對我們來說，羅布，這是正確領域的人才，然後透過怡安、透過我們所做的事情、透過怡安商業服務來強化。

And so -- and then we basically made the point, and Edmund made it as well on Investor Day. I'd love him to comment on it more now, is this is about continuous improvement. It's continuous improvement in terms of what we're trying to do on their behalf to support clients, but also continuous investment. And the machine we're talking about here is a machine that is that is -- drives top line, improves operating performance, but also invest back into the business on an ongoing basis.

所以 — — 然後我們基本上就提出了這個觀點，艾德蒙在投資者日也提出了這個觀點。我希望他現在對此發表更多評論，這是否與持續改進有關。就我們代表他們所做的支援客戶的工作而言，這是持續的改進，也是持續的投資。我們在這裡談論的機器是這樣的機器——它能夠推動營收成長，提高營運績效，同時也能持續投資於業務。

So for us, we're going to continuously look at this. We're going to evaluate it. We're going to make the right calls (inaudible) capital allocation. We're going to make the right calls in terms of what we're trying to do, and we see more and more potential to bring talent in, particularly because we can amplify the talent that comes in.

因此對我們來說，我們將持續關注這一點。我們將對其進行評估。我們將做出正確的決定（聽不清楚）資本配置。我們將根據我們正在嘗試做的事情做出正確的決定，我們看到越來越多的引進人才的潛力，特別是因為我們可以擴大引進的人才的潛力。

That's also why they come. They're excited to do something, to wow a client. To do something with their clients they haven't been able to do before. And that's what makes us attractive. And that's the commitment we have to them. So I want to offer that view at a macro level. And then Edmund, talk about where we are in the year and what we're expecting over the plan period?

這也是他們來的原因。他們很高興能做一些事情來讓客戶驚嘆。為客戶做一些他們以前無法做到的事情。這就是我們的吸引力。這就是我們對他們的承諾。所以我想從宏觀層面提出這個觀點。然後埃德蒙，請談談我們今年的進展以及我們對計劃期間的期望？

Yeah. And I'll start by emphasizing your point, Greg. This is about meeting client needs. If you do that, then you -- and we're very specific about this word, Rob, sustainable organic revenue growth. If you meet the client need, then you can drive the sustainable organic revenue growth. You do that by making these hires. We have the capacity to make the hires, primarily because of the Aon Business Services, ABS and the scale improvements that we get there.

是的。首先我要強調你的觀點，格雷格。這是為了滿足客戶的需求。如果你這樣做，那麼你——我們對這個詞非常具體，羅布，可持續的有機收入成長。如果您滿足客戶需求，那麼您就可以推動可持續的有機收入成長。您可以透過僱用這些人來做到這一點。我們有能力進行招聘，主要是因為怡安商業服務 (Aon Business Services)、ABS 以及我們在那裡取得的規模改進。

I'll refer you back to the slide at Investor Day on margin expansion and growth -- and investment in growth. Where we drive this margin expansion through Aon Business Services. We get some benefit from expense discipline. And then we invest 40 to 60 basis points in revenue-generating hires and other capabilities. The objective there is to meet our near-term objectives, double-digit free cash flow growth in the current year here, and invest for ongoing sustainable top-line growth.

我請您回顧一下投資者日上有關利潤率擴大和成長以及對成長的投資的幻燈片。我們透過怡安商業服務推動利潤率的擴大。我們從費用控制中獲得了一些好處。然後，我們在創造收入招募和其他能力方面投資 40 到 60 個基點。我們的目標是實現我們的近期目標，即本年度實現兩位數的自由現金流成長，並投資實現持續可持續的收入成長。

If we can get more from the scale improvements, then we'll invest more if we can deliver in the current year and are outperforming, then we'll invest more. If we find the investments in the right areas, in areas that we think are growth. It's not about quantity. We keep saying here, it's about quality talent in the growth area.

如果我們能夠從規模改進中獲得更多收益，那麼我們就會投入更多；如果我們能夠在今年實現目標並且表現出色，那麼我們就會投入更多。如果我們在正確的領域找到投資，在我們認為有成長的領域。這與數量無關。我們一直在說，這關乎成長領域的高素質人才。

So that is the model for us is to create the capacity to both grow and expand margins, and allow us to hit our immediate near-term financial objectives, but have sustainable growth in the long term as well. And if we can create more opportunities to invest more, then we're going to do that, with that in mind.

因此，我們的模式是創造成長和擴大利潤的能力，讓我們實現近期的財務目標，同時也實現長期永續成長。如果我們能夠創造更多機會進行更多投資，那麼我們就會這樣做。

That's great. Thanks for all the color there. And if I could just follow up on maybe a broader question on the economy. Broad strokes, what are you hearing from clients? And how are you thinking about growth in exposures in the back half of the year?

那太棒了。感謝那裡的所有色彩。我是否可以繼續問一個關於經濟的更廣泛的問題？概括來說，您從客戶那裡聽到了什麼？您如何看待下半年曝光量的成長？

Well, listen, Rob, again back to kind of what we talked about sort of in the Investor Day context. Look, these four megatrends we've talked about, trade, technology, weather workforce, they just continue to be reinforced. As we said at the Investor Day, we were talking about trade a year before the Liberation Day, and now it's been intensified massively. And we're seeing that.

好吧，聽著，羅布，再次回到我們在投資者日所談論的內容。你看，我們談到的這四大趨勢，貿易、科技、天氣和勞動力，它們仍在不斷強化。正如我們在投資者日所說的那樣，我們在解放日前一年就談論貿易，現在貿易已經大大加強。我們正在見證這一點。

I would observe, though -- listen, the 3x3 plan and the investments we're making, again, not something we've created. It's something we listened to clients and we responded to. We just responded to at an industrial strength level. And it is true. There is more volatility.

不過，我會觀察——聽著，3x3 計畫和我們正在進行的投資，並不是我們創造的東西。這是我們聽取客戶意見並做出回應的事情。我們只是以工業強度水準作出了回應。這是真的。波動性更大。

We've been talking about that for a decade. More risk. And there's a need for real capability to respond to that. But if you think about it, there's no denying the complexity, no denying to volatility. Unmanaged by the way, what happens? Complexity creates uncertainty and ambiguity, and it slows everything down, action stops, investment stops. So that's what everybody is worried about.

我們已經談論這個問題十年了。風險更大。我們需要真正的能力來應對這個問題。但如果你仔細想想，就無法否認它的複雜性，也無法否認它的波動性。順便問一下，如果沒有管理，會發生什麼事？複雜性會產生不確定性和模糊性，它會減慢一切速度，行動會停止，投資就會停止。這就是每個人都擔心的事情。

Look, we think about it as complexity. Again, no denying it. But if you could help a client understand options, real options, and then you've got solutions behind the options, they see advantage and they see speed. And be clear, our clients want to take action. But if pandemic taught us nothing else, it was inaction is not a great outcome. Hope is not a strategy. They came to realize that. They're looking for actions.

看，我們認為它很複雜。再說一遍，無可否認。但如果你能幫助客戶理解選擇，真正的選擇，然後你就得到了選擇背後的解決方案，他們就會看到優勢，看到速度。並且明確地說，我們的客戶希望採取行動。但如果疫情沒有為我們帶來其他教訓的話，那就是不作為不是一個很好的結果。希望不是策略。他們意識到了這一點。他們正在尋找行動。

And I'm just trying to think. One example I'll share with you because it resonated very strongly for me. I've been having conversations, ongoing conversations we have across the firm with the CEO of one of the largest builders in the world. And we've been talking about in this over the last three months. And they've been talking about their portfolio of major infrastructure projects, and these are mega, around the world, and they're open for bid.

我只是在思考。我將與你們分享一個例子，因為它引起了我的強烈共鳴。我一直在與世界上最大的建築商之一的執行長進行對話，我們公司上下都在進行持續的對話。過去三個月我們一直在討論這個問題。他們一直在談論其主要基礎設施項目組合，這些項目都是全球性的大型項目，並且都已開放招標。

And they're massive, as I said. But they're also complex, and the geography is complex, and the geopolitics are complex. And three months ago, they're talking about a pullback. I mean literally, maybe a no bid on a number of them, and they're just taking a hugely reserve position.

正如我所說，它們非常龐大。但它們也很複雜，地理環境複雜，地緣政治複雜。三個月前，他們還在談論撤軍。我的意思是，也許其中一些沒有出價，他們只是採取了巨大的儲備立場。

We spent time over the last three months on a set of analytics that help them understand ways to reduce aspects of volatility. I mean we're not going to change the operating underlying aspects, but all the things that surround those projects. And now they've got a brand-new prioritization around what they're going to go after, real offense. And in their mind, they've got great conviction around the subset of these, they think is a greater opportunity.

在過去的三個月裡，我們花了一些時間進行一系列分析，幫助他們了解減少波動性的方法。我的意思是，我們不會改變營運的根本方面，而是改變圍繞這些項目的所有事物。現在，他們對要追求的目標有了全新的優先排序，那就是真正的進攻。在他們心中，他們對這些子集抱持著極大的信心，認為這是一個更大的機會。

And so, what I'm trying to highlight for you is all that you read, all that's out there is real, but understand clients want to take action and they want the content to be able to take action with conviction, and that's us. I mean this is the analyzers. This is the capability that we bring to the table. This is the matching of capital with risk and matching beyond just insurance capital, but really pension capital and sovereign fund capital and P/E capital.

因此，我想向你們強調的是，你們所讀到的所有內容，所有存在的內容都是真實的，但要明白客戶想要採取行動，他們希望內容能夠堅定地採取行動，這就是我們。我的意思是這是分析儀。這就是我們所能提供的能力。這是資本與風險的匹配，匹配範圍不僅限於保險資本，還包括退休金資本、主權基金資本和本益比資本。

And so, it really is in that context for us an opportunity to help clients take a step ahead with conviction, and that's a real opportunity, recognizing the complexity that's out there. So hopefully, that wasn't too much, but it gives you a sense on sort of literally what's happening in the market day to day.

因此，在這種情況下，這對我們來說確實是一個機會，可以幫助客戶堅定地邁出一步，這是一個真正的機會，讓我們認識到存在的複雜性。所以希望這不會太多，但它可以讓您了解市場上每天發生的事情。

That's great. Thanks for the answers.

那太棒了。謝謝您的回答。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Edmund, I was wondering if you could just size the tailwind to organic growth from the M&A services for both the total company and then specifically within Commercial Risk? And then maybe help us think about it. I understand it's not back yet, but if it were back, how much of a contribution could it have?

艾德蒙，我想知道您是否可以估算併購服務對整個公司以及商業風險領域有機成長的推動作用？然後也許可以幫助我們思考。我知道它還沒有回來，但如果它回來了，它能做出多大的貢獻？

Yeah, David, thanks for the question. I mean there certainly is a ton of emphasis on M&A right now. I'd prefer to stay focused on what the drivers are today here. And M&A is providing a tailwind for you. I've said before, growing off of the base that we have for M&A right now, we have objectives of mid-single-digit or greater. You would need M&A to be multiples of that. You would need it to be 4, 5 times that before it becomes a significant contribution to the overall organic growth rate that we have.

是的，大衛，謝謝你的提問。我的意思是，現在確實非常重視併購。我更願意專注於今天的驅動因素。併購將為您提供順風。我之前說過，基於我們目前的併購基礎，我們的目標是達到中等個位數或更高。您需要將併購規模擴大到該數字的數倍。你需要將其提高 4 到 5 倍才能對我們的整體有機成長率做出重大貢獻。

The items that are driving it right now really is the core P&C business, the investment hires that we're making, the double-digit growth in construction. Those investment hires driving new business right now. And so we're going to continue to be focused on new business and retention.

目前真正推動其發展的因素是核心的財產和意外保險業務、我們正在進行的投資招聘以及建築業的兩位數增長。這些投資正在推動新業務的發展。因此，我們將繼續專注於新業務和保留。

The other big thing in Commercial Risk, we talked about retention being up 1 point year over year. And this is an opportunity to even call it our North American retention and Commercial Risk, which was up substantially, given what we're doing with our priority accounts, with our premier accounts, what we're doing in terms of expanding coverage.

商業風險中的另一件大事是，我們談到保留率年增了 1 個百分點。這是一個機會，甚至可以稱之為我們的北美保留和商業風險，考慮到我們對優先帳戶、優質帳戶以及我們在擴大覆蓋範圍方面所做的工作，這些風險都大幅上升。

So M&A, I get the focus on that. Right now, it's a bit of a tailwind. I think our outlook is for it to be modest in the second half of the year. If it comes in higher, then that gives us more confidence in being at the mid-single digit or greater levels in our balance. We're not dependent on that. We are more focused on recurring organic revenue growth.

因此，我專注於併購。目前，情況有點順風。我認為我們對下半年的展望是溫和的。如果數字更高，那麼我們就更有信心維持中等個位數或更高的餘額。我們並不依賴它。我們更重視經常性有機收入的成長。

We'll maintain our fair share, as Greg said earlier, of M&A services, particularly with P/E, and we're focusing on expanding with corporates, but our focus is on recurring revenue growth, and those are the drivers.

正如格雷格之前所說，我們將保持我們在併購服務（尤其是市盈率）方面的公平份額，並且我們專注於與企業的擴張，但我們的重點是經常性收入增長，這些才是驅動力。

And David, we're not trying to hedge here at all, but I understand M&A services is intertwined. It connects with all of our aspects of our business. So it isn't just a transaction liability placement. It really is around the runoff discussion, or it's around a whole series of other things related to the P&L. So it's very interconnected.

大衛，我們根本不是想在這裡對沖，但我知道併購服務是相互交織的。它與我們業務的各個方面相關。因此，這不僅僅是交易責任的安排。它確實圍繞著決選討論，或圍繞著一系列與損益表相關的其他事情。所以它們是相互關聯的。

And I think Edmund characterized it perfectly. And you'll see it play out as it plays out, and it looks like it may be a little more positive. But again, very connected to what we do across the firm. That's why we're not going to really break it out as an individual piece, because it's really very, very supported by colleagues around the (inaudible).

我認為埃德蒙對此的描述非常完美。你將會看到事情的進展，看起來可能會更加積極一些。但同樣，這與我們在整個公司所做的工作密切相關。這就是為什麼我們不會真正把它作為一個單獨的部分來拆分，因為它確實得到了來自世界各地的同事們的大力支持。（聽不清楚）。

Understood. Thank you for that. And I totally understand. On -- just a follow up on the 6% increase in revenue-generating roles through the first half, already at halfway through the full year -- the midpoint of the full-year goal. Maybe you could just talk about the talent pipeline and if you think there's maybe the potential to get above that 8% growth in revenue-generating roles that you guys had targeted for this year?

明白了。謝謝你。我完全理解。這只是對上半年創收角色增加 6% 的後續行動，現在已經是全年的一半了——這是全年目標的中點。也許您可以談談人才管道，以及您是否認為有可能實現今年創收職位成長率超過 8% 的目標？

Listen, Edmund described it very, very well. We're making calls on capability to help serve and support our clients. We're identifying capability to come in in these priority areas and with a game plan on how they can actually come in with high conviction and excitement about how they can do more than they've done before. Not the same. More than they've done before.

聽著，埃德蒙描述得非常非常好。我們正在努力提高服務能力，為我們的客戶提供更好的支援。我們正在確定這些優先領域所需的能力，並製定計劃，讓他們真正帶著堅定的信念和熱情去做比以前更多的事情。不一樣。比他們以前做的還要多。

And so when we see those opportunities, we will take advantage of them. This is not a specific target. Edmund describing exactly kind of what's come about. And we anticipate just continuing to maintain momentum. But listen, the analyzers matter. The -- what we're doing on the client experience, we described on Investor Day, next-generation client experience.

因此，當我們看到這些機會時，我們就會抓住它們。這不是一個特定的目標。艾德蒙準確地描述了發生的事情。我們預計這一勢頭將繼續保持。但是聽著，分析儀很重要。我們在投資者日描述了我們在客戶體驗方面所做的工作，即下一代客戶體驗。

As the world understands what that really means at a micro level, sitting across the table from a client, we become more -- it's more interesting. When you can actually help a client understand they don't have to actually deal with certificate proof of insurance, because we've actually digitized it and created an outcome with AI that literally makes it real time that a client could do themselves. They go, wow, I get to talk to my client about being able to do that. They couldn't have done that before.

當世界在微觀層面上理解了這真正意味著什麼時，坐在客戶對面，我們變得更加——更加有趣。當您能夠真正幫助客戶理解時，他們實際上不必處理保險證明證書，因為我們實際上已經將其數位化，並使用人工智慧創建了一個結果，這使得客戶可以即時地自己完成。他們說，哇，我可以和我的客戶談論如何做到這一點。他們以前不可能做到這一點。

These capabilities matter and people see that, producers see that and they want to be part of Aon, and we invite that and we're going to nourish that as best we can. But it will play out as it plays out, and we'll push it as the opportunity is there versus just pushing it to push it.

這些能力很重要，人們看到了這一點，生產商看到了這一點，他們希望成為怡安的一部分，我們歡迎這種合作，並將盡最大努力培育這種合作。但事情會按照它的發展而發展，只要有機會我們就會去推動它，而不是只為了推動它而推動它。

Great. Thank you.

偉大的。謝謝。

Meyer Shields, KBW.

邁耶希爾茲，KBW。

I was hoping to get an update on how sensitive clients of different sizes are to elevated social inflation, or legal risk in the US? I know on the insurance side, obviously, it's a major concern, but I'm wondering whether it's penetrating the broader [consciousness]?

我希望了解不同規模的客戶對美國社會通膨或法律風險上升的敏感度？我知道在保險方面，這顯然是一個主要問題，但我想知道它是否滲透到更廣泛的[意識]？

Meyer, thanks for the question. Listen, again, client orientation. Yes, it penetrates everywhere. Everyone reads and clients understand that in many respects, this is focused ultimately on them in terms of sort of what it really means, absolutely focused on them. And they're concerned about it. Therefore, we're concerned about it.

邁耶，謝謝你的提問。再次聽一下，客戶導向。是的，它滲透到各個地方。每個人都讀過，客戶也明白，在很多方面，這最終是以他們為中心，就其真正含義而言，絕對是以他們為中心。他們對此感到擔憂。因此，我們對此感到擔憂。

You saw in October of last year, the first to basically say we're not going to support this because it really doesn't support our clients, period. We just said no. Especially focused on the North American and the US theater. So yes, it's an area of concern, and we're taking action to explicitly not support it. We made that public.

您在去年 10 月就看到，第一個基本上說我們不會支持這個，因為它實際上不支援我們的客戶，僅此而已。我們只是說不。尤其關注北美和美國劇院。是的，這是一個令人擔憂的領域，我們正在採取行動明確地不支持它。我們已將此事公開。

Others have now joined the fray, which is terrific, and we believe it's the right answer. But yes, it's absolutely a known outcome across the board, some more acute than others depending on the industry you're in and the size, but make no mistake, it's a big deal.

現在其他人也加入了競爭，這太棒了，我們相信這是正確的答案。但是的，這絕對是眾所周知的結果，根據您所在的行業和規模，有些結果比其他結果更為嚴重，但毫無疑問，這是一件大事。

Okay. Fantastic. That's very helpful. And I want to go back to the talent question, just one more time because we've gone through, I think, these many waves in the industry where company X is hiring and so on. I think it's great. But I'm wondering how -- what's Aon doing to not so much recruit talent as to train it from scratch, or to grow it from scratch?

好的。極好的。這非常有幫助。我想再一次回到人才問題上，因為我認為我們已經經歷了行業的許多浪潮，X 公司正在招聘等等。我認為這很棒。但我想知道——怡安是如何做到不招募人才而是從頭開始培訓人才，或是從頭開始培養人才的？

Meyer, this is -- we would love to spend any and all time with you on this. This is what I was trying to allude to before, as our highlight before with Edmund as well. This is it. Moving bodies around doesn't matter. I mean, how do you get better choice when you just move people around?

邁耶，這是——我們很樂意花所有的時間和你一起討論這個問題。這正是我之前試圖暗示的，也是我們之前與艾德蒙合作的亮點。就是這樣。移動屍體並不重要。我的意思是，當你只是調動人員時，你怎麼能做出更好的選擇呢？

You bring colleagues in and you -- and by the way, they want this, they drive this. This is a colleague. I mean, this is all about people. And they want more capability. They want a better answer. They want -- I mean, an example I was given before on the construction company. This is all about -- they got some insight they didn't have before, provided by our colleagues, provided by a producer. And just taking someone and helping them be better.

你把同事帶進來——順便說一句，他們想要這個，他們推動這個。這是一位同事。我的意思是，這一切都與人有關。他們也希望擁有更多的能力。他們想要一個更好的答案。他們想要──我的意思是，我之前舉的關於建築公司的例子。這一切都是為了——他們獲得了一些以前沒有的見解，這些見解是由我們的同事和製片人提供的。只要帶領某人並幫助他們變得更好。

So they're phenomenal. They're driving it. But now with the seven analyzers, they're better. They're a property analyzer embedded with reinsurance content. So literally a commercial company making decisions about global property placement at a structure level with literally the information that was there from reinsurance. Driven off of impact forecasting is like, wow. And a producer gets to see that, they're better.

所以他們很了不起。他們正在駕駛它。但現在有了七個分析儀，情況就好多了。它們是嵌入再保險內容的財產分析儀。因此，商業公司實際上是利用再保險提供的信息，在結構層面上做出有關全球財產配置的決策。影響預測的推動就像是，哇。當製片人看到這一點時，他們會變得更好。

Broker Copilot, literally, we're capturing information never been captured before in a comparable way, ingested so you can actually compare it real time. Our colleagues get a chance to see that and they're like, wow. And so for us, if we can help a producer be better in real time with a client, and then with solutions and then as they interact with the market, this is a big deal. And on the insurance side, if we can help them in the reinsurance market, do the same.

Broker Copilot，從字面上看，我們正在以一種類似的方式捕獲以前從未捕獲過的信息，並將其提取出來，以便您可以即時進行比較。我們的同事有機會看到這一幕，他們驚嘆不已。因此對我們來說，如果我們能夠幫助生產商更好地即時與客戶溝通，然後提供解決方案，並在他們與市場互動時提供幫助，這將是一件大事。在保險方面，如果我們可以在再保險市場上為他們提供幫助，我們也會這樣做。

This is a big deal. So for us, talent is about better client solutions. Talent has got to be about better client solutions. We fall short of that, we don't succeed and our -- because the clients are better off. So for us, we're not trying to opine on what everybody else does. And you're absolutely right. It's been tried and true.

這是一件大事。因此對我們來說，人才意味著提供更好的客戶解決方案。人才必須能夠提供更好的客戶解決方案。我們未能做到這一點，我們沒有成功，而我們的——因為客戶的情況更好。因此對我們來說，我們並不想對其他人的行為發表意見。你說得完全正確。它已被證實有效。

It's important for us that you understand we are different. We're not saying we're better, although we like our chances there. But we are absolutely different in how we're approaching the market and approaching talent, and it's resonating. And it's resonating and independent and connected, when you talk about connected with NFP, and it's resonating an Aon broadly in terms of how we're bringing talent in.

對我們來說，讓您理解我們的不同非常重要。我們並不是說我們表現得更好，儘管我們喜歡在那裡獲得機會。但我們對待市場和人才的方式絕對不同，而且引起了共鳴。當你談論與 NFP 的聯繫時，它具有共鳴、獨立性和聯繫性，並且在我們如何引進人才方面與 Aon 產生了廣泛的共鳴。

So hopefully, that's a little bit of color commentary on how we're thinking about it, very different.

所以希望，這能給我們一些不同的看法。

That is very helpful. Thanks so much.

這非常有幫助。非常感謝。

Thank you. At this time, I'd like to turn the floor back over to Mr. Case for closing comments.

謝謝。現在，我想把發言權交還給凱斯先生，請他發表最後評論。

Just wanted to say thanks, everyone, for joining and look forward to talking to you next quarter.

只想對大家的加入表示感謝，並期待下個季度與大家交談。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines and log off at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路並註銷，然後享受剩餘的一天。