怡安集團 (AON) 2026 Q1 法說會逐字稿

Good morning, and thank you for holding. Welcome to Aon plc's first quarter 2026 conference call. (Operator Instructions) I would also like to remind all parties that this call is being recorded. If anyone has an objection, you may disconnect your line at this time.

早安，感謝您耐心等候。歡迎參加 Aon plc 2026 年第一季電話法說會。（接線員指示）同時提醒各位，本次電話會議將被錄音。如有任何異議，您可於此時中斷連線。

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.

請注意，今日電話會議中的部分評論，可能構成《1995 年私人證券訴訟改革法》所定義之某些前瞻性陳述。

Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated.

此類陳述受若干風險與不確定性影響，可能導致實際結果與歷史結果或預期結果出現重大差異。

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.

有關上述風險因素之資訊，請參閱本季盈餘新聞稿以及我們最近一期的季度或年度 SEC 申報文件，相關資料皆可於本公司網站取得。

Now it is my pleasure to turn the call over to Greg Case, President and CEO of Aon plc. Please go ahead.

現在，我很榮幸將電話會議交給 Aon plc 總裁暨執行長 Greg Case。請開始。

Thank you, and good morning. I appreciate you attending our first quarter earnings call. I'm joined today by Edmund Reese, our CFO. The presentation which Edmund will reference during his remarks is available on our website.

謝謝，早安。感謝各位參加我們第一季財報電話會議。今天與我一同出席的是財務長 Edmund Reese。Edmund 在發言中將引用的簡報已公布於我們的網站。

We started in 2026, the final year of our 3x3 Plan, with strong momentum. Our first quarter results reflect continued strong performance, consistent execution and progress against the strategic priorities we defined more than two years ago.

我們以強勁動能展開 2026 年——亦即我們 3x3 計畫的最後一年。第一季業績反映出持續強勁的表現、穩健一致的執行力，以及對兩年多前所界定之策略優先事項的推進進展。

We're operating with discipline, investing deliberately and delivering differentiated value for clients, reinforcing confidence in our ability to produce sustained organic growth, margin expansion and long-term value creation.

我們以紀律化方式營運、審慎投入資源，並為客戶提供差異化價值，進一步強化市場對我們能夠實現持續的有機成長、利潤率擴張與長期價值創造的信心。

Today, I will focus on three areas. First, I will describe the external landscape and the forces shaping client demand. Second, I will highlight how our execution of the 3x3 Plan is translating into performance, including how advanced analytics and AI are in increasing value and opportunity.

今天我將聚焦三個面向。第一，我將說明外部環境以及塑造客戶需求的力量。第二，我將重點說明我們如何透過 3x3 計畫的執行轉化為績效，包括先進分析與 AI 如何提升價值與機會。

Finally, I will highlight our results and share some perspectives on our outlook and how we see the year unfolding as we continue to build momentum.

最後，我將重點回顧我們的業績，並分享對展望的看法，以及在我們持續累積動能之際，如何看待今年的發展。

Let's start with external landscape. Now more than ever, our clients are operating in an environment defined by volatility, complexity and rising stakes. Geopolitical uncertainty, economic pressures and cyber risk are converging with rapid technological change.

先從外部環境談起。如今比以往任何時候，客戶所處的環境由波動、複雜性與更高利害關係所定義。地緣政治不確定性、經濟壓力與網路風險，正與快速的科技變革交織匯聚。

These dynamics are increasing interconnection across risk, capital and workforce planning. With the ongoing conflict in the Middle East, we're working closely with clients both in region and globally to help them build resilience and continue to operate and grow in a highly uncertain market.

這些動態正提升風險、資本與人力規劃之間的相互連結。隨著中東衝突持續，我們正與區域內及全球客戶密切合作，協助其建立韌性，並在高度不確定的市場中持續營運與成長。

In this environment, the value of making better decisions has never been more evident or urgent. Capitalists are more selective.

在此環境下，做出更佳決策的價值從未如此明顯且迫切。資本提供者也更加審慎挑選。

Forwards and regulators are demanding stronger governance, transparency and resilience, and management teams are focused on protecting against downside risk while enabling growth, improving capital efficiency and supporting workforce sustainability.

投資人與監管機構要求更強的治理、透明度與韌性；而管理團隊則聚焦於防範下行風險，同時推動成長、提升資本效率並支持人力永續。

As a result, clients demand outcome-based advice in addition to transactional solutions, and they're looking for partners who can help them understand the risk and people challenges, design bespoke programs and execute consistently across. This environment increasingly rewards firms that can integrate data, analytics and deep expertise to help clients make decisions with clarity and confidence.

因此，客戶除了交易型解決方案外，也需要以成果為導向的建議，並尋求能協助其理解風險與人才挑戰、設計量身打造的方案，並在各層面持續一致執行的合作夥伴。此一環境愈來愈獎勵能整合資料、分析與深厚專業，協助客戶以清晰與信心做決策的公司。

These trends align directly with Aon's strategic investments client mix and innovative capabilities. On the topic of strategic execution and the 3x3 Plan, execution against our strategy remains strong and disciplined.

這些趨勢與 Aon 的策略性投資、客戶組合與創新能力高度契合。談到策略執行與 3x3 計畫，我們對策略的落實依然強勁且具紀律。

The 3x3 Plan continues to sharpen focus, align investment and drive accountability across the firm. It accelerates the progress behind Aon United, integrating capabilities across Risk Capital and Human Capital and scaling them through Aon Business Services, or ABS.

3x3 計畫持續強化聚焦、對齊投資，並推動全公司問責。它加速 Aon United 背後的進展，整合風險資本與人力資本的能力，並透過 Aon Business Services（ABS）加以規模化。

Through ABS, technology and advanced analytics are embedded enablers of our strategy, combining proprietary data, advanced analytics and expertise to design, place and govern bespoke risk and capital solutions.

透過 ABS，科技與先進分析成為我們策略的內嵌推動力，結合專有資料、先進分析與專業能力，以設計、安排並治理量身打造的風險與資本解決方案。

This combination creates a strong competitive advantage that technology alone cannot replicate. We established ABS nearly a decade ago and deliberately stepped up our investment beginning in 2024 to embed AI and advanced analytics across the firm.

此一組合形成強大的競爭優勢，非僅靠科技本身即可複製。我們近十年前成立 ABS，並自 2024 年起有計畫地加大投資，將 AI 與先進分析嵌入全公司。

These investments are delivering results, materially improving productivity and execution for clients. By year-end, we expect to invest in approximately $1.3 billion in talent and technology, enhancing productivity and strengthening our ability to better diagnose risk, design integrated solutions, access capital efficiently and execute consistently for our clients.

這些投資正在帶來成果，顯著提升生產力與對客戶的執行成效。預期至年底，我們將在人才與科技方面投入約 13 億美元，以提升生產力並強化我們更精準診斷風險、設計整合式解決方案、有效取得資本，以及為客戶持續一致執行的能力。

There are several proof points and performance milestones worth highlighting. First, on client segmentation and revenue quality.

有幾項值得強調的佐證與績效里程碑。第一，關於客戶分層與營收品質。

We compete on client outcomes, resilience, capital efficiency and workforce effectiveness, not transactions. The vast majority of our business serves global, large and middle-market clients with complex risk, capital and workforce needs.

我們競爭的核心在於客戶成果、韌性、資本效率與人力效能，而非交易本身。我們絕大多數業務服務於全球大型與中型市場客戶，其風險、資本與人力需求更為複雜。

In these segments, value is created through expertise, proprietary insight and seamless execution. Meanwhile, less than 2% of our revenue is derived from SME and personal lines segments. This client mix translates into strong revenue quality, with the majority of our revenues recurring and embedded in ongoing client needs.

在這些客群中，價值來自專業能力、專有洞察與無縫執行。另一方面，我們的營收中，來自中小企業（SME）與個人保險線（personal lines）部門的占比不到 2%。此一客戶組合帶來強勁的營收品質，因為我們多數營收具經常性，並嵌入客戶持續性的需求之中。

Our Health and Wealth businesses together account for approximately 34% of firm revenue. And in those businesses, roughly 80% is highly recurring and anchored in regulatory and mission-critical activities, including annual valuations, pension administration and asset-linked revenue in wealth and annual benefits brokering in advisory and health.

我們的健康與財富（Health and Wealth）業務合計約占公司營收的 34%。在這些業務中，約 80% 具有高度經常性，並以法規要求與關鍵任務活動為基礎，包括年度精算估值、退休金行政管理，以及財富業務中與資產連動的收入，與顧問與健康業務中的年度員工福利經紀服務。

Project-based consulting, where our advice is differentiated by proprietary data and technology, is less than 10% of firm-wide revenues.

以專案為基礎的顧問服務（其建議因專有資料與科技而具差異化）占全公司營收不到 10%。

Our continued investment to enhance these capabilities, including in our Radford McLagan Compensation Database, instrumental in supporting workforce transformation, reinforces how deep expertise and proprietary data translate into higher value outcomes for clients.

我們持續投資以強化這些能力，包括 Radford McLagan 薪酬資料庫（在支持人力轉型方面至關重要），進一步印證深厚專業與專有資料如何為客戶帶來更高價值的成果。

Second, on expanding the addressable market. We previously highlighted insured risk as a percent of GDP declining over the last three decades.

第二，關於擴大可服務市場。我們先前曾指出，過去三十年保險承保風險占 GDP 的比重呈下降趨勢。

Embedding AI into advanced analytics and modelling are making insurance more relevant by accessing new capital. This narrows the gap between economic loss and insured loss and increases the importance of firms that can design, place and govern complex parameters.

將 AI 嵌入先進分析與模型建構，透過引入新的資本使保險更具相關性。這有助於縮小經濟損失與已投保損失之間的落差，並提升能設計、安排與治理複雜參數方案之公司的重要性。

A clear example of this dynamic is digital infrastructure, where AI computing is driving unprecedented global investment in data centers. These assets introduce complex construction, operation, catastrophe and cyber risk that exceed traditional insurance solutions.

此一動態的明確例子是數位基礎設施：AI 運算正推動全球對資料中心的前所未有投資。這些資產帶來複雜的建造、營運、巨災與網路風險，超出傳統保險解決方案所能涵蓋。

Our data center life cycle insurance program, which we recently increased capacity by another $1 billion to $3.5 billion, allows our firm to lead as a market maker, bringing together the sort of coverage, large-scale capacity and capital solutions across the full life cycle of these assets.

我們的資料中心全生命週期保險方案（我們近期再增加 10 億美元承保能力，使總額達 35 億美元），使本公司得以作為市場造市者（market maker）領先市場，整合涵蓋範圍、可大規模提供的承保能力，以及貫穿資產全生命週期的資本解決方案。

This is a growing source of demand directly linked to AI adoption, where our integration, data and expertise create a meaningful advantage, positioning Aon as a strategic partner of the clients, leading the opportunities to win new business and deepen relationships.

這是與 AI 採用直接相關、且持續成長的需求來源；我們的整合能力、資料與專業形成實質優勢，使 Aon 成為客戶的策略夥伴，帶動贏得新業務並深化關係的機會。

Here, again, our investment and progress in AI embedded analytics is allowing us to expand beyond the $4.6 trillion of traditional returns capital to access the $250 trillion capital pool that includes private equity, sovereign wealth and pension funds.

同樣地，我們在 AI 內嵌分析方面的投資與進展，使我們得以超越傳統再保險資本的 4.6 兆美元，進一步觸及包含私募股權、主權財富基金與退休基金在內、規模達 250 兆美元的資本池。

Third, on innovation embedded within our core brokerage model. Aon Broker Copilot illustrates how, through large language models and predictive capabilities, we can more efficiently embed advanced analytics directly into revenue-generating workflows and transform the manual placement process. The platform draws on decades of proprietary quoting, pricing and trading data to provide real-time insights to brokers as they negotiate complex placements.

第三，關於嵌入於核心經紀模式中的創新。Aon Broker Copilot 展示了我們如何透過大型語言模型與預測能力，更有效率地將先進分析直接嵌入創收工作流程，並改造仰賴人工的安排（placement）流程。該平台運用數十年的專有報價、定價與交易資料，在經紀人協商複雜安排時提供即時洞察。

Further, we're extending these capabilities across the value chain. Aon Claims Copilot improves claims advocacy by consolidating data across geographies and lines of business, enabling better preparation, monitoring and negotiation.

此外，我們正將這些能力延伸至整個價值鏈。Aon Claims Copilot 透過整合跨地域與各業務線的資料，提升理賠主張（claims advocacy）能力，使準備、監控與協商更到位。

As a result of our advocacy over the last decade, we've been able to overturn and partially recover nearly $10 billion of financial value for claims that were initially denied. Claims Copilot strengthens our advocacy efforts and leads to even better outcomes for clients. This represents outcome-driven application of data analytics and expertise, not automation for its own sake.

由於我們過去十年的理賠主張努力，我們已能推翻並部分追回近 100 億美元的財務價值，這些理賠最初曾遭拒賠。Claims Copilot 強化我們的主張作業，並為客戶帶來更佳成果。這代表以成果為導向地運用資料分析與專業，而非為自動化而自動化。

In addition to supporting revenue growth, our investments are improving how the firm operates. For example, we're seeing substantial productivity gains across invoicing certificates of insurance and policy administration.

除了支持營收成長外，我們的投資也在改善公司的營運方式。例如，我們在開立發票、保險證明（certificates of insurance）與保單管理方面，正看到顯著的生產力提升。

These gains are increasingly measurable, for example, a 50% reduction in sideline from 22 to 11 days for invoicing and 70% reduction in invoicing work, a 95% reduction in handle time in certificates of insurance from hours to less than five minutes and a 95% reduction in time in policy checks from 48 hours to 30 minutes.

這些提升愈來愈可量化，例如：發票作業的 sideline（處理週期）由 22 天降至 11 天，縮減 50%，且發票作業量減少 70%；保險證明的處理時間（handle time）由數小時降至不到 5 分鐘，縮減 95%；保單查核時間由 48 小時降至 30 分鐘，縮減 95%。

As a result of these improvements, capacity is being redeployed toward higher-value advisory and client-facing activities, only reflecting our belief that winners in the allocation of AI will lead with a world-class people strategy to grow today and in the future.

由於這些改善，產能正被重新配置至更高價值的顧問服務與面向客戶的活動，這也反映了我們的信念：在 AI 配置上勝出的企業，將以世界級的人才策略領先，以推動當下與未來的成長。

Critically, AI-driven productivity creates operating leverage. By lowering unit costs and reinvesting those gains in the differentiation and growth we're expanding margins while increasing the value we deliver to clients.

關鍵在於，AI 驅動的生產力會創造營運槓桿。透過降低單位成本並將這些收益再投資於差異化與成長，我們在擴大利潤率的同時，也提升了我們為客戶交付的價值。

Consistent with our long-term philosophy, productivity gains are intentionally reinvested to strengthen differentiation, accelerate innovation and deepen client relationships while still supporting margin expansion.

與我們的長期理念一致，生產力提升所帶來的收益會被有意識地再投資，用以強化差異化、加速創新並深化客戶關係，同時仍支持利潤率擴張。

This flywheel of higher value growth, operating leverage and disciplined reinvestment underpins our confidence in durable value creation for shareholders.

這個由更高價值成長、營運槓桿與嚴謹再投資所構成的飛輪，支撐我們對為股東創造持久價值的信心。

Turning briefly to results.

接下來簡要談談業績。

Our first quarter performance reflects strong execution across the firm. We delivered 5% organic revenue growth, continue to expand adjusted operating margin, realized strong growth in adjusted earnings per share and generated significant free cash flow.

我們第一季的表現反映出公司各部門的強勁執行力。我們實現了 5% 的有機營收成長，持續擴大調整後營運利潤率，調整後每股盈餘強勁成長，並產生可觀的自由現金流。

In particular, Q1 highlights the fourth consecutive quarter at or above 6% organic growth in commercial risk, reinforcing the impact of deliberate investments we've made and the value delivered through our innovative solutions.

尤其是，第一季凸顯商業風險（Commercial Risk）連續第四季達到或高於 6% 的有機成長，進一步印證我們所做的有意投資之成效，以及我們創新解決方案所交付的價值。

Additionally, our balance sheet remains strong and flexible. As Edmund will discuss in more detail, we continue to execute a balanced capital allocation strategy in the first quarter with programmatic M&A and substantial capital return to shareholders through stepped up share repurchases and our dividend. Finally, we recently announced a double-digit dividend increase for the sixth consecutive year.

此外，我們的資產負債表仍然強健且具彈性。正如 Edmund 將更詳細說明的，我們在第一季持續執行均衡的資本配置策略，包括計畫性併購（M&A），並透過加碼股票回購與股利向股東返還大量資本。最後，我們近期宣布連續第六年進行兩位數的股利調升。

Looking ahead, we are reaffirming our guidance for 2026 and remain confident in our long-term outlook. The external environment continues to reinforce demand for our solutions. Our strategic priorities are clear and our execution remains constant. We believe the net effect of technology adoption is an expansion of our addressable market.

展望未來，我們重申 2026 年的指引，並對長期前景仍具信心。外部環境持續強化對我們解決方案的需求。我們的策略優先事項清晰，執行也一以貫之。我們相信科技採用的淨效應將擴大我們的可服務市場（addressable market）。

Insurance and risk management becomes more relevant as analytics improve decision-making, alternative and private capital expand available capacity and clients seek integrated outcome-based solutions.

隨著分析能力提升決策品質、替代性與私募資本擴大可用承保容量，以及客戶尋求整合式、以成果為導向的解決方案，保險與風險管理的重要性將更為凸顯。

Because Aon is uniquely positioned to source capital, integrate capabilities and govern complex risk and human capital issues for clients across the globe, we expect to grow faster than the market and increase share over time.

由於 Aon 在全球範圍內具備獨特優勢，能為客戶引入資本、整合能力，並治理複雜的風險與人力資本議題，我們預期將以快於市場的速度成長，並隨時間推進提升市占率。

In closing, Aon is well positioned strategically, operationally and financially.

總結而言，Aon 在策略、營運與財務面皆具備良好定位。

We're delivering differentiated value for clients in an increasingly complex world and translating that value into strong performance and long-term shareholder returns to our 60,000 colleagues around the world, thank you. Thank you for your continued commitment to our clients, each other and our Aon United strategy.

我們在日益複雜的世界中為客戶交付差異化價值，並將該價值轉化為強勁表現與長期股東報酬。致全球 60,000 位同仁，謝謝大家。感謝各位持續致力於我們的客戶、彼此，以及我們的 Aon United 策略。

Now I'm pleased to turn the call over to Edmund for his comments and perspective. Edmund?

現在我很高興把電話會議交給 Edmund，請他分享評論與觀點。Edmund？

Thank you, Greg, and good morning, everyone. Before getting into the details of our first quarter results, I want to clearly anchor today's discussion on the fundamentals that define our performance and momentum as we advance through the final year of the 3x3 Plan.

謝謝你，Greg，各位早安。在深入第一季業績細節之前，我想先清楚地將今天的討論錨定在那些界定我們表現與動能的基本面上，因為我們正邁入 3x3 計畫的最後一年。

Over the past several quarters, we've been very intentional, first, establishing strategic clarity through our communication, then demonstrating disciplined execution, reflecting in consistently strong financial performance.

過去幾個季度，我們非常有意識地先透過溝通建立策略清晰度，接著展現嚴謹的執行力，並反映在持續強勁的財務表現上。

As we move through 2026, our message remains consistent. The fundamentals of our business are strong, resilient and evident in our results.

隨著我們邁入 2026 年，我們的訊息仍然一致：我們的業務基本面強勁、具韌性，並在結果中清楚可見。

First, we have high confidence in the structural advantages of our business, exceptionally deep client and industry relationships, proprietary data and analytics and integrated service and global capabilities, all of which are difficult to replicate and, importantly, position us to deliver increasing value over time, particularly as AI accelerates the shift from transaction-based models towards insight-led decision-making.

第一，我們對業務的結構性優勢充滿信心：極其深厚的客戶與產業關係、專有數據與分析能力、整合式服務與全球能力，這些都難以複製；更重要的是，它們使我們能隨時間推進交付更高價值，特別是在 AI 加速從交易導向模式轉向以洞察驅動決策的趨勢之下。

These advantages support sustained economics tied to value delivered, high retention and recurring revenue streams, existing and new, and they underpin our ability to sustain mid-single digit or greater organic growth and generate returns through the cycle.

這些優勢支撐與交付價值相連結的可持續經濟性、高留存率與經常性收入來源（既有與新增），並奠定我們在景氣循環中維持中個位數或更高的有機成長、並創造回報的能力。

Second, our confidence is substantiated by our consistent execution. Quarter after quarter, we continue to deliver sustainable organic revenue growth, expand margins through operating leverage and convert earnings into strong free cash flow.

第二，我們的信心由一致的執行所佐證。我們一季接一季持續交付可持續的有機營收成長，透過營運槓桿擴大利潤率，並將獲利轉化為強勁的自由現金流。

The choices we've made, investing in revenue-generating talent, scaling Aon Business Services, expanding Aon client leadership and building a leading middle-market platform, are collectively working together to generate higher quality growth that is capital-light, margin accretive and resilient across market conditions.

我們所做的選擇——投資於創收人才、擴大 Aon Business Services、擴展 Aon 客戶領導團隊，以及打造領先的中型市場平台——正共同發揮作用，帶來更高品質的成長：資本需求較輕、利潤率具增益（margin accretive），且能在不同市場環境下保持韌性。

Third, our strong execution positions us with significant financial capacity and flexibility.

第三，我們強勁的執行力使我們具備可觀的財務能力與彈性。

During the quarter, we recognized the unique market conditions and opportunistically deployed $500 million to repurchase shares at prices we believe represent a compelling discount to intrinsic value.

本季度，我們把握獨特的市場條件，機會性地投入 5 億美元回購股票；我們認為該價格相較內在價值具有吸引人的折價。

With consistent free cash flow generation, a disciplined balance sheet and leverage within our target range, we also remain well positioned to supplement organic growth with high return in organic investments, ensuring the capital allocation continues to enhance long-term shareholder value.

憑藉穩定的自由現金流產生能力、嚴謹的資產負債表管理，以及槓桿水準維持在目標區間內，我們也仍具備良好條件，透過高回報的內生成長投資來補充有機成長，確保資本配置持續提升長期股東價值。

And finally, when you step back and collectively connect these attributes, durable competitive advantages, consistent execution, differentiated performance and disciplined capital allocation with significant financial flexibility, the implication is clear.

最後，當你退一步把這些特質連結起來——持久的競爭優勢、一致的執行、差異化的表現，以及在顯著財務彈性下的嚴謹資本配置——其意涵非常清楚。

These are the characteristics that, over time, result in value creation. Our focus remains on the inputs we control strategy, including growth investment in AI-embedded tools, execution and disciplined capital allocation.

這些特徵會在時間推進中帶來價值創造。我們的重點仍放在我們可控的投入項：策略（包括對嵌入 AI 的工具進行成長投資）、執行，以及嚴謹的資本配置。

As we deliver, we look forward to the outputs, including market recognition of the quality and durability of our financial model. With that context, let's turn to our first quarter results. On Slide 5, you see the first quarter results.

在我們持續交付的同時，我們也期待看到產出，包括市場對我們財務模型品質與持久性的認可。在此背景下，讓我們來看第一季業績。在第 5 張投影片，你會看到第一季結果。

Organic revenue growth was 5% for the quarter and total revenue increased 6% year-over-year to $5 billion. Adjusted operating margin expanded by 70 basis points and reached 39.1%. Adjusted EPS was up 14% to $6.48 and finally, we generated $363 million in free cash flow, up 332%.

本季度有機營收成長為 5%，總營收年增 6% 至 50 億美元。調整後營運利潤率擴大 70 個基點，達到 39.1%。調整後每股盈餘（EPS）成長 14% 至 6.48 美元；最後，我們產生 3.63 億美元自由現金流，成長 332%。

Let's get into the details of these results, starting with organic revenue growth on Slide 6. Organic revenue growth was 5% in the quarter, in line with our mid-single-digit or better guidance.

讓我們深入這些結果的細節，先從第 6 張投影片的有機營收成長談起。本季度有機營收成長為 5%，符合我們「中個位數或更佳」的指引。

This performance reflects the impact of our strategic investments in hiring across priority growth areas, combined with the increasing contribution from our analytical and advisory capabilities.

這項表現反映我們在優先成長領域擴大招募等策略性投資的影響，並結合我們分析與顧問能力日益提升的貢獻。

In Commercial Risk, organic revenue growth of 7% marked the fourth consecutive quarter of growth at 6% or higher.

在商業風險（Commercial Risk）方面，有機營收成長 7%，為連續第四季達到 6% 或以上的成長。

Results reflected meaningful contributions from both North America, where growth was double digit, and EMEA as well as strong performance in our core P&C business. M&A closed deal activity accelerated during the quarter, and M&A services provided an incremental lift to organic revenue growth.

結果反映北美（成長達兩位數）與 EMEA 的顯著貢獻，以及我們核心產險（P&C）業務的強勁表現。本季度併購（M&A）已完成交易活動加速，M&A 服務也為有機營收成長帶來額外提振。

In addition, our MGA businesses across both large and middle-market clients contributed positively, supported by continued client demand for specialized underwriting solutions.

此外，我們面向大型與中型市場客戶的 MGA 業務亦帶來正向貢獻，並受惠於客戶對專業核保解決方案的持續需求。

Finally, construction grew at a double-digit rate and remained a contributor to growth as our data center revenue pipeline is on pace to be 3x higher than last year, reinforcing our confidence in sustained mid-single-digit or greater growth in 2026.

最後，工程建設業務以兩位數速度成長，並持續成為成長貢獻者；我們的資料中心營收管線進度預計將較去年高出 3 倍，進一步強化我們對 2026 年維持中個位數或更高成長的信心。

In Reinsurance, 4% organic revenue growth was driven by growth in treaty placements and double-digit growth in facultative placements.

在再保險（Reinsurance）方面，4% 的有機營收成長主要由合約再保（treaty）承保安排的成長，以及臨分再保（facultative）承保安排的兩位數成長所帶動。

Treaty growth reflected 10% to 15% rate pressure that was more than offset by continued strong new business activity, including the addition of new logos. Insurance-linked securities were a smaller contributor in the quarter but continued to grow at a double-digit rate with outstanding volumes reaching $61 billion.

合約再保的成長反映 10% 至 15% 的費率壓力，但被持續強勁的新業務活動（包括新增客戶標的）所抵消。保險連結證券（ILS）在本季度的貢獻較小，但仍以兩位數速度成長，未償（outstanding）規模達到 610 億美元。

Looking ahead to the second quarter, our data points to further rate pressure at April 1 renewals with rates down 15% to 20% in both the US and Japan, partially offset by roughly 10% higher demand.

展望第二季，我們的數據顯示在 4 月 1 日續保時點將面臨進一步的費率壓力，美國與日本的費率均下滑 15% 至 20%，但部分被約 10% 更高的需求所抵消。

Importantly, we continue to expect full year organic revenue growth in line with our mid-single digit or greater growth objective, supported by a strong second half, driven by continued growth in international facultative placements and growing demand in our Strategy and Technology Group Solutions.

重要的是，我們仍預期全年有機營收成長將符合我們「中個位數或更高」的成長目標；在強勁的下半年支撐下，成長動能將來自國際臨分再保承保安排的持續成長，以及我們策略與科技事業群解決方案（Strategy and Technology Group Solutions）需求的提升。

Health Solutions grew 4% in the quarter. Our core health and benefits business, representing approximately 75% of the Health revenue, delivered strong mid-single-digit growth across both EMEA and APAC, partially offset by slower discretionary spend in Talent Solutions, reflecting ongoing pressure that extended through the first quarter of 2026.

健康解決方案（Health Solutions）本季度成長 4%。我們的核心健康與福利業務約占健康營收的 75%，在 EMEA 與 APAC 均實現強勁的中個位數成長；但人才解決方案（Talent Solutions）因非必需性支出放緩而部分抵消，反映持續的壓力並延續至 2026 年第一季。

Looking ahead, the demand for our analytics and advisory capabilities is increasing as employers navigate rising health care costs, manage transitioning workforces and focus on delivering better outcomes for their employees.

展望未來，隨著雇主因應醫療成本上升、管理轉型中的勞動力，並聚焦為員工帶來更佳成果，對我們分析與顧問能力的需求正在增加。

With that demand building in the core business performing well, we continue to expect full year organic growth in Health to be within our midsingle-digit or greater objective and finally, wealth generated 1% growth driven by regulatory and valuation-related work in EMEA and market performance impact on NFP asset-based revenue, partially offset by softer advisory demand in the US.

隨著核心業務需求持續累積且表現良好，我們仍預期健康（Health）全年有機成長將落在我們「中個位數或更高」的目標區間；最後，財富（Wealth）實現 1% 成長，主要由 EMEA 地區的監管與估值相關工作，以及市場表現對 NFP 以資產為基礎的收入之影響所帶動，但部分被美國顧問需求較疲弱所抵銷。

We expect mid-single-digit growth in Wealth for Q2 as the pension risk transfer market in the UK remains strong with Aon as the market leader.

我們預期第二季（Q2）財富（Wealth）將呈現中個位數成長，因英國的退休金風險轉移市場仍然強勁，而怡安（Aon）為市場領導者。

Turning to the key components of our Q1 organic revenue growth on Slide 7. Aon has a consistent track record of generating new business that contributes 9 points to 11 points to organic revenue growth, and that continued in Q1.

接著看投影片 7 上第一季（Q1）有機營收成長的關鍵組成。怡安（Aon）在帶來新業務方面一向表現穩健，通常可為有機營收成長貢獻 9 到 11 個百分點，而第一季也延續了這一趨勢。

In the quarter, new business contributed 9 points to organic revenue growth, supported by both new client acquisitions and expanding mandates with existing clients.

本季新業務為有機營收成長貢獻 9 個百分點，動能來自新客戶取得以及與既有客戶擴大委任範圍。

Our investment in revenue-generating talent in high-growth areas like construction and energy continue to deliver measurable impact. Our 2024 and 2025 cohorts contributed 75 basis points to Q1 organic revenue growth, and we expect momentum to build as these cohorts season.

我們在建築、能源等高成長領域投資具備創收能力的人才，持續帶來可衡量的成效。我們 2024 與 2025 年度招募梯隊為第一季有機營收成長貢獻 75 個基點，且我們預期隨著這些梯隊逐步成熟，動能將持續增強。

We've noted in the past that our data analytics and capabilities make us a destination of choice and despite ongoing competitive pressures for talent, we continue to expect to expand our revenue-generating population by 4% to 8% in 2026.

我們過去曾提到，我們的數據分析與能力使我們成為人才首選目的地；儘管人才競爭壓力仍在，我們仍預期在 2026 年將創收人力規模擴大 4% 至 8%。

Q1 '26 retention remains strong in the mid-90s, improving 20 basis points over last year, led by Commercial Risk and Reinsurance as deeper Enterprise Client Group engagement and ABSdriven insights enhance client value and relationship depth.

2026 年第一季（Q1 '26）留存率仍維持在 90% 中段的強勁水準，較去年提升 20 個基點；其中以商業風險（Commercial Risk）與再保險（Reinsurance）領先，因更深入的企業客戶群（Enterprise Client Group）互動以及 ABS 驅動的洞察提升了客戶價值與關係深度。

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 1 point to organic revenue growth and was delivered in line with estimates despite a softer pricing environment in P&C and Reinsurance.

本季淨新增業務為有機營收成長貢獻 5 個百分點。淨市場影響（涵蓋費率與曝險的影響）為有機營收成長貢獻 1 個百分點；儘管產險（P&C）與再保險的定價環境較疲弱，表現仍符合預估。

Rate-driven pressure in Reinsurance following one to one renewals was offset with higher limit and expanded coverage in Commercial Risk, further reinforcing that growth is primarily driven by business investment and client demand and remains largely uncorrelated with pricing cycles.

再保險在一對一續約後面臨的費率驅動壓力，已由商業風險更高的承保限額與更廣的保障範圍所抵銷；這也進一步印證成長主要由業務投資與客戶需求所驅動，且與定價循環大致不相關。

And one final point on revenue. First quarter fiduciary investment income was $55 million, down 18% from the prior year, as higher average balances were more than offset by the lower interest rates.

最後補充一點營收相關事項。第一季受託投資收益為 5,500 萬美元，較去年下降 18%，原因是較高的平均餘額被較低的利率所抵銷。

On Slide 8. Q1 adjusted operating income was up 8% to $2 billion, and adjusted operating margins expanded 70 basis points to 39.1%.

在投影片 8。第一季調整後營業利益年增 8% 至 20 億美元，調整後營業利益率擴張 70 個基點至 39.1%。

Through ABS, we are structurally lowering our cost base by reducing technology costs, standardizing and automating processes, including the integration of NFP and embedding AI into our development and operational workflows.

透過 ABS，我們正藉由降低科技成本、流程標準化與自動化（包括整合 NFP），並將 AI 嵌入我們的開發與營運工作流程，從結構上降低成本基礎。

These actions are not only driving margin expansion but also creating durable capacity for investments that support sustainable top line growth.

這些行動不僅推動利潤率擴張，也為支持可持續營收成長的投資創造了更具韌性的長期產能。

Restructuring savings were $25 million in the quarter, contributing 50 basis points to adjusted operating margin. We remain on track to deliver $100 million of savings in 2026, advancing toward our goal of $450 million in total savings by 2027, with 2026 marking the final year of our restructuring investment.

本季重整節省金額為 2,500 萬美元，為調整後營業利益率貢獻 50 個基點。我們仍按計畫在 2026 年實現 1 億美元節省，並朝 2027 年累計節省 4.5 億美元的目標邁進；其中 2026 年將是我們重整投資的最後一年。

Moving to interest, other income and taxes on Slide 9. Interest income was $12 million in the first quarter and up $7 million over last year, driven by interest earned on proceeds from the sale of NFP Wealth. Interest expense came in at $179 million, $26 million lower than last year, primarily due to lower average debt balances.

接著看投影片 9 的利息、其他收益與稅負。第一季利息收入為 1,200 萬美元，較去年增加 700 萬美元，主要來自出售 NFP Wealth 所得款項的利息收入。利息費用為 1.79 億美元，較去年減少 2,600 萬美元，主要因平均負債餘額較低。

We expect Q2 '26 interest expense to be approximately $180 million other expense was $15 million lower than last year, driven by lower noncash pension expense and a remeasurement of balance sheet items.

我們預期 2026 年第二季（Q2 '26）利息費用約為 1.8 億美元；其他費用較去年減少 1,500 萬美元，主要由較低的非現金退休金費用以及資產負債表項目的重新衡量所帶動。

We estimate Q2 '26 other expense to range between $15 million and $20 million. Finally, the Q1 effective tax rate was 20.3%, 60 basis points lower than Q1 '25, reflecting the geographic mix of income growth and the favourable impact of discrete items. Our full year tax outlook remains unchanged at 19.5% to 20.5%.

我們估計 2026 年第二季（Q2 '26）其他費用將介於 1,500 萬至 2,000 萬美元。最後，第一季有效稅率為 20.3%，較 2025 年第一季（Q1 '25）低 60 個基點，反映收入成長的地理組合以及一次性項目的有利影響。我們全年稅率展望維持不變，為 19.5% 至 20.5%。

Turning now to free cash flow and capital allocation on Slide 10. We generated $363 million of free cash flow in the first quarter, reflecting strong operating income growth. This is a strong start to the year, and we continue to expect double-digit free cash flow growth in 2026.

接著看投影片 10 的自由現金流與資本配置。第一季我們產生 3.63 億美元自由現金流，反映強勁的營業利益成長。這是全年良好的開局，我們仍預期 2026 年自由現金流將呈現雙位數成長。

Turning to capital on the right-hand side of the slide. Our strong free cash flow growth enabled us to continue to execute our disciplined capital allocation model, balancing investment for growth with capital return to shareholders.

再看投影片右側的資本面。我們強勁的自由現金流成長，使我們得以持續執行嚴謹的資本配置模式，在成長投資與回饋股東之間取得平衡。

As Greg mentioned, in April, we increased our quarterly dividend by 10% to $0.82 per share, marking the sixth consecutive year of double-digit dividend increases and reflecting the cash-generating strength and durability of our business and financial model.

如 Greg 所提，4 月我們將季度股利提高 10% 至每股 0.82 美元，這是連續第六年股利增幅達雙位數，反映我們業務與財務模式強勁且具韌性的現金創造能力。

We also remained active in M&A and allocated $349 million toward high-growth tuck-in acquisitions in middle market that align with our strategic priorities and return thresholds. The largest use of capital in the quarter was shareholder return.

我們在併購（M&A）方面也持續活躍，投入 3.49 億美元用於中型市場（middle market）的高成長補強型收購（tuck-in acquisitions），以符合我們的策略重點與報酬門檻。本季資本使用最大項目為回饋股東。

In total, we returned $662 million to shareholders, including $500 million in share repurchases, a significant step-up from the average $250 million per quarter over the prior eight quarters. As I noted earlier, we were proactive and leaned in the market conditions, repurchasing shares at prices well below the firm's intrinsic value.

合計而言，我們回饋股東 6.62 億美元，其中包含 5 億美元的庫藏股回購，較前八季每季平均 2.5 億美元顯著提升。如我先前所述，我們採取主動策略並順勢而為，在市場條件下以遠低於公司內在價值的價格回購股份。

And that conviction is grounded in the fundamentals of the business driving strong performance today and also informed by the investments we are making to drive future growth in talent, AI-embedded analytics and scalable platforms, which we believe increase the long term earnings power and terminal value of the firm.

而這份信念奠基於業務基本面所驅動的當前強勁表現，同時也來自我們正在進行的投資：在人才、AI 嵌入式分析與可擴展平台上的投入；我們相信這些投入將提升公司長期獲利能力與終端價值（terminal value）。

Taken together, these actions reflect the consistent application of our balanced capital allocation model, maintaining our leverage objective, consistently growing the dividend and executing our disciplined approach to high-return M&A and returning excess capital to shareholders, ensuring capital allocation continues to enhance long-term shareholder value.

綜合來看，這些行動體現我們一貫且平衡的資本配置模式：維持槓桿目標、持續提高股利、以嚴謹方式執行高報酬併購並將多餘資本回饋股東，確保資本配置持續提升股東長期價值。

I'll conclude my prepared remarks on Slide 11 with a few thoughts on our financial objectives and 2026 guidance. The first quarter 2026 performance reflects a start to the year that is right in line with our expectations and reinforces the strategic choices we have made to drive sustainable growth.

我將在投影片 11 以幾點關於財務目標與 2026 年指引的看法作結。2026 年第一季的表現顯示全年開局與我們預期一致，並強化我們為推動可持續成長所做的策略選擇。

Accordingly, we are reaffirming our 2026 full year guidance for mid-single digit or greater organic revenue growth, supported by continued new business wins, the compounding contributions from our revenue-generating hires and accretive growth in middle market.

因此，我們重申 2026 年全年指引：有機營收成長為中個位數或更高，並由持續的新業務勝出、創收招募人員的複利式貢獻，以及中型市場的增益性成長所支撐。

We delivered 70 basis points of margin expansion in Q1, and we are seeing the benefits of efficiency gains from our scalable ABS platform and continued progress on our restructuring objectives.

第一季我們實現 70 個基點的利潤率擴張，並已看到可擴展的 ABS 平台帶來效率提升的效益，以及在重整目標上持續取得進展。

As a result, we are reaffirming our expectations for 70 basis points to 80 basis points of margin expansion for the full year.

因此，我們重申全年利潤率擴張 70 至 80 個基點的預期。

The combination of organic growth and margin expansion supports our outlook for strong earnings growth in 2026, and with high conversion of those earnings into cash, positions us to deliver double-digit free cash flow growth for the year.

有機成長與利潤率擴張的組合，支撐我們對 2026 年強勁盈餘成長的展望；同時，盈餘向現金的高轉換率也使我們有望在全年實現自由現金流雙位數成長。

Our strong capital position affords us the financial flexibility to actively deploy capital across multiple avenues, supplementing organic growth with strategic M&A while also executing opportunistic share repurchases.

我們強勁的資本狀況賦予財務彈性，使我們能在多個面向積極部署資本：以策略性併購補充有機成長，同時也執行機會型的股票回購。

We have substantial financial capacity to pursue our high-quality M&A pipeline, and we remain firmly on track to deliver at least $1 billion in share repurchases for the year.

我們具備充足的財務能力以推進高品質的併購案源（pipeline），並且仍堅定按計畫在今年至少完成 10 億美元的股票回購。

As we move to Q&A, I want to emphasize that the performance you are seeing is the result of deliberate decisions, our organic investments as part of the 3x3 Plan, $1.3 billion, in talent and the AI-embedded capabilities that enable that talent to bring faster, deeper insight to clients as well as our inorganic actions are all intentionally aligned to deliver consistent earnings and free cash flow growth.

在進入問答（Q&A）之前，我想強調：各位所看到的表現源自一系列深思熟慮的決策——我們作為 3x3 計畫一部分的有機投資（13 億美元）、對人才的投入，以及使人才能更快、更深入為客戶提供洞察的 AI 嵌入式能力；同時，我們的非有機行動也都刻意對齊，以實現一致的盈餘與自由現金流成長。

We are already realizing productivity improvements today, and we are reinvesting those gains back in the capabilities that both expand what we can deliver for clients and how efficiently we deliver it. In a world where technology increasingly enables and amplifies differentiated insight, advice and outcomes, this reinvestment cycle is critical.

我們今天已經在實現生產力改善，並將這些成果再投資回能力建設上，以同時擴大我們能為客戶交付的內容，以及提升交付效率。在一個科技日益促成並放大差異化洞察、建議與成果的世界裡，這個再投資循環至關重要。

When executed well, it expands the addressable market by making risk transfer more relevant and increasing insured risk as a percentage of GDP while also locking incremental AI-enabled opportunities to gain share with existing and prospective clients.

若執行得當，將可透過使風險移轉更具相關性並提高受保風險占 GDP 的比重來擴大可服務市場，同時也能把握由 AI 賦能的增量機會，與現有及潛在客戶爭取市占。

Our investment leadership here strengthens our long-term growth profile, reinforces our conviction in the firm's growing terminal value and supports long-term value creation for shareholders.

我們在此領域的投資領導力強化了我們的長期成長輪廓，鞏固我們對公司終端價值持續提升的信念，並支持為股東創造長期價值。

So with that, let's open up the line for questions. Kerry, back to you.

那麼，接下來我們開放提問。Kerry，交回給你。

(Operator Instructions) Elyse Greenspan, Wells Fargo.

（接線員指示）Elyse Greenspan，富國銀行。

Hi, thanks. Good morning. My first question, I was hoping if you could just provide a little bit more color on just the contributions from data centers to organic growth in the quarter. I know Edmund said, I think it was 3x the level bigger than last year. But hoping just to size it a little bit to get a sense of the contribution to organic in Q1 and expectations for the next few quarters of the year.

嗨，謝謝。早安。我的第一個問題是，想請你們再多補充一些本季資料中心對有機成長的貢獻。我知道 Edmund 說過，我想是比去年大約高出 3 倍。但我希望能稍微量化一下，以了解 Q1 對有機成長的貢獻，以及對接下來幾季的預期。

Good morning, Elyse, thanks for joining. Great question. I will hit data center in particular, but the important point in this question is our Commercial Risk business and how broad-based the growth was. Data center, just real pointedly, was a part of the double-digit construction in our business. But again, the growth in Commercial Risk was broad-based.

早安，Elyse，謝謝加入。這是個好問題。我會特別談資料中心，但這個問題的重點其實在於我們的商業風險（Commercial Risk）業務，以及成長有多麼廣泛。就資料中心而言，很明確地說，它是我們業務中建築（construction）雙位數成長的一部分。但再次強調，商業風險的成長是廣泛分布的。

So I just have to highlight that in a lower rate environment, Commercial Risk has been 6% or better for the last four quarters. And we're not surprised with the strength in Commercial risk because the results reflect what I just said in the script there, our intentional strategic decisions.

所以我必須強調，在較低利率環境下，商業風險在過去四個季度都達到 6% 或更高。我們對商業風險的強勁表現並不意外，因為結果反映了我在講稿中提到的：我們有意識的策略性決策。

So it was broad-based with strength in the US double digit, with EMEA achieving strong growth in the core P&C business. New business itself in Commercial Risk was over 12 points of contribution. That's very much supported by the priority growth hires in construction, where data center shows up as a component of that. Retention was 50 basis points higher in Commercial Risk for the quarter.

因此成長是廣泛分布的：美國呈現雙位數強勁成長；EMEA 在核心產險（P&C）業務也達成強勁成長。商業風險的新業務本身貢獻超過 12 個百分點。這很大程度上受益於我們在建築領域的優先成長招募，而資料中心正是其中一個組成部分。本季商業風險的留存率也提高了 50 個基點。

That's our analyzers helping with RFPs. We have a whole suite of them now rolled out in the US and EMEA. And again, the net market contribution in Commercial Risk was still positive despite pricing pressure in property.

這要歸功於我們的分析工具協助處理 RFP（投標/提案請求）。我們目前已在美國與 EMEA 推出一整套工具。再者，即使不動產（property）面臨定價壓力，商業風險的淨市場貢獻仍為正。

And I'll also emphasize just again, to your point, the priority growth areas. Double-digit growth in construction, that's wins and pipeline in data centers.

我也要再次強調你提到的優先成長領域：建築業務的雙位數成長，包含資料中心的得標與案源管線。

So we had wins that were higher this year and a pipeline that is giving us confidence in the outlook for the year, but it wasn't the key driver of growth. I also mentioned M&A in that.

所以今年我們的得標更多，且案源管線讓我們對全年展望更有信心，但它並不是成長的關鍵驅動因素。我也提到了其中的併購（M&A）。

Again, the growth was strong there as well, but we still would have been at these fourth consecutive quarters of 6% growth with or without that, just again emphasizing how broad-based the growth was.

同樣地，那部分的成長也很強勁；但即便不計入它，我們仍會連續第四個季度達到 6% 的成長——再次強調成長的廣泛性。

And I'll just point out one other item, Elyse, that the synergies that we are getting from NFP, particularly as we utilize our facilities like Aon Client Treaty in London, is just another contributor to the growth here.

Elyse，我再補充一點：我們從 NFP 獲得的協同效益，特別是當我們運用像倫敦的 Aon Client Treaty 這類平台時，也是推動此處成長的另一項貢獻。

So we're going to continue to focus and invest in these drivers of growth, our talent and our technology. We believe those investments, including in construction and data center, hires who are focused on that, those are the things that will sustain new business growth and continue the strong retention that we have.

因此我們會持續聚焦並投資於這些成長驅動因素：我們的人才與科技。我們相信這些投資（包含在建築與資料中心領域、以及專注於此的招募）將能支撐新業務成長，並延續我們目前強勁的留存表現。

And I think really, Elyse, Edmund I think said it very, very well with the broad-based piece. And we remain incredibly excited about the data centers. But it's really very much we're at the beginning of the beginning with tremendous promise ahead, and we're very well positioned.

我想，Elyse，Edmund 對「廣泛分布」這點講得非常到位。我們對資料中心仍然非常興奮。但我們確實還在非常早期的起點，前景極具潛力，而我們也處於非常有利的位置。

Thanks. And then my follow-up question is on capital. I recognize you guys leaned into a buybacks in the Q1, but you left the target for the year at $1 billion plus. You obviously could have raised it. Is it just are you waiting to see how the M&A pipeline develops? Is it a function of what happens to your stock price?

謝謝。接著我的追問是關於資本。我知道你們在 Q1 加大了庫藏股回購，但仍把全年目標維持在 10 億美元以上。你們其實可以上調目標。是否只是想先觀察併購（M&A）管線的發展？還是取決於股價走勢？

Obviously, there's been more volatility, right, within the broker subsequent to the end of the Q1. So just trying to understand the desire to lean into buyback and also continue to pursue your M&A strategy.

顯然在 Q1 結束後，經紀（broker）板塊的波動更大了。只是想了解你們一方面加碼回購、另一方面也持續推進併購策略的考量。

Yeah, another important topic, Elyse, so thank you for raising it again. And even on this one, I have to step back as well because I have to begin with just reiterating how pleased we are with the free cash flow generation in the quarter and the continued execution of the capital allocation model, right?

是的，Elyse，這也是另一個重要議題，謝謝你再次提出。即便在這個問題上，我也必須先退一步，因為我得先重申：我們對本季自由現金流的產生能力，以及資本配置模型的持續執行，都感到非常滿意。

I mentioned in the script that we're right in line with our leverage objective, actually a little bit better in this quarter. I think we came out at 2.7.

我在講稿中提到，我們的槓桿水準與目標非常一致，這一季甚至略優。我想我們期末是 2.7。

Our objective is at least 2.9 there we announced a double-digit increase in the dividend. We're investing in middle market. And as you just mentioned, we're taking advantage of the market opportunity as well as returning capital to shareholders.

我們的目標是至少 2.9。我們宣布股利雙位數成長；我們投資於中型市場（middle market）；而且如你所提，我們也把握市場機會，同時把資本回饋給股東。

So the question just really has me come back and anchor in our capital allocation model, which we're executing with discipline here. As we go through '26, I mean, you hit on a few things there.

所以這個問題讓我回到並以我們的資本配置模型為錨點——我們正以紀律執行。展望到 2026 年，你提到幾個因素。

We are going to continue to look at the pipeline for M&A. I've mentioned earlier that we have strong criteria and thresholds that have to be met strategically, financially.

我們會持續檢視併購（M&A）管線。我先前也提過，我們有嚴格的標準與門檻，必須在策略與財務面都符合。

You know that we look at M&A that can be above 10% revenue after owning it for a year, that have IRRs that are at least 20% and allow us to continue to have our market-leading ROIC in it that's what we evaluate, and there continue to be opportunities in middle market and select international markets like Japan and EMEA and even LatAm that we are looking at.

你也知道，我們尋找的是：收購後持有一年即可帶來超過 10% 的營收成長、IRR 至少 20%，並且能讓我們維持市場領先的投入資本報酬率（ROIC）。這就是我們的評估方式。而在中型市場與部分國際市場（如日本與 EMEA，甚至拉丁美洲）仍持續存在我們正在評估的機會。

So we have the flexibility with our strong balance sheet to pursue those M&A. If they don't meet the criteria, then we won't have a lazy balance sheet, I continue to use that terminology, and we'll return the excess capital to shareholders.

因此，憑藉我們強健的資產負債表，我們有彈性去推進這些併購。如果不符合標準，我們就不會讓資產負債表「閒置」——我一直用這個說法——而是會把多餘資本回饋給股東。

So for now, I think it is prudent for us to stick with our at least $1 billion in the year. Obviously, $500 million in the first quarter is a great start that gives us confidence in that number, and we'll see how the year plays out.

所以目前我們認為，維持全年至少 10 億美元的目標是審慎的做法。顯然，第一季回購 5 億美元是個很好的開局，讓我們對這個數字更有信心；接下來就看今年的進展。

Andrew Andersen, Jefferies.

Andrew Andersen，Jefferies。

Hey, good morning. On expanding mandates versus truly new logos, can you maybe just talk about what the mix was this quarter and how that has been trending versus last year? I would think expanding mandates is better for margins near term, but perhaps that's not the case, and would be particularly interested in CRS.

嗨，早安。關於擴大委任範圍（expanding mandates）與真正新增客戶（truly new logos）之間的差異，你能談談本季的組合比例，以及相較去年趨勢如何嗎？我原本以為擴大委任範圍對短期毛利率更有利，但也許不是如此；我特別想了解 CRS 的情況。

Yeah. This is a key, key topic, new business growth. I mentioned in the script there, 9 points to 11 points, as we've shown in the Investor Day and continue to produce, is what the objective is. So another quarter of 9 points. And it's a great question.

是的。這是個非常、非常關鍵的議題：新業務成長。我在講稿中提到，正如我們在投資人日所展示並持續達成的，我們的目標是貢獻 9 到 11 個百分點。所以本季又是 9 個百分點。這問題問得很好。

If you look back over '25 or even '24, I mentioned during Investor Day that it's been split about half and half between new logos and expanding with existing clients. And you see some movement quarter-over-quarter in the different solution lines but it's about equal.

如果回頭看 2025 年，甚至 2024 年，我在投資人日提過，新增客戶（new logos）與既有客戶擴張（expanding with existing clients）大約各占一半。不同解決方案線之間，季度對季度會有些變動，但整體大致相當。

And then Commercial Risk, in particular, on your question, 12 points of contribution in the quarter From Commercial risk that's a strong item.

而就你問到的商業風險而言，本季商業風險貢獻了 12 個百分點，這是一個很強的表現。

It was both again an equal mix between the new logos and expanding with our existing clients there in the quarter. So it's typically going to be balanced across each and we're looking to pursue each as we deploy Enterprise Client Group, right?

同樣地，本季在那裡也是新增客戶與既有客戶擴張各半的均衡組合。因此通常兩者會維持平衡；而且當我們部署企業客戶團隊（Enterprise Client Group）時，我們會同時追求這兩種成長。

We have a whole focus on this, and Greg can speak up on the Enterprise Client Group, really expanding with our existing clients, increasing the relationship with the senior executives, the HR leads, the CFOs of the organization that allows us to deepen the relationships and retain those clients. So we're seeing that in both.

我們對此有完整的聚焦；Greg 也可以補充企業客戶團隊的部分——主要是擴大既有客戶合作，提升與高階主管、人資主管、以及該組織 CFO 的互動，讓我們能深化關係並留住客戶。因此我們在兩方面都看到了成果。

New logos, I called out in the script also, was a strong driver for Reinsurance as it helped us offset some of the rate pressure there as well. So I think a strong quarter from that standpoint.

至於新增客戶，我在講稿中也提到，它也是再保（Reinsurance）的強勁驅動因素，幫助我們抵消了那邊部分的費率壓力。所以我認為從這個角度看，本季表現很強。

Thanks, and there's been some broader industry discussion around broker commissions and fee levels. How are you thinking about this dynamic in the context of the value that you're delivering? And where do you see these trending? .

謝謝，業界也有一些更廣泛的討論，聚焦在經紀佣金與費率水準。就你們所提供的價值而言，你們如何看待這個動態？你們認為這些趨勢會往哪個方向發展？

Well, let's say, Andrew, step back and think about kind of what's going on in the market overall. We see real opportunity.

嗯，Andrew，我們先退一步，從整體市場正在發生什麼來看。我們看到真正的機會。

When you think about sort of how this plays into AI and all that we might talk about further on this call potentially as questions come up, but real opportunity. By the way, this is opportunity based on client need.

當你思考這如何與 AI 以及我們在這通電話後續可能會談到的所有事情連結起來（也許在問題出現時再深入），確實有很大的機會。順帶一提，這個機會是基於客戶需求。

It is interesting how the question gets positioned sometimes, and it takes the view of a zero-sum game between insurance markets and advisors, but really, we should be asking the question on whether the risk industry overall.

有趣的是，這個問題有時候被定位的方式，會把它看成保險市場與顧問之間的零和博弈；但其實，我們應該問的是整體風險產業是否——

Overall is going to be a greater value for clients and if we can meet this ever-increasing, ever-higher bar, it suggests positive movement, and that's exactly where we are. In a world where risks are increasing, volatility is getting greater, the need for better solutions is very high, we are incredibly well-positioned to deliver, not just insights, but access to capital, which includes the traditional markets and alternative markets.

整體而言，是否能為客戶創造更大的價值；如果我們能達到這個不斷提高、越來越高的門檻，就意味著正向的進展，而這正是我們所在的位置。在一個風險上升、波動加劇的世界裡，對更好解決方案的需求非常高；我們具備極佳的條件來交付的不只是洞見，還包括資本的取得管道，涵蓋傳統市場與另類市場。

So from our standpoint, we see meaningful opportunity ahead with AI as a catalyst driving and enhancing our strategy.

因此，從我們的角度來看，在 AI 作為催化劑、推動並強化我們策略的情況下，前方有相當可觀的機會。

Again, AI is not a strategy our strategy has been unbelievably strong and well-proven. AI is a catalyst for it and we do it, Edmund described in his comments. We expand addressable markets.

再說一次，AI 不是策略——我們的策略一直都非常強大且經過充分驗證。AI 是其催化劑；我們也確實在做，正如 Edmund 在他的評論中所描述的。我們擴大可服務市場（addressable markets）。

We've got greater access to those markets, we've got the ability to have even greater value as those markets expand, and that suggests stronger performance.

我們對這些市場有更大的觸及能力；隨著市場擴張，我們也有能力創造更高的價值，而這意味著更強勁的表現。

But really, Andrew, be clear, the ultimate arbiter of truth here is clients. They decide, and we're really well-positioned. To add greater value, but in doing that, it creates greater opportunity for operational improvement.

但 Andrew，請說清楚：這裡最終的真理裁判是客戶。他們做決定，而我們的定位非常好，能創造更高的價值；同時，在這個過程中，也會帶來營運改善的更大機會。

Thank you.

謝謝。

Rob Cox, Goldman Sachs.

Rob Cox，高盛。

Hey, good morning. Yeah, first question is on the Middle East. Can you just talk about how the Middle East conflict showed up in Aon's results this quarter? And maybe if you have any ideas, you could talk about the potential to see claims inflation from a conflict later on this year?

嗨，早安。第一個問題是關於中東。你能談談中東衝突在本季 Aon 的業績中是如何呈現的嗎？另外，如果你有一些想法，也請談談今年稍晚是否可能因衝突而出現理賠通膨的可能性？

Maybe start overall, Rob, just the general view on the Middle East generally announcing back to kind of our clients around the world and certainly, obviously, in region and I want Edmund to talk specifically about the results in the Middle East and sort of how that's played into the overall performance in the quarter.

Rob，也許先從整體來看，談談我們對中東的總體觀點——回到我們對全球客戶、當然也包括區域內客戶所傳達的內容；我也希望 Edmund 具體談談中東的業績，以及它如何影響本季整體表現。

Listen, our first and foremost focus is on our colleagues and our clients sort of in region and supporting them and reinforcing all that they're going through.

聽著，我們首要且最重要的重點，是關注我們在該地區的同仁與客戶，支持他們，並強化他們正在經歷的一切。

As we think about broad-based, obviously, the Middle East is not a tremendously substantial part of our business, but it's important for clients around the world, a lot of overall implications and from our standpoint, we'll see how things evolve.

從更廣泛的角度來看，顯然中東並不是我們業務中非常重大的部分，但它對全球客戶很重要，牽涉到許多整體影響；就我們而言，我們會觀察事態如何演變。

But right now, uncertainty is what we work toward on behalf of clients. It's how we serve and support them and so whatever form that takes, however long this lasts.

但此刻，不確定性正是我們代表客戶努力處理的事情；這就是我們服務與支持他們的方式。因此無論它以何種形式呈現、持續多久——

We'll be there and it'll have, implications on overall operating performance, but so far it's very much in development mode, but specifically in the quarter, Edmund, you want to comment on that?

我們都會在那裡。它會對整體營運表現帶來一些影響，但到目前為止仍非常處於發展之中。不過就本季而言，Edmund，你要不要針對這點評論一下？

Yeah, Greg, I actually just want to start with what you just said, like our focus is on the colleagues and clients, but if I do move to the performance there, the headline growth for us.

好的，Greg，我其實想先從你剛剛說的開始：我們的重點在同仁與客戶。但如果我轉到那邊的表現，我們在該地區的整體成長——

Rob, in the region was actually double-digit growth, you got to keep in mind that our Middle East business, as Greg just said, not a substantial part of our overall business, but over 50% of it is health, those renewals happened actually before the conflict and that escalation, before the conflict escalated, so pretty locked in.

Rob，在該區域其實是雙位數成長。你要記得，正如 Greg 剛說的，我們的中東業務不是整體業務中的重大部分，但其中超過 50% 是健康（health）；那些續約其實發生在衝突與升級之前、在衝突升級之前，所以基本上已經鎖定。

Commercial risk in the Middle East was one of the largest growers in our portfolio, you can imagine, with increasing risk in the region, that actually creates more demand for us to be able to help clients.

中東的商業風險（commercial risk）是我們投資組合中成長最快的板塊之一；你可以想像，該地區風險上升，反而會帶來更多需求，讓我們能協助客戶。

As Greg said in his opening remarks, move through that and the reinsurance business in that region, 70% of it is done on 1.1 renewals.

正如 Greg 在開場致詞中所說，度過那段期間；而該地區的再保險業務，其中 70% 是在 1/1 續約時完成。

So again, we had strong growth there as well. Greg's point is the right one. It's a small component of our portfolio.

所以，我們在那裡也有強勁成長。Greg 的觀點是對的：它在我們投資組合中占比很小。

We're very diversified, and as you heard me say, our strength is broad-based. Now, if we continue to see an escalation or a prolonged conflict, that could have some impact that seeps into the broader impact on the economy.

我們非常多元化；而且如你聽到我說的，我們的強勁是廣泛性的。現在，如果我們持續看到升級或長期衝突，可能會有一些影響滲透到更廣泛的經濟層面。

But again, if that happens, our clients actually need more of our services. So we'll continue to monitor development closely, but we remain focused now on our clients and colleagues.

但同樣地，如果真的發生，我們的客戶其實會更需要我們的服務。我們會持續密切監控發展，但目前我們仍專注於客戶與同仁。

Thanks. That's super helpful. And I just wanted to follow-up on the risk analyzers. Edmund, I think you attributed some of the retention gains in commercial risk to the risk analyzers. I'd imagine it's also contributing to new business.

謝謝，這非常有幫助。我想追問一下風險分析器（risk analyzers）。Edmund，我記得你把商業風險的部分留存率提升歸因於風險分析器。我想它也應該有助於新業務。

How are you actually measuring the benefits from the risk analyzers? And can you just give us some color on adoption usage compared to the past in the various businesses?

你們實際上如何衡量風險分析器帶來的效益？另外，你能否談談在各項業務中，相較於過去，採用與使用情況有什麼變化？

Yeah, we've -- our team, led by our COO and our business partners have really been rolling out our risk analyzers and Greg said it earlier, and I'm sure he'll emphasize that where we started here was with commercial risk and we've started to roll some of this out into health, and we're starting to see some of that benefit and core health and benefits.

是的——我們的團隊在 COO 與業務夥伴帶領下，確實一直在推動風險分析器的導入。Greg 先前也提到，我相信他也會強調：我們一開始是從商業風險著手，並已開始把其中一些推廣到健康（health），而我們也開始在核心健康與福利（core health and benefits）看到部分效益。

But the commercial risk area is where we're seeing the business. And what I talked about, and as I said, we've rolled it out. We're on later versions in the US sort of mid-game in the EMEA and rolling out in the other regions as well.

但商業風險領域是我們看到成效的地方。我所談到的、也如我所說，我們已經推行：在美國已經是較後期版本；在 EMEA 大概在中期階段；也正在其他地區推廣。

But it is very clear and measurable to look at the impact of when we use the analyzers and when we don't use the analyzers and we look at win rates, we look at renewals, and we look at new business from it. Again, it is the first place.

而且很清楚、也可量化：我們可以比較使用分析器與未使用分析器時的影響；我們看贏單率（win rates）、看續約、也看由此帶來的新業務。同樣地，這是第一個落地的地方。

The priority hires and the analyzers, if I had to boil it down, the 12 points of contribution and commercial. Commercial risk, the two things, talent and technology, our hires in the priority growth areas and the analyzers coming through across property, across D&O.

如果要我把優先招募（priority hires）與分析器濃縮成商業（commercial）貢獻的 12 個點：在商業風險上，兩件事——人才與科技；我們在優先成長領域的招募，以及分析器在財產險（property）、董監事責任險（D&O）等領域的落地。

Across cyber and now Greg and his script mentioned us rolling out broker copilot as well, which is helping us bring insights on pricing, trading data to our clients very quickly as well. So if I had to attribute that new business to two things, it would be those two items and we're able to measure it very well. So Greg, any comments from you on that?

涵蓋網路（cyber）；而且現在 Greg 在他的講稿中也提到我們正在推出 broker copilot，這也幫助我們把定價洞見、交易數據更快速地帶給客戶。所以如果要我把新業務歸因於兩件事，就是這兩項，而且我們能非常清楚地衡量。Greg，你有沒有要補充？

No, I think you've covered it well. I do want to just for context, Rob, back up and it isn't just the analyzers, right? This is a very major. Approach we've taken over a number of years to answer a very straightforward question.

沒有，我覺得你已經說得很完整。不過 Rob，為了提供一些背景，我想退一步說：不只是分析器，對吧？這是一個非常重大的——我們多年來採取的方法，為了回答一個非常直接的問題。

How do we address increasing client need? Full stop. And so the analyzers are a direct response to that, driven by client need.

我們如何回應客戶日益增加的需求？就這麼簡單。因此，分析器是對此的直接回應，而且是由客戶需求所驅動。

We can do the analyzers because we've got the raw data, the quantity, the quality, how we've adjusted it and curated it. We've got the analytic capability, and then we have an organizational structure.

我們能做分析器，是因為我們擁有原始數據——數量、品質，以及我們如何調整與策展（curated）；我們具備分析能力，並且我們也有組織架構。

When you think about ripped capital and human capital, it doesn't exist anywhere else, and that allows us to take very high-quality talent, the best in the world, as Edmund described, and really make sure we're aligned to deliver this, and so it's not just the analyzers, it's also the service component, what we do on certificates and ad hoc certificates, a whole range of things invoices.

當你想到風險資本（risk capital）與人力資本（human capital），這在其他地方並不存在；這讓我們能把非常高品質的人才——如 Edmund 所描述的、世界上最好的——真正對齊到交付這些成果。所以不只是分析器，也包括服務面：我們在保險證明（certificates）與臨時證明（ad hoc certificates）上所做的事，還有一整套事項，例如發票（invoices）。

So, it is revenue-driven and service-driven. And then, obviously, it creates -- we have efficiency, then, that Edmund described before, which means we can reinvest back into that capability and the reason that's important is it highlights the versions. Don't miss that point.

因此，這是由營收驅動、也由服務驅動。然後，顯然它也會帶來——我們也會有 Edmund 先前描述的效率提升，這表示我們可以再投資回這項能力；而這之所以重要，是因為它凸顯了版本迭代。不要忽略這一點。

We're on, like, version 10 or more of the property analyzer and across the suite of analyzers, we continue to evolve them. We're about to attend the RIMS conference.

我們的財產分析器大概已經到第 10 版甚至更多了，而且在整套分析器產品中，我們持續在演進。我們即將參加 RIMS 年會。

We're going to come away with 15 ideas that are going to go into the next iteration, and we've got the machine that can just keep innovating to do that.

我們會帶回 15 個點子，放進下一次迭代，而我們也有一套機制可以持續創新、把這些事情做出來。

But the real punchline here is they're making a difference and they're making a difference because they matter to clients on revenue, on how they help build their businesses and make decisions, and how they run their businesses around service.

但真正的重點是：它們正在產生影響，而且之所以能產生影響，是因為它們對客戶很重要——不論是在營收面、在如何協助客戶打造其業務並做決策、以及客戶如何圍繞服務來營運其業務。

Great. Thank you very much.

很好。非常感謝。

Mike Zaremski, BMO Capital Markets.

BMO 資本市場的 Mike Zaremski。

Hey, thanks. Good morning. The first question, focusing on the really nice commercial risk organic, just want to make sure we shouldn't get over our skis, given, we know that 2Q is one of the biggest property quarters in the industry.

嗨，謝謝。早安。第一個問題，聚焦在你們商業風險有機成長表現非常亮眼這件事上，我只是想確認一下：我們不應該過度樂觀，因為我們知道第二季是產業中財產險業務量最大的季度之一。

So, when you think about the net market impact, Edmund, for 2Q, and I know in the last 2Q, it decelerated fairly materially from 1Q, so we'll be kind of keeping that in mind as we think about. The rest of the year or just the near-term 2Q is maybe a governor and how excited we should be.

所以，Edmund，當你思考第二季的淨市場影響（net market impact）時——我也知道在上一個第二季，它相較第一季有相當明顯的放緩——因此我們在思考今年其餘時間時會把這點納入考量；或者說，短期來看第二季可能是一個「調速器」，影響我們應該有多興奮。

Well, there's two parts to your question that are important to highlight. One is, you're right, we are running this firm on an annual basis and not on a quarterly basis. And so we think about the guidance as full-year annual guidance because there could be movement within the quarters.

嗯，你的問題有兩個部分值得強調。第一，你說得對，我們是以年度而不是以季度來經營這家公司。因此我們看的是全年年度指引，因為季度之間可能會有波動。

Setting that aside, on net market impact, the second part of your question, which I think is important, the guidance, as is zero to -- of contribution from that, as the quarters have moved through the end of '25 and into this quarter, despite the pressure that we see, whether we're talking about commercial risk in P&C or even in reinsurance.

先把這點放一邊，關於淨市場影響——也就是你問題的第二部分，我認為很重要——我們的指引假設其貢獻為 0 到……（區間），而隨著季度一路走到 2025 年底並進入本季，儘管我們看到壓力，不論是談商業風險的產險（P&C）或甚至再保險。

We've been at roughly one point or slightly higher, and that continued in this quarter. That's what we expect throughout the rest of the year, including Q2. It's just important to highlight here that it's not, that could have an impact. Zero to two is still how you should be thinking about it.

我們大致維持在約 1 個百分點或略高，而且本季也延續這個水準。這也是我們對今年其餘時間（包含第二季）的預期。這裡要強調的是：它不是……它可能會有影響。0 到 2 仍然是你應該用來思考的方式。

But more importantly is the growth in GDP, the business investment that we're having right now, because that's the pricing piece that we're talking about in the net market impact and the diversity of the products, the diversity of the geographies.

但更重要的是 GDP 成長、以及我們目前看到的企業投資，因為那才是我們在淨市場影響中所談的「定價」那一塊，以及產品的多元性、地理區域的多元性。

I just talked about the broad-based growth and commercial risk. Those are the things that allow us to grow at mid-single-digit or better in any pricing. Environment, and that's where we focus on. So even in this quarter, it's not new, right?

我剛才談到商業風險的廣泛型成長。這些因素讓我們在任何定價環境下，都能達到中個位數或更好的成長，而這也是我們聚焦的重點。所以即使在本季，這也不是新鮮事，對吧？

Property was down 15% in this quarter, casualty, like mid-single-digit growth, D&O, a little bit of an uptick in price there, cyber at low-single-digit rates.

本季財產險下滑 15%，意外險則是中個位數成長，董監事責任險（D&O）價格有些微上升，網路險則是低個位數的費率水準。

We have these micro markets on pricing, but we take actions to take and help our clients take advantage of these markets, help them increase their limit, increase their coverages, and those are the things that allow us to still have the mid-single-digit growth.

我們在定價上有這些微型市場（micro markets），但我們會採取行動，並協助客戶把握這些市場——協助他們提高承保限額、增加保障範圍——而這些正是讓我們仍能維持中個位數成長的原因。

And Mike, I don't miss, I hear your point on over our skis, we take it in a very measured and methodical approach, year over year over year period. But you would observe the four quarters that I'm describing commercial risk, observe the fact that we.

Mike，我沒有忽略你的意思——我聽到你說的「不要過度樂觀」。我們採取非常審慎且有系統的方法，年復一年地推進。但你會觀察到我所描述的商業風險這四個季度的表現，也會觀察到我們……

And our three-by-three plan have really laid out a series of capabilities defined by clients, driven by serious industrial-strength content and content behind them, and we focus on the showing commercial risk and across the US and what Edmund just described is a very broad-based 7% organic against whatever pricing environment.

以及我們的 3×3 計畫，確實已經規劃出一系列由客戶定義、並由嚴謹且具工業級強度的內容與其背後支撐所驅動的能力；我們聚焦在商業風險的展現，涵蓋全美，而 Edmund 剛才描述的是在任何定價環境下都能做到的、非常廣泛的 7% 有機成長。

We didn't qualify it on that it doesn't matter. It's helping clients succeed, winning more clients, doing more with them, keeping them longer, all those things with it and the team was phenomenal. They delivered 7%. I think you described double-digit North America and so this is a pretty unique progress.

我們並不是說定價環境不重要；而是這些能力正在幫助客戶成功、贏得更多客戶、與客戶做得更深、留住客戶更久——所有這些都在發生，而且團隊表現非常出色。他們交出了 7%。我想你提到北美是雙位數，所以這是一個相當獨特的進展。

We don't get excited about it, we just stay focused on client need and we've got to deliver for the year, but you ask yourself, did we increase probability of the mid-single-digit or greater, you should feel good about that progress with that context.

我們不會因此就興奮過頭，我們只是持續聚焦客戶需求，而且我們必須交出全年成果；但你可以問自己：中個位數或更高成長的機率是否提高了？在這樣的脈絡下，你應該對這個進展感到放心。

Yes, definitely, even seeing the net market impact not move much over the last many quarters has been a great result. Just lastly, real quick, in your prepared remarks, you talked about driving productivity improvements.

是的，當然，看到淨市場影響在過去許多季度都沒有太大變動，這是很好的結果。最後一個很快的問題：在你們的事先準備發言中，你提到推動生產力改善。

Clearly, a lot of Gen AI technology adoption that's being accelerated across your firm. Do you envision a future where Aon's productivity per employee could accelerate to much higher levels than historical levels or too soon to know?

顯然，你們公司正在加速採用大量生成式 AI 技術。你是否想像未來 Aon 的人均生產力可能會加速提升到遠高於歷史水準的程度，還是現在判斷仍太早？

I guess I asked because one of your broker peers should offer kind of a very long-term North Star about productivity improvements that could be fairly material. Thanks.

我之所以這樣問，是因為你們其中一家同業券商似乎提出了一個非常長期的「北極星」目標，認為生產力改善可能相當可觀。謝謝。

Yeah, listen this is probably worth a little bit of time since it's come up so much, and then I'd really like to offer a couple of thoughts, and then Edmund, I want you to jump in here too.

好的，聽著，既然這個話題被提到這麼多，我覺得值得花一點時間談一下。我想先分享幾點看法，然後 Edmund，我也希望你一起補充。

This is so fundamental to our firm. Look, on this whole topic of kind of the impact of AI as a productivity as a service, what is it going to be, and how is it going to play out?

這對我們公司來說非常根本。你看，關於 AI 對生產力、以及「以服務形式的生產力」（productivity as a service）的影響——它會是什麼、會如何發展——這整個議題。

First, we want to be clear on our position here, we're incredibly excited about the possibilities of AI to reinforce, and we mean reinforce our strategy, it's not our strategy, reinforce our strategy, accelerate it and strengthen it and we mean over the next five years, and we mean equally important over the long-term and we also want to be clear, the capability, we've been doing this for multiple years now, it's already being seen.

第一，我們想清楚表明立場：我們對 AI 的可能性非常興奮，因為它能強化——我們的意思是「強化」——我們的策略；它不是我們的策略本身，而是強化我們的策略、加速並鞏固它。我們指的是未來五年，同樣也指長期而言同等重要；我們也想說清楚：這項能力我們已經做了好幾年了，成效已經開始顯現。

You saw it in the quarter, and it's going to be seen more over time and we're going to deliver for clients. Now an increased long-term value for Aon and again, our view has developed over time.

你在本季已經看到了，隨著時間推進會看到更多，而我們也會為客戶交付成果。接著是 Aon 的長期價值提升；而且我們的觀點也確實是隨時間逐步形成的。

I mean, we've restructured our firm over many years to address this, risk capital and human capital, ABS, how we deliver from an integrated client standpoint. And we also were clear on, look, this comes from our, how do we do this? How can we pull it off?

我的意思是，我們多年來已重組公司以因應這件事：風險資本與人力資本、ABS、以及我們如何以整合式的客戶視角來交付。我們也很清楚：你看，這來自於我們——我們要怎麼做？我們如何把它做成？

People can talk about it. We can pull it off because of the data, the raw quantity, the quality, how we've ingested it, how we change that over time, how we curate it.

大家可以談論它。我們之所以能做到，是因為資料：原始資料的量、品質、我們如何把它導入（ingest）、如何隨時間改變、如何策展（curate）。

The analytics might come with it and how we're modelling what we do with it. The analytics are interesting, but when they become a suite of analyzers with the service capabilities that have been introduced and refined 10 times or 15 times, that's when it becomes powerful.

分析能力也會隨之而來，以及我們如何建模並運用這些資料。分析本身很有意思，但當它成為一整套分析器，並且其服務能力已經被導入並精煉了 10 次或 15 次時，力量才會真正顯現。

That can only happen with risk capital and human capital, which is why we're pretty excited about this. And I will come back to, look, it's all driven by a few principles. One is literally what do clients need, how is it changing over time?

而這只有在同時具備風險資本與人力資本的情況下才可能發生，這也是我們對此相當興奮的原因。我再回到一點：一切都由幾個原則驅動。第一個原則就是：客戶真正需要什麼？它如何隨時間改變？

These responses that we've driven are all around revenue enhancement and driving that piece first and foremost, service enhancement second, and then productivity, which is why we've said, listen, you're not going to get success here in AI without an absolutely world-class people strategy out in front driving this. And that's what we've seen.

我們推動的這些回應，首先且最重要的是圍繞「營收提升」；第二是「服務提升」；然後才是「生產力」。這也是為什麼我們說：聽著，如果沒有一個絕對世界級、走在前面推動這件事的人才策略，你不可能在 AI 上取得成功。而我們已經看到了這一點。

And the analyzers from client demand have actually changed the way clients think about what their businesses, how they evolve, their risks in their businesses.

而且，這些由客戶需求驅動的分析器，實際上已經改變了客戶思考其業務的方式——他們的業務如何演進、以及其業務中的風險。

What we've done on the service side as well. But if that's the client piece, the other piece to your question is really around value and what are the economics of that, the operating results of that and frankly, greater value, as I described before, is greater margin potential, but then it also has to be continuous.

我們在服務端也做了很多。但如果那是客戶面，那麼你問題的另一面其實是價值：其經濟性是什麼、其營運成果是什麼；坦白說，如我先前所述，更高的價值意味著更高的利潤率潛力，但同時也必須是可持續、連續不斷的。

So that's got to be durable. So I would just say, look, from our standpoint, we have our North Star. We're driving toward it. It's really delivering, and we see greater opportunity to have an impact.

所以這必須具備可持續性。所以我只想說，從我們的角度來看，我們有我們的北極星目標。我們正朝著它前進。它確實正在交付成果，而且我們看到有更大的機會去產生影響。

Go back to Elise's first question. One of them are in areas that are on the net new, which is data centers. Just beginning, but we're positioned unbelievably well because of all the work we've done. So we're pretty excited about the potential here and see it developing over time and see real opportunity.

回到 Elise 的第一個問題。其中一部分是在淨新增（net new）的領域，也就是資料中心。才剛開始，但因為我們先前所做的所有工作，我們的布局好得令人難以置信。所以我們對這裡的潛力感到相當興奮，也看到它會隨時間發展並帶來真正的機會。

We don't see this as a defend-the-house. We see this as a true build-the-house opportunity. But Evan, I'd love you to talk a little bit about the value part of this and the durability part of this.

我們不把這視為守住既有版圖（defend-the-house）。我們把這視為真正的建造版圖（build-the-house）機會。不過 Evan，我很希望你談談這裡的價值面以及可持續性面。

Yeah, absolutely and your question, Mike, is on the value part and the impact on the economics. Greg just talked about the demand of it.

是的，當然。Mike，你的問題是關於價值面以及對經濟性的影響。Greg 剛剛談的是需求面。

There's the economics, which I think can have an impact today and the third part is the durability of it, the ongoing benefit, how we will perform better and that's the compelling part of it. We are operating, and you're seeing it in our results today. It's not just margin, though. It's in the new business growth.

這裡有經濟性，我認為今天就能產生影響；第三部分是可持續性，也就是持續性的效益、我們如何表現得更好——那才是最具吸引力的部分。我們正在運作，而且你今天在我們的業績中也看得到。不只是毛利率而已，也體現在新業務成長上。

And I think our compensation there is tied to the outcomes, as Greg talked about earlier, as we help clients with capital, as we help them with workforce, as we help them improve their resilience. It shows up in retention.

而且我認為，我們那邊的報酬是與成果掛鉤的，正如 Greg 先前提到的：當我們協助客戶處理資本、協助他們處理人力、協助他們提升韌性時，這會反映在留存率上。

We had NPF up 10 points, something that I don't think I mentioned earlier here in the analyzers I have mentioned are improving the RFP rates and then it's showing up in your question, the margin improvement. Greg gave some stats earlier on claims, certificates of insurance, invoicing, policy management, all those things are lowering our unit costs and we had talked earlier about.

我們的 NPF 提升了 10 個點——這點我想我剛才在這裡沒有提到，但我在分析師場合有提過——另外 RFP 得標率也在改善，然後也反映在你問到的毛利率改善上。Greg 先前也給了一些理賠、保險證明（certificates of insurance）、開立發票、保單管理等方面的數據；這些都在降低我們的單位成本，而我們先前也談到……

5% to 15% productivity improvements, those things are happening right now and we're doing it in a way that still allows us to bring value to our clients.

5% 到 15% 的生產力提升，這些事情現在就正在發生，而且我們是以仍能為客戶帶來價值的方式在做。

So that's number one the economics of it are showing up top-line and bottom line in our results today. The important point is that the performance builds over the coming years, right? Like, you see multi-year tailwinds from this.

所以第一點，這些經濟性已經在我們今天的業績中，同時反映在營收端與獲利端。重點是，這種表現會在未來幾年持續累積，對吧？你會看到這帶來多年的順風。

Our work in data center is a great example of that. Our work on workforce solutions is a great example of that as well. So our insights and our capabilities are going to help us expand this market.

我們在資料中心的工作就是很好的例子；我們在勞動力解決方案上的工作也是很好的例子。因此，我們的洞察與能力將幫助我們擴大這個市場。

Our content and the investments are going to help us gain share in this expanding market and as we continue to lead in the investment and get these productivity improvements, we will reinvest, which creates this virtuous circle loop, which at the end of the day just means that.

我們的內容與投資將幫助我們在這個擴張中的市場中提升市占；而當我們持續在投資上領先並取得這些生產力提升時，我們會再投資，形成一個良性循環，最終意味著……

More durable business, a more scalable business, and a more valuable business over the long-term as we bring this value to clients.

更具可持續性的業務、更可擴展的業務，以及在長期更有價值的業務，因為我們把這些價值帶給客戶。

Very helpful, thank you.

非常有幫助，謝謝。

Bob Huang, Morgan Stanley.

Morgan Stanley 的 Bob Huang。

Hi, good morning. So my question is really also related to the Middle East, but not really Middle East.

嗨，早安。我的問題其實也和中東有關，但又不完全是中東。

As we think about the Middle East conflict, the elevated energy price should have a fairly notable impact on GDP in Asia. Understand the Middle East's contribution to you is probably small, but the Asia contribution probably is not.

當我們思考中東衝突時，能源價格走高應該會對亞洲 GDP 造成相當顯著的影響。我理解中東對你們的貢獻可能很小，但亞洲的貢獻可能就不是。

As we think about Asia's growth slowdown due to energy prices, can you maybe help us understand the impact on organic growth guide throughout the year, think about the inflation impact, and things of that nature? Thanks.

當我們思考能源價格導致亞洲成長放緩時，你們能否幫助我們理解這對全年有機成長指引的影響、通膨影響，以及諸如此類的事情？謝謝。

Start overall, Bob. We want to come back and then, again, governing thought, reaffirm exactly where we are on mid-single-digit or greater from a growth standpoint. We're looking now across the world, see all that you're looking at as best we can, and in our view is mid-single-digit or greater.

Bob，我先從整體來說。我們想回到、再次強調我們目前的位置：從成長角度來看，我們重申中個位數（mid-single-digit）或更高。我們現在盡可能地放眼全球，看到你所看到的一切，而在我們看來仍是中個位數或更高。

So start with that overall governing thought. And then I just want to highlight a point that Edmund alluded to earlier around ambiguity and uncertainty pieces that create challenges in one area, create opportunities in other areas.

所以先以這個整體的指導性想法作為起點。然後我也想強調 Edmund 先前提到的一點：模糊性與不確定性所帶來的挑戰，在某些領域會形成挑戰，但在其他領域也會創造機會。

We've seen it countlessly I mean, I think about even now in the Middle East, which, again, as Edmund described, is not a big part of our business, has done unbelievably well helping clients understand the situation and really protect themselves as they also think about growth.

我們已經無數次看到這種情況。我甚至想到現在的中東——再次強調，如 Edmund 所說，這不是我們業務很大的一部分——但我們在協助客戶理解情勢、真正保護自己，同時也思考成長方面，表現得非常出色。

APAC, Asia, tremendously important for us, still on a relative basis, not a massive part of the overall firm, but fairly important and we get your point on the energy side, but frankly, it's going to create other opportunities.

亞太（APAC）、亞洲對我們極其重要；但相對而言，仍不是整體公司中非常龐大的一部分，不過相當重要。我們理解你在能源面的觀點，但坦白說，這也會創造其他機會。

Clients trying to decide how to navigate that environment, and that's what we do? We're going to help them do that, which is why you kind of come back to the form might change reform might change.

客戶正在決定如何在那樣的環境中前行，而這正是我們在做的事。我們會協助他們做到這點，所以你會回到：形式可能會改變、改革可能會改變。

What we do might change it may evolve. But our ability to help clients succeed in an uncertain environment has never been greater and is continuing to strengthen and it's why we come back to that affirmation. But what else do we do out of that, Deb?

我們做的事情可能會改變、也可能會演進。但我們在不確定環境中協助客戶成功的能力從未如此強大，而且還在持續強化；這也是為什麼我們回到那個重申。不過 Deb，除此之外我們還能補充什麼？

Grey, I don't have much to add to that, except like that shows up in the results, right? Our international markets are really leading the growth in many of our individual solution lines. And as that mix changes, we feel good that that continues to be the opportunity where. Can help the clients, which shows up in our results. So, not much to add to that.

Greg，我沒有太多要補充的，除了這會反映在結果上，對吧？我們的國際市場在許多個別解決方案線上，確實正在引領成長。隨著組合變化，我們對這仍將持續成為機會感到樂觀——我們能協助客戶，而這也會反映在我們的業績中。所以，沒有太多要補充。

Okay, really appreciate it. My last question is about the AI expense, right? So, on your press release you talked about, there's an $8 million increase in IT expense.

好的，非常感謝。我最後一個問題是關於 AI 費用，對吧？在你們的新聞稿中提到，IT 費用增加了 800 萬美元。

As we think about AI expenses, variable expenses, token-driven, prompt-driven on the input cost side. Going forward, like as you build out more AI capabilities, how should we think about that overall expense?

當我們思考 AI 費用時，這是變動費用、由 token 驅動、由 prompt 驅動的輸入成本。往前看，隨著你們建置更多 AI 能力，我們應該如何看待整體費用？

Is that all essentially factored into the margin guidance? Is it as you have a higher and increased utilization of AI? Can you just help us with that a little bit?

這些是否都已經基本反映在毛利率指引中？當你們更高、更廣泛地使用 AI 時？你能否就這點再多幫我們說明一下？

It's a great question. And the short answer is yes, it is factored into the margin guidance. Again, me and our CEO, our Chief Operating Officer, and I talk about this all the time. We are modeling that agnostic. We're building our own models.

這是個很好的問題。簡短答案是：是的，已經反映在毛利率指引中。再次強調，我、我們的 CEO、我們的營運長（COO）一直在討論這件事。我們以不預設立場（agnostic）的方式在建模。我們也在建立自己的模型。

Broker and claims copilots are great examples of that. But we're also working with all the big names you know in this space. And in fact, that comes back to our organizational readiness. Me, Greg, and the leadership team just spent some time actually tearing our organization.

經紀與理賠 copilot 就是很好的例子。但我們也在和這個領域所有的大型業者合作。事實上，這也回到我們的組織就緒度。我、Greg 和領導團隊最近也花了一些時間，實際上在梳理我們的組織。

Organization from who needs the basic tools that have less need for tokenization and who needs the tools that are experts. Zone 1, 2, and 3 is sort of how we frame it. So we're super focused on who's going to be using it. Again, our focus is top-line growth and productivity.

我們把組織拆解為：哪些人需要基礎工具、對 token 化需求較低；哪些人需要專家級工具。我們用第 1、2、3 區（Zone 1, 2, and 3）來框架這件事。所以我們非常聚焦在誰會使用它。同樣地，我們的重點是營收成長與生產力。

So we want to equip the organization on both of those areas to build the things that help us with top-line growth and get the productivity while being conscious of the cost.

因此我們希望在這兩個面向都為組織配備能力：打造能幫助我們推動營收成長的東西，同時取得生產力提升，並且對成本保持敏感。

When I come to the cost, clearly we have it baked into the billion. Investment that we did as part of the 3x3 plan and you've astutely and rightfully called out the tech development part of our income statement, where I would say probably half of what you saw nearly $600 million in 2025 is connected to AI as well.

談到成本，顯然我們已把它納入 3x3 計畫中所做的 10 億美元投資；而你也敏銳且合理地指出我們損益表中的技術開發（tech development）部分。我會說，你看到的 2025 年將近 6 億美元中，大概有一半也與 AI 有關。

Obviously, there's a tech infrastructure part of that, but a significant component is the tech dev completely focused on AI.

當然，其中有一部分是技術基礎設施，但相當大的一部分是技術開發，完全聚焦在 AI。

But again, it's our commitment to those investments that highlight our leadership in the space. We factor that in, those costs and the reinvestment of productivity improvements from that in our overall guidance here.

但再次強調，我們對這些投資的承諾凸顯了我們在這個領域的領導地位。我們已將這些成本，以及由此帶來的生產力提升所再投資，納入我們整體的指引之中。

And maybe one observation to say to that, Bob, is you think about the mechanics of literally how we thought about the investment, the cost, as Edmund described it in the de Simon, our COO, and how they discussed it, and it is really an intricate discussion.

另外也許可以補充一個觀察，Bob：當你思考我們實際上如何看待投資與成本的運作機制——如 Edmund 在 de Simon（我們的 COO）所描述、以及他們如何討論——這其實是一個非常細緻、縝密的討論。

These are all critically important. So understand some of how we look at that. But the real the real breakthrough here is not just cost efficiency, right? This is the real breakthrough is delivering client value.

這些全都極其重要。所以請理解我們如何看待其中一些面向。但這裡真正的、真正的突破不只是成本效率，對吧？真正的突破在於為客戶交付價值。

Literally, it's the revenue part of this and the service part of this. So it's more revenue, better retention of that revenue, all these things factor in and this is where we want to absolutely -- this is where we've got to get yield to get return, not just efficiency.

坦白說，這關乎其中的營收部分與服務部分。所以是更多營收、更好的營收留存，所有這些因素都會納入考量；而這正是我們絕對——我們必須取得產出、取得回報的地方，而不只是效率。

So again, back to some of the earlier questions on the call around sort of the zero-sum game that everything boils down and gets smaller and smaller. For us, it's bigger and bigger with opportunities. That is a revenue conversation.

所以再回到先前電話會議中一些較早的問題，關於所謂零和博弈——一切都被壓縮、變得越來越小。對我們而言，機會是越來越大、越來越多。那是一場關於營收的對話。

That's a productivity conversation that's beyond efficiency and this is where we have seen some breakthroughs this is really what's like a lot of our work to accelerate, not just taking costs out. We've done that before and continue to do that in a bit more different. So we're truly helping clients do things they couldn't have done before.

那是一場超越效率的生產力對話；而這正是我們看到一些突破的地方——這也確實是我們大量工作要加速的重點，不只是削減成本。我們以前做過，現在也持續在做，只是方式有些不同。因此我們是真正在幫助客戶做到他們以前做不到的事。

Really appreciate it. Thank you.

非常感謝。謝謝。

Cave Montazeri, Deutsche Bank.

Cave Montazeri，德意志銀行。

Thank you. So we started investing in ABS over 10 years ago, and I think until recently from the outside, we felt like it was primarily a margin expansion story.

謝謝。我們在 10 多年前就開始投資 ABS，我想直到最近，從外部看起來，它主要是一個利潤率擴張的故事。

But now, and you've mentioned that several times on the call today, it really looks like we're seeing the tangible impact on organic as well, and we can't really see the flywheel effect that you guys are talking about.

但現在——而且你們今天在電話會議中也多次提到——看起來我們也開始看到對有機成長的具體影響，而我們也確實能看到你們所說的飛輪效應。

Now, others have noticed, and everyone now wants to be a bit more like you guys and build their own version of ABS. How important is it for you to have that first mover advantage?

現在，其他人也注意到了，大家都想更像你們一樣，打造他們自己的 ABS 版本。對你們而言，先行者優勢有多重要？

Because as more of your peers implement their own version of ABS, will those efficiencies and better analytical tools become commoditized? Or is there like a real note to being early in that others will always be playing catch up because you keep on investing and getting better at ABS?

因為當更多同業導入他們自己的 ABS 版本時，這些效率提升與更好的分析工具會不會變成商品化？還是說，提早布局本身就有真正的護城河——其他人會一直在追趕，因為你們持續投資並讓 ABS 變得更好？

Listen, really, I appreciate the question. And it is the question of the day in terms of sort of when you think about sort of the evolution.

聽著，我非常感謝這個問題。而就演進的角度來看，這確實是當下最關鍵的問題。

I would really start and emphasize again, this starts with client need, how it's evolving over time and how we respond to it. We're responding to client need that's the strategy.

我會先再次強調：這一切始於客戶需求——它如何隨時間演變，以及我們如何回應。我們是在回應客戶需求；那才是策略。

Again, AI is not a strategy serving clients in a more effective way as their risks increase, that's the strategy. And if you think about what's required to do that, this is where we come back to, we have been.

再說一次，AI 不是策略；以更有效的方式服務客戶、在其風險上升時協助他們，才是策略。而如果你思考要做到這點需要什麼，這就回到我們一直在做的事情。

It's taken a long time. It's hard to pull this together and it isn't just the analytics and the data that's critical. You don't have the raw quantity and then turn it into quality in a way you can ingest it, curate it, you don't have anything. So that's taken a long time.

這花了很長時間。要把這些整合起來很困難，而且關鍵不只是分析與數據。若沒有足夠的原始量，並把它轉化為可被吸收、可被整理與策展的品質，你就什麼也做不了。所以這花了很長時間。

By the way, ABS was doing cost and that for us. So important. We had great reinsurance data. We had great commercial risk data, great health data, but they weren't connected. Now we've got them connected in a way that we've not ever seen before.

順帶一提，ABS 對我們而言也在做成本相關的事——非常重要。我們有很好的再保數據、很好的商業風險數據、很好的健康數據，但它們彼此沒有連結。現在我們把它們連結起來，達到我們以前從未見過的程度。

The analytics of that result in these capabilities. But also be clear, this isn't about analytics at one level it's about organization, it's about alignment. Risk capital and human capital, we broke our firm down organizationally and rebuilt it to connect the dots around risk capital.

由此產生的分析帶來這些能力。但也要說清楚：這不只是某個層面的分析而已，還關乎組織、關乎對齊。風險資本與人力資本——我們在組織上拆解公司並重新建構，以便圍繞風險資本把各點連起來。

This is reinsurance and commercial risk. So imagine reinsurance content and insight into a commercial risk decision process.

這涵蓋再保與商業風險。所以想像一下：把再保的內容與洞見帶入商業風險的決策流程。

This is a massive change in terms of sort of insight for clients. So for us, the organizational change, absolutely important. The analytics in ABS, absolutely important. And then the way we go to market, and we described it before around enterprise client and a connected global firm, that sounds trivial, but it's powerful.

這對客戶洞見而言是巨大的改變。所以對我們來說，組織變革絕對重要；ABS 的分析絕對重要；然後是我們的市場進入方式——我們之前也描述過，圍繞企業客戶與一個連結的全球公司。這聽起來微不足道，但力量很大。

Clients should not be negotiating or trying to understand Aon. We should understand them and bring the integrated firm. If we bring the integrated firm, Aon client leadership, with capabilities that never existed before, Aon business services.

客戶不應該在談判或試圖理解 Aon。我們應該理解他們，並帶來整合的公司。如果我們帶來整合的公司——Aon 的客戶領導力、以前從未存在過的能力，以及 Aon 商業服務。

Driven by a set of analytics not seen before, that's what, for us, is the wow. And if we can do that, that's a revenue-driven engine and we're just going to keep investing in that engine and driving that engine and the outcome, and don't miss this part that Edmund described, this is about not just in the next five years' performance.

再加上一套前所未見的分析所驅動——這就是對我們而言的「哇」。如果我們能做到，那就是一個以營收驅動的引擎；我們會持續投資這個引擎、推動這個引擎與其成果。也別忽略 Edmund 所描述的那一點：這不只是關於未來五年的表現。

This is, as you think about our terminal value, if you want to look at it that way, this is a bigger market. Data centers are a bigger market.

而是——如果你用那種方式來看我們的終端價值——這是一個更大的市場。資料中心是一個更大的市場。

Solving fiber is a bigger market and then the way to serve that market requires real expertise, new expertise, which means if you've got it, you're going to win more share and if you win more share, you're going to create more value and value means you have the opportunity to deliver for clients and for shareholders.

解決光纖問題是一個更大的市場；而服務該市場的方式需要真正的專業、新的專業。這意味著，如果你具備這些能力，你就會贏得更多市占；而如果你贏得更多市占，你就會創造更多價值；而價值代表你有機會為客戶與股東交付成果。

On margin, you could do both. So that's really the, that's really, that's our mission, that's our view and, we feel fortunate we made progress to be clear, we got the hammer down. We see the opportunity here for clients, and we're going to keep driving it.

在利潤率方面，你可以兩者兼得。所以這就是——這就是我們的使命、我們的觀點。而且我們覺得很幸運，我們已經取得進展；但要說清楚，我們已經全力以赴。我們看到了為客戶帶來的機會，而我們會持續推動。

Thank you. And then my follow-up question was on this personal line exposure that you said was less than, I think, 2% of premium. Could you kind of remind us like how that came about? Is that something that's kind of you want to keep that's core to Aeon or that your clients ask for?

謝謝。那我的追問是關於你提到的個人險曝險，你說保費占比不到——我想是 2%。你能否提醒我們這是怎麼形成的？這是你們想保留、屬於 Aon 核心的業務，還是客戶會要求你們提供？

I just, a quick overview. Just first of all, these are, this is complex, some of us, the piece we serve. This is higher net worth individuals, sometimes tied into businesses, really trying to think about what they're up to. We're working hard to support that.

我簡要說明一下。首先，這是複雜的——就我們所服務的那一塊而言。這是高淨值個人，有時與企業綁在一起，確實需要理解他們在做什麼。我們正努力提供支持。

So I don't want to dismiss that as not complex, but it's a very small part of what we do. It's less than 2%, sometimes comes with the businesses overall. So put it in context, understand it's not priority, but it's also important. Devin, go ahead.

所以我不想把它說得好像不複雜，但它在我們整體業務中占比很小。不到 2%，有時是隨著整體企業業務一起帶進來的。所以放在脈絡中看，理解它不是優先事項，但它也很重要。Devin，你來補充。

Yes and the way that we've sort of -- the majority of our personal lines business has come as part of the acquisitions that we've been doing over the past decade, right? We've done over 150 acquisitions. And you actually see us continue to have active portfolio management where we look to focus on our core, the higher-growth core businesses.

是的。我們的個人險業務大多是過去十年所做併購的一部分而來，對吧？我們做了超過 150 起併購。而你也會看到我們持續進行積極的投資組合管理，聚焦在我們的核心——成長更快的核心業務。

You've actually seen us have cash from dispositions. It was over $730 million in 2024 that comes from the disposition of the personal lines business as we continue go through our portfolio hygiene here.

你也確實看到我們透過處分取得現金。2024 年超過 7.3 億美元，來自於處分個人險業務；我們在這裡持續進行投資組合的「衛生管理」。

So that's why it's at that percentage, and I would say, continuing to shrink as we move forward here because we're super focused on our core Risk Capital and Human Capital business.

所以這就是為什麼它會是那個占比；而我會說，隨著我們往前推進，它還會持續縮小，因為我們非常聚焦在核心的風險資本與人力資本業務。

Thank you.

謝謝。

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

也謝謝你。現在我想把電話會議交回給 Greg Case 作結語。

Just wanted to say thank you to everyone for joining the call. We appreciate it and look forward to the next quarter.

我只想對各位參與本次電話會議表示感謝。我們非常感激，也期待下一季再見。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話線，祝您有美好的一天。