怡安集團 (AON) 2025 Q3 法說會逐字稿

Good morning and thank you for holding. Welcome to Aon PLC's third quarter 2025 conference call. (Operator Instructions)

早上好，感謝您的耐心等待。歡迎參加怡安集團2025年第三季業績電話會議。（操作說明）

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 can cause actual results to differ materially from historical results or those anticipated.

值得注意的是，今天電話會議中的一些評論可能構成1995年《私人證券改革法案》所定義的某些前瞻性陳述。此類聲明存在一定的風險和不確定性，可能導致實際結果與歷史結果或預期結果有重大差異。

For information concerning these risk factors, please refer to our earnings release for this quarter and our most recent quarterly or annual SEC filings, all of which are available on our website. Now it is my pleasure to return the call over to Greg Case, President and CEO of Aon PLC.

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新的季度或年度美國證券交易委員會文件，所有這些文件都可以在我們的網站上找到。現在我很高興將電話轉接給怡安集團總裁兼執行長格雷格·凱斯先生。

Thank you and good morning and welcome to our third quarter earnings call. I'm joined today by Edmund Reese, our CFO, the financial presentation which Edmund will reference in his remarks is posted on our website.

謝謝大家，早安，歡迎參加我們第三季財報電話會議。今天與我一同出席的還有我們的財務長埃德蒙·里斯，埃德蒙將在演講中提到的財務報告已發佈在我們的網站上。

To begin the day, we want to recognize the great trauma and suffering resulting from Hurricane Melissa. We're thinking about everyone affected by this terrible catastrophe, and we feel very humble and hopeful, but the work Aon undertook with the World Bank to arrange a cap on for the government of Jamaica will help accelerate and support recovery.

今天伊始，我們想表達對颶風梅莉莎造成的巨大創傷和苦難的哀悼。我們想著所有受這場可怕災難影響的人，我們深感謙卑和充滿希望，但怡安集團與世界銀行合作，為牙買加政府設定援助上限，這將有助於加速和支持災後重建。

Turning now to Aon. Our third quarter results reflect another quarter, defined by continued acceleration of our Aon United Strategy, great progress executed in our 3x3 plan and financial model, and ongoing momentum as we head into the final months of the year.

現在轉向怡安集團。第三季業績反映了我們 Aon United 策略的持續加速推進，3x3 計畫和財務模型取得了巨大進展，並在今年最後幾個月保持了強勁勢頭。

Our focus on execution is translating into the value delivery to our clients, while at the same time producing results for our firm and strong financial performance. We're winning more in the core by deepening relationships with existing clients through data-led solutions, capturing demand in existing markets by developing new capabilities for emerging risks, and creating demand in new categories by innovating unique capital solutions.

我們注重執行，這轉化為為客戶創造價值，同時也為公司帶來業績和強勁的財務表現。我們透過數據驅動的解決方案加深與現有客戶的關係，從而在核心領域贏得更多；透過開發應對新興風險的新功能，在現有市場中抓住需求；並透過創新獨特的資本解決方案，在新類別中創造需求。

And we're strengthening our clients' insurance programs to ensure their position well for the future with enhanced coverage and limits. Let's start with a look at our third quarter highlights. We delivered another strong quarter of financial results, highlighted by 7% organic revenue growth, a 26.3% adjusted operating margin, and 12% adjusted EPS growth, which keeps us on track to achieve our full year objectives.

我們正在加強客戶的保險計劃，透過提高承保範圍和保額，確保他們在未來擁有良好的保障。讓我們先來看看第三季的精彩亮點。我們又取得了強勁的季度財務業績，其中有機收入增長7%，調整後營業利潤率達到26.3%，調整後每股收益增長12%，這使我們能夠朝著實現全年目標穩步前進。

Our continued success in winning new business and deepening climate relationships reflects the strength of our risk capital and human capital capabilities powered by ABS. Simply put, our analytic capabilities enable smarter and faster decisions for clients, which when coupled with our advisory expertise helps clients capture greater opportunity.

我們在贏得新業務和深化氣候領域關係方面持續取得成功，反映了我們憑藉 ABS 提供的風險資本和人力資本能力的強大實力。簡而言之，我們的分析能力能夠幫助客戶做出更明智、更快速的決策，再加上我們的諮詢專長，可以幫助客戶抓住更大的機會。

And while any firm can point the client wins. Two highlights from this quarter truly demonstrate the impact of our differentiated strategy. The first example demonstrates how our advanced analytic capabilities were critical in securing our appointment as the captive insurance partner for a leading global logistics company, replacing a competitive relationship that spanned decades.

雖然任何公司都可以指出客戶的勝利。本季的兩個亮點充分體現了我們差異化策略的影響。第一個例子表明，我們先進的分析能力對於確保我們被任命為一家領先的全球物流公司的專屬保險合作夥伴至關重要，取代了長達數十年的競爭關係。

Our ability to deliver global expertise with local leadership provided the client with relevant insights into the captive management and the risk capital structure, making Aon the clear choice. In the second example, by demonstrating our distinctive client service and enterprise mindset to the enterprise client group, we not only retained but expanded our benefits work with a long-standing financial services client in an intensely competitive process.

我們憑藉全球專業知識和本地領導力，為客戶提供有關自保公司管理和風險資本結構的實際見解，使 Aon 成為客戶的明確選擇。在第二個例子中，透過向企業客戶群展示我們獨特的客戶服務和企業思維，我們不僅在競爭激烈的過程中留住了與長期金融服務客戶的合作關係，而且還擴大了我們的福利合作。

We leverage deep industry knowledge and governance, risk management, and employee experience. And this resulted in securing global benefits across new and existing geographies, US H&B and Total Benefits Administration. Our proactive approach, combining innovation, analytics, and advisory, continues to deliver measurable impact, and the position is for sustained success as our solutions have never been more relevant for clients.

我們充分利用深厚的產業知識、公司治理、風險管理和員工經驗。這使得我們在新的和現有的地區、美國健康與福利以及全面福利管理方面獲得了全球福利。我們積極主動的方法，結合創新、分析和諮詢，持續產生可衡量的影響，並且由於我們的解決方案對客戶而言從未像現在這樣重要，因此我們有望取得持續成功。

Our latest 2025 global risk management survey revealed a significant shift in the risk landscape and how decision makers are thinking about risk. Trade and geopolitical volatility entered the top 10 global risks for the first time in nearly two decades, reflecting a growing global uncertainty.

我們最新的 2025 年全球風險管理調查顯示，風險格局以及決策者對風險的看法發生了重大變化。貿易和地緣政治波動近二十年來首次躋身全球十大風險之列，反映出全球不確定性日益加劇。

At the same time, climate risk and natural disasters also reached their highest ever rankings, underscoring the need for resilience in a world where severe weather events are driving up costs, and workforce-related risks continue to have a growing impact on how employers manage affordability, access, and productivity.

同時，氣候風險和自然災害也達到了有史以來的最高排名，這凸顯了在極端天氣事件推高成本、勞動力相關風險不斷對雇主如何管理可負擔性、可及性和生產力產生越來越大影響的世界中，增強韌性的必要性。

In addition, Advancements in AI are surging demand for cloud infrastructure and are fueling unprecedented investment in data center construction, with CapEx estimated to exceed $2 trillion globally over the next several years. These technological developments are not only reshaping physical infrastructure but also amplifying cyber and operational risks.

此外，人工智慧的進步正在推動對雲端基礎設施的需求激增，並刺激資料中心建立前所未有的投資，預計未來幾年全球資本支出將超過 2 兆美元。這些技術發展不僅重塑了實體基礎設施，也加劇了網路風險和營運風險。

Active risk management in this area has become a strategic necessity, and traditional approaches alone aren't sufficient to cover this risk. With connected risk capital and human capital capabilities, we're truly uniquely positioned to guide clients through a complex environment. Access capital, unlock value, and build resilience.

積極進行風險管理已成為該領域的策略必然要求，僅靠傳統方法不足以應對這種風險。憑藉整合的創投與人力資本能力，我們擁有獨特的優勢，能夠引導客戶應對複雜的環境。獲取資金，釋放價值，增強韌性。

As we review our performance this quarter, several strategic milestones demonstrate progress on our 3x3 plan. These achievements are the direct result of our team's dedication, collaboration, and focus on advancing priorities. First, talent remains a significant driver of sustained growth, and the competitive environment for attracting and retaining top performance is as intense as ever. No company is immune.

回顧本季業績，幾個策略里程碑表明我們的 3x3 計劃取得了進展。這些成就直接歸功於我們團隊的奉獻精神、協作精神以及對推動各項優先事項的專注。首先，人才仍然是持續成長的重要驅動力，吸引和留住頂尖人才的競爭環境也一如既往地激烈。沒有哪家公司能夠倖免。

Which makes it essential to stay focused and deliberate in our approach. In this environment, our platform is a unique advantage in attracting talent and helping client facing talent win more business and retain clients, especially in priority areas like construction, energy, and health.

因此，我們在處理問題時保持專注和謹慎至關重要。在這種環境下，我們的平台具有獨特的優勢，能夠吸引人才，幫助面向客戶的人才贏得更多業務並留住客戶，尤其是在建築、能源和健康等重點領域。

Revenue generating talent is up 6% net year-to-date, reflecting our strong position and differentiated capabilities. We have a great team, and we remain focused on continuing to strengthen it. Second, our enhanced capital strength gives us greater flexibility to execute our capital allocation strategy with discipline and precision.

今年迄今為止，創造營收的人才淨增長了 6%，這反映了我們強大的市場地位和差異化的能力。我們擁有一支優秀的團隊，我們將繼續致力於加強這支團隊。其次，我們增強的資本實力使我們能夠更靈活、更嚴謹、更精準地執行資本配置策略。

We divested the NFP wealth business, an asset better suited to an owner prepared to make the capital investment required for long-term growth. At the same time, we remain highly committed to our core wealth and retirement offerings, which represent key components of our human capital value proposition.

我們剝離了 NFP 財富管理業務，這項資產更適合那些願意進行長期成長所需資本投資的所有者。同時，我們仍然高度重視我們的核心財富和退休產品，這些產品是我們人力資本價值主張的關鍵組成部分。

Also, during the quarter, NFP closed more than $10 million and acquired EBITDA as part of programmatic M&A. We have a great pipeline of high return middle market opportunities, and our improved capital position reinforces our commitment for long-term strategic investment and shareholder returns.

此外，本季 NFP 透過程序化併購完成了超過 1000 萬美元的交易，並獲得了 EBITDA。我們擁有大量高回報的中端市場投資機會，而我們改善的資本狀況也鞏固了我們對長期策略投資和股東回報的承諾。

And finally, equipped with better data and analytics built from years of investment, we're mobilizing capital into the industry. Particularly to address the rapid expansion of data center construction driven by AI and cloud infrastructure adoption.

最後，憑藉多年投資累積的更完善的數據和分析能力，我們正在將資金引入該行業。尤其要因應人工智慧和雲端基礎設施普及推動下資料中心建設的快速擴張。

As highlighted earlier, the opportunity here is monumental. Data centerer CapEx increased 50% in 2024 and is expected to increase significantly over the next several years as trillions of dollars of CapEx go into the construction of these facilities.

如前所述，這裡蘊藏著巨大的機會。數據中心資本支出在 2024 年增長了 50%，預計未來幾年還將大幅增長，因為數萬億美元的資本支出將用於建設這些設施。

Near term, we estimate data center demand could generate over $10 billion in new premium volume in 2026 alone. Our globally aligned risk capital and human capital teams are helping clients navigate this transformation and support stakeholders across the value chain, from technology companies to contractors and operators to capital providers, each with unique insurance needs given their role in the data center development.

短期來看，我們估計資料中心的需求僅在 2026 年就可能產生超過 100 億美元的新增保費收入。我們全球統一的風險資本和人力資本團隊正在幫助客戶應對這一轉型，並為價值鏈上的利益相關者提供支持，從技術公司到承包商和運營商再到資本提供商，鑑於他們在數據中心發展中的角色，每個利益相關者都有其獨特的保險需求。

While still early days, we're excited by the specific accomplishments that showcase our ability to help clients navigate this transformational opportunity. We recently became the risk partner for a leading global engineering focused insurer with a mission to work with them to build a significantly greater level of insurance capacity.

雖然目前還處於早期階段，但我們對所取得的具體成就感到興奮，這些成就展現了我們幫助客戶掌握這項變革機會的能力。我們最近成為一家領先的全球工程保險公司的風險合作夥伴，我們的使命是與他們合作，建立更大水準的保險能力。

This work complements the launch of our data center life cycle insurance program, a proprietary multi-line insurance facility that consolidates coverage for construction, cargo, cyber, and operational exposures, and offers clients end to end risk management and insurance solutions.

這項工作是對我們資料中心生命週期保險計劃的補充，該計劃是一項專有的多險種保險計劃，整合了建築、貨物、網路和營運風險的保險範圍，並為客戶提供端到端的風險管理和保險解決方案。

We're also working to support resilient design and engineering from the outset of these projects to optimize the industry's ability to provide the limits necessary for hyperscale data center development and management of accumulation risk.

我們也致力於從這些專案一開始就支援彈性設計和工程，以優化產業為超大規​​模資料中心開發和管理累積風險提供必要限制的能力。

Another example of how our global distribution analytics and expertise in both traditional and alternative risk transfers already delivering results is a recent client win will replace nearly $30 billion in coverage for a top global hyperscalar data center developer for operational data centers and data centers under construction.

我們全球分銷分析和在傳統及另類風險轉移方面的專業知識已經取得成效的另一個例子是，最近贏得的一項客戶將為一家全球頂級超大規模資料中心開發商替換近 300 億美元的營運資料中心和在建資料中心的保險。

And this is just the beginning. Overall, we accomplished a lot this quarter, and there's a lot to be energized by going forward. Our results and the momentum we have going into the final months of the year to give us confidence in reaffirming our 2025 guidance.

而這只是個開始。總的來說，我們本季取得了許多成就，未來有很多值得我們振奮的事情。我們的業績以及進入今年最後幾個月的良好勢頭，使我們有信心重申我們對 2025 年的業績預期。

Let me conclude with two points. First, our strategy accelerated through the 3x3 plan and the strength of our financial model are generating strong results today and building momentum for future success. Our unique capabilities and integrated solutions have never been more relevant to clients as we help them reduce volatility, protect their assets, and grow their businesses.

最後我想補充兩點。首先，我們的策略透過 3x3 計畫加速推進，我們強大的財務模型正在產生強勁的成果，並為未來的成功積蓄力量。我們獨特的能力和綜合解決方案對客戶從未像現在這樣重要，因為我們可以幫助他們降低波動性、保護資產並發展業務。

We're attracting exceptional talent to strengthen our great team, delivering innovative new solutions with unmatched data and insights, and building and deepening client relationships. And we're winning more in core markets, capturing new demand in existing markets and creating new demand in new categories.

我們正在吸引傑出人才來壯大我們優秀的團隊，利用無與倫比的數據和洞察力提供創新的解決方案，並建立和深化與客戶的關係。我們在核心市場贏得了更多份額，在現有市場獲得了新的需求，並在新的品類中創造了新的需求。

And finally, and most important, there are over 60,000 colleagues around the world. Thank you. Thank you for your commitment to our clients, to each other, and to our Aon United Strategy. Your dedication is the driving force of our firm. Now let me turn the call over to Edmund for his reflections on the quarter and outlook for the year, Edmund.

最後，也是最重要的一點，我們在世界各地擁有超過 6 萬名同事。謝謝。感謝您對客戶、對彼此、以及對怡安聯合策略的承諾。您的奉獻精神是我們公司的驅動力。現在，我把電話交給埃德蒙，請他談談對本季的反思以及對全年的展望。埃德蒙。

Thank you, Greg, and good morning, everyone. I'm excited to be here to discuss our third quarter results, which mark another quarter of disciplined execution on our 3x3 plan and financial model. To frame our discussion, let me highlight the most important factors shaping our third quarter performance.

謝謝你，格雷格，大家早安。我很高興來到這裡與大家討論我們第三季的業績，這標誌著我們又一個季度嚴格執行了 3x3 計劃和財務模型。為了更好地展開討論，我想重點介紹影響我們第三季業績的最重要因素。

First, our Q3 performance demonstrates continued momentum across the key drivers of sustainable top-line growth. Our investment in revenue-generating talent enhanced by ABS and our continued expansion in the middle market is translating into strong organic growth.

首先，我們第三季的業績表明，在推動營收永續成長的關鍵因素方面，我們持續保持成長動能。我們對創收型人才的投資，加上 ABS 的助力以及我們在中端市場的持續擴張，正在轉化為強勁的內生成長。

Organic revenue growth of 7% in Q3 serves as another proof point in our ability to execute on each of these drivers, keeping us in line with or ahead of industry performance. Second, we continue to deliver scale improvements and operating leverage through ABS while also investing in talent and capabilities that deepen client engagement and drive new business.

第三季有機收入成長 7%，再次證明了我們有能力執行所有這些驅動因素，使我們保持與行業表現持平或領先。其次，我們持續透過 ABS 實現規模改善和營運槓桿，同時投資於人才和能力，以加深客戶參與並推動新業務。

We again delivered in Q3, expanding margins over 100 basis points and increasing our revenue generating hires by 6%. Third, our enhanced earnings power, disciplined portfolio management, and strong free cash flow generation, up 13% in the quarter have strengthened our capital position.

第三季我們再次取得佳績，利潤率提高了 100 多個基點，創收員工人數增加了 6%。第三，我們增強的獲利能力、嚴謹的投資組合管理以及強勁的自由現金流（本季成長 13%）增強了我們的資本實力。

Through three quarters in 2025, we have reduced debt and remain on track to achieve our leverage objectives, closed $32 million and EBITDA for middle market acquisition. And returned $1.2 billion in capital to shareholders to dividends and share repurchases.

截至 2025 年前三個季度，我們已減少債務，並繼續朝著實現槓桿目標穩步前進，完成了 3,200 萬美元的中端市場收購和 EBITDA。並透過分紅和股票回購向股東返還了 12 億美元的資本。

Our strong capital position empowers us to pursue high return inorganic investments. Further accelerating and supplementing our organic growth momentum. Collectively, these three components. Momentum on the growth drivers, accelerated scale benefits through ABS in a robust capital position are delivering growth today and setting the foundation for future performance.

我們雄厚的資本實力使我們能夠進行高回報的非有機投資。進一步加速並補充我們的內生成長動能。這三個組成部分共同構成了：成長動力強勁，透過 ABS 實現加速規模效益，加上雄厚的資本實力，正在推動當前的成長，並為未來的業績奠定基礎。

We continue to invest in capabilities and innovate capital solutions that create even greater value for our clients, and this gives us confidence not only in achieving our 2025 guidance, but also in the upside potential of sustaining top-line growth and delivering double-digit free cash flow beyond 2025.

我們持續投資自身能力，並不斷創新資本解決方案，為客戶創造更大的價值。這不僅讓我們有信心實現 2025 年的業績指引，也讓我們有信心在 2025 年後保持營收成長，並實現兩位數的自由現金流。

Turning to the quarter's results, organic revenue growth was 7% and total revenue increased 7% year over year to $4 billion. Adjusted operating margin expanded by 170 basis points over last year and reached 26.3%. Adjusted EPS was $3.05 and finally, free cash flow increased 13%.

從季度業績來看，有機收入成長了 7%，總收入年增 7% 至 40 億美元。經調整後的營業利潤率比去年增長了 170 個基點，達到 26.3%。調整後每股收益為 3.05 美元，最終自由現金流成長了 13%。

Let's get into the details of these results, starting with organic revenue growth on slide 6. Organic revenue growth was 7% in the quarter in line with our mid-single-digit or greater guidance range. Growth was broad-based, 5% or better in each solution line with two of our solution lines delivering 7% or greater. A strong result achieved despite pricing pressure in certain products and geographies, underscoring the contribution from new business in continued high retention.

讓我們詳細了解這些結果，首先從第 6 頁的有機收入成長開始。本季有機收入成長7%，符合我們先前預測的個位數中段或更高的成長預期。成長基礎廣泛，每條解決方案線的成長率均達到 5% 或更高，其中兩條解決方案線的成長率達到 7% 或更高。儘管某些產品和地區面臨價格壓力，但仍取得了強勁的業績，這凸顯了新業務對持續高客戶留存率的貢獻。

In commercial risk, 7% organic revenue growth reflected strong performance in our core PNC business globally. Including double-digit growth in the US with meaningful contribution from the middle market through NFP and continued strength in EMEA. M&A services continued to grow at a double-digit level, and this contribution provided an incremental lift.

在商業風險方面，7% 的有機收入成長反映了我們核心 PNC 業務在全球的強勁表現。其中美國市場實現了兩位數成長，中端市場透過 NFP 做出了重要貢獻，歐洲、中東和非洲地區也持續保持強勁勢頭。併購服務持續保持兩位數成長，這項貢獻帶來了增量提升。

Construction also delivered double-digit growth driven by demand from large scale global infrastructure projects, including data center builds for major tech companies, reinforcing this category as a strategic priority.

受大型全球基礎設施項目（包括為大型科技公司建造資料中心）的需求所推動，建築業也實現了兩位數的成長，鞏固了該領域的策略重點地位。

Reinsurance delivered 8% growth driven by treaty placements and double-digit growth in facultative placements and the strategy and technology group. Insurance-linked securities also had significant growth but off a smaller baseline. While July 1 treaty property renewal rates were softer. This was balanced by higher limits and ongoing strength in international facultative markets, especially in the EMEA.

再保險業務成長 8%，主要得益於條約安排和臨時安排以及策略和技術集團的兩位數成長。與保險相關的證券也實現了顯著增長，但其基數較小。7 月 1 日條約財產續期費率有所下降。國際自選貸款市場（尤其是歐洲、中東和非洲地區）的限額提高和持續走強，抵消了這種影響。

Demand for STG analytics remained high, underscoring our platform's increasing importance in supporting clients as they navigate volatility and match capital to risk. Health Solutions grew to 6% this quarter, benefiting from data analytics-driven sales in our talent business and new business in our core health and benefits offerings across the US and the EMEA.

對 STG 分析的需求仍然很高，這凸顯了我們的平台在幫助客戶應對市場波動和將資本與風險相匹配方面的重要性日益增加。本季健康解決方案業務成長了 6%，這得益於我們人才業務中數據分析驅動的銷售，以及我們在美國和歐洲、中東和非洲地區核心健康福利產品的新業務。

As Greg mentioned, we continue to leverage our analytics and advisory capabilities to support employers as they navigate rising healthcare costs and achieve better outcomes for their workforces. And finally, wealth generated 5% growth. The performance reflects strength and advisory work in the UK in the EMEA related to ongoing regulatory change, partially offset by softer advisory demand in the US.

正如格雷格所提到的，我們將繼續利用我們的分析和諮詢能力，幫助雇主應對不斷上漲的醫療保健成本，並為員工取得更好的成果。最後，財富實現了 5% 的成長。該業績反映了英國在歐洲、中東和非洲地區與持續監管變化相關的諮詢業務實力和表現，但部分被美國諮詢需求疲軟所抵消。

Additionally, the NFP contribution was meaningful, driven by asset inflows and market performance. Importantly, for modeling purposes, I will add that we expect wealth growth in Q4 to be 1% to 2%. Impacted by delays in US advisory work and the sale of the faster growing NFP wealth business, which closed yesterday. Let me take a moment to walk through the key components of our Q3 organic revenue growth on slide 7.

此外，受資產流入和市場表現的推動，非農產量貢獻顯著。值得注意的是，為了建模的目的，我還要補充一點，我們預期第四季財富成長率為 1% 至 2%。受到美國諮詢業務延誤以及成長較快的 NFP 財富業務出售（已於昨日完成）的影響。讓我花點時間在第 7 頁詳細介紹我們第三季有機收入成長的關鍵組成部分。

In Q3, we extended our consistent track record of strong new business generation to drive organic growth. For the second consecutive quarter, new business contributed 11 points to organic revenue growth, with balanced contributions from both expansion with existing clients and new client wins. Our investments in revenue-generating talent, particularly in high growth sectors like construction and energy, continue to deliver measurable impact.

第三季度，我們延續了以往強勁的新業務拓展勢頭，推動了內生成長。連續第二個季度，新業務為有機收入成長貢獻了 11 個百分點，現有客戶的拓展和新客戶的贏得都做出了均衡的貢獻。我們對能夠創造收入的人才的投資，尤其是在建築和能源等高成長產業，持續產生可衡量的影響。

We remain proactive and on the front foot in attracting top talent. Our revenue generating hires are up 6% year to today. Importantly, we're already seeing these new colleagues make contributions to new business growth.

我們始終積極地吸引頂尖人才。我們創造營收的員工人數年增了 6%。重要的是，我們已經看到這些新同事為新業務成長做出了貢獻。

As the 2024 hiring cohort continues to ramp, we are confident this group will contribute 30 basis points to 35 basis points to full year organic revenue growth, leveraging advanced analytics and client engagement tools through Aon business services.

隨著 2024 年招募團隊的不斷壯大，我們相信該團隊將透過 Aon 商業服務利用先進的分析和客戶互動工具，為全年有機收入成長貢獻 30 至 35 個基點。

The 11 point contribution from new business this quarter underscores the effectiveness of our investment and client facing talent, and we expect continued momentum as the 2024 cohort seasons and the 2025 hires continue to on Board.

本季新業務貢獻的 11 個百分點凸顯了我們投資和客戶服務人才的有效性，我們預計隨著 2024 屆員工的成長和 2025 年新員工的陸續入職，這一勢頭將持續下去。

Q3 '25 retention remains strong year over year, reflecting the continued strength and stability of our client relationships supported by investments and enhanced service delivery, innovative capabilities, and Aon client leadership. Net new business contributed 5 points to organic revenue growth in the quarter.

2025 年第三季客戶留存率年比保持強勁，反映出我們客戶關係的持續穩固和穩定，這得益於投資和增強的服務交付、創新能力以及 Aon 的客戶領導地位。本季新增業務為有機收入成長貢獻了 5 個百分點。

Net market impact, which captures the impact of rate and exposure, contributed just over 1 point to organic revenue growth, consistent with our 0 point to 2 point estimated range. Rate pressure on property within commercial risks was offset with limit and coverage increases across cyber and other financial lines. Reinsurance net market impact was flat as rate declines and higher retentions were mitigated by increased limits and facultative growth.

淨市場影響（反映了利率和風險敞口的影響）對有機收入成長的貢獻略高於 1 個百分點，與我們 0 到 2 個百分點的估計範圍一致。商業風險中的財產險費率壓力被網路安全和其他金融險種的限額和承保範圍的提高所抵銷。由於費率下降和自留額增加被限額提高和臨時成長所抵消，再保險市場淨影響持平。

Health solutions continue to benefit from our ability to support clients managing rising healthcare costs, providing a significant contribution to net market impact. And one final point on revenue. Third quarter fiduciary investment income was $75 million down 12% versus the prior year. Well, average balances increase, lower interest rates more than offset that benefit.

醫療解決方案持續受益於我們幫助客戶應對不斷上漲的醫療保健成本的能力，從而對淨市場影響做出重大貢獻。關於收入，最後一點。第三季信託投資收益為 7,500 萬美元，較上年同期下降 12%。雖然平均餘額增加，但較低的利率會抵消這一好處。

On slide 8, adjusted operating income increased 15% to $1.1 billion and adjuster adjusted operating margin expanded 170 basis points to 26.3%. These results reflect strong top-line growth and the operating leverage in our business, powered by ABS giving us capacity to fund growth investments and client facing talent in middle market while still expanding margins.

在第 8 張投影片中，調整後的營業收入成長了 15%，達到 11 億美元，調整後的營業利潤率成長了 170 個基點，達到 26.3%。這些績效反映了強勁的營收成長和業務的營運槓桿作用，這得益於 ABS 的支持，使我們有能力為中端市場的成長投資和麵向客戶的人才提供資金，同時還能擴大利潤率。

When we provided full year guidance, we highlighted four components that would impact 2025 margin expansion. NFP Fiduciary investment income, restructuring, and operating leverage. All four remain fully in line with our expectations. We have now fully lapped the headwind on margin from NFP, and we are on track to meet our $30 million OpEx synergies target, resulting in a net 20 basis point headwind from NFP for the year.

我們在提供全年業績指引時，重點強調了影響 2025 年利潤率擴張的四個因素。NFP信託投資收益、重組及經營槓桿。這四項指標均完全符合我們的預期。我們現在已經完全克服了非農業數據對利潤率的不利影響，並且我們正朝著實現 3000 萬美元營運支出協同效應目標穩步前進，從而使非農數據對全年利潤率的淨不利影響僅為 20 個基點。

While the outlook for US interest rate cuts has shifted from two at the start of the year to three in the latest dot plot, the delayed timing of the first rate cut from June to September effectively offsets the additional reduction, and the margin impact from fiduciary investment income remains unchanged at 20 basis points.

儘管美國降息的預期已從年初的兩次增加到最新點陣圖中的三次，但第一次降息從 6 月推遲到 9 月，有效地抵消了額外的降息，而信託投資收益的利潤率影響仍然維持在 20 個基點不變。

Restructuring savings totaled $35 million in the quarter, contributing approximately 90 basis points to adjusted operating margin. We remain firmly on track to deliver $150 million in restructuring saves for the full year in advancing toward our $350 million run rate savings target by 2026.

本季重組節省了 3,500 萬美元，使調整後的營業利潤率提高了約 90 個基點。我們仍穩步朝著全年實現 1.5 億美元的重組節省目標邁進，並朝著 2026 年實現 3.5 億美元的年度節省目標邁進。

With ABS driven scale improvements and strong execution year-to-date. We remain confident in delivering full year margin expansion of 80 basis points to 90 basis points aligned with our long-term financial model. Moving the interest of their income and taxes on slide 9. Interest income was negligible in the third quarter and $4 million lower than last year. Interest expense came in at $206 million and $0.07 million lower than last year, primarily due to lower average debt balances.

ABS 推動了規模的改善，並且今年迄今為止執行情況良好。我們仍然有信心實現全年利潤率成長 80 至 90 個基點，這與我們的長期財務模型相符。在第 9 張投影片上討論他們的收入和稅收利息。第三季利息收入微乎其微，比去年同期減少了 400 萬美元。利息支出為 2.06 億美元，比去年減少了 0.07 億美元，主要原因是平均債務餘額降低。

We expect Q4 interest expense to be approximately $200 million. Other expense was $13 million versus a $33 million benefit in Q3 '24, which included gains from the divestment of non for personal lines and real estate advisory assets, partially offset by the remeasurement of balance sheet items in non-functional currencies. We estimate Q4 '25 other expense to range between $25 million and $30 million.

我們預計第四季利息支出約為2億美元。其他支出為 1,300 萬美元，而 2024 年第三季的收益為 3,300 萬美元，其中包括出售非個人保險和房地產諮詢資產的收益，部分被以非功能性貨幣重新計量的資產負債表項目所抵銷。我們預計 2025 年第四季其他支出將在 2,500 萬美元至 3,000 萬美元之間。

And finally, the Q3 tax rate was 19.2%. A full year tax outlook remains unchanged at 19.5% to 20.5%. Turning now the free cash flow and capital allocation on slide 10. We generated $1.1 billion of free cash flow in the third quarter, and year-to-date, free cash flow of $1.9 billion is up 13% year over year.

最後，第三季稅率為 19.2%。全年稅收預期保持不變，為 19.5% 至 20.5%。現在來看看第 10 頁的自由現金流量和資本配置。第三季我們產生了 11 億美元的自由現金流，今年迄今，自由現金流為 19 億美元，年增 13%。

As we complete the NFP integration, we continue to expect strong adjusted operating income, including contributions from NFP and ongoing working capital improvements to drive double-digit free cash flow growth in 2025.

隨著 NFP 的整合完成，我們繼續預期，包括 NFP 的貢獻和持續的營運資本改善在內，將推動 2025 年自由現金流實現兩位數成長，從而實現強勁的調整後營業收入。

And turning the cap on the right hand side of the page. I noted earlier that we closed the sale of NFP wealth. And with over $2 billion in proceeds, the transaction significantly strengthens our capital position and we approached the final months of the year in an even greater position of capital strength with enhanced flexibility.

然後將頁面右側的蓋子翻轉過來。我之前提到過，我們已經完成了 NFP 財富的出售。這項交易籌集了超過 20 億美元的資金，大大增強了我們的資本實力，使我們在進入年底的幾個月時擁有了更雄厚的資本實力和更強的靈活性。

Importantly, we remain disciplined in allocating capital, balancing opportunities that meet our strategic and financial growth priorities with capital return to shareholders. This discipline reinforces our commitment to creating long-term shareholder value.

重要的是，我們在資本配置方面始終保持嚴謹，在滿足策略和財務成長優先事項的機會與股東資本回報之間取得平衡。這項原則強化了我們為股東創造長期價值的承諾。

And we continued to execute our capital allocation model in Q3 '25. We reduced our leverage ratio to 3.2 times in Q3, remaining on track to reach 2.8 times, 3.0 times by the fourth quarter of 2025, consistent with our stated objective. We continued our programmatic tuck in acquisitions, including middle market deals through NFP.

2025 年第三季度，我們繼續執行我們的資本配置模型。我們在第三季將槓桿率降低至 3.2 倍，並預計在 2025 年第四季達到 2.8 倍、3.0 倍，這與我們既定的目標一致。我們繼續透過 NFP 進行程序化收購，包括中階市場交易。

Through nine months, NFP has closed $32 million of EBITDA. And following the NFP wealth sale, we expect to close $35 million to $40 million and acquired EBITDA by year end. The pipeline remains strong, primarily composed of US PNC opportunities.

九個月以來，NFP 實現了 3,200 萬美元的 EBITDA。在 NFP 財富出售之後，我們預計到年底將完成 3,500 萬至 4,000 萬美元的收購 EBITDA。業務儲備依然強勁，主要由美國 PNC 銀行的業務機會組成。

And finally, we returned $411 million to shareholders in the quarter, including $250 million in share repurchases. With $750 million repurchased year-to-date, we remain on track for $1 billion in capital return through share repurchases for full year 2025 enabled by our high free cash flow generation.

最後，本季我們向股東返還了 4.11 億美元，其中包括 2.5 億美元的股票回購。今年迄今為止，我們已回購了 7.5 億美元的股票，憑藉我們強勁的自由現金流，我們仍有望在 2025 年全年透過股票回購實現 10 億美元的資本回報。

These actions demonstrate our disciplined capital allocation, reducing leverage. Investing in high return growth opportunities in delivering meaningful capital return to shareholders. I will conclude my prepared remarks on slide 11 with our 2025 guidance and some forward-looking perspective on our growth objectives.

這些措施體現了我們嚴謹的資本配置，降低了槓桿率。投資於高回報成長機會，為股東帶來可觀的資本回報。我將在第 11 頁投影片上結束我的發言，屆時我將展望 2025 年的發展方向，並展望我們未來的成長目標。

We are reaffirming our full year 2025 guidance, including organic revenue growth, mid-single-digit or greater, capturing the impact of our growth investments. Second, margin expansion, 80 basis points to 90 basis points, including $260 million in cumulative annual savings from our Aon United Restructuring initiative.

我們重申 2025 年全年業績預期，包括有機收入成長，達到中等個位數或更高，以反映我們成長投資的影響。其次，利潤率擴大了 80 個基點至 90 個基點，其中包括我們 Aon United 重組計畫帶來的 2.6 億美元的年度累積節省。

Next, strong earnings growth, supported by the scale improvements from ABS. I'll also note two additional points related to earnings. First, the sale of NFP wealth is expected to have an immaterial impact on 2025 earnings growth. Second, we continue to expect an effective tax rate of 19.5% to 20.5% for the full year. For modeling purposes, we are estimating 7% to 9% adjusted EPS growth in Q425.

其次，在ABS規模改善的支持下，獲利實現了強勁成長。我還要補充兩點與收入相關的內容。首先，出售 NFP 財富預計對 2025 年的獲利成長不會產生實質影響。其次，我們仍預期全年實際稅率為 19.5% 至 20.5%。出於建模目的，我們預計 2025 年第四季調整後每股收益將成長 7% 至 9%。

Finally, free cash flow. Double-digit growth in 2025, demonstrating our ability to consistently convert our strong earnings into capital for investment and shareholder return. We entered the final stretch of the year with strong momentum executing a 3x3 plan and financial model to deliver results today. At the same time, scale improvements enabled by ABS.

最後，自由現金流。2025 年實現兩位數成長，證明我們有能力持續將強勁的獲利轉化為投資資本和股東回報。我們帶著強勁的勢頭進入了今年的最後衝刺階段，執行了 3x3 計劃和財務模型，以期在今天取得成果。同時，ABS實現了規模上的改進。

The cumulative impact of our growth investments in our capital capacity are strengthening the foundation for future performance, positioning us for sustainable top-line growth and consistently strong earnings growth. This powerful combination gives us high conviction in our ability to create long-term value for shareholders. So with that, let's open the line for questions. Darrell, I'll turn it back to you.

我們對資本能力的成長投資所產生的累積影響，正在加強未來業績的基礎，使我們能夠實現可持續的營收成長和持續強勁的獲利成長。這一強大組合使我們對為股東創造長期價值的能力充滿信心。那麼，接下來我們開始提問。達雷爾，我把它還給你。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Robert Cox, Goldman Sachs.

謝謝。接下來我們將進行問答環節。（操作說明）羅伯特·考克斯，高盛。

Hey, thanks. Good morning. And the first question on talent, the revenue generating hires were up 6%, and it sounds like you're executing on that 40 basis points contribution to organic growth here in the back half of the year. If we start thinking about stacking the benefits from the 2024 hiring and 2025 cohorts, does that get us to something like, roughly 80 basis points in 2026?

嘿，謝謝。早安.關於人才的第一個問題是，創造收入的招募人數增加了 6%，聽起來你們正在努力實現下半年有機成長 40 個基點的目標。如果我們開始考慮將 2024 年和 2025 年招募的人員帶來的收益疊加起來，那麼到 2026 年，我們能否達到大約 80 個基點的收益？

Good morning, Rob, and thank you for the question. Well, before even getting directly to the answer, the first thing, and Greg may comment on this, is that you see the headlines across our industry, it's clear that competitors are aggressive in their recruiting efforts and given the expertise and attractiveness of our talent, we're not immune to that.

早安，羅布，謝謝你的提問。好吧，在直接回答這個問題之前，首先要說的是（格雷格可能會對此發表評論），從我們行業的頭條新聞來看，很明顯競爭對手在招聘方面非常積極，鑑於我們人才的專業技能和吸引力，我們也無法置身事外。

So we continue to be super high focus on the investments right now and as I said in my prepared remarks, I think we're on the right foot through nine months, 6%. Increase in revenue generating hires that's right in line with the 4% to 8% that we communicated during investment days. And to your question, they are contributing right in line with our expectations on the full year 30 basis points to 35 basis points. There will be a cumulative impact when these 24 cohorts ramp up.

因此，我們目前仍然高度重視投資，正如我在準備好的演講稿中所說，我認為九個月以來我們進展順利，成長了 6%。創收員工人數的成長與我們在投資日期間傳達的 4% 到 8% 的目標完全一致。至於你的問題，他們的貢獻完全符合我們全年的預期，為 30 到 35 個基點。當這 24 個批次的批次全部投入使用時，將會產生累積效應。

And as I said in my prepared remarks, the 2025 hires are also coming on board. We'll give specific guidance on the contribution from those hires when we come back in Q4 and talk about 2026. But the key point for us right now is that that is a significant contributor to the 11 point of new business contribution to organic revenue growth.

正如我在準備好的演講稿中所說，2025 年新招的員工也即將到來。我們將在第四季度回來討論 2026 年計畫時，給予這些新員工貢獻的具體指導。但對我們來說，目前的關鍵在於，這對於新業務對有機收入成長的 11 個百分點貢獻率來說是一個重要的因素。

They're performing right in line with our expectations in terms of increment revenue and ramp up time and there will be a cumulative impact. We'll give the results of that and an outlook on that when we get into 2026 guidance on Q4, but make no doubt about it, the investments in these clients facing talent is a key part of the growth strategy, particularly in the market that we have now.

就增量收入和啟動時間而言，他們的表現完全符合我們的預期，並將產生累積效應。我們將在第四季度發布 2026 年業績指引時公佈結果並展望未來，但毫無疑問，對這些面向客戶的人才進行投資是成長策略的關鍵部分，尤其是在我們目前的市場中。

Thank you. That's helpful. And then I just wanted to follow-up on commercial risks specifically and the US business core PNC, it feels like the double-digit growth is significantly in excess of what some of your peers are reporting. So, I just wanted to flush out what you might attribute that excess growth to, I know you talked about data center instruction and talent, and also just wanted to ask if that result was flattered at all by a multi-year policies.

謝謝。那很有幫助。然後，我想具體跟進商業風險以及 PNC 的美國核心業務，感覺 PNC 的兩位數增長遠遠超過了你們一些同行所報告的增長。所以，我只是想弄清楚您認為這種過度增長的原因是什麼，我知道您談到了資料中心培訓和人才，也想問一下，這種結果是否受到了多年政策的影響。

[Scott] Robert, I appreciate the question and listen, we, think about the growth result. This is continued progress.

[Scott] Robert，我很感謝你的提問，聽著，我們，想想成長的結果。這是持續進步。

We're halfway through the 3x3 plan, fully executed against it. When you think about what we bring to the table with risk capital and human capital, and then very substantially reinforced so they have business services. Remember, these are the set of analyzers risk tools that help the clients make better decisions by driving revenue, also retention obviously has some benefits from the side too, but really is around client impact, and you're seeing these results, and by the way, you're not just seeing it in the US, it's truly globally, and contributes to Edmund's commitment around what we're going to be able to achieve, each and every year around mid-digit or greater.

我們已經完成了 3x3 計劃的一半，並且已經全面執行完畢。想想我們為創投和人力資本帶來的價值，然後我們又大力加強了這些資本和人力資本，使他們能夠提供商業服務。請記住，這些分析風險工具可以幫助客戶透過提高收入做出更好的決策，當然，客戶留存率也會帶來一些好處，但真正的重點在於對客戶的影響，而您現在也看到了這些成果。順便說一句，您看到的不僅僅是美國，而是真正的全球性成果，這也有助於 Edmunds 實現我們每年都能達到或超過 100% 的目標。

And so this is really what you're seeing. And I want to be clear, it really is just, it's part of the day to day. There really isn't anything that we would highlight. We talk about M&A services. It's been, it was progress, but it did not drive the result. The results were driven fundamentally by what we're doing day to day with clients, and we did it, I would just also highlight in the face of all that's going on in the overall marketplace.

所以，這才是你真正看到的。我想澄清一點，這真的只是日常生活的一部分。真的沒有特別值得強調的。我們來談談併購服務。這的確是一種進步，但它並沒有帶來最終的結果。這些成果主要得益於我們日常與客戶的合作，而且我們做到了，我還要特別強調，這是在當前整個市場情勢下所取得的成就。

So, we talked time and time again about the fact that we're, this is not about unit pricing. In specific areas, and I'm sure we'll talk about pricing before we end the call today. It's not about that. It's really about a client by client impact and our ability to take analytics with our great team in place and do things that, really have a have a meaningful impact. And that's really what's driving growth. It's driven the growth in the US but also driving growth in the same respect around the world.

所以，我們一再強調，這與單位定價無關。在某些特定領域，我相信在今天通話結束前我們會討論價格問題。重點不在於此。這其實是關乎對每位客戶的影響，以及我們利用現有優秀團隊進行分析並採取真正有意義的影響措施的能力。而這才是真正推動成長的因素。它不僅推動了美國經濟成長，也以同樣的方式推動了世界其他地區的經濟成長。

Greg is exactly right, Rob, we're pleased but not surprised by the strength and the commercial risk growth in Q3 because it's being driven by specific actions that we're taking the durable growth drivers. We talked about 11 points of contribution at the company level, but within commercial risk itself, it was 11 points of contribution.

格雷格說得完全正確，羅布，我們對第三季度的強勁表現和商業風險增長感到高興，但並不驚訝，因為這是我們正在採取的具體行動所推動的，這些行動是持久增長的驅動因素。我們討論了公司層面的 11 個貢獻點，但就商業風險本身而言，也是 11 個貢獻點。

From new business and the retention was better year over year. That's driven by what Greg just talked about the analyzers helping us win RFPs by ECG, our enterprise client group, and the tools that we have in ABS. The outlook and the results in this quarter remains strong as we continue to have the hires in construction and energy is increased limit and add coverages.

新業務成長及客戶留存率均較上年有所提升。這得歸功於 Greg 剛才提到的分析器幫助我們透過 ECG、我們的企業客戶群以及我們在 ABS 中擁有的工具贏得 RFP。由於我們在建築和能源領域持續招聘，並提高了限額和增加了保險範圍，本季的前景和業績仍然強勁。

So we're going to continue to be focused on that new business plus retention and the investment and the specialty hires and giving them, equipping them with analytical tools that help them win new business. That's what drove it in Q3 within the US but as Greg said globally, and that's that, that's what gives us confidence in our mid single-digit, guidance going forward.

因此，我們將繼續專注於新業務、員工留任、投資和專業人才招聘，並為他們提供分析工具，幫助他們贏得新業務。這就是第三季美國市場成長的驅動力，但正如格雷格所說，在全球範圍內也是如此，正是這一點讓我們對未來實現個位數中段成長的預期充滿信心。

Great, thanks for all the color.

太棒了，謝謝你帶來的繽紛色彩。

Thank you. Andrew Andersen, Jefferies.

謝謝。Andrew Andersen，傑富瑞集團。

Hey, good morning. Just look at health solutions 6% organic, really strong, and has been for a couple of years now. You listed a few drivers there of the organic input positive market impact kind of last there, but I would think that is one of the bigger drivers. Maybe you could just help us break down between that new business retention and market impact.

嘿，早安。看看這款健康解決方案，它含有 6% 的有機成分，效果非常顯著，而且已經持續好幾年了。你列舉了一些有機投入對市場產生正面影響的驅動因素，其中有機投入對市場的影響排在最後，但我認為這是更重要的驅動因素之一。或許您可以幫我們分析一下新業務留存率和市場影響之間的差異。

Yeah, I mean, you're right. There wasn't an impact from that market impact as as you continue to see healthcare costs rising, but make no doubt about it. Health is actually one of the largest parts of our portfolio when it comes to new business contribution, expansion with existing customers. Greg actually called out an example on the call of expansion with existing customers coming in through new business.

是的，我的意思是，你說得對。雖然醫療保健成本持續上漲，但市場並未受到這種衝擊的影響，這一點毋庸置疑。事實上，在新業務貢獻和現有客戶拓展方面，健康領域是我們業務組合中佔比最大的部分之一。格雷格在電話會議上舉了一個例子，說明現有客戶如何透過新業務實現擴張。

So in the quarter, you had the strength from our talent analytics business. Our data continues to be seeing high demand. Our poor health business had had strong growth in the EMEA and US as well. The market is attractive right now for these solutions and the macro factors are having an impact, so you are seeing a positive and net market impact. But without a doubt, I have to highlight that it is new business that is driving this primarily expansion with existing customers.

所以，本季我們主要受益於人才分析業務。我們的數據需求持續旺盛。我們的醫療保健業務在歐洲、中東和非洲地區以及美國都取得了強勁成長。目前這些解決方案的市場需求旺盛，宏觀因素也產生了影響，因此市場出現了正面的淨影響。但毫無疑問，我必須強調，推動這次主要業務擴張的主要是現有客戶。

And Andrew, I just want to add, if you think about where we are in terms of the continued progression as we began the 3x3 program and thought about the areas we compete in, each one of them had a set of characteristics which for us, suggested our ability to grow, and those are going to be we can be very strong.

安德魯，我還要補充一點，如果你想想我們從開始 3x3 計劃到如今不斷進步的歷程，再想想我們參加的各個領域，每個領域都有一系列特點，這些特點對我們來說表明了我們成長的能力，而這些特點意味著我們可以變得非常強大。

Health is exactly in that wheelhouse, think about it. This is 20 plus percent of the of the US economy, as an example, and growing at 9% to 10% a year. It's a tremendous burden on companies as they think about supporting their employees and their families from a health standpoint.

健康正好屬於這個範疇，想想看。例如，這占美國經濟的 20% 以上，並且每年以 9% 到 10% 的速度成長。從健康角度考慮如何支持員工及其家人，這對公司來說是一個巨大的負擔。

And what we bring to the table is unique in content and capability. Just look at, we recently published a set of analytics, never been seen before around overall population health and the impact of the GLP one, medications in that context, demonstrating that you might be able to say something we've never been able to say before, which is we can potentially improve population health.

而我們所擁有的，無論在內容或能力方面，都是獨一無二的。看看我們最近發布的一系列分析報告，這些報告前所未見，內容涉及整體人口健康以及 GLP 的影響，以及藥物在這一背景下的作用，這表明我們或許能夠說出一些我們以前從未說過的話，那就是我們有可能改善人口健康。

And bend the curve. And so that kind of opportunity for us, we're incredibly excited about, and we're just beginning to sort of tap that thread. And so, for us, we love this category like we do across the risk side as well and the and retirement side, but you're right, a lot of progress here and we'll continue to take steps to build a business.

扭轉曲線。因此，我們非常興奮能有這樣的機會，我們才剛開始探索這條路。所以，對我們來說，我們非常喜歡這個類別，就像我們喜歡風險管理和退休保障領域一樣。但你說得對，我們在這個領域取得了很大的進展，我們將繼續採取措施來發展這項業務。

Thanks. And then reinsurance just as we, I realized 3Q is a little bit of a lighter quarter, but as we kind of shift towards '26, how are you kind of seeing the reinsurance pricing environment and maybe just some color on demand changes?

謝謝。然後是再保險，正如我們所知，第三季業務量相對較小，但隨著我們逐漸邁向 2026 年，您如何看待再保險定價環境，以及對需求變化的一些看法？

Well, listen, overall, we can comment on the '26, a little bit from that standpoint, but listen, again, think about overall demand and supply. Demand and demand, when you think about what's going on in the world these days, greater and greater risk. There is absolute pressure, on a unit price basis, as we've talked about, particularly on the property side, and you're seeing that, really across the board, but think about it, how we react. We react on a client level, and we're essentially helping clients understand how to mitigate risk on a much broader, even a much broader scale.

嗯，聽著，總的來說，我們可以從這個角度對 2026 年車型做一些評論，但聽著，再說一遍，想想整體的需求和供應情況。需求與需求並存，想想當今世界正在發生的事情，風險也越來越大。正如我們之前討論過的，單價方面存在著絕對的壓力，尤其是在房地產領域，而且這種情況確實普遍存在，但想想我們是如何應對的。我們從客戶層面做出反應，本質上是在幫助客戶了解如何在更廣泛的範圍內降低風險。

So this is just traditional treaty and facultative think about insurance like securities. I started off with the obvious tragedy and the catastrophe in Jamaica and then talked about how we brought capital in to try to do something about that. We've done now, we're going to do well over, close to [150] or greater cap bonds or parametric instruments for companies in addition to insurers.

所以這只是傳統的條約和選擇性保險，把保險想像證券。我首先談到了牙買加顯而易見的悲劇和災難，然後談到了我們如何引入資金來嘗試解決這個問題。我們現在已經做到了，我們將會做得更好，接近甚至超過 [150] 或更高的上限債券或參數工具，適用於公司以及保險公司。

So this is really the opportunity to bring more capital in to support an environment which is demanding it. What we described on the hyper scales. This is an opportunity to truly address a level of opportunity that we haven't seen before. It's truly unique. Think about $2 trillion of investment, and that's just the operating investment and sorry, the build investment doesn't even get to the operating investment or the innovation investment, which happens over time.

所以，這確實是一個引入更多資本來支持當前環境的機會，因為環境需要更多資本。我們在超尺度上所描述的。這是一個前所未有的機遇，讓我們能夠真正把握住這個機會。它真是獨一無二。想想看，2兆美元的投資，而這只是營運投資，很遺憾，建設投資甚至不足以彌補營運投資或創新投資的缺口，創新投資是隨著時間的推移而發生的。

So for us, the content and capability we have in such an extraordinary group on the reinsurance side in the context of reinsurance. And risk capital, with our commercial risk capabilities is extraordinary, and we see great opportunity over time. Edmund, anything else you add to that?

因此，對我們來說，我們在再保險領域擁有如此卓越的團隊的內容和能力。憑藉我們的商業風險能力，創投非常雄厚，我們看到了未來巨大的發展機會。艾德蒙，你還有什麼要補充的嗎？

Yeah, look, the only thing I'd add is we are seeing pressure on the right side today. Reinsurance, the net market impact there was flat in the quarter. Clearly, we're seeing pressure in the property side of it, but to Greg's point, the demand is high, clients are buying more sideways coverage to cover perils.

是的，你看，我唯一要補充的是，我們今天看到右邊承受壓力。再保險方面，本季市場淨影響持平。顯然，我們看到財產險方面面臨壓力，但正如格雷格所說，需求很高，客戶正在購買更多橫向保險來應對風險。

We're seeing focus on our facultative placements, growth in our STG businesses. So again, we'll come back in '26 to your question in Q4 and talk about '26 specifically, but these pressures come today, and we still are in 2025 growing at a mid single-digit level because of the demand and the and the solutions that we're providing for our clients here.

我們看到，公司更加重視兼職職位，STG業務也在成長。所以，我們會在 2026 年第四季再次回答您的問題，並具體討論 2026 年的情況。但這些壓力現在就存在，而且由於市場需求以及我們為客戶提供的解決方案，我們到 2025 年仍將保持中等個位數的成長。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Bob Huang, Morgan Stanley.

謝謝。鮑勃·黃，摩根士丹利。

Hi, good morning. So my first question comes around the the thoughts on capital deployments. Obviously, free cash flow increased significantly year on year, but your buybacks slow down. I know that we talked about this a little bit. It's just curious how you think about that capital deployment going forward between the acquisitions that NFP is going to make versus how you think about buybacks versus dividends.

您好，早安。所以我的第一個問題是關於資本部署方面的想法。顯然，自由現金流逐年大幅成長，但你的回購速度卻放緩了。我知道我們之前稍微談過這件事。我很好奇，您如何看待 NFP 未來在收購、股票回購和分紅之間如何進行資本部署。

Yeah, so I appreciate the question on the capital. It's an important point for us. You said buy back slow down. I want to just highlight that we were focused this year coming into the year paying down debt to get back to our leverage, debt leverage objective. We paid down nearly $2 billion, $1.9 billion last year. We're on track to do something similar this year, continuing to pay the dividend.

是的，我很感謝你提出關於首都的問題。這對我們來說很重要。你說過要放慢回購速度。我想強調的是，今年年初我們一直專注於償還債務，以恢復我們的槓桿率和債務槓桿目標。我們償還了近20億美元，其中去年償還了19億美元。我們今年也將繼續派發股息，並有望實現類似的目標。

Acquiring in middle market through NFP, which is over, $32 million in EBITDA to date and returning. We guided to returning a billion dollars in capital that shareholders to share repurchases. So we're despite sort of where we were from a leverage standpoint, our free cash flow generation has allowed us to do that. When we think overall about capital deployment, we have a set of criteria by which we evaluate the options.

透過 NFP 在中端市場進行收購，迄今已實現 3,200 萬美元的 EBITDA，並且正在復甦。我們引導股東透過股票回購返還十億美元的資本。所以，儘管從槓桿率的角度來看我們處境有些艱難，但我們的自由現金流使我們能夠做到這一點。當我們從整體上考慮資本部署時，我們有一套標準來評估各種方案。

We started talking about that previously and emphasize it during investor day as well. Those criteria are focused on long-term shareholder value creation and so we're going to remain committed to balancing investment for growth with capital return to shareholders and for us that means paying down the debt, meeting our leveraging objectives, obviously consistently paying the dividend.

我們之前就開始討論這個問題，並且在投資者日上也重點強調了這一點。這些標準著重於創造長期股東價值，因此我們將繼續致力於平衡成長投資與股東資本回報，對我們來說，這意味著償還債務、實現槓桿目標，當然還有持續支付股息。

We're very pleased with what we deployed towards middle market acquisitions this year and we'll be even in a stronger position to do that next year, particularly given the proceeds that we have from the NFP wealth sale, but those acquisitions will have to meet, as I said during the prepared remarks, our strategic criteria and our financial criteria as well. It's worth emphasizing, I showed some information during investor day that showed over 20% IRRs.

我們對今年在中端市場收購方面的投入感到非常滿意，明年我們將更有能力進行此類收購，特別是考慮到我們從 NFP 財富出售中獲得的收益，但正如我在準備好的發言中所說，這些收購必須符合我們的戰略標準和財務標準。值得強調的是，我在投資者日上展示了一些信息，顯示內部收益率超過 20%。

And over 10% revenue growth after owning these acquisitions for one year. So that gives you some sense about how we think about the financial, return. And of course, we balance that with returning capital of the shareholders. So we feel very good about the position of strength we're in, and our ability to evaluate the options moving forward. But let me turn it to you, Greg, to add some color to that.

收購這些公司一年後，營收成長超過 10%。這樣你就能大致了解我們是如何看待財務回報的。當然，我們也會透過返還股東資本來平衡這一點。因此，我們對自身所處的優勢地位以及評估未來各種選擇的能力感到非常滿意。不過，格雷格，讓我來幫你補充一些細節。

Well, listen, and I think you captured it exceptionally well. I'll give you one observation I would just add. Edmund just went through a whole series of actions, whole series of activities. Bob, yeah, hopefully what comes through clearly is our absolute focus on long-term shareholder value creation, and we're taking specific actions on the balance sheet side, the capital side, the capital deployment side to make that happen acquisitions and divestitures.

嗯，聽著，我覺得你描述得非常到位。我還要補充一點看法。埃德蒙剛剛經歷了一系列行動，一系列活動。鮑勃，是的，希望大家能清楚地感受到我們對長期股東價值創造的絕對關注，我們正在資產負債表、資本和資本部署方面採取具體行動來實現這一目標，包括收購和剝離。

These are difficult things to do and if you think about just even in the last 18 months, bringing in NFP, which has been phenomenal, but by itself a monumental effort. The decision to divest of a specific piece of NFP, which is good business, but really not one we're going to invest in and double down from a capital deployment standpoint.

這些都是很難做到的事情，即使只考慮過去 18 個月，引入 NFP 也是一項巨大的努力，雖然效果顯著。決定剝離 NFP 的特定部分，這在商業上是件好事，但從資本部署的角度來看，我們真的不會繼續投資並加倍投入。

So you make the decision to invests against that. That's a hard thing to do, a lot to cover on our finance side with our NFP colleagues in it. Exceptionally well closed yesterday. The paydown of debt, the buyback, all the different pieces. What I'm trying to highlight here is we have an absolute commitment, and it's not just something we say, you see it in our actions, which is an active management of our balance sheet and our capital position, which happens to be currently the strongest it's ever been against the criteria on long-term shareholder value creation, and the team's done a remarkable job actively managing this just like we do on the operational side.

所以你決定進行反向投資。這是一件很難的事情，我們需要在財務方面兼顧非營利組織同事的工作。昨天的成交情況非常好。償還債務、股票回購，所有這些環節。我想強調的是，我們對此有著絕對的承諾，這不僅僅是說說而已，而是體現在我們的行動中。我們積極管理資產負債表和資本狀況，而目前我們的資產負債表和資本狀況恰好是按照長期股東價值創造的標準來看最強勁的，團隊在這方面做得非常出色，就像我們在營運方面所做的那樣。

Really helpful and also apologies for poorly phrased question there. Yeah, you're absolutely right. Thank you. My second question is, going back to the data centers a little bit, obviously, it's a huge momentum for you and it's likely to be very long tailed. But just curious to how you think about the competitive environment now that data center is very much in the front and center of discussions for insurance. Do you see large competitors coming in? Like, how should you think about your market share in this expanding pie, so to speak?

真的很有幫助，也為我之前表達不清的問題表示歉意。是的，你說得完全正確。謝謝。我的第二個問題是，稍微回到資料中心的話題，顯然，這對你們來說是一個巨大的發展勢頭，而且很可能是一個長期趨勢。我很好奇，既然資料中心已經成為保險業討論的焦點，您如何看待當前的競爭環境？你認為會有大型競爭對手進入市場嗎？也就是說，在這個不斷擴大的市場蛋糕中，你該如何看待自己的市場佔有率？

So, first of all, I really appreciate you asking the question. This is the wheelhouse. I mean, when you think about sort of what we have been built to do, think about levels of innovation, what we did on [Alient] treaty when it first came out, what we did on the GLP ones I just described, what we've done in multiple other environments, what we did on the, on retirement on the employment plan trying to bring [401k] economics to the middle market from large companies.

首先，我非常感謝你提出這個問題。這是我的駕駛室。我的意思是，想想我們被建立起來的目的，想想創新的水平，想想我們最初在[Alient]條約上所做的工作，想想我們剛才描述的GLP條約，想想我們在其他多個領域所做的工作，想想我們在退休就業計劃上所做的工作，努力將[401k]的經濟模式從大公司引入中端市場。

All these things are innovations that we have driven over time. And they come with it from the standpoint of truly requiring integrated capability, risk capital and human capital, and the ability to bring capital from in the industry and outside the industry to be to bear on behalf of these challenges. All that's true and that's a proof point in how we approach the market. This happens to be bigger than anything you've ever seen. $2 trillion, right? By the way $2 trillion is only the build, it's not the operating or the innovation that comes over time. So it's just the tip of the iceberg.

這些都是我們隨著時間推移而不斷推動的創新。從真正需要綜合能力、創投和人力資本的角度來看，它們也隨之而來，並且需要從產業內外調集資本來應對這些挑戰。以上所述屬實，也證明了我們對待市場的態度。這比你以往見過的任何東西都要大。 2萬億美元，對吧？順便說一句，2兆美元只是建設成本，還不包括營運成本和隨著時間推移而產生的創新成本。這只是冰山一角。

This isn't really about com competitive position, by the way, from our standpoint, we have taken a very hard look at this, and we've taken a very much an engineering-driven approach. I referenced the partnership we've got with a very unique firm, that will to be clear over time on how you take an engineering-driven position around. Where do you position these things? How do you think about, where you build them, by the way, how do you think about the actual building? Not the core technology.

順便說一句，這其實與公司的競爭地位無關，從我們的角度來看，我們已經對此進行了非常深入的研究，並且我們採取了一種以工程技術為主導的方法。我提到了我們與一家非常獨特的公司建立的合作關係，隨著時間的推移，這將清楚地表明你如何採取以工程為導向的立場。這些東西該放在哪裡？順便問一下，你是如何考慮建造它們的地點，以及你是如何考慮實際的建造過程的？並非核心技術。

We'll leave that to the technology companies, but literally, how do you do this in a way in which you can create better business continuity and business resilience. When you think about business interruption in the context of a data center in this world. It's can be measured in the millions of dollars per minute, and it's going to be a completely different scale.

我們會把這個問題留給科技公司來解決，但實際上，如何才能更好地實現業務連續性和業務韌性呢？在這個世界上，當你思考資料中心業務中斷的問題。它的金額可以以每分鐘數百萬美元來衡量，這將是一個完全不同的尺度。

So for us, what we want to do is bring a set of solutions which may be copied by others. It'll be difficult, but they might be. And there's enough room for everyone here. The question is how we can increase relevance of our industry to help reduce the volatility of the operating, building and operating of these data centers. And for us, it's a massive It it really is unique. It's a massive opportunity for our industry to make a difference, in a way that's going to really matter globally and get bigger and bigger over time, but the scale is quite, we've just never seen it before. We're pretty excited about it.

所以對我們來說，我們想要做的是提出一套可以被其他人效仿的解決方案。這會很困難，但他們或許會。這裡空間夠大，每個人都能容納得下。問題在於我們如何提高我們行業的相關性，以幫助降低這些資料中心的營運、建造和運作的波動性。對我們來說，這意義重大，它確實是獨一無二的。對於我們這個行業來說，這是一個巨大的機遇，可以以一種真正具有全球意義的方式做出改變，而且隨著時間的推移，這種改變會越來越大，但其規模相當大，我們以前從未見過。我們對此感到非常興奮。

Thank you, really appreciate that.

謝謝，非常感謝。

Thank you.

謝謝。

Mike Zaremski, BMO Capital Markets.

Mike Zaremski，BMO資本市場。

Hey, thanks. Good morning. Happy Halloween and happy Friday. Sticking to the, exciting data center, conversation. You gave us some great color, potentially over $10 billion in new premiums and $26 alone for the industry. Any color, is that it is, are those premiums more of like a, if you do the math and it was commission based, that'd be a lot of growth. Is it, is this mostly fee-based. And is getting a disproportionate share of this, you think, or is it most of it going to the [ENS] market? Just any other color would just be great, clearly a great opportunity.

嘿，謝謝。早安.萬聖節快樂，星期五快樂！繼續討論令人興奮的資料中心主題。你為我們帶來了精彩的色彩，可能帶來超過 100 億美元的新保費，光是產業保費就高達 260 億美元。任何顏色，就是這樣，這些溢價更像是，如果你計算一下，如果它是基於佣金的，那將會有很大的增長。是的，這主要是要收費的嗎？你認為這其中是否不成比例地分得了多少份額，還是大部分都流向了[ENS]市場？換成其他任何顏色都會很棒，這顯然是個絕佳的機會。

Yeah, listen, from our standpoint, it's still very early, sort of in the process. So let's don't, this is not mid-game or even endgame. This is like the beginning of the game. This is all beginning to sort of develop over time. And think about Mike from the standpoint of this is around how you build these things, how you operate them, and then they evolve and they innovate, on a time frame that's measured, in a few years. So you're going to continue to iterate this.

是的，聽著，從我們的角度來看，現在還處於非常早期的階段，還在進行中。所以我們還是別這麼做了，現在既不是遊戲中期也不是遊戲後期。這就像遊戲的開始。這一切都在隨著時間的推移而逐漸發展起來。從麥克的角度來看，這關係到你如何建造這些東西，如何運作它們，然後它們會在幾年內不斷發展和創新。所以你要繼續迭代這個過程。

And for us, this is about accessing capital to connect with the risk. Whatever market it goes through, primary admitted ENS or frankly alternative markets, we're accessing all that capital, and by the way, it's going to require access to all that capital, and then literally how, from our standpoint, we're looking to provide value for clients. We always find a way. We do fine on compensation when we provide value for clients, and ours is always a value-added approach in terms of how we think about it.

對我們來說，這關乎獲得資金來承擔風險。無論它通過哪個市場，無論是主要認可的ENS市場還是坦率地說的另類市場，我們都能獲得所有這些資本，順便說一句，這需要獲得所有這些資本，然後，從我們的角度來看，我們究竟是如何為客戶創造價值的。我們總能找到辦法。當我們為客戶創造價值時，我們在薪酬方面做得很好，而且我們始終秉持著增值理念。

And so we're again, excited about the opportunity to make a difference, and we already are, as I mentioned before, we've already done some major programs underway, but we see potential to do substantially more. And by the way, this isn't just a US opportunity, this is a global opportunity. And for us, again, we see great opportunities, but really the issue is convincing the capital to come in and actually provide the coverage and do what we need to do, on behalf of the hyperscalers.

因此，我們再次對有機會做出改變感到興奮，正如我之前提到的，我們已經開展了一些重大項目，但我們看到了做更多事情的潛力。順便說一句，這不僅僅是美國的機會，這是一個全球性的機會。對我們來說，我們看到了巨大的機遇，但真正的問題在於如何說服資本進入並真正提供資金支持，並代表超大規模資料中心營運商做我們需要做的事情。

And really it isn't just the hyperscalers, it's also the builders and then the money as well, because if you think about sort of funds that are being created, opportunities there as well. So for us this really cuts across the ecosystem. And it represents, a very unique opportunity.

實際上，不僅是超大規模資料中心營運商，還有資料中心建構者，以及資金，因為如果你想想正在創造的各種基金，你會發現其中也蘊藏著許多機會。所以對我們來說，這確實影響整個生態系。這代表著一個非常獨特的機會。

Interesting, thanks. And my follow-up is probably for Edmund on the accelerating Aon United program, can you give us a flavor of how much cash spend remains and is that kind of evenly spread out over the next, 5 quarters?

很有意思，謝謝。我的後續問題可能是問埃德蒙關於加速推進的Aon United計劃，您能否簡要介紹一下還剩下多少現金支出，以及這些支出是否會在接下來的5個季度內均勻分配？

Yeah, you should be able to, we'll in the 10 Q you can see what the cash spend has been over the time we're just over $600 million in cash spend thus far or later this evening you'll be able to see them getting a signal when the 10 Q comes out. But the key thing about that is we're right on track for, what we expected to spend there. We'll continue to assess that as we go into 2026 and more importantly for us, savings.

是的，你應該可以看到，在 10 Q 財報中你可以看到這段時間以來的現金支出情況，到目前為止我們已經支出了超過 6 億美元，或者今晚晚些時候，當 10 Q 財報發佈時，你就能看到他們收到的信號了。但關鍵在於，我們目前的支出完全符合預期。我們將繼續評估 2026 年的情況，更重要的是，評估儲蓄情況。

We did $110 million last year and on track for another $150 million this year. So we can continue to feel good about setting ourselves up for ongoing scale improvements and capacity to do that and capacity to invest in our capabilities and in our folks moving forward. So, that's where we are in terms of spend and savings.

我們去年實現了 1.1 億美元的收入，今年預計再實現 1.5 億美元。因此，我們可以繼續感到欣慰，因為我們有能力不斷擴大規模，提高能力，並有能力投資我們的能力和員工，以推動我們未來的發展。所以，這就是我們目前的支出和儲蓄狀況。

Thank you.

謝謝。

Thank you. Jimmy Bhullar, J.P. Morgan.

謝謝。吉米·布拉爾，摩根大通。

Hey, good morning. So I had a question first just on organic growth in commercial risk. If you look at your results, they've accelerated over the course of the year 5% in 1Q to 6% in 2Q, 7% in 3Q, and the change has been more than hiring the hiring tailwind ramping up alone. So maybe if you could give us some key drivers of the improvement things that actually help you and 3Q that might not have been there in 1Q and just trying to assess what which of these factors are sustainable versus might not sustain a particular level but just the what the ramp up and go.

嘿，早安。所以我首先想問一個關於商業風險中有機成長的問題。從業績來看，今年以來業績成長迅速，第一季成長 5%，第二季成長 6%，第三季成長 7%，而這種變化不僅僅是招募帶來的利多因素。所以，如果您能告訴我們一些關鍵的改進驅動因素，以及哪些因素在第三季度對您有所幫助，而這些因素在第一季度可能並不存在，我們或許可以評估哪些因素是可持續的，哪些因素可能無法維持在特定水平，但哪些因素能夠逐步提升並繼續發展。

Yeah, I appreciate the question, Jimmy. Maybe I'll just start at an overall, high level strategic approach to what we've done and then how we've operationalized it, and Edmund, and I know we had a lot of color on some of the detail here, but listen, we came into 2024 with a 3x3 plan. We architected it, plotted it, put it in place, locked it down in '23, and announced it and drove it in '24. We said '24, '25, and '26.

是的，謝謝你的提問，吉米。也許我會先從整體、高層次的策略角度談談我們已經做了什麼，以及我們是如何將其付諸實現的。艾德蒙，我知道我們在這裡有很多細節，但聽著，我們帶著一個 3x3 計劃進入了 2024 年。我們設計了它，規劃了它，實施了它，在 2023 年鎖定了它，並在 2024 年宣布並推動了它。我們說的是「24」、「25」和「26」。

Very straightforward. We talked about this on Investor Day. What are we bringing that's different? What are you doing that's different? Well, this capital is different. Human capital is different. We are connecting the dots in ways they've never been connected before, not because it's a nice thing to do, but because we can actually take the data that cuts across these theaters and pull it together under Aon Services and create better data fidelity so we can actually inject it into our analytics. That drove a set of analyzers.

非常簡單明了。我們在投資者日上討論過這個問題。我們帶來了哪些與眾不同的東西？你做了哪些與眾不同的事？嗯，這座首都的情況有所不同。人力資本則不同。我們正在以前所未有的方式將這些點連接起來，這並非因為這樣做是一件好事，而是因為我們實際上可以獲得跨越這些劇院的數據，並將其整合到 Aon Services 下，從而創建更好的數據保真度，以便我們能夠將其註入到我們的分析中。這啟動了一系列分析程序。

We're going to kick off the property symposium early next year, and when we bring our, thousands clients into the room, we're going to start with our property analyzer and what's going on. They're going to see things they haven't seen before with better data than ever before.

我們將於明年初舉辦房地產研討會，屆時我們將邀請數千名客戶參加，我們將首先介紹我們的房地產分析工具以及目前的情況。他們將會看到以前從未見過的事物，並擁有比以往任何時候都更好的數據。

For us, this is a revenue driver. This is a driver of attracting clients. They see that opportunity. It's also an opportunity to change the retention profile, already a very strong retention business, but really the opportunity to win more clients, do more with them and keep them longer.

對我們來說，這是一個營收成長點。這是吸引客戶的關鍵因素。他們看到了這個機會。這也是改變客戶留存模式的機會，我們目前的客戶留存業務已經非常強勁，但真正的機會是贏得更多客戶，與他們做更多的事情，並讓他們留存更長時間。

And that's really all the efforts around the 3x3. And then you think about risk capital and human capital, really amplified massively by Aon business services, and we just continue to build momentum on this. And then delivered to your enterprise client and all the things we're doing in Aon client leadership. So it's one voice that actually brings the content of Aon on behalf of a client. So that's the 3x3.

這就是圍繞 3x3 所做的所有努力。然後，你會想到創投與人力資本，而怡安商業服務更是大幅放大了這些因素，我們將繼續在此基礎上維持發展動能。然後將其交付給您的企業客戶，以及我們在怡安客戶領導層所做的一切。所以，這是代表客戶傳達 Aon 內容的一個聲音。這就是3x3。

So Jimmy, we're halfway through that, and we're happy we made progress, but we have high expectations, and we're going to continue to make progress on the, against the 3x3 against that specific piece. And then step back and think about NFP. We've accessed the $31 billion market with a great asset and a great set of capability.

吉米，我們已經完成了一半，我們很高興取得了進展，但我們抱有很高的期望，我們將繼續在 3x3 對抗那個特定部件方面取得進展。然後退後一步，思考一下自然家庭計畫。我們憑藉著一項優秀的資產和一套強大的能力，成功進入了價值 310 億美元的市場。

And it turns out the content insight, for a business services is highly applicable in the middle market. You think a CFO in a middle market company doesn't want to see opportunities to change the cyber risk profile they've got, or do something about, their, the, how they, what they pay for their [401 thousand] on behalf of their employees, all these things sort of come into play. That really are part of the 3x3.

事實證明，這種針對商業服務的內容洞察方法，在中端市場也同樣適用。你認為中型市場公司的財務長不想看到改變他們現有網路風險狀況的機會，或不想對他們如何、如何代表員工支付[401,000]費用採取一些措施嗎？所有這些因素都會發揮作用。這些確實是 3x3 的一部分。

So what you're seeing here is the progress on the 3x3 and what we laid down in the Investor Day, and we're working diligently to provide, as much energy behind that as we can. And we called it, basically, industrial strength execution, and then you're right, we added on top of that priority hires.

所以，你們現在看到的是 3x3 計劃的進展，以及我們在投資者日上提出的方案，我們正在努力工作，盡我們所能地為此提供盡可能多的動力。我們稱之為工業級執行力，然後你說得對，我們在此基礎上又增加了優先招募。

And Edmund's describing these priority hires, I think, exceptionally well, and they will continue to build on that chassis that I just described. That's, it isn't complex, hard to do, but not complex. That's exactly what we're trying to accomplish with the 3x3. We're halfway through, and you're seeing some progress. And we'll keep working the ball, but a long way to go here.

我認為，埃德蒙對這些優先招聘的描述非常出色，他們將繼續在我剛才描述的框架基礎上發展。也就是說，它並不複雜，做起來很難，但並不複雜。這正是我們想透過 3x3 實現的目標。我們已經完成了一半，並且已經取得了一些進展。我們會繼續努力，但還有很長的路要走。

Thank you. Our next question, oh, I'm sorry

謝謝。我們的下一個問題，哦，對不起

No, go ahead.

不，你繼續。

Tracy Benguigui, Wolfe Research.

Tracy Benguigui，Wolfe Research。

Thank you. I'm going to stick with the theme of the data center. Just one quick one. You mentioned a recent client win that replaced nearly $30 billion in coverage for a top global data center developer. Does that represent any one-offs for the quarter?

謝謝。我將繼續圍繞著資料中心這個主題展開討論。就一個問題。您提到最近贏得的一個客戶，為全球頂級資料中心開發商更換了價值近 300 億美元的保險。這是否代表本季有任何一次性事件？

It really doesn't. It's really just part of the ongoing piece. All I really wanted to do, Tracy there, and [Evan] comment on this as well. I just give you an example that this isn't conceptual. It's happening now. It's also an interesting observation. We have an opportunity as an industry to step up and really make a difference here, but irrespective of what we do, these are happening. The investments are being made and it's quite substantial.

其實並非如此。這其實只是整個創作過程的一部分。我真正想做的，就是讓 Tracy 和 [Evan] 也對此發表評論。我只是舉個例子來說明這不是概念性的。它正在發生。這也是一個有趣的觀察。我們這個行業有機會挺身而出，真正做出改變，但無論我們做什麼，這些事情都在發生。投資正在進行中，而且金額相當可觀。

So I just wanted to provide a very concrete example of where it's, where something's sort of ongoing, but also think about the data center that we actually provided coverage of, in that specific example. That was, by the way, part build, and in part they have ongoing data centers and which actually helped them understand how to think about the business continuity differently.

所以我想舉一個非常具體的例子，說明這件事正在發生，但也要想想我們在那個具體例子中實際報告的資料中心。順便說一句，這部分是建設性的，部分是他們正在運營的資料中心，這實際上幫助他們理解瞭如何以不同的方式思考業務連續性。

And so for us, that is an ongoing effort. Again, back to why this is so unique. It's not just the build, it's the ongoing, operation, and then the innovation, and that means this is not just a monumental opportunity, this is a sustained monumental opportunity, which is one of the reasons we're so excited about it.

所以對我們來說，這是一項持續進行的努力。再說一遍，為什麼它如此獨特。這不僅僅是建設，而是持續的營運和創新，這意味著這不僅是一個巨大的機遇，更是一個持續的巨大機遇，這也是我們對此感到如此興奮的原因之一。

Yeah, and Tracy, the only thing I'll just add to it, I'll just be very directed our growth in this quarter in particular is not because of one-off items or non-recurring business, it really are the durable ongoing sustainable drivers that Greg just talked about our data through risk capital and human capital, the middle market growth, the analyzers through Aon business services, and then on top of that, the cumulative impact of the hiring that we're doing right now.

是的，Tracy，我只想補充一點，我們本季的成長尤其不是由於一次性專案或非經常性業務，而是真正源於Greg剛才提到的持久、持續的、可持續的驅動因素，例如我們透過風險資本和人力資本獲得的數據、中端市場成長、Aon商業服務提供的分析師服務，以及我們目前正在進行的招聘所帶來的累積影響。

So your question is an important one. I just want to make sure I highlight that point that this is not sort of one-off or non-recurring business. These are the durable drivers of growth that is driving our performance.

所以你的問題很重要。我只是想強調這一點，這不是一次性或非經常性的業務。這些都是推動我們業績成長的持久動力。

Awesome, I'm also going to take a crack at maybe sizing up the market share. You would have better numbers than me, but you announced in July your data center facility has up to 2.5 billion of capacity, and then you talked earlier about 10 billion of new premium volume.

太棒了，我也打算嘗試估算一下市場佔有率。你的數據肯定比我的好，但你在 7 月宣布你的數據中心設施容量高達 25 億，而且你之前還談到過 100 億的新高級容量。

Yeah, so, is there any way you could frame it in terms of, is that the only vehicle that you're using to, place the business or, maybe you could just talk about all the ways that you could place that business.

是的，那麼，您能否換個角度來闡述一下，這是您推廣業務的唯一途徑嗎？或者，您能否談談推廣業務的所有途徑？

Tracy, I really, this is going to evolve over time. I would say we're just at the start line. Maybe the most powerful message that, Edmund and I are highlighting here is the work we're doing on what's next, and an engineering-driven approach, which really starts fundamentally with how and where you build these and how you start to maintain them.

特蕾西，我真的覺得，這件事會隨著時間而發展。我認為我們現在才剛起步。埃德蒙和我在這裡強調的最有力的信息或許是我們正在為下一步工作所做的努力，以及一種工程驅動的方法，這實際上從根本上來說就是如何以及在哪裡構建這些，以及如何開始維護它們。

And then asking the question around the analytics on what really is the potential volatility to be covered here and the risk to be covered here. And then, with our reinsurance and alternative capital hats on and our core insurance hats on, how do you create the capacity because the capacity here we're describing is never been seen before.

然後圍繞分析提出問題，即這裡真正需要涵蓋的潛在波動性和風險是什麼。然後，當我們從再保險和另類資本的角度，以及從核心保險的角度出發時，我們該如何創造這種能力？因為我們在這裡描述的這種能力是前所未見的。

So for us, we very much are very much at the start. It's almost kind of like, yes, whatever share we have, it's almost, it's a nice start. We feel good about it. But really, as we start to come online and the investments are made real time and they're happening. Being able to step up to any share of that is going to be, meaningful in the conversation we just had about our performance, and then we see, tremendous potential.

所以對我們來說，我們還處於起步階段。這感覺就像，是的，無論我們佔了多少份額，這幾乎是一個不錯的開始。我們對此感到滿意。但實際上，隨著我們開始上線，投資也即時進行，並且正在發生。能夠承擔其中任何部分責任都將意義重大，這與我們剛才討論的業績表現息息相關，而且我們看到了巨大的潛力。

So yes, we believe we've got a unique perspective, I'm not saying it's the best of the perfect ones, but very unique. And by the way, they are integrated risk capital, human capital. By the way, the talent aspects of this embedded in it as well. All these things could come together. And we think put us in a unique position to both attract capital into this game on behalf of the hyperscalers but also help the hyperscalers understand that beyond the technology there are ways to conduct business with one of these data centers that actually might reduce cost over time and certainly could reduce volatility. So, this isn't the core technology, but it's everything around it that sort of makes it more attractive. And so, for us this is just the beginning.

所以，是的，我們相信我們有獨特的視角，我不是說它是最好的、完美的視角，但它非常獨特。順便說一句，它們融合了風險資本和人力資本。順便一提，其中也蘊含著人才方面的因素。所有這些因素都有可能發生。我們認為這使我們處於獨特的地位，既可以代表超大規模資料中心營運商吸引資本進入這個領域，也可以幫助超大規模資料中心營運商理解，除了技術之外，還有一些方法可以利用這些資料中心開展業務，這些方法實際上可以隨著時間的推移降低成本，並且肯定可以降低波動性。所以，這不是核心技術，而是圍繞它的一切讓它更具吸引力。所以，對我們來說，這只是個開始。

Okay, and also just one quick clarification, so when you talk about revenue generating talent up 6%, I'm assuming that's a gross number. Could you put context over maybe some talent exits and what a net number would look like?

好的，還有一點需要澄清，當你提到創造收入的人才成長了 6% 時，我假設這是一個毛數字。您能否介紹一下可能出現的人才流失情況，以及淨流失人數會是多少？

It's actually a net number, because this question has come up Tracy, so we've just been very explicit about wanting to ensure that we give all the information that can continue to be transparent on it, so the 6% you should think about as a net number for those hires in the categories that we talked about previously producers, brokers, account executives, health and benefit consultants.

實際上這是一個淨增長數字，因為這個問題已經被提過了，Tracy，所以我們一直非常明確地表示，希望確保我們提供所有信息，並繼續保持透明，因此你應該把 6% 看作是我們之前討論過的類別（製片人、經紀人、客戶經理、健康和福利顧問）的招聘淨增長數字。

Thank you so much.

太感謝了。

Thank you. Andrew Kligerman, TD Cowen.

謝謝。Andrew Kligerman，TD Cowen。

Hey, good morning, amazing quarter across a lot of metrics, focusing on the, organic, revenue growth, two areas, Edmund investor day you talked about 4% to 8% growth, net talent growth. Is that something you think that you could do, going forward into '26? And then you, you've touched a lot on this call about middle market opportunities. Is that coming from NFT people? Is it coming from prior Aon, talent, where is it coming from? I suspect it's, your investments in analytics and human capital as you've addressed all along, but I'm kind of curious where in the company it's coming from.

嘿，早上好，本季在許多指標上都表現出色，重點是有機收入成長，以及兩個方面。埃德蒙投資者日上你談到了4%到8%的成長，以及淨人才成長。你認為你能做到嗎？展望2026年？然後，您在這通電話中多次談到了中端市場機會。這是NFT團隊說的嗎？這是來自之前的Aon公司，還是人才？它究竟來自哪裡？我懷疑這和你一直以來提到的分析和人力資本的投資有關，但我很好奇這筆資金來自公司哪個部門。

Yeah, so let me hit the first part, Andrew, and thank you for the question because it's an important one, and then maybe I'll turn the second on middle market to Greg as well.

好的，安德魯，那我先回答第一部分，謝謝你的提問，因為這確實是一個重要的問題。然後，關於中端市場，我可能還會把第二部分的問題轉給格雷格。

On the first one, I will sort of direct you back to what you and I have specifically discussed our engine in ADS that allows us to get scale improvements up to 120 basis points, the expense. The discipline that we have that gives us the capacity to make investments and I think I sort of quantified up to 60 basis points in investments.

關於第一個問題，我會引導你回到我們之前專門討論過的ADS引擎，它使我們能夠獲得高達120個基點的規模改進，以及成本。我們擁有的紀律使我們有能力進行投資，我認為我在投資方面量化了高達 60 個基點的優勢。

Those investments right now are focused on revenue generating hires in priority strategic growth areas. They're focused on some of our capabilities within ABS, but the model itself is intended to be able to drive capacity to both invest and have margin expansion.

目前這些投資主要集中在優先策略成長領域的創收型人才招募。他們專注於我們在 ABS 領域的一些能力，但該模式本身旨在推動投資能力並擴大利潤率。

We talked about 70 basis points to 100 basis points as a sort of ongoing model over time here. And so, we feel good about continuing to drive that growth engine and having the capacity. It's not a one time thing for us. We think a continued focus on this, making this ongoing in the right areas because that changes over time as well, the growth areas. We we're focused on making this an ongoing part of our strategic growth model here. And Greg, maybe the you on the middle market.

我們討論的是隨著時間的推移，將利率維持在 70 個基點到 100 個基點之間。因此，我們對繼續推動這一成長引擎並擁有相應能力感到樂觀。對我們來說，這不是一次性的事情。我們認為應該繼續關注這一點，並在正確的領域持續推進，因為成長領域也會隨著時間推移而變化。我們致力於將此作為我們策略成長模式的持續組成部分。格雷格，也許你就是中端市場的一員。

Yeah, and listen, before I get to the middle market too again, Andrew, I appreciate the question. Remember back to Investor Day. We talked about the 3x3 and all we are going to accomplish risk capital, human capital, ABS, delivered through enterprise client all the pieces around that, and the investments we're making behind that.

是的，還有，安德魯，在我再次談到中端市場之前，我很感謝你的提問。回想一下投資者日。我們討論了 3x3 以及我們將要實現的一切：風險資本、人力資本、資產支持證券，透過企業客戶交付，圍繞這些的所有部分，以及我們為此進行的投資。

And then Edmund described what really is the growth. Algorithm and what we're trying to do. That piece, go back to the math behind that, really, it truly does kind of capture everything we're doing operationally through a financial outcome, which is really the capacity to improve margin and invest. And invest on an ongoing basis.

然後埃德蒙描述了真正的成長是什麼。演算法以及我們想要實現的目標。回到這部分背後的數學原理，它確實透過財務結果捕捉了我們在營運中所做的一切，也就是提高利潤率和進行投資的能力。並持續投資。

This is a very, for us, the very powerful construct, and that's why we were so committed and that's why we made the investment on the building to kind of make that really happen and bring that to life. So I just, I don't want to lose that. That's so important and sort of your question. And then fundamentally, the middle market is one aspect of that. It's the $31 billion, North American US market that we didn't have access to in the way we do now.

對我們來說，這是一個非常強大的構想，正因如此，我們才如此投入，也正因如此，我們才投資建造這座建築，以真正實現它，讓它成為現實。所以，我不想失去它。這非常重要，也算是你的問題。從根本上講，中端市場是其中的一個面向。那是價值 310 億美元的北美美國市場，我們以前無法以現在的方式進入這個市場。

NFP high expectations as we described at Industrial Day exceeded in so many ways in terms of what we've been able to accomplish, not just as the middle market segment, but also what we can bring to the middle market with our content and capability and what and what NFP has brought to Aon in their views. So and perspectives and their client leadership.

正如我們在工業日上所描述的那樣，NFP 的高期望在許多方面都超出了我們的預期，不僅體現在我們作為中端市場細分領域的成就上，還體現在我們能夠透過我們的內容和能力為中端市場帶來的價值上，以及 NFP 為 Aon 帶來的觀點。所以，以及他們的視角和客戶領導。

So for us, it was one aspect of the entire growth algorithm that's sort of, being brought to bear here, but an important one and an exciting one, and we're very pleased to have brought NFP into the family to do this.

所以對我們來說，這是整個成長演算法的一個方面，它在這裡得到了應用，而且是一個重要且令人興奮的方面，我們非常高興能將 NFP 納入我們的體系來實現這一目標。

Got it. And as we kind of approach the end of the year, it seems like with that, divestiture of the NFP wealth, business, you, you've kind of met your leverage objectives. So, as you do look at M&A and you cost about $32 million of EBITDA for NFP deals in the quarter.

知道了。隨著年底臨近，透過剝離 NFP 的財富和業務，你似乎已經實現了你的槓桿目標。所以，當你審視併購時，你會發現本季非營利交易造成的 EBITDA 損失約為 3,200 萬美元。

Are there potentially big ones out there that you could do, is that something you're thinking about? And do you feel like, a year and a half in, you're ready to do it now, that that NFP is assimilated enough that you could do a bigger middle market type deal?

是否有一些潛在的大項目可以做？你有沒有考慮過這個問題？一年半過去了，你是否覺得你已經準備好了，NFP 已經足夠成熟，可以進行更大規模的中端市場交易了？

So Andrew, I think Edmund might have answered this earlier in the call. I'll answer it again. He'll do it better than me, no doubt. Listen, you where we are. We are absolutely focused on long-term charitable evaluation, making the decisions we sort of drive that the capital allocation piece. And as you highlighted, we actively manage this.

安德魯，我想埃德蒙可能在之前的通話中已經回答過這個問題了。我再回答一次。毫無疑問，他肯定比我做得更好。聽著，你明白我們現在在哪裡。我們完全專注於長期慈善評估，我們所做的決定在某種程度上推動了資本配置。正如您所指出的，我們正在積極管理這個問題。

This is not something we leave the chance, and we'll take the hard decisions, the difficult ones, the divestitures are hard, but they're important because they create capacity to do what we need to do, and then we'll make calls based on based on what really is the best answer from a long-term shareholder value creation opportunity for Aon.

我們不會放過任何機會，我們會做出艱難的決定，包括剝離資產。剝離資產雖然困難，但卻至關重要，因為它能讓我們有能力去做我們需要做的事情。然後，我們會根據真正能為怡安集團創造長期股東價值的最佳方案來做出決定。

So yeah, you're right, we've got great flexibility based on the terrific work of our teams around the world, from a balance sheet standpoint, and, anticipate we're going to do our level best to make sure we're making the right calls on behalf of long-term value creation.

是的，你說得對，從資產負債表的角度來看，得益於我們全球團隊的出色工作，我們擁有很大的靈活性，而且，我們預計我們將盡最大努力確保我們做出正確的決定，以實現長期價值創造。

Thank you. I would now like to turn the call back over to Greg Case for closing remarks.

謝謝。現在我謹將電話交還給格雷格·凱斯，請他作總結發言。

Just want to, say thanks again for joining us, and we look forward to an opportunity to chat with you in the next quarter. Take care.

再次感謝您的參與，我們期待在下個季度有機會與您交流。小心。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。祝您今天餘下的時間愉快。