威達信集團 (MMC) 2023 Q4 法說會逐字稿

Welcome to Marsh & McLennan's Earnings Conference call. Today's call is being recorded. Fourth quarter 2023 financial results and supplemental information were issued earlier this morning. They are available on the company's website at marshmclennan.com.

歡迎參加 Marsh & McLennan 的財報電話會議。今天的通話正在錄音。今天早上早些時候發布了 2023 年第四季度財務業績和補充資訊。您可以在公司網站 marshmclenan.com 上取得這些資訊。

Please note that remarks made today may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the variety of factors may cause actual results to differ materially from those contemplated by such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, including our most recent Form 10-K, all of which are available on the Marsh McLennan website.

請注意，今天發表的言論可能包含前瞻性陳述。前瞻性陳述存在風險和不確定性，各種因素可能導致實際結果與此類陳述預期的結果有重大差異。有關這些因素的更詳細討論，請參閱我們本季的收益發布以及我們最近向 SEC 提交的文件，包括我們最新的 10-K 表格，所有這些都可以在 Marsh McLennan 網站上獲取。

During the call today, we may also discuss certain non-GAAP financial measures. For a reconciliation of these measures to the most closely comparable GAAP measures, please refer to the schedule in today's earnings release. (Operator Instructions)

在今天的電話會議中，我們也可能討論某些非公認會計準則財務指標。有關這些指標與最接近的公認會計原則指標的調節，請參閱今天的收益報告中的時間表。 （操作員說明）

I'll now turn this over to John Doyle, President and CEO of Marsh McLennan.

現在我將把這個問題交給 Marsh McLennan 總裁兼執行長 John Doyle。

Good morning, and thank you for joining us to discuss our fourth quarter results reported earlier today. I'm John Doyle, President and CEO of Marsh McLennan. Joining me on the call today is Mark McGivney, our CFO; and the CEOs of our businesses: Martin South of Marsh, Dean Klisura of Guy Carpenter, Martine Ferland of Mercer, and Nick Studer of Oliver Wyman. Also with us this morning is Sarah Dewitt, Head of Investor Relations.

早安，感謝您加入我們討論今天早些時候報告的第四季度業績。我是約翰‧道爾 (John Doyle)，達信集團 (Marsh McLennan) 總裁兼執行長。今天和我一起參加電話會議的是我們的財務長馬克‧麥吉夫尼 (Mark McGivney)；以及我們企業的執行長：Marsh 的 Martin South、Guy Carpenter 的 Dean Klisura、Mercer 的 Martine Ferland 和 Oliver Wyman 的 Nick Studer。今天早上與我們在一起的還有投資者關係主管莎拉‧德威特 (Sarah Dewitt)。

2023 was an outstanding year for Marsh McLennan. Total revenue grew 10% to $22.7 billion. We generated 9% underlying revenue growth, continuing our best period of growth in more than 2 decades with each of our businesses delivering strong results. Adjusted operating income grew 17% to $5.6 billion. This is on top of 11% growth in 2022. Our adjusted operating margin increased 130 basis points marking the 16th consecutive year we've reported margin expansion. And adjusted EPS grew 17%.

2023 年對馬什·麥克倫南 (Marsh McLennan) 來說是輝煌的一年。總營收成長 10%，達到 227 億美元。我們實現了 9% 的基本營收成長，延續了 20 多年來的最佳成長時期，我們的每項業務都取得了強勁的業績。調整後營業收入成長 17%，達到 56 億美元。在此基礎上，2022 年將實現 11% 的成長。調整後的營業利潤率增加了 130 個基點，標誌著我們連續第 16 年報告利潤率擴張。調整後每股收益成長 17%。

We invested $1.6 billion in acquisitions that added to our talent capabilities and scale. This was our largest year for acquisitions in nearly 2 decades, aside from 2019 when we acquired JLT. Our acquisition of Graham expanded MMA's mid-Atlantic presence, Honan strengthen in our Australian middle-market business and our transaction with Westpac created one of Australia's most competitive super funds.

我們投資了 16 億美元進行收購，增強了我們的人才能力和規模。除了 2019 年收購 JLT 之外，今年是我們近 20 年來收購規模最大的一年。我們對 Graham 的收購擴大了 MMA 在大西洋中部的影響力，Honan 加強了我們在澳洲中間市場的業務，而我們與 Westpac 的交易創建了澳洲最具競爭力的超級基金之一。

At the same time, we continue to optimize our portfolio with the sale of 2 administration businesses at Mercer, which closed on January 1, 2024. And we delivered significant capital return to shareholders, raising our dividend by 20% and completing $1.15 billion of share repurchases. I'm proud of what our team achieved in 2023. Our colleagues executed on key initiatives and generated value for clients and shareholders.

同時，我們繼續優化我們的投資組合，出售了美世的2 項管理業務，該交易已於2024 年1 月1 日完成。我們為股東帶來了可觀的資本回報，將股息提高了20% ，並完成了11.5 億美元的股份發行回購。我為我們的團隊在 2023 年取得的成就感到自豪。我們的同事執行了關鍵舉措，並為客戶和股東創造了價值。

Our performance reflects execution of a well-defined strategy, which includes building a culture that attracts and retains top talent, strengthening our capabilities through organic and inorganic investment, positioning ourselves in segments and geographies with attractive growth and margin profiles, leveraging data, insights and innovation to support clients and managing uncertainty and finding new opportunities and delivering the power of Marsh McLennan's perspective to help clients thrive.

我們的績效反映了明確策略的執行，其中包括建立吸引和留住頂尖人才的文化，透過有機和無機投資增強我們的能力，將自己定位於具有有吸引力的成長和利潤狀況的細分市場和地區，利用數據、見解和創新以支持客戶、管理不確定性、尋找新機會並發揮達信麥克倫南 (Marsh McLennan) 觀點的力量來幫助客戶蓬勃發展。

I just returned from the World Economic Forum, where geopolitical, economic, climate, technology and social risks were all very much top of mind for business and government leaders. Marsh McLennan is uniquely positioned to help clients manage the broad range of outcomes they're confronting from these issues. The launch of the Unity facility with Ukraine in November is a great example. Marsh, Oliver Wyman and Guy Carpenter came together to create an innovative insurance solution through a public-private partnership. Unity is now providing access to affordable war risk insurance for grain shipments in the Black Sea. The Ukrainian government's ambition is for the facility to enable nearly 1,000 shipments annually helping to support their economy and global food security. Launching this facility was a proud moment for us, and I can't think of a better example of our purpose, our capabilities and our impact in action.

我剛從世界經濟論壇回來，地緣政治、經濟、氣候、科技和社會風險都是商界和政府領導人最關心的問題。達信麥克倫南 (Marsh McLennan) 擁有獨特的優勢，可以幫助客戶管理他們因這些問題而面臨的各種結果。 11 月與烏克蘭合作推出的 Unity 設施就是一個很好的例子。達信、奧緯諮詢和蓋伊·卡彭特透過公私合作夥伴關係共同創建了創新的保險解決方案。 Unity 現在為黑海穀物運輸提供負擔得起的戰爭風險保險。烏克蘭政府的目標是讓該設施每年運送近 1,000 批貨物，以幫助支持其經濟和全球糧食安全。啟動設施對我們來說是一個值得驕傲的時刻，我想不出比這更好的例子來說明我們的目標、我們的能力和我們的行動影響。

In so many ways, Marsh McLennan is well positioned to address today's challenges, and we are only just beginning to harness our combined capabilities, which are a distinct advantage. We are inspired by the possibilities and consider it a privilege to do this important work.

在很多方面，達信麥克倫南都處於有利地位來應對當今的挑戰，而我們才剛開始利用我們的綜合能力，這是一個明顯的優勢。我們受到各種可能性的啟發，並認為能夠進行這項重要的工作是一種榮幸。

Our business strategy is complemented by a balanced approach to expense and capital management. We focus on generating consistent, strong earnings growth and have a discipline of growing revenue faster than expenses. Our approach to capital allocation delivers results today while investing to sustain growth in the future. And we are implementing new ways to operate, reduce complexity and organize for impact. The strong value propositions of our individual businesses, the upside from bringing our collective strength to clients and our restructuring actions position us well for 2024.

我們的業務策略得到了平衡的費用和資本管理方法的補充。我們專注於實現持續、強勁的獲利成長，並遵守收入成長快於支出的原則。我們的資本配置方法在今天取得成果的同時進行投資以維持未來的成長。我們正在實施新的營運方式、降低複雜性並組織影響力。我們各個業務的強大價值主張、將我們的集體力量帶給客戶的優勢以及我們的重組行動，使我們在 2024 年處於有利地位。

Looking to the year ahead, we continue to see a complex macro environment. Major economies continue to face the risk of recession, but moderating inflation and the possibility of easing interest rates make a soft landing more likely. The geopolitical situation remains unsettled with multiple wars escalating conflict throughout the Middle East and rising tension in the South China Sea. Despite these challenges, we continue to believe there are factors that are supportive of growth in our business.

展望未來一年，宏觀環境依然複雜。主要經濟體繼續面臨衰退風險，但通膨放緩和利率放鬆的可能性使得軟著陸的可能性更大。地緣政治局勢依然不穩定，中東地區多場戰爭、衝突升級，南海局勢緊張。儘管面臨這些挑戰，我們仍然相信有一些因素支持我們的業務成長。

Nominal GDP expectations for 2024 remain healthy for our major markets. While inflation has moderated, it is still elevated, and tight labor markets and supply chain challenges persist. Continued low unemployment and sustained payroll growth support demand and health and benefits and exposure unit growth in workers' compensation. The cost of risk continues to increase as insurers account for rising frequency and severity of catastrophe losses, the risks of social inflation, and higher reinsurance costs. Health care costs driven in part by the rising cost of prescription drugs accelerated in 2023 and are expected to remain elevated. And while short-term interest rates could ease, they remain at the highest level since the financial crisis. As we've stated before, we have a track record of resilience and performance across economic cycles.

我們的主要市場對 2024 年名目 GDP 的預期仍然保持健康。儘管通膨有所緩和，但仍處於較高水平，勞動力市場緊張和供應鏈挑戰仍然存在。持續的低失業率和持續的工資成長支持了需求、健康和福利以及工人報酬的風險單位成長。隨著保險公司考慮到巨災損失的頻率和嚴重程度不斷上升、社會通貨膨脹的風險以及更高的再保險成本，風險成本持續增加。醫療保健成本在 2023 年加速上漲，部分原因是處方藥成本上漲，預計將繼續保持在高位。儘管短期利率可能會下降，但仍處於金融危機以來的最高水準。正如我們之前所說，我們在跨經濟週期的彈性和績效方面擁有良好的記錄。

Now let me turn to insurance and reinsurance market conditions. Primary insurance rates increased for the 25th consecutive quarter with the Marsh Global Insurance Market Index up 2% overall, compared to a 3% increase in the third quarter. Property rates increased 6% versus 7% in the third quarter, and casualty pricing continued to be up low single digits. Workers' compensation decreased slightly, while financial and professional liability rates were down mid-single digits. Cyber pricing decreased modestly after several years of increases.

現在讓我談談保險和再保險市場狀況。主要保險費率連續 25 季上漲，達信全球保險市場指數整體上漲 2%，第三季上漲 3%。財產費率從第三季的 7% 上升了 6%，傷亡事故定價繼續保持低個位數成長。工人賠償略有下降，而財務和專業責任率則下降到中個位數。經過幾年的上漲後，網路定價略有下降。

In reinsurance, the January 1 renewals reflected a market with more balanced trading conditions than a year ago. As we expected, underwriting discipline continued, but the market was more responsive to client objectives. Capacity was generally adequate, and we saw increased demand from clients.

在再保險領域，1 月 1 日的續保反映了市場交易條件比一年前更加平衡。正如我們預期的那樣，承保紀律仍在繼續，但市場對客戶目標的反應更加靈敏。產能整體充足，我們看到客戶的需求增加。

In Global Property cat reinsurance accounts without losses saw rates up modestly while loss-impacted accounts increased between 10% and 30%. Casualty programs face more scrutiny this year with pressure on pro rata ceding commissions and excess of loss pricing. However, casualty capacity was adequate. As always, we are helping our clients navigate these dynamic market conditions.

在全球財產保險中，沒有損失的巨災再保險帳戶的費率小幅上漲，而受損失影響的帳戶則增加了 10% 至 30%。今年，傷亡保險計劃面臨更多審查，面臨按比例放棄佣金和超額損失定價的壓力。然而，傷亡能力是足夠的。一如既往，我們正在幫助客戶應對這些動態的市場狀況。

Now let me briefly turn to our fourth quarter financial performance, which Mark will cover in detail. We generated adjusted EPS of $1.68, which is up 14% versus a year ago. Revenue grew 7% on an underlying basis with 8% growth in RIS and 7% in consulting. Overall, in the fourth quarter, we had adjusted operating income growth of 16% and our adjusted operating margin expanded 130 basis points year-over-year.

現在讓我簡要介紹一下我們第四季的財務業績，馬克將對此進行詳細介紹。調整後每股收益為 1.68 美元，比去年同期成長 14%。收入基本增長 7%，其中 RIS 收入增長 8%，諮詢收入增長 7%。整體而言，第四季度，我們調整後的營業收入成長了 16%，調整後的營業利潤率較去年同期擴大了 130 個基點。

In summary, 2023 was another outstanding year for Marsh McLennan. All of our businesses delivered generating excellent revenue and earnings growth. We executed on our strategic initiatives, invested in high-quality acquisitions, made the largest dividend increase in 25 years and made meaningful share repurchases. Looking forward, we are well positioned for 2024. We expect mid-single-digit or better underlying revenue growth, margin expansion and strong adjusted EPS growth. Our outlook assumes current macro conditions persist. However, meaningful uncertainty remains and the economic backdrop could be materially different than our assumptions.

總而言之，2023 年對 Marsh McLennan 來說又是個出色的一年。我們所有的業務都實現了出色的收入和獲利成長。我們執行了策略性舉措，投資了高品質的收購，實現了 25 年來最大的股息成長，並進行了有意義的股票回購。展望未來，我們為 2024 年做好了充分準備。我們預計基本營收成長將達到中個位數或更好，利潤率將擴大，調整後每股收益將強勁成長。我們的前景假設當前的宏觀狀況持續存在。然而，有意義的不確定性仍然存在，經濟背景可能與我們的假設有很大不同。

With that, let me turn it over to Mark for a more detailed review of our results.

接下來，讓我把它交給馬克，讓他對我們的結果進行更詳細的審查。

Thank you, John, and good morning. Our strong fourth quarter results capped an excellent year. Our consolidated revenue increased 11% in the fourth quarter to $5.6 billion, with underlying growth of 7%. Operating income was $1.1 billion and adjusted operating income was $1.2 billion, up 16% from a year ago. Our adjusted operating margin increased 130 basis points to 23.3%. GAAP EPS was $1.52, adjusted EPS was $1.68, up 14%. Our full year 2023 results were outstanding.

謝謝你，約翰，早安。我們強勁的第四季業績為這一出色的一年畫上了圓滿的句號。第四季我們的綜合營收成長了 11%，達到 56 億美元，基本成長率為 7%。營業收入為 11 億美元，調整後營業收入為 12 億美元，較去年同期成長 16%。調整後的營業利益率增加了 130 個基點，達到 23.3%。 GAAP 每股收益為 1.52 美元，調整後每股收益為 1.68 美元，成長 14%。我們 2023 年全年業績非常出色。

Operating income for the year was $5.3 billion, and adjusted operating income was $5.6 billion, an increase of 17% over 2022. Adjusted EPS grew 17% to $7.99 and our adjusted operating margin expanded 130 basis points, marking our 16th consecutive year of reported margin expansion. 2023 was also a strong year for capital management. We deployed $4 billion of capital, enhanced our short-term liquidity and raised our quarterly dividend 20% and saw Moody's upgrade our senior unsecured debt rating to A3.

本年度營業收入為53 億美元，調整後營業收入為56 億美元，比2022 年增長17%。調整後每股收益增長17%，達到7.99 美元，調整後營業利潤率擴大130 個基點，這標誌著我們連續16 年維持報告利潤率擴張。 2023 年也是資本管理強勁的一年。我們部署了 40 億美元資本，增強了短期流動性，並將季度股息提高了 20%，穆迪將我們的優先無擔保債務評級提升至 A3。

Looking at Risk & Insurance Services. Fourth quarter revenue increased 11% to $3.3 billion or 8% on an underlying basis. This result marks the 11th consecutive quarter of 8% or higher underlying growth in RIS and continues the best stretch of growth in 2 decades. RIS operating income was $753 million in the fourth quarter. Adjusted operating income increased 15% to $791 million, our adjusted margin expanded 140 basis points to 27%. For the full year, revenue in RIS was $14.1 billion, representing an increase of 11% on an underlying basis. Adjusted operating income grew 17% for the year, and our adjusted operating margin in RIS increased 150 basis points to 31.3%.

著眼於風險和保險服務。第四季營收成長 11%，達到 33 億美元，基本成長 8%。這一結果標誌著 RIS 連續第 11 個季度實現 8% 或更高的基本成長，並延續了 20 年來最好的成長勢頭。 RIS 第四季營業收入為 7.53 億美元。調整後營業收入成長 15%，達到 7.91 億美元，調整後利潤率成長 140 個基點，達到 27%。 RIS 全年營收為 141 億美元，基本成長 11%。調整後營業收入全年成長 17%，調整後 RIS 營業利益率增加 150 個基點，達到 31.3%。

At Marsh, revenue in the quarter increased 7% to $2.9 billion or 6% on an underlying basis. For the full year, revenue at Marsh was $11.4 billion, reflecting underlying growth of 8%. In U.S. and Canada, underlying growth was 5% for the quarter, reflecting solid renewal and new business growth despite continued headwinds in financial and professional lines. We also saw a headwind of nearly 1 point from lower flood claims in our MGA business. For the full year, underlying growth in U.S. and Canada was strong at 7%. In International, underlying growth was 7% in the quarter, with Latin America up 11%, Asia Pacific, up 10% and EMEA up 5%. For the full year, underlying growth in International was excellent at 9%.

達信集團本季營收成長 7%，達到 29 億美元，基本成長 6%。達信全年營收為 114 億美元，基本成長率為 8%。在美國和加拿大，本季基本成長率為 5%，反映出儘管金融和專業領域持續面臨阻力，但續訂和新業務成長強勁。我們的 MGA 業務中的洪水索賠下降也帶來了近 1 個百分點的阻力。全年來看，美國和加拿大的基本成長強勁，達到 7%。在國際市場，本季基本成長率為 7%，其中拉丁美洲成長 11%，亞太地區成長 10%，歐洲、中東和非洲成長 5%。全年來看，國際業務的基本成長率高達 9%。

Guy Carpenter's revenue was $252 million, up 9% on an underlying basis, driven by growth across Global Specialties in most regions. For the year, Guy Carpenter generated $2.3 billion of revenue and 10% underlying growth, our strongest year since 2003.

蓋伊·卡彭特 (Guy Carpenter) 的收入為 2.52 億美元，基本上增長了 9%，這主要得益於全球特種產品在大多數地區的增長。今年，Guy Carpenter 創造了 23 億美元的收入和 10% 的基本成長，這是我們自 2003 年以來最強勁的一年。

In the Consulting segment, fourth quarter revenue was $2.3 billion, up 10% from a year ago or 7% on an underlying basis. Consulting operating income was $443 million, and adjusted operating income was $480 million, up 18%. Our adjusted operating margin expanded 130 basis points in the quarter to 21.3%. For the full year, Consulting revenue was $8.7 billion, an increase of 7% on an underlying basis. Adjusted operating income for the year increased 13% and to $1.7 billion, and our adjusted operating margin increased 70 basis points to 20.4%.

在諮詢領域，第四季營收為 23 億美元，比去年同期成長 10%，基本成長 7%。諮詢營業收入為 4.43 億美元，調整後營業收入為 4.8 億美元，成長 18%。本季調整後的營業利潤率擴大了 130 個基點，達到 21.3%。全年諮詢收入為 87 億美元，基本成長 7%。今年調整後營業收入成長 13%，達到 17 億美元，調整後營業利益率成長 70 個基點，達到 20.4%。

Mercer's revenue was $1.4 billion in the quarter, reflecting underlying growth of 5%. This was Mercer's 11th straight quarter of 5% or higher underlying growth and continues the best run of growth in 15 years. Health grew 9% in the fourth quarter, reflecting strength in employer and government segments and momentum across all regions. Wealth was up 4%, driven by growth in investment management and DB administration. Our assets under management were $420 billion at the end of the fourth quarter, up 11% sequentially and up 22% compared to the fourth quarter of last year. Year-over-year growth was driven by our transaction with Westpac, a rebound in capital markets and positive net flows. Career revenue increased 1%, reflecting tough comparables following a period of strong growth in the rewards space. For the year, revenue at Mercer was $5.6 billion, an increase of 7% on an underlying basis, the best result since 2008.

美世公司本季的營收為 14 億美元，基本成長率為 5%。這是美世連續第 11 個季度實現 5% 或更高的基本成長，並延續了 15 年來的最佳成長勢頭。第四季醫療保健成長了 9%，反映了雇主和政府部門的實力以及所有地區的勢頭。在投資管理和資料庫管理成長的推動下，財富成長了 4%。截至第四季末，我們管理的資產規模為 4,200 億美元，比上一季成長 11%，比去年第四季成長 22%。年比成長是由我們與西太平洋銀行的交易、資本市場的反彈和正淨流量所推動的。職業收入成長了 1%，反映了在獎勵領域經歷一段時期的強勁成長之後，可比收入的嚴峻情況。美世今年的營收為 56 億美元，基本上成長 7%，是自 2008 年以來的最佳業績。

Oliver Wyman's revenue in the fourth quarter was $856 million, an increase of 9% on an underlying basis, reflecting strength in Europe and the Middle East. For the full year, Oliver Wyman's revenue was $3.1 billion, reflecting underlying growth of 8%.

奧緯諮詢第四季營收為 8.56 億美元，基本成長 9%，反映了歐洲和中東地區的實力。奧緯諮詢全年營收為 31 億美元，基本成長率為 8%。

Adjusted corporate expense was $78 million in the quarter. Foreign exchange had very little impact on earnings in the fourth quarter and was a $0.07 headwind for the full year. Assuming exchange rates remain at current levels, we expect FX will have a negligible impact on the first quarter and full year of 2024.

本季調整後的公司費用為 7,800 萬美元。外匯對第四季度收益的影響很小，對全年收益的影響為 0.07 美元。假設匯率保持在當前水平，我們預計外匯對 2024 年第一季和全年的影響可以忽略不計。

Total noteworthy items in the quarter were $90 million, the majority of which related to our restructuring actions partly offset by a $58 million gain related to a legal settlement.

本季值得注意的項目總額為 9,000 萬美元，其中大部分與我們的重組行動有關，部分被與法律和解相關的 5,800 萬美元收益所抵銷。

We reported $131 million of total restructuring costs approximately $113 million of which relates to the program we launched in the fourth quarter of 2022. These charges largely reflect costs related to severance, lease exits and streamlining our technology environment. We expect total charges under this program of approximately $475 million and expect total savings of roughly $400 million, of which approximately $230 million was realized in 2023. We expect to realize the bulk of the remaining savings in 2024. To date, we have incurred approximately $440 million of charges under this program.

我們報告的重組成本總額為 1.31 億美元，其中約 1.13 億美元與我們在 2022 年第四季度啟動的計劃有關。這些費用主要反映了與遣散費、租賃退出和簡化我們的技術環境相關的成本。我們預計該計劃的總費用約為4.75 億美元，預計總節省額約為4 億美元，其中約2.3 億美元將在2023 年實現。我們預計將在2024 年實現剩餘的大部分節省。迄今為止，我們已節省了大約4 億美元。該計劃下的費用為 4.4 億美元。

Our other net benefit credit was $59 million in the quarter and $239 million for the full year. For 2024, we currently expect our other net benefit credit will be up slightly. Cash contributions to our global defined benefit plans were $111 million in 2023. We expect a similar amount in 2024.

本季我們的其他淨收益信貸為 5,900 萬美元，全年為 2.39 億美元。對於 2024 年，我們目前預計其他淨收益信貸將略有增加。 2023 年，我們對全球設定受益計畫的現金貢獻為 1.11 億美元。我們預計 2024 年的金額將與此類似。

Investment income was a loss of $1 million in the fourth quarter on both at GAAP and adjusted basis, and we are currently projecting any investment income in the first quarter of 2024. Interest expense in the fourth quarter was $151 million, up from $127 million in the fourth quarter of 2022, reflecting higher levels of debt and higher interest rates. Based on our current forecast, we expect interest expense for the full year 2024 of approximately $625 million with $159 million in the first quarter.

根據GAAP 和調整後的基礎，第四季的投資收入虧損100 萬美元，我們目前預計2024 年第一季的投資收入將出現。第四季的利息支出為1.51 億美元，高於去年同期的1.27億美元。2022 年第四季度，債務水準較高，利率較高。根據我們目前的預測，我們預計 2024 年全年利息支出約為 6.25 億美元，其中第一季利息支出為 1.59 億美元。

Our adjusted effective tax rate in the fourth quarter was 25.5%. This compares with 22.9% in the fourth quarter last year, which benefited from favorable discrete items. For the full year 2023, our adjusted effective tax rate was 24%, compared with 23.5% in 2022. Both periods benefited from favorable discrete items. When we give forward guidance around our tax rate, we do not project discrete items, which can be positive or negative. Based on the current environment, we expect an adjusted effective tax rate of between 25.5% and 26.5% for 2024.

我們第四季調整後的有效稅率為25.5%。相比之下，去年第四季的成長率為 22.9%，受益於有利的離散項目。 2023 年全年，我們調整後的有效稅率為 24%，而 2022 年為 23.5%。這兩個時期都受益於有利的離散項目。當我們就稅率提供前瞻性指引時，我們不會預測離散項目，這些項目可能是正數，也可能是負數。根據目前環境，我們預計2024年調整後的有效稅率在25.5%至26.5%之間。

Turning to capital management and our balance sheet. We ended the year with total debt of $13.5 billion. Our next scheduled debt maturities are in the first quarter of 2024 when $1 billion of senior notes mature. And in the second quarter, when another $600 million of notes come due. Recall that last September, we issued $1.6 billion of new debt to fund these maturities.

轉向資本管理和我們的資產負債表。年底我們的債務總額為 135 億美元。我們的下一個預定債務到期日為 2024 年第一季度，屆時 10 億美元的優先票據到期。第二季度，又有 6 億美元的票據到期。回想一下，去年 9 月，我們發行了 16 億美元的新債務來為這些到期資金提供資金。

Our cash position at the end of the fourth quarter was $3.4 billion, uses of cash in the quarter totaled $1.1 billion, included $354 million for dividends, $486 million for acquisitions and $250 million for share repurchases. For the year, uses of cash totaled $4 billion and included $1.3 billion for dividends, $1.6 billion for acquisitions and $1.15 billion for share repurchases.

截至第四季末，我們的現金部位為 34 億美元，本季現金使用總額為 11 億美元，其中包括 3.54 億美元用於股利、4.86 億美元用於收購以及 2.5 億美元用於股票回購。全年現金使用總額為 40 億美元，其中 13 億美元用於股息，16 億美元用於收購，11.5 億美元用於股票回購。

I want to take a minute to reiterate our approach to capital management. We have consistently followed a balanced capital management strategy that helps us deliver solid performance in the near term while investing for sustained growth over the long term. We prioritize investment in our business, both through organic investments and acquisitions. We favor attractive acquisitions over share repurchases and believe they are the better value creator for shareholders and the company over the long term. However, we also recognize that returning capital to shareholders generates meaningful returns for investors over time. And each year, we target raising our dividend and reducing our share count.

我想花一點時間重申我們的資本管理方法。我們一貫遵循平衡的資本管理策略，這有助於我們在短期內實現穩健的業績，同時投資於長期的持續成長。我們優先透過有機投資和收購對我們的業務進行投資。與股票回購相比，我們更傾向於有吸引力的收購，並相信從長遠來看，它們可以為股東和公司創造更好的價值。然而，我們也意識到，隨著時間的推移，向股東返還資本可以為投資者帶來有意義的回報。每年，我們的目標都是提高股利並減少股票數量。

Looking ahead to 2024, based on our outlook today, we expect to deploy approximately $4.5 billion of capital across dividends, acquisitions and share repurchases. The ultimate level of share repurchase will depend on how the M&A pipeline develops.

展望 2024 年，根據我們今天的展望，我們預計將在股利、收購和股票回購方面部署約 45 億美元的資本。股票回購的最終水準將取決於併購管道的發展。

As John noted, there is significant uncertainty in the outlook for the global economy. However, we feel good about our momentum and position and despite the uncertainty, there are factors that remain supportive of growth. For 2024, we currently expect mid-single-digit or better underlying revenue growth, margin expansion and strong growth in adjusted EPS.

正如約翰所指出的那樣，全球經濟前景存在著很大的不確定性。然而，我們對我們的勢頭和地位感到滿意，儘管存在不確定性，但仍有一些因素支持成長。對於 2024 年，我們目前預計基本營收成長將達到中個位數或更高，利潤率將擴大，調整後每股盈餘將強勁成長。

With that, I'm happy to turn it back to John.

有了這個，我很高興將其轉回給約翰。

Thank you, Mark. Andrew, we're ready to begin Q&A.

謝謝你，馬克。安德魯，我們準備開始問答。

(Operator Instructions) And our first question comes from the line of Elyse Greenspan with Wells Fargo.

（操作員說明）我們的第一個問題來自愛麗絲·格林斯潘與富國銀行的線路。

My first question. Earlier this week, we had another insurance broker who's updating their reported EPS metric to back out intangibles. So that does leave you guys as the only broker peer, right, that doesn't back out intangibles out of your adjusted EPS figure. If you guys giving consideration to moving towards what's become industry common practice?

我的第一個問題。本週早些時候，另一家保險經紀人正在更新其報告的每股收益指標以取消無形資產。因此，這確實讓你們成為唯一的經紀商同行，對吧，這並沒有從調整後的每股盈餘數據中剔除無形資產。你們是否考慮轉向業界慣例？

Mark, maybe you could comment on that?

馬克，也許你可以對此發表評論？

Elyse, we don't have any current plans to change our reporting. We do provide amortization and other information that allows you to stack us up against other companies, but we don't plan to change how we report at this point.

Elyse，我們目前沒有任何改變我們的報告的計劃。我們確實提供攤銷和其他信息，使您可以將我們與其他公司進行比較，但我們目前不打算改變我們的報告方式。

Okay. And then my...

好的。然後我的...

Do you have a follow-up, Elyse?

你有後續行動嗎，愛麗絲？

Yes, my second question on -- I was hoping to get more color on both the U.S. and Canada and EMEA, which did see growth slow in the quarter? I know Mark alluded to one point headwind from lower flood business within the U.S. and Canada. I wasn't sure if there was anything else to point out in the quarter. And also hoping to get similar color on anything one-off within organic growth within EMEA as well.

是的，我的第二個問題是——我希望獲得有關美國、加拿大和歐洲、中東和非洲地區的更多信息，這些地區本季度的增長確實放緩？我知道馬克提到了美國和加拿大洪水業務減少帶來的一點阻力。我不確定本季是否還有其他需要指出的事情。並且還希望在歐洲、中東和非洲地區的有機成長中一次獲得類似的顏色。

Sure. Sure, Elyse. And I'll make a couple of comments and then ask Martin to jump in. First of all, Marsh had an excellent year of growth at 8% underlying revenue growth for the year, a strong finish to the year. We saw a fourth quarter of 2022 have slightly lower underlying growth as well. But we feel like we're very well positioned. Mark made a few comments about the growth in the quarter. But Martin, maybe you can add a little bit more color.

當然。當然，愛麗絲。我將發表一些評論，然後請 Martin 插話。首先，Marsh 的成長非常出色，全年基本收入成長了 8%，為這一年畫上了圓滿的句號。我們發現 2022 年第四季的基本成長也略有下降。但我們覺得我們處於非常有利的位置。馬克對本季的成長發表了一些評論。但是馬丁，也許你可以添加一點色彩。

Yes. Thank you, John. As you said, we had a very good year with 7% growth this year and last for the quarter, 5% growth was also the same as the prior year. MMA had an outstanding performance driven really by great retention and new business. Our M&A pipeline is robust. The U.S. business continued to perform well. Some headwinds in the capital markets activity and pressure on financial lines but our advisory business grew. It was partially offset by Canada, which is impacted more by a macro headwinds. And of course, we manage the lower flood claims in the MGA business.

是的。謝謝你，約翰。正如您所說，我們度過了非常好的一年，今年成長了 7%，上一季也成長了 5%，與去年持平。 MMA 取得了出色的業績，這實際上是由大量的保留和新業務推動的。我們的併購通路十分強勁。美國業務繼續表現良好。資本市場活動面臨一些阻力，金融領域面臨壓力，但我們的顧問業務有所成長。加拿大受到宏觀逆風的影響更大，部分抵消了這種影響。當然，我們也管理 MGA 業務中較低的洪水索賠。

So in EMEA, we had an excellent year in EMEA, and 9% growth. Q4 was 5% growth. The European business within EMEA is the smallest quarter by some margin. And so it's susceptible to some slowdown in some of the projects. We had a very strong year, strong quarter in the Middle East, steady results in the U.K. And so that was really it. Nothing remarkable strong momentum we'd expect to be very confident going into next year.

因此，在 EMEA 地區，我們度過了出色的一年，實現了 9% 的成長。第四季成長 5%。歐洲、中東和非洲地區的歐洲業務在某種程度上是最小的季度。因此，某些項目可能會放緩。我們度過了非常強勁的一年，中東地區強勁的季度，英國穩定的業績，所以事實就是如此。我們預計明年不會有任何令人矚目的強勁勢頭。

Thanks, Martin. So Elyse, FINPRO pricing, as Mark mentioned, flood claims, and the continued slow M&A environment, all factored in, in the U.S. But again, we feel like we're very well positioned and demand is quite strong for us in 2024.

謝謝，馬丁。因此，正如馬克所提到的，Elyse、FINPRO 定價、洪水索賠以及持續緩慢的併購環境，所有這些都考慮到了美國。但我們再次認為，我們處於非常有利的位置，2024 年對我們的需求相當強勁。

Our next question comes from the line of Jimmy Bhullar with JPMorgan.

我們的下一個問題來自摩根大通的吉米·布拉爾 (Jimmy Bhullar)。

So first, just a question on the reinsurance brokerage business. Obviously, prices this year haven't gone up like they did last year. But what have you seen in terms of terms and conditions and buying behavior? Because last year, we saw the primaries retain a lot of risk and attachment points went up. Have those come back down? Or are like sort of terms and structures programs similar to how they were last year?

首先，我想問一個關於再保險經紀業務的問題。顯然，今年的價格並沒有像去年那樣上漲。但您在條款與條件以及購買行為上看到了什麼？因為去年，我們看到初選保留了許多風險，附著點上升了。那些都回來了嗎？或者類似的條款和結構計劃與去年相似嗎？

Yes. And thanks for the question, Jimmy. Guy Carpenter just had an excellent year, in helping clients navigate what was a very, very choppy market in 2023. We certainly began 2024 with a more orderly market, but growth was outstanding, and I feel terrific about how we're positioned to help clients going forward. But Dean, maybe you could share a little bit more insight on the market on 1/1.

是的。謝謝你的提問，吉米。蓋伊·卡彭特(Guy Carpenter) 剛剛度過了出色的一年，幫助客戶應對2023 年非常非常動蕩的市場。2024 年，我們的市場確實更加有序，但增長非常出色，我對我們能夠如何提供幫助感到非常滿意客戶前進。但 Dean，也許你可以在 1 月 1 日分享更多關於市場的見解。

Sure. Thanks, John. And Jimmy, let me give you a little bit more color on the 1/1 renewal in reinsurance. As John stated, we saw a balanced reinsurance market at the January 1 renewal. Overall, capacity was adequate for the completion of most programs across products and classes of business. Capacity did increase given rebounding capital in the marketplace and improved reinsurer returns in 2023, we estimate the dedicated reinsurance capital increased double digit for the 1/1 renewal.

當然。謝謝，約翰。吉米，讓我為您提供更多有關再保險 1/1 續保的資訊。正如約翰所說，我們在 1 月 1 日續保時看到了平衡的再保險市場。總體而言，容量足以完成跨產品和業務類別的大多數計劃。鑑於 2023 年市場資本反彈和再保險公司回報改善，容量確實有所增加，我們估計 1/1 續保的專用再保險資本將增加兩位數。

Turning to property cat, which I think you're mainly referring to. As John noted, was more consistent trading rhythm than last year. Capacity overall was adequate to cover most non-frequency exposed layers. But as John noted, reinsurers held firm on terms and conditions. Attachment points did not come down. So reinsurers help on what they achieved in 2023, continuing to expose our clients' balance sheets to attritional volatility moving forward. So that certainly didn't change. But overall, I thought it was a positive renewal. Clients bought more capacity at the top of cat programs. You saw some of those reported in the marketplace. So clients were able to get more capacity than last year, achieved their objectives, as John noted.

談到財產貓，我認為您主要指的是財產貓。正如約翰指出的那樣，交易節奏比去年更加一致。整體容量足以覆蓋大多數非頻率暴露層。但正如約翰指出的那樣，再保險公司對條款和條件保持堅定。附著點沒有下降。因此，再保險公司將幫助他們在 2023 年取得成就，繼續讓我們客戶的資產負債表面臨未來的消耗波動。所以這當然沒有改變。但總的來說，我認為這是一次積極的更新。客戶在 Cat 計劃的頂部購買了更多容量。您在市場上看到了一些報導。因此，正如約翰指出的那樣，客戶能夠獲得比去年更多的產能，並實現了他們的目標。

John talked about risk-adjusted rate increases for clients with non-loss impacted portfolios. They saw a range of flat to high single-digit kind of rate increases, but clients with cat losses were in the 10% to 30% rate increase range, right? So I think that was pretty robust in both kind of the U.S. and European markets. Maybe a minute on casualty as well. In prior calls, we talked a lot about casualty, and increased scrutiny of casualty portfolios heading into the 1/1 renewal. Reinsurers have been expressing concerns about adverse loss development now for several quarters in real and social inflation.

約翰談到了針對未受損失影響的投資組合的客戶進行風險調整後的利率上調。他們看到了一系列從平到高個位數的費率上漲，但有巨災損失的客戶的費率上漲幅度在 10% 到 30% 之間，對嗎？所以我認為這在美國和歐洲市場都相當強勁。也許還有關於傷亡的一分鐘。在先前的電話會議中，我們談論了很多關於傷亡的問題，並在 1/1 續約前加強了對傷亡投資組合的審查。幾個季度以來，再保險公司一直對實際和社會通膨的不利損失發展表示擔憂。

However, I would say that at 1/1, that pricing movement was more constrained, slightly more muted than we anticipated kind of earlier in the fourth quarter. That said, as John mentioned, there was downward pressure on ceding commissions for quota share contracts and excess of loss contracts saw double-digit rate increases moving forward. But in the casualty renewal, I would say overall capacity was adequate.

然而，我想說的是，在 1/1 時，定價變動比我們在第四季早些時候預期的要更加有限，稍微溫和一些。儘管如此，正如約翰所提到的，配額份額合約的放棄佣金存在下行壓力，而超額損失合約的佣金率將出現兩位數的增長。但在傷患更新方面，我想說整體容量是足夠的。

Thanks, Dean. Jimmy, I would add just in both the insurance and reinsurance market. The pace of loss cost inflation in casualty is the great unknown at the moment. We all know it's increasing. We all see mounting evidence of it, but that's the challenge for all of us in the market to sort through at the moment. Do you have a follow-up?

謝謝，迪恩。吉米，我想補充保險和再保險市場。目前，傷亡損失成本上漲的速度仍是巨大的未知數。我們都知道它正在增加。我們都看到了越來越多的證據，但這是我們市場上所有人目前面臨的挑戰。你有後續行動嗎？

Yes. Just on fiduciary investment income, so it had been increasing at a pretty sharp rate and declined modestly sequentially, is that a function of just what's happened with interest rates or something to do with fiduciary balances or seasonality or something else?

是的。僅就信託投資收入而言，它一直以相當快的速度增長，然後溫和下降，這是否是利率變化的函數，或者與信託餘額或季節性或其他因素有關？

Sure. Mark, do you want to?

當然。馬克，你願意嗎？

Yes, Jimmy, it is seasonality. Our balances tend to have a pattern of seasonality and results in Q4 and Q1 tend to be seasonal lows for average balances. So it's purely a function of that.

是的，吉米，這是季節性的。我們的餘額往往具有季節性模式，第四季和第一季的結果往往是平均餘額的季節性低點。所以這純粹是它的函數。

And our next question comes from the line of Michael Zaremski with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Michael Zaremski。

Back to the organic growth commentary, especially on the brokerage side, loud and clear on kind of some of the pluses and minuses. I didn't hear anything about any influence from maybe a diminishing tailwind from some of the access hires you've made in past years. Is that a dynamic we should be thinking about as we think about '24 and '25?

回到有機成長的評論，特別是在經紀業務方面，對一些優點和缺點的聲音響亮而清晰。我沒有聽說過任何關於過去幾年你們招募的一些接入人員的順風車可能減弱的任何影響。當我們思考「24」和「25」時，我們是否應該考慮這種動態？

Yes. Thanks, Mike. No, I don't think so. We continue to invest both organically and inorganically, maybe not at the pace of, a few years ago, but that's an important metric for us that we track around how we're driving production capacity in all of our businesses. So as I mentioned in my prepared remarks, we think the macro environment continues to be supportive of growth. I mean, our business, nominal GDP, will drive some growth, inflation while easing it's still elevated tight labor markets. We were just talking about the cost of risk in casualty as well. And as a result of that, we think pricing in the market will maintain -- will remain relatively stable as it's been really throughout most of 2023. So we're quite optimistic about 2024. Our outlook is positive.

是的。謝謝，麥克。不，我不這麼認為。我們繼續進行有機和無機投資，也許不像幾年前那樣，但這對我們來說是一個重要的指標，我們可以追蹤我們如何推動所有業務的產能。正如我在準備好的發言中提到的，我們認為宏觀環境繼續支持成長。我的意思是，我們的業務，名目GDP，將推動一些成長和通膨，同時緩解仍然緊張的勞動市場。我們剛才也討論了傷亡風險成本。因此，我們認為市場定價將保持相對穩定，因為它在 2023 年的大部分時間都是如此。因此，我們對 2024 年非常樂觀。我們的前景是積極的。

I would also say a couple of other things. We're a better business entering 2024. We've been working hard at that. Our mix continues to improve. I talked about that a little bit about some of the divestiture activity but also the inorganic investment we made, and we'll continue to invest organically in the business as well, and demand remains strong. So we're excited about 2024.

我還要說一些其他的事情。進入 2024 年，我們的業務變得更好。我們一直在為此努力。我們的組合不斷改善。我談到了一些剝離活動以及我們所做的無機投資，我們也將繼續對業務進行有機投資，需求仍然強勁。所以我們對 2024 年感到興奮。

Understood. And my follow-up is switching gears a little bit to Mercer. In your prepared remarks, I think you made, John, some comments about medical or health inflation. As some of the data points we've seen our -- the medical cost for employers should -- might accelerate in '24. Should that have a tailwind or any influence on the health segment specifically?

明白了。我的後續行動是稍微轉向美世。約翰，在您準備好的演講中，我認為您對醫療或健康通膨發表了一些評論。正如我們所看到的一些數據點——雇主的醫療成本應該——可能會在 24 年加速成長。這是否會對健康領域產生順風或任何影響？

Sure. Sure. Health was a terrific story for us in 2023 and helping employers navigate what's a very, very complex and increasing cost environment, will be very much on the top of our agenda in 2024 as well. Maybe Martin, I'll ask you to comment a little bit about how we finish the year and what your outlook is around health for 2024?

當然。當然。 2023 年，健康對我們來說是一個了不起的故事，幫助雇主應對非常非常複雜且成本不斷增加的環境，也將成為我們 2024 年議程的首要任務。也許馬丁，我會請您談談我們如何結束這一年以及您對 2024 年健康狀況的展望？

Yes. Thanks, John, and thanks, Mike, for the question. We're very pleased with the results in health and we have had a quarter of 9%, a year of 10% in overall sales, and it comes from all regions. And it comes from many places. Of course, full employment does drive good results there, more people to cover in our employers' benefit programs.

是的。謝謝約翰提出的問題，也謝謝麥克提出的問題。我們對健康方面的結果非常滿意，我們的整體銷售額季度增長了 9%，全年增長了 10%，而且來自所有地區。它來自很多地方。當然，充分就業確實會帶來良好的結果，更多的人可以享受我們雇主的福利計劃。

But we also have been invested in innovative and adaptive solutions. And medical cost inflation is there. And what it drives for us is a lot of consulting around trying to help clients and their employees control costs by better design, better fit-for-purpose programs. So we'll see -- there's not a huge portion of our business that is actually directly linked to inflation. We have a lot of fee-based revenue in the business. So usually, whether there's a lot of inflation or inflation abates a little bit is not a big factor in the overall results. I think it's more around access to health care, innovative form of health care like digital health, mental health, good affordability for clients and their employees. That's mostly driving our business results.

但我們也投資於創新和適應性解決方案。醫療費用上漲也存在。它為我們帶來了大量的諮詢服務，試圖透過更好的設計、更適合目的的計劃來幫助客戶及其員工控製成本。所以我們會看到——我們的業務中並沒有很大一部分實際上與通貨膨脹直接相關。我們的業務有很多收費收入。因此，通常情況下，通膨是否嚴重或略有減弱，並不是影響整體結果的重要因素。我認為這更多的是關於獲得醫療保健、創新形式的醫療保健，如數位健康、心理健康、客戶及其員工的良好負擔能力。這主要推動了我們的業務成果。

Our next question comes from the line of David Motemaden with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Motemaden。

I had a question just on Oliver Wyman. And I know a few quarters ago, we spoke about the pipeline that had slowed a little bit, but growth has remained pretty resilient there. I'm wondering if you could just talk about some of the drivers there within Oliver Wyman for organic. And we've seen a few more -- a little bit more activity on the life insurance transaction side, just M&A activity. Is that something that's been an [outsized] driver to results?

我有一個關於奧緯諮詢的問題。我知道幾個季度前，我們談到了管道的速度有所放緩，但那裡的成長仍然相當有彈性。我想知道您是否可以談談奧緯諮詢有機業務的一些驅動因素。我們也看到了更多的情況——人壽保險交易方面的活動增加，只是併購活動。這是導致結果的[巨大]驅動因素嗎？

Yes. Thanks, David. Oliver Wyman had a terrific year. And as we all recall, we had a flat start to 2023. So demand continue to pick up and sales continue to pick up throughout the course of the year, and we had a real strong finish. But Nick, maybe you could share a bit more color on what drove the growth in your outlook a bit.

是的。謝謝，大衛。奧緯諮詢度過了輝煌的一年。我們都記得，2023 年開局平淡。因此全年需求持續回升，銷售持續回升，最終取得了強勁的業績。但是尼克，也許你可以分享更多關於推動你的觀點成長的因素。

Thank you, David, for the question. Yes, 12 months ago, we were coming off a pretty strong year, but we knew the first quarter was going to be tough. And looking back on the year, it was indeed a pretty tough marketplace for many of our competitors and for the industry, and we're very proud of clawing back from that slow start to a strong year. It was pretty wide-based growth.

謝謝大衛提出問題。是的，12 個月前，我們度過了相當強勁的一年，但我們知道第一季將會很艱難。回顧這一年，對於我們的許多競爭對手和整個行業來說，這確實是一個相當艱難的市場，我們非常自豪能夠從緩慢的開局恢復到強勁的一年。這是相當廣泛的增長。

As Mark mentioned in his prepared remarks, our Middle East business grew very strongly, but excellent growth in Europe. We had strong growth in our economic research capabilities as well as in digital, in finance and risk. And some of our other capabilities grew our people organizational performance capability. And I've mentioned a few times that we've been building a restructuring practice. It's still not a big restructuring cycle, but that practice continues to grow very strongly.

正如馬克在準備好的演講中所提到的，我們的中東業務成長非常強勁，但歐洲業務成長也非常出色。我們的經濟研究能力以及數字、金融和風險方面都有強勁成長。我們的一些其他能力提高了我們員工的組織績效能力。我已經多次提到我們一直在建立重組實踐。這仍然不是一個大的重組週期，但這種做法繼續強勁增長。

And across the industry is again broad-based growth in the public sector, which is a strong practice for us, particularly in the Middle East. Good growth in banking. You mentioned life insurance and consolidation. We have a strong insurance practice. We've seen a lot more activity in post-merger integration and M&A across our sectors. And then our transportation and services and our communications, media and technology practices also grew strongly.

整個產業的公共部門再次實現了廣泛的成長，這對我們來說是一個強有力的實踐，特別是在中東。銀行業發展良好。您提到了人壽保險和合併。我們擁有強大的保險業務。我們看到各行業的合併後整合和併購活動越來越多。然後我們的運輸和服務以及我們的通訊、媒體和技術實踐也強勁成長。

And I think it's off the base of just good hiring, good organic growth and also some good inorganic growth. We've made a number of acquisitions over the last few years. We announced one, which we hope to complete in the next couple of months. And both great partner level hires and M&A are helping fuel that growth as well. And so the business is now 50% bigger than it was 3 years ago. That scale, that breadth allows us to play in more places, allows us to help our clients with that big transformative moments.

我認為這是建立在良好的招募、良好的有機成長以及一些良好的無機成長的基礎上的。過去幾年我們進行了多次收購。我們宣布了一項計劃，希望在未來幾個月內完成。優秀的合作夥伴等級的招募和併購也有助於推動這種成長。因此，現在的業務規模比 3 年前擴大了 50%。這種規模、這種廣度使我們能夠在更多的地方開展業務，使我們能夠幫助我們的客戶度過重大的變革時刻。

Thank you, Nick. And David, I would add Oliver Wyman is just one of the ways in which we can show up in a very, very different way in front of clients and prospects. And so we have a unique collection of capabilities certainly with them and the family. Do you have a follow-up, David?

謝謝你，尼克。大衛，我想補充一點，奧緯諮詢只是我們以非常非常不同的方式出現在客戶和潛在客戶面前的方式之一。因此，我們與他們和家人一起擁有獨特的能力。大衛，你有後續行動嗎？

I do, yes. Just a bigger picture question. I just sort of look over the last decade or the decade pre-pandemic Marsh as an enterprise has grown organically in the 3% to 5% range. And we've obviously been well above that over the last 3 years, including 9% here in 2023. There have been a number of tailwinds, but you guys have also been investing in the business. So I'm wondering if you think we can sustainably grow above that 3% to 5% organic growth we saw in the decade pre-pandemic as we think about the next several years.

我願意，是的。只是一個更大的問題。我只是回顧了過去十年或大流行前的十年，達信作為一家企業的有機增長在 3% 到 5% 的範圍內。過去 3 年我們的成長率顯然遠高於這個水平，包括 2023 年的 9%。有很多有利因素，但你們也一直在投資這項業務。因此，我想知道，在我們考慮未來幾年時，您是否認為我們的成長能夠持續高於疫情前十年中 3% 至 5% 的有機成長。

Yes. Thanks, David. Again as I said just a couple of minutes ago, I think we're a better business entering 2024 than we were in 2023. I thought we were an outstanding business leading into 2023, but we've been working hard at being a better growth business for many years now. Part of that is reshaping the mix of business. As we've talked about investing organically and inorganically. We've spent a lot of time refining our client engagement models and investing in sales operations and technology to support sales.

是的。謝謝，大衛。正如我幾分鐘前所說，我認為進入 2024 年我們的業務比 2023 年更好。我認為進入 2023 年我們是一家出色的企業，但我們一直在努力實現更好的增長至今已經營多年。其中一部分是重塑業務組合。正如我們所討論的有機投資和無機投資。我們花了很多時間完善我們的客戶參與模型，並投資於銷售營運和技術來支援銷售。

So I -- and of course, in 2019, we made the biggest acquisition in our history with JLT. So we were building up these capabilities going into 2020 when, of course, the pandemic hit. So I knew we were ready to run coming out of the pandemic. The macro environment, of course, has been supportive since the pandemic. And as I mentioned earlier, we expect the macros to continue to be supportive in 2024. So we think we're well positioned. As I mentioned earlier, we expect mid-single-digit revenue growth or better. So we're excited and quite optimistic heading into the year.

所以我——當然，在 2019 年，我們對 JLT 進行了歷史上最大的收購。因此，我們在 2020 年建立這些能力，當然，當時疫情爆發了。所以我知道我們已經準備好擺脫大流行。當然，自大流行以來，宏觀環境一直是有利的。正如我之前提到的，我們預計 2024 年宏觀經濟將繼續提供支持。因此，我們認為我們處於有利地位。正如我之前提到的，我們預計收入將實現中個位數或更好的成長。因此，我們對新的一年感到興奮和樂觀。

Our next question comes from the line of Robert Cox with Goldman Sachs.

我們的下一個問題來自高盛的羅伯特·考克斯。

So just curious if you could give us some more color on any changes in the middle market operating environment, in particular. And anything you guys are thinking about in terms of competitive dynamics as some large peers enter the space in a bigger way?

因此，我很好奇您能否給我們更多關於中間市場營運環境變化的資訊。隨著一些大型同行以更大的方式進入這個領域，你們在競爭動態方面有什麼想法嗎？

I think you could ask AON about NFP. I'm happy to talk about our middle market offering. We -- I believe we have the best-in-class middle market U.S. platform in MMA. It has been 12 years that we've been building our business here in the United States. And we've been building it out methodically and very, very proud of it. We love competition. And so I'll take our team in the market, but we're excited about our prospects at MMA. And candidly, I think we're just getting started. And when we began this effort 12 years ago, there were 30,000 independent agents in the United States. And today, there are 30,000 independent agents in the United States. So there's much more in front of us. Do you have a follow-up?

我想你可以向 AON 詢問 NFP 的情況。我很高興談論我們的中間市場產品。我相信我們在 MMA 領域擁有美國一流的中間市場平台。我們在美國開展業務已有 12 年了。我們一直在有條不紊地建造它，並為此感到非常非常自豪。我們熱愛競爭。因此，我將帶領我們的團隊進入市場，但我們對 MMA 的前景感到興奮。坦白說，我認為我們才剛剛開始。當我們 12 年前開始這項工作時，美國有 30,000 名獨立特工。如今，美國有 3 萬名獨立代理人。所以我們面前還有更多的事情。你有後續行動嗎？

Yes. So just for a follow-up, maybe going back to the health space. I think you guys have discussed how you're largely compensated on a fee per employee basis. And employment growth is much lower than the 9% organic you achieved in the quarter. So I was just wondering if you could help me understand, is this more consulting new business opportunities out there? Are you raising fees? And maybe is brokerage growing at a similar pace to the headline 9% organic?

是的。因此，作為後續行動，也許會回到健康領域。我想你們已經討論過如何以每位員工的費用為基礎獲得大部分報酬。而且就業成長遠低於本季實現的 9% 的有機成長。所以我想知道你是否可以幫助我理解，這是否更多地諮詢新的商業機會？你們要加費嗎？也許經紀業務的成長速度與標題中的 9% 有機成長速度相似？

Yes. It's I think all of the above, but good sales and a value proposition to clients and prospects that they appreciate very much. I don't know, Martine, do you have anything to add to that?

是的。我認為以上都是，但良好的銷售以及對客戶和潛在客戶的價值主張是他們非常欣賞的。我不知道，馬丁娜，你還有什麼要補充的嗎？

Yes. Well, first a correction. The large part of our business is actually consulting fees. It's not fees per member as you mentioned, Robert. So just to be sure about that. There's a small portion of the business in the U.S. that is fee per participant, but that's the business that we divested. It's more in the NIM business. It's how those businesses are usually paid out. So the bulk of our business, some of it is based on the commission. But as I said, clients are really trying to control cost. So there's not a direct link to inflation in premium there because they won't change the attachment point. As my colleagues in reinsurance, like to talk about, they would vary the benefit programs, et cetera.

是的。嗯，首先糾正一下。我們業務的很大一部分實際上是諮詢費。羅伯特，這不是您提到的每個會員的費用。所以只是為了確定這一點。美國有一小部分業務是按參與者收費的，但這是我們剝離的業務。更多的是NIM業務。這就是這些企業通常的付款方式。所以我們的大部分業務，其中一些是基於佣金的。但正如我所說，客戶確實在努力控製成本。因此，那裡的保費與通膨沒有直接聯繫，因為它們不會改變附著點。正如我在再保險領域的同事喜歡談論的那樣，他們會改變福利計劃等等。

And there's a large part that is project-based. And to your point, our growth has been in part, full employment because there's much more work to be done to cover the employee population. But there's also a lot of change, high-cost prescription drugs, for example, accessibility through different means, technology coming in the space to help out people choose the right providers, the right programs. And we're there with them, helping them design those programs, communicate them to employees, measure them in terms of efficacy, but also cost, et cetera. So that's what's been -- and you know the health space everywhere is also seeing lots of change, lots of pressure on cost. So I don't see us being not busy anytime soon, not being [compliant] through that.

其中很大一部分是基於專案的。就您而言，我們的成長在一定程度上是充分就業的結果，因為要涵蓋員工群體還有很多工作要做。但也有很多變化，高成本的處方藥，例如，透過不同的方式獲得可及性，該領域的技術可以幫助人們選擇正確的提供者和正確的項目。我們與他們在一起，幫助他們設計這些計劃，將它們傳達給員工，根據功效和成本等來衡量它們。這就是事實——你知道，各地的健康領域也發生了很多變化，成本壓力很大。因此，我認為我們不會很快變得忙碌，不會因此而[合規]。

Our next question comes from the line of Meyer Shields with KBW.

我們的下一個問題來自 Meyer Shields 和 KBW 的產品線。

Great. Two quick questions. First, can you give us a sense of the seasonality of the reinsurance acquisition that contributed so much to this quarter's growth?

偉大的。兩個簡單的問題。首先，您能否讓我們了解一下對本季成長做出巨大貢獻的再保險收購的季節性？

Mark, maybe you can.

馬克，也許你可以。

Meyer, what you're seeing, I think you're referring to the underlying growth schedule and what looks like a large acquisition in Guy Carpenter, it's actually, that column is acquisitions, dispositions and other adjustments. And we had -- in my prepared remarks, I mentioned a legal settlement that we had a noteworthy item in the quarter. So that's what's running through that schedule. It wasn't a [part of our job], not M&A for Guy Carpenter.

邁耶，你所看到的，我認為你指的是潛在的成長計劃，以及看起來像蓋伊·卡彭特的大型收購，實際上，該欄是收購、處置和其他調整。在我準備好的發言中，我們提到了一項法律解決方案，我們在本季有一個值得注意的項目。這就是整個時間表的內容。這不是[我們工作的一部分]，也不是蓋伊·卡彭特的併購。

Do you have a follow up, Meyer?

邁耶，你有後續行動嗎？

Yes, a quick one. When you've got the flood claims revenues in last year's, I guess, U.S. and Canada operations with Risk & Insurance Services, did that have any impact on last year's margins or the year-over-year progress?

是的，快一點。當您獲得去年美國和加拿大風險與保險服務業務的洪水索賠收入時，這對去年的利潤率或同比進展有任何影響嗎？

Well, we don't report margins by business, but you saw a good margin expansion during the course of the year. And again, our outlook for 2024 is, for 17th year in a row to expand margins yet again. But so it wasn't material. We managed through it. There are parts of our business that are lumpy, right? That's why we caution everybody not to get too worked up about growth rates in a particular quarter. And the flood claim activity was largely related to Hurricane Ian related work that we did at that time last year.

嗯，我們沒有按業務報告利潤率，但您在這一年中看到了良好的利潤率擴張。再次強調，我們對 2024 年的展望是，利潤率將連續第 17 年再次擴大。但這並不重要。我們成功度過了難關。我們業務的某些部分是不穩定的，對吧？這就是為什麼我們提醒大家不要對特定季度的成長率過於激動。洪水索賠活動很大程度上與我們去年當時所做的颶風伊恩相關工作有關。

And our next question comes from the line of Brian Meredith with UBS.

我們的下一個問題來自瑞銀集團的布萊恩‧梅雷迪思 (Brian Meredith)。

Just quickly and kind of following on Rob's question a little bit. If we look at the middle market space, there are some kind of larger competitors of yours that are going through some transitions, just be it being acquired, maybe being acquired, not sure all sorts of stuff. Is that creating maybe another opportunity here for you to kind of ramp up talent acquisition? You obviously really successful a couple of years ago doing that. Is that opportunity out there you think again?

只是快速地跟進羅布的問題。如果我們看看中間市場空間，你會發現一些更大的競爭對手正在經歷一些轉變，只是被收購，也許被收購，不確定是什麼。這是否為您創造了另一個加強人才招募的機會？幾年前你顯然確實成功了。您再想一下這個機會嗎？

Yes. Look, Brian, what I would say, first and foremost, about talent acquisition is that we are very, very focused. I mentioned this in my prepared remarks about building a culture that attracts and retains the best in our work. The way we frame it, we talk about being at your best at Marsh McLennan, right?

是的。布萊恩，我要說的，關於人才獲取，首先也是最重要的是，我們非常非常專注。我在準備好的關於建立一種吸引和留住工作中最優秀人才的文化的演講中提到了這一點。在我們的框架中，我們談論的是在 Marsh McLennan 保持最佳狀態，對吧？

How can we -- for those that want to commit their career to risk strategy and people-related work, how is it that being at Marsh McLennan, you can be your best. And we frame those programs around learning and development, mobility, various aspects of wellness. And you get to do really purposeful work here. I mentioned the Ukraine work as an example earlier. You get to work with exceptional talent, and it's a collaborative environment and a learning environment. And so I feel like we have the best talent in our business. I feel like our brand as an employer in the market is very, very strong. It doesn't mean everybody wants to work here. Of course, we're a big company. And as we all know, there's lots of things that come with working at a bigger company. But I like how we're positioned.

對於那些想要將自己的職業生涯奉獻給風險策略和與人相關的工作的人來說，在達信麥克倫南，您如何做到最好。我們圍繞著學習和發展、流動性和健康的各個方面來制定這些計劃。你可以在這裡做真正有目的的工作。我之前提到過烏克蘭工作作為例子。您可以與傑出人才一起工作，這是一個協作環境和學習環境。所以我覺得我們擁有業界最優秀的人才。我覺得我們身為市場上雇主的品牌非常非常強大。這並不意味著每個人都想在這裡工作。當然，我們是一家大公司。眾所周知，在大公司工作會帶來很多事情。但我喜歡我們的定位。

So M&A, yes, does it create opportunities for talent acquisition, much like we saw a bit of talent breakage when we acquired JLT, folks sign up for working at a certain place. And when you have that kind of change, it's an opportunity possibly for folks to think through what they want to do going forward. I like how we're positioned in that respect. And then back to your other comment, yes, there are a number of bigger businesses in our -- in particularly in the risk space that are likely to change hands over time.

所以併購，是的，它是否創造了人才獲取的機會，就像我們收購 JLT 時看到的一些人才流失一樣，人們報名在某個地方工作。當發生這種變化時，這可能是人們思考他們未來想要做什麼的機會。我喜歡我們在這方面的定位。然後回到你的其他評論，是的，我們有許多更大的業務——特別是在風險領域，隨著時間的推移，這些業務可能會易手。

Great. And then I guess my next question, could you talk a little bit about kind of the M&A environment particularly in the risk business, multiples being paid, what the pipeline kind of looks like they're more competitive, less competitive?

偉大的。然後我想我的下一個問題是，您能否談談併購環境，特別是在風險業務方面，支付的倍數，管道類型看起來更具競爭力，競爭力較弱？

Yes. Thanks, Brian. We remain very active in the market. As I said earlier, last year was our biggest year of acquisitions other than 2019 when we did JLT over a long period of time. We're very selective. We're looking for high-performing businesses, well-led businesses in attractive markets. As I mentioned, we want growth businesses with the ability to grow earnings as well.

是的。謝謝，布萊恩。我們在市場上仍然非常活躍。正如我之前所說，去年是我們除了2019年之外，我們長期進行JLT收購的最大一年。我們非常有選擇性。我們正在尋找具有吸引力的市場中表現出色、領導良好的企業。正如我所提到的，我們希望成長型企業也有能力增加收入。

The 3 bigger deals that I highlighted in my prepared remarks, we're very excited about Honan in Australia. It gives us really an anchor platform deeper into the middle market in what's a very important and attractive market for us. Graham here in the United States, another step forward for us at MMA and then BT Westpac in Australia, strengthening our wealth business. So we have a couple of deals that we announced in the later part of last year. Vanguard's OCIO operation, a career business, those will close sometime over the next few months. So we're going to continue to be active much like I was talking about our brand as an employer, our brand as a buyer is also quite strong, right? We do what we say we're going to do.

我在準備好的發言中強調了 3 項更大的交易，我們對河南在澳洲感到非常興奮。它為我們提供了一個真正深入中間市場的錨定平台，這對我們來說是一個非常重要且有吸引力的市場。格雷厄姆在美國，這是我們 MMA 和澳洲 BT Westpac 又向前邁出了一步，加強了我們的財富業務。我們在去年下半年宣布了幾筆交易。 Vanguard 的 OCIO 業務是一項職業業務，將在未來幾個月內關閉。因此，我們將繼續保持活躍，就像我作為雇主談論我們的品牌一樣，我們作為買家的品牌也相當強大，對吧？我們說到做到。

And so -- and then on valuations, 4 really attractive assets, their multiples remain high. And so anyway, but we'll continue to deploy capital that way. As Mark mentioned, we'd rather deploy capital on attractive inorganic and organic investment for that matter, over share buybacks. But in the course of the year, you never know how things will run, but the pipeline is quite strong at the moment. Thank you, Brian.

因此，從估值來看，有 4 種真正有吸引力的資產，它們的本益比仍然很高。無論如何，我們將繼續以這種方式部署資本。正如馬克所提到的，我們寧願將資金部署在有吸引力的無機和有機投資上，而不是股票回購。但在這一年中，你永遠不知道事情會如何發展，但目前的管道相當強大。謝謝你，布萊恩。

Our next question comes from the line of Andrew Kligerman with TD Cowen.

我們的下一個問題來自 Andrew Kligerman 和 TD Cowen 的對話。

John, you talked about the great unknown in terms of loss cost inflation, social inflation. On the flip side, we've seen a few carriers report and their results have been exceptional. So I understand that you're kind of projecting out some good pricing. But at what point does that give-and-take ratio change and we kind of see some softer pricing? And how would that affect Marsh?

約翰，您談到了損失成本通膨和社會通膨方面的巨大未知數。另一方面，我們看到一些運營商的報告，他們的結果非常出色。所以我知道你們正在計劃一些不錯的定價。但在什麼時候，供需比率會發生變化，我們會看到一些較軟的定價？這會對馬什產生什麼影響？

So look, we -- as I've said a couple of times on this call, we've been working very hard at becoming a better growth business. We're not an index on P&C pricing. Of course, we're exposed to it. And just to be clear, I wasn't trying to project higher casualty prices over time. Our job is to get the most efficient risk financing as we can for our clients. But what I can tell you is it is quite clear that they're stress emerging in casualty. There's no question about it. There are some casualty cats that are out there that are concerning to underwriters and buyers. And we're just seeing greater frequency of mega settlements and for that matter, even judgments on individual cases. Core inflation, of course, is something that's always a factor in the market. And you see that -- you've seen some of that manifest itself in shorter tail lines from carriers, but we're all quite concerned inside of our risk business about where casualty loss costs are headed.

所以，正如我在這次電話會議上多次說過的那樣，我們一直在努力成為更好的成長型企業。我們不是財產保險定價指數。當然，我們也接觸過它。需要澄清的是，我並沒有試圖預測隨著時間的推移傷亡人數會更高。我們的工作是盡可能為客戶獲得最有效的風險融資。但我可以告訴你的是，很明顯他們在傷亡中出現了壓力。毫無疑問。有一些傷亡事故引起了承銷商和買家的注意。我們只是看到大型和解的頻率越來越高，就這一點而言，甚至是對個別案件的判決。當然，核心通膨始終是市場的因素。你看，你已經看到其中一些表現在航空公司較短的尾線中，但我們在風險業務內部都非常擔心傷亡損失成本的走向。

And then my second question is just the stellar growth -- underlying growth in Asia Pacific at 10%, LatAm at 11% in Risk & Insurance Services. Question is, what particularly you're seeing in those markets that is driving some of that excellent growth? And then underlying that, what is Marsh doing differently from the competitors?

我的第二個問題是風險和保險服務領域的驚人成長——亞太地區的潛在成長為 10%，拉丁美洲為 11%。問題是，您在這些市場中特別看到了什麼推動了這種出色的成長？在此基礎上，達信的做法與競爭對手有何不同？

Yes. I mean we're very proud of our businesses in both of those regions. They've been growth leaders for us over the last several years. I would point out, one of the things that JLT brought to us in 2019, we expanded our footprint and brought along a much greater distribution in both Latin America and Asia. But Martin, maybe you could talk a little bit more about both of those regions.

是的。我的意思是，我們對我們在這兩個地區的業務感到非常自豪。在過去的幾年裡，他們一直是我們的成長領導者。我想指出的是，JLT 在 2019 年為我們帶來的事情之一是，我們擴大了我們的足跡，並在拉丁美洲和亞洲帶來了​​更大的分銷。但是馬丁，也許你可以多談談這兩個地區。

Yes. As you said, I mean, we're the clear market leader by some margin in Asia Pac. There are several factors we have literally market leadership in every single major geography there. We're able to bring all of our best capabilities from around the world there. We have great teams, very specialized, a very strong employee benefits business. We have scale. We're able to attract and retain talent in a way. There's just -- there's real momentum there.

是的。正如您所說，我的意思是，在亞太地區，我們在某種程度上是明顯的市場領導者。我們在每個主要地區都擁有真正的市場領導地位，這有幾個因素。我們能夠將世界各地最好的能力帶到那裡。我們擁有優秀的團隊、非常專業、非常強大的員工福利業務。我們有規模。我們能夠以某種方式吸引和留住人才。那裡有真正的動力。

And the same can be said in Latin America, slightly different economic dynamics, obviously, with Latin America, a big protection gap, a lot of opportunities, market leadership in the areas there and still quite an unconsolidated marketplace. So we like the fact that we've built our businesses organically, so the cultures are strong. There's not much on the M&A pipeline in those markets that we like. We're confident that we can build our businesses organically. And the differentiation of having global service and our global capabilities is really well sought after by our clients.

拉丁美洲也是如此，顯然，經濟動態略有不同，拉丁美洲存在巨大的保護差距，有很多機會，該地區的市場領導地位，但仍然是一個相當鬆散的市場。因此，我們喜歡這樣一個事實：我們有機地建立了我們的業務，因此文化很強大。我們喜歡的這些市場中的併購管道並不多。我們有信心能夠有機地發展我們的業務。擁有全球服務和我們的全球能力的差異化確實受到了我們的客戶的追捧。

Thanks, Andrew and Martin for that. We continue to be excited about how we're positioned in those markets.

謝謝安德魯和馬丁。我們仍然對我們在這些市場的定位感到興奮。

Our next question comes from the line of Bob Huang with Morgan Stanley.

我們的下一個問題來自摩根士丹利的鮑勃·黃（Bob Huang）。

I only have one major question. So this is regarding MMA. So just curious how much did MMA contribute to the overall revenue for 2023. And as we move into 2024, how should we think about the trajectory for MMA? Is it like should we continue to expect it to further outgrow the broader business as a whole? Or how should we think about just a competitive dynamic overall as well?

我只有一個主要問題。這是關於 MMA 的。所以只是好奇 MMA 對 2023 年的整體收入貢獻了多少。當我們進入 2024 年時，我們應該如何思考 MMA 的發展軌跡？我們是否應該繼續期望它的成長會進一步超過整個業務的成長？或者我們應該如何考慮整體競爭動態？

So we obviously don't separately report MMA's results, but it's an important part of our business in the United States. And it continues to perform exceptionally well. We couldn't be more pleased as I mentioned earlier. And as I also said, I think we're just getting started, right? So -- and what I would also say is that the broader Marsh has learned a great deal from MMA about what it takes to win in the middle market, and Martin and the team apply those lessons as we expand in the middle market all over the world. And where possible, even deploy inorganic investment like we did in the case of Honan in Australia.

因此，我們顯然不會單獨報告 MMA 的結果，但它是我們在美國業務的重要組成部分。而且它的表現仍然非常出色。正如我之前提到的，我們非常高興。正如我也說過的，我認為我們才剛開始，對吧？因此，我還要說的是，更廣泛的馬什從 MMA 中學到了很多關於如何贏得中端市場的知識，馬丁和團隊在我們向整個中端市場擴張時應用了這些經驗教訓。世界。在可能的情況下，甚至像我們在澳洲河南的案例中一樣部署無機投資。

But our business at MMA also benefits from being part of Marsh. They're excellent at really mining Marsh for content and capability that can enable them to show up with scale in local markets in a way that really distinguishes themselves from others. So as I mentioned earlier, we've been methodically building out MMA over the course of the last 12 years, piece by piece and A+ asset by A+ asset. And so we couldn't be more excited, and we think there's a long road ahead of us. Do you have a follow up, Bob?

但我們在 MMA 的業務也受惠於成為達信的一部分。他們非常擅長真正挖掘達信的內容和能力，使他們能夠以真正區別於其他公司的方式在當地市場上大規模展示。正如我之前提到的，在過去 12 年裡，我們一直在有條不紊地建立 MMA，一點一點、A+ 資產接著一個 A+ 資產。所以我們非常興奮，我們認為前面的路還很長。鮑勃，你有後續行動嗎？

No, I think, I'm good.

不，我想，我很好。

Our next question comes from the line of Michael Ward with Citi.

我們的下一個問題來自花旗集團的邁克爾沃德 (Michael Ward)。

Just on the capital deployment target, I think it was up over 10%. I was just wondering if that's a function of the cost savings program rolling off or anything else?

僅就資本部署目標而言，我認為成長了 10% 以上。我只是想知道這是否是成本節約計劃的推出或其他原因？

No. But Mark, maybe you could just talk generally about our approach.

不。但是馬克，也許你可以籠統地談談我們的方法。

We had a -- as you saw, a strong year of free cash flow generation. We have significant financial flexibility. Our balance sheet is strong. And so it's just really a reflection of our -- the growth in our outlook for capital cash generation.

正如您所看到的，我們度過了自由現金流產生強勁的一年。我們擁有顯著的財務靈活性。我們的資產負債表強勁。因此，這實際上反映了我們對資本現金生成前景的成長。

Okay. And then any kind of update on the progress with synergizing the various business sales efforts together?

好的。那麼，協同各業務銷售工作的進展有何最新進展？

Yes. Thanks, Mike, for that question. One of the things that I think makes us a better business is we're working better together than we ever have, right? And we have shared with you where we are on the expense side of things. But we're showing up together in front of clients and prospects. As I mentioned earlier, the strength of our individual business propositions will continue to drive the growth of our business overall. But more and more, we can show up in a very, very unique way.

是的。謝謝邁克提出這個問題。我認為讓我們的業務變得更好的原因之一是我們比以往任何時候都更好地合作，對吧？我們已經與您分享了我們在費用方面的情況。但我們一起出現在客戶和潛在客戶面前。正如我之前提到的，我們個人業務主張的優勢將繼續推動我們整體業務的成長。但我們越來越能以一種非常非常獨特的方式出現。

And so we made good progress during 2023. We've certainly learned a great deal. We've done some testing and we'll continue to refine that. But we have a number of global growth opportunities where we're showing up in front of clients and prospects together. And what we really did was create a framework for our folks in the field. As you'll recall, we appointed Marsh McLennan leaders in each of the regions. And so a big part of their day is making sure that we're bringing our collective capabilities to market at a local level where it makes sense. So we continue to be excited about what that will mean to future growth.

因此，我們在 2023 年取得了良好進展。我們當然學到了很多。我們已經做了一些測試，並將繼續完善它。但我們擁有許多全球成長機會，可以一起展示在客戶和潛在客戶面前。我們真正做的是為該領域的人們創建一個框架。您可能還記得，我們​​在每個地區任命了 Marsh McLennan 領導人。因此，他們一天中的一個重要部分是確保我們將我們的集體能力推向有意義的地方市場。因此，我們仍然對這對未來成長的意義感到興奮。

I would now like to turn the call back over to John Doyle, President and CEO of Marsh & McLennan for any closing remarks.

現在我想將電話轉回威達信總裁兼執行長約翰·道爾 (John Doyle)，讓其發表結束語。

Thanks, Andrew, and I want to thank you all for joining us on the call this morning. In closing, I want to thank our colleagues for their hard work and dedication. I also want to thank our clients for their continued support. Thank you all very much, and we look forward to speaking with you again next quarter.

謝謝安德魯，我要感謝大家今天早上加入我們的電話會議。最後，我要感謝我們的同事們的辛勤工作和奉獻精神。我還要感謝我們的客戶一直以來的支持。非常感謝大家，我們期待下個季度再次與您交談。