威達信集團 (MMC) 2024 Q1 法說會逐字稿

Welcome to Marsh & McLennan's earnings conference call. Today's call is being recorded. First quarter 2024 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 2024 年第一季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 a 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，多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 will now turn this over to John Doyle, President and CEO of Marsh McLennan.

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

Good morning. Thank you for joining us to discuss our first quarter results reported earlier today. I'm John Doyle, President and CEO of Marsh McLennan. On the call with me is Mark McGivney, our CFO; and the CEOs of our businesses: Martin South of Marsh; Dean Klisura of Guy Carpenter; Nick Studer of Oliver Wyman; and Pat Tomlinson of Mercer, who is joining us -- joining this call for the first time. Welcome, Pat. Also with us today 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一季業績。我是約翰‧道爾 (John Doyle)，達信集團 (Marsh McLennan) 總裁兼執行長。與我通話的是我們的財務長 Mark McGivney；以及我們企業的執行長：Marsh 的 Martin South； Guy Carpenter 的 Dean Klisura；奧緯諮詢 (Oliver Wyman) 的尼克‧斯圖德 (Nick Studer)；以及美世 (Mercer) 的帕特湯姆林森 (Pat Tomlinson)，他是第一次加入我們的電話會議。歡迎，帕特。今天與我們在一起的還有投資者關係主管莎拉‧德威特 (Sarah Dewitt)。

Marsh McLennan had a strong start to 2024. Our first quarter results were excellent, and we are well positioned for another good year. Top line continued with 9% underlying revenue growth which was on top of 9% growth in the first quarter of last year. All of our businesses had strong revenue growth with Marsh, Mercer and Oliver Wyman accelerating growth from the fourth quarter. We grew adjusted operating income by 11% from a year ago. Our adjusted operating margin expanded 80 basis points compared to the first quarter of 2023. We had adjusted EPS growth of 14%. And we completed $300 million of share repurchases in the quarter.

達信 (Marsh McLennan) 2024 年開局強勁。營收持續維持 9% 的基本營收成長，高於去年第一季 9% 的成長。我們所有的業務都有強勁的營收成長，達信、美世和奧緯諮詢從第四季開始加速成長。調整後營業收入比一年前成長了 11%。與 2023 年第一季相比，我們調整後的營業利潤率擴大了 80 個基點。我們在本季完成了 3 億美元的股票回購。

In addition, we continue to add to our talent, capabilities and scale through acquisitions. These investments will help strengthen our strategic position and sustain top line growth. For example, Mercer completed the purchase of Vanguard's OCIO business which expands our reach into the endowments and foundations segment. MMA acquired 2 leading agencies in Louisiana. And Oliver Wyman closed the acquisition of SeaTec which extends our capabilities in the aviation, transportation and defense industries.

此外，我們繼續透過收購來增強我們的人才、能力和規模。這些投資將有助於加強我們的策略地位並維持營收成長。例如，美世完成了對先鋒集團 OCIO 業務的收購，這將我們的業務擴展到捐贈基金和基金會。 MMA 收購了路易斯安那州的 2 家領先機構。奧緯諮詢完成了對 SeaTec 的收購，這擴展了我們在航空、運輸和國防產業的能力。

At Marsh McLennan, we bring together specialized capabilities and perspectives across risk, strategy and people to help clients make critical decisions with confidence. For example, in the area of supply chain risk, we developed a solution called [SENTRISK], which draws on the perspective and capabilities of Marsh and Oliver Wyman, to identify key risks in our clients' supply chains. Using this framework, we create a digital twin model of a client's supply lines, which provides for a scenario-based vulnerability assessment to help manage risk. This product is already helping clients across multiple sectors, including in the banking, manufacturing, aviation and defense industries.

在達信，我們匯集了風險、策略和人員的專業能力和觀點，幫助客戶充滿信心地做出關鍵決策。例如，在供應鏈風險領域，我們開發了一個名為[SENTRISK]的解決方案，它藉鑒了達信和奧緯諮詢的觀點和能力，來識別客戶供應鏈中的關鍵風險。使用該框架，我們創建了客戶供應線的數位孿生模型，該模型提供基於場景的漏洞評估，以幫助管理風險。該產品已經為多個行業的客戶提供協助，包括銀行、製造業、航空和國防工業。

As we noted last quarter, Marsh, Oliver Wyman and Guy Carpenter developed the Unity facility, a public private insurance solution that enables grain shipments from Ukrainian ports. In the first quarter, we worked with the Ukrainian government, DZ Bank, Lloyd's and others to expand the facility to all ships carrying nonmilitary cargo. This will help support Ukraine's economic resilience in time of war.

正如我們上季度指出的那樣，達信、奧緯諮詢和蓋伊·卡彭特開發了 Unity 設施，這是一種公共私人保險解決方案，可以從烏克蘭港口運輸穀物。第一季度，我們與烏克蘭政府、德國中央合作銀行、勞埃德銀行等合作，將該設施擴展到所有運載非軍用貨物的船舶。這將有助於支持烏克蘭戰時的經濟彈性。

In the health care sector, Marsh and Mercer are working together to help clients evaluate connections between talent retention, patient safety and the cost of malpractice insurance. Marsh's risk assessment capabilities and Mercer's extensive health and human capital expertise, combined with our rich data sets are creating new, highly valued perspectives in the health care sector. These are just a few examples of how we're applying our unique expertise to address pressing challenges and deliver significant value to clients.

在醫療保健領域，達信和美世正在合作幫助客戶評估人才保留、病人安全和醫療事故保險成本之間的關聯。達信的風險評估能力和美世廣泛的健康和人力資本專業知識，加上我們豐富的數據集，正在醫療保健領域創造新的、高價值的視角。這些只是我們如何運用獨特的專業知識來應對緊迫挑戰並為客戶提供巨大價值的幾個例子。

Recently, we released our annual ESG report. The report includes enhanced disclosure on our ESG efforts and underscores how the actions we're taking and on behalf of our clients also have a positive impact on the communities where we live and work. Let me share some examples.

最近，我們發布了年度 ESG 報告。該報告加強了對我們 ESG 工作的揭露，並強調了我們代表客戶採取的行動如何對我們生活和工作的社區產生積極影響。讓我分享一些例子。

We collaborated with the Center for NYC Neighborhoods to launch a community-based catastrophe insurance program. This parametric insurance program helps finance emergency grants to community members following an event, with funds reaching households within days of a catastrophe. In cyber, we developed a global personal micro insurance solution to protect against threats like online identity theft, viruses, cyberbullying and failure to deliver purchased goods.

我們與紐約市社區中心合作推出了社區為基礎的巨災保險計劃。這項參數保險計畫有助於在事件發生後為社區成員提供緊急補助金，資金在災難發生後幾天內就到達家庭手中。在網路方面，我們開發了全球個人小額保險解決方案，以防範線上身分盜竊、病毒、網路霸凌和無法交付所購商品等威脅。

With regard to sustainability, we are supporting the Dubai Energy & Water Authority's commitment to provide 100% of its energy from clean sources by 2050. As part of this work, we conducted a client -- a climate resilience assessment of one of the world's largest solar parks. We modeled the site's ability to withstand future climate conditions, and proposed adaptation measures to mitigate extreme risks.

在永續發展方面，我們支持杜拜能源和水務局的承諾，到2050 年，其能源100% 來自清潔能源。是世界上最大的能源和水務局之一。我們模擬了該地點承受未來氣候條件的能力，並提出了緩解極端風險的調適措施。

We continue to improve sustainability in our own operations as well. For example, in 2023, we expanded the use of renewable electricity across our U.S. offices and in our largest U.K. locations. And we submitted our climate targets for validation as part of our goal to achieve net 0 globally by 2050. We remain committed to generating exceptional financial performance and returns for shareholders, and we also recognize that the successful outcomes we help enable for our clients and our own actions can have a lasting positive effect on communities around the world.

我們也不斷提高自身營運的可持續性。例如，2023 年，我們在美國辦事處和英國最大的辦事處擴大了再生電力的使用。我們提交了氣候目標進行驗證，作為到2050 年在全球實現淨零排放的目標的一部分。了成功的成果。

Shifting to the macro picture, we see significant opportunity that helps clients navigate the range of outcomes driven by a more complex environment. The geopolitical backdrop remains unsettled with multiple major wars and rising tensions globally. More than half the world's population will go to elections in 2024, and the economic outlook remains uncertain as well.

從宏觀角度來看，我們看到了巨大的機會，可以幫助客戶應對更複雜的環境所帶來的一系列結果。由於多場重大戰爭和全球緊張局勢加劇，地緣政治背景仍然不穩定。 2024 年，全球一半以上的人口將參加選舉，經濟前景仍存在不確定性。

Despite this uncertainty, the environment is supportive of growth in our business. In general, we see continued economic growth in most of our major markets. Inflation and interest rates remain elevated, labor markets are tight, the cost of risk is up and health care costs continue to rise. We have a strong record of performance across economic cycles due to the resilience of our business and demand for our advice and solutions.

儘管存在這種不確定性，但環境仍然支持我們業務的成長。總體而言，我們看到大多數主要市場的經濟持續成長。通貨膨脹和利率仍居高不下，勞動市場緊張，風險成本上升，醫療成本持續上升。由於我們業務的彈性以及對我們建議和解決方案的需求，我們在整個經濟週期中擁有良好的業績記錄。

Turning to insurance and reinsurance market conditions. Primary insurance rates increased, with the Marsh Global Insurance Market Index up 1% overall in the quarter. Property rates increased 3% versus 6% in the fourth quarter. Casualty was up 3%, in line with last quarter. Workers' compensation decreased mid-single digits, while financial and professional liability rates were down 7% and cyber pricing decreased 6%.

轉向保險和再保險市場狀況。主要保險費率上升，達信全球保險市場指數本季整體上漲 1%。房地產價格上漲 3%，而第四季為 6%。傷亡人數上升 3%，與上季持平。工人薪酬下降了中個位數，財務和專業責任率下降了 7%，網路定價下降了 6%。

Reinsurance market conditions remain stable with increased client demand and adequate capacity. In the April renewal period, U.S. property cat reinsurance rates were flat with some decreases for accounts without losses. Loss-impacted accounts averaged increases in the 10% to 20% range. The U.S. casualty reinsurance market was challenging, but rates were in line with January renewals.

隨著客戶需求的增加和足夠的容量，再保險市場狀況保持穩定。在四月續保期間，美國財產貓再保險費率持平，無損失帳戶的再保險費率有所下降。受損失影響的帳戶平均增幅在 10% 至 20% 範圍內。美國傷亡再保險市場充滿挑戰，但費率與一月的續保一致。

In January, April 1 property cat rates overall were down slightly on a risk-adjusted basis. Early signs for June 1 Florida cat risk renewals point to improved market conditions for cedents. Increased reinsurance appetite for growth should be adequate to meet higher demand. As always, we are helping our clients navigate these dynamic market conditions.

1 月至 4 月 1 日，經風險調整後，房地產貓價整體略有下降。 6 月 1 日佛羅裡達巨災風險更新的初步跡象顯示分出公司的市場狀況有所改善。再保險成長意願的增加應足以滿足更高的需求。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 turn briefly to our first quarter financial performance, which Mark will cover in detail. We generated adjusted EPS of $2.89, which is up 14% versus a year ago. Revenue grew 9% on an underlying basis with 9% growth in both RIS and in consulting. Marsh was up 8%; Guy Carpenter grew 8%; Mercer, 6%; and Oliver Wyman was up 13%. Overall, in the first quarter, we had adjusted operating income growth of 11% and our adjusted operating margin expanded 80 basis points year-over-year.

現在讓我簡要介紹一下我們第一季的財務業績，馬克將對此進行詳細介紹。調整後每股收益為 2.89 美元，比去年同期成長 14%。收入基本增長 9%，其中 RIS 和諮詢業務收入增長 9%。達信股價上漲 8%； Guy Carpenter 成長 8%；美世，6%；奧緯諮詢 (Oliver Wyman) 上漲 13%。整體而言，第一季度，我們調整後的營業收入成長了 11%，調整後的營業利潤率較去年同期擴大了 80 個基點。

Turning to our outlook. We are very well positioned for another good year in 2024. We continue to expect mid-single-digit or better underlying revenue growth, another year of margin expansion and strong growth in adjusted EPS. Our outlook assumes current macro conditions persist, however, meaningful uncertainty remains, and the economic backdrop could be materially different than our assumptions.

轉向我們的展望。我們已做好充分準備，迎接 2024 年又一個美好的一年。我們的前景假設當前的宏觀狀況持續存在，但有意義的不確定性仍然存在，而且經濟背景可能與我們的假設有重大差異。

In summary, the first quarter was a great start to the year for Marsh McLennan. Our business delivered strong performance, and we continue to execute well on our strategic initiatives. I'm proud of the focus and determination of our colleagues and the value they deliver to our clients and shareholders.

總而言之，第一季是 Marsh McLennan 今年的好開局。我們的業務表現強勁，我們繼續出色地執行我們的策略舉措。我為我們同事的專注和決心以及他們為客戶和股東提供的價值感到自豪。

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 first quarter results were outstanding and represent an excellent start to the year. We saw continued momentum in underlying growth, strong margin expansion and double-digit growth in adjusted EPS.

謝謝你，約翰，早安。我們第一季的業績非常出色，今年開了個好頭。我們看到了基本成長的持續勢頭、利潤率的強勁擴張以及調整後每股收益的兩位數成長。

Our consolidated revenue increased 9% in the first quarter to $6.5 billion, underlying growth of 9%. Operating income was $1.9 billion, and adjusted operating income increased 11% to $2 billion. Our adjusted operating margin increased 80 basis points to 32%, and we expect higher margin expansion for the rest of the year, particularly in the second half. GAAP EPS was $2.82 and adjusted EPS was $2.89, up 14% compared to last year.

第一季我們的綜合營收成長了 9%，達到 65 億美元，基本成長率為 9%。營業收入為 19 億美元，調整後營業收入成長 11%，達到 20 億美元。我們調整後的營業利潤率增加了 80 個基點，達到 32%，我們預計今年剩餘時間，特別是下半年，利潤率將出現更高的成長。 GAAP 每股收益為 2.82 美元，調整後每股收益為 2.89 美元，比去年增長 14%。

Looking at Risk & Insurance Services. First quarter revenue was $4.3 billion, up 9% compared with a year ago on both a reported and underlying basis. This result marks the 12th consecutive quarter of 8% or higher underlying growth in RIS and continues the best stretch of growth in 2 decades. RIS operating income was $1.6 billion in the first quarter. Adjusted operating income was also $1.6 billion, up 11% over last year, and our adjusted operating margin expanded 50 basis points to 39.1%.

著眼於風險和保險服務。第一季營收為 43 億美元，按報告和基本數據計算，較去年同期成長 9%。這一結果標誌著 RIS 連續第 12 個季度實現 8% 或更高的基本成長，並延續了 20 年來的最佳成長勢頭。 RIS 第一季營業收入為 16 億美元。調整後的營業收入也為 16 億美元，比去年增長 11%，調整後的營業利潤率擴大了 50 個基點，達到 39.1%。

At Marsh, revenue in the quarter increased 9% to $3 billion or 8% on an underlying basis. This comes on top of 9% growth in the first quarter of last year. In U.S. and Canada, underlying growth was 8% for the quarter, reflecting solid renewal and new business growth. In international, underlying growth was strong at 8% and comes on top of 10% in the first quarter last year. EMEA was up 9%; Latin America grew 8%; and Asia Pacific was up 6%.

達信集團本季營收成長 9%，達到 30 億美元，基礎營收成長 8%。去年第一季成長 9%。在美國和加拿大，本季基本成長率為 8%，反映出穩健的更新和新業務成長。在國際市場，基本成長率為 8%，高於去年第一季的 10%。歐洲、中東和非洲地區成長 9%；拉丁美洲成長 8%；亞太地區上漲 6%。

Guy Carpenter's revenue was $1.1 billion, up 7% or 8% on an underlying basis, driven by growth across most regions and global specialties. This was the fifth straight quarter of 8% or higher underlying growth at Guy Carpenter. In the Consulting segment, first quarter revenue was $2.2 billion, up 9% on an underlying basis. Consulting operating income was $432 million, and adjusted operating income was $444 million, up 9%. Our adjusted operating margin in Consulting was 20.7% in the first quarter, an increase of 40 basis points.

Guy Carpenter 的營收為 11 億美元，基本上成長了 7% 或 8%，這主要得益於大多數地區和全球專業產品的成長。這是 Guy Carpenter 連續第五個季度實現 8% 或更高的基本成長。在諮詢領域，第一季營收為 22 億美元，年增 9%。諮詢營業收入為 4.32 億美元，調整後營業收入為 4.44 億美元，成長 9%。第一季顧問業調整後營業利潤率為 20.7%，成長了 40 個基點。

Mercer's revenue was $1.4 billion in the quarter, up 6% on an underlying basis. This was Mercer's 12th straight quarter of 5% or higher underlying growth and continues the best run of growth in 15 years. Health underlying growth was 10% and reflected strong momentum across all regions. Wealth grew 5%, driven by growth in both investment management and DB consulting. Our assets under management were $489 billion at the end of the first quarter, up 17% sequentially and up 38% compared to the first quarter of last year.

美世公司本季的營收為 14 億美元，年增 6%。這是美世連續第 12 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。健康基礎成長率為 10%，反映出所有地區的強勁勢頭。在投資管理和 DB 諮詢業務成長的推動下，財富成長了 5%。截至第一季末，我們管理的資產規模為 4,890 億美元，比上一季成長 17%，比去年第一季成長 38%。

Year-over-year growth was driven by our transactions with Westpac and Vanguard, of rebound in capital markets and positive net flows. Career revenue increased 1%, reflecting a tough comparison to a period of strong growth last year as well as softness in the U.S. Oliver Wyman's revenue in the first quarter was $789 million, up 13% on an underlying basis from the slow start we had in the first quarter of last year and reflected strength across all regions.

年比成長是由我們與西太平洋銀行和先鋒集團的交易、資本市場的反彈和正淨流量所推動的。職業收入成長了1%，反映出與去年強勁成長時期相比的嚴峻形勢以及美國市場的疲軟。 。

Foreign exchange had very little impact on earnings in the first quarter. Assuming exchange rates remain at current levels, we expect FX to be a $0.02 headwind in the second quarter and a further $0.01 headwind in the second half. Total noteworthy items in the quarter were $49 million. The majority of these items were restructuring costs, mostly related to the program we began in the fourth quarter of 2022.

外匯對第一季獲利的影響很小。假設匯率維持在當前水平，我們預計第二季外匯將面臨 0.02 美元的阻力，下半年將進一步出現 0.01 美元的阻力。本季值得注意的項目總額為 4,900 萬美元。其中大部分項目是重組成本，主要與我們在 2022 年第四季開始的計畫有關。

Our other net benefit credit was $67 million in the quarter. For the full year, we expect our other net benefit credit will be approximately $265 million. Interest expense in the first quarter was $159 million, up from $136 million in the first quarter of 2023, reflecting higher levels of debt and higher interest rates. Based on our current forecast, we expect $158 million of interest expense in the second quarter and approximately $620 million for the full year.

本季我們的其他淨收益信貸為 6,700 萬美元。我們預計全年的其他淨收益信貸將約為 2.65 億美元。第一季的利息支出為 1.59 億美元，高於 2023 年第一季的 1.36 億美元，反映出較高的債務水準和較高的利率。根據我們目前的預測，我們預計第二季的利息支出為 1.58 億美元，全年的利息支出約為 6.2 億美元。

Our adjusted effective tax rate in the first quarter was 23.9% compared with 25% in the first quarter of last year. Our tax rate benefited from favorable discrete items, the largest of which was the accounting for share-based compensation similar to a year ago. Excluding discrete items, our adjusted effective tax rate was approximately 26.5%.

我們第一季調整後的有效稅率為23.9%，去年第一季為25%。我們的稅率受益於有利的離散項目，其中最大的一項是與一年前類似的股權激勵會計。不包括離散項目，我們調整後的有效稅率約為 26.5%。

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 continue to expect an adjusted effective tax rate of between 25.5% and 26.5% for 2024.

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。基於目前環境，我們繼續預期2024年調整後有效稅率在25.5%至26.5%之間。

Turning to capital management and our balance sheet. We ended the quarter with total debt of $13.5 billion. Our next scheduled debt maturity is in the second quarter when $600 million of senior notes mature. Our cash position at the end of the first quarter was $1.5 billion. Uses of cash in the quarter totaled $1 billion and included $354 million for dividends, $347 million for acquisitions and $300 million for share repurchases.

轉向資本管理和我們的資產負債表。本季結束時，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是第二季度，屆時 6 億美元的優先票據到期。第一季末我們的現金部位為 15 億美元。本季現金使用總額為 10 億美元，其中 3.54 億美元用於股息，3.47 億美元用於收購，3 億美元用於股票回購。

We continue to expect to deploy approximately $4.5 billion of capital in 2024 across dividends, acquisitions and share repurchases. The ultimate level of share repurchase will depend on how our M&A pipeline develops. While there continues to be uncertainty in the outlook for the global economy, we feel good about the momentum in our business, and the current environment remains supportive of growth.

我們仍預期 2024 年將部署約 45 億美元的資本，用於股利、收購和股票回購。股票回購的最終水準將取決於我們的併購管道的發展。儘管全球經濟前景仍然存在不確定性，但我們對業務勢頭感覺良好，並且當前的環境仍然支持成長。

Overall, our strong start leaves us well positioned for another good year in 2024. Based on our outlook today, for the full year, we continue to expect mid-single-digit or better underlying growth, margin expansion and strong growth in adjusted EPS.

總體而言，我們的強勁開局使我們為2024 年又一個美好的一年做好了準備。擴張和調整後每股收益的強勁增長。

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 are 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 David Motemaden with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 David Motemaden。

My first question is just on the Marsh growth. I -- John, I call what you said on the global pricing index, which moved down or decelerated a little bit to 1% from 2% last quarter. But the Marsh organic growth accelerated to 8% this quarter from 6% last quarter. So I'm hoping you can help me bridge the gap between accelerating growth and the decelerating pricing.

我的第一個問題是關於達信的成長。我——約翰，我把你所說的稱為全球價格指數，該指數從上個季度的 2% 略有下降或減速至 1%。但達信本季的有機成長從上季度的 6% 加速至 8%。因此，我希望您能幫助我彌補加速成長和減速定價之間的差距。

Thanks, David, for the question. We work very hard not to be an index on P&C pricing, right? It's an element, it's a macro factor that obviously does have some impact, but less than half of Marsh's revenue is exposed to P&C pricing.

謝謝大衛提出這個問題。我們非常努力地工作，就是為了不成為財產險定價的指數，對吧？這是一個因素，這是一個宏觀因素，顯然確實會產生一些影響，但達信的收入中只有不到一半受到財產保險定價的影響。

What I would also say to you is that where we're most exposed to commission is in the middle market. Our index skews to larger account data. Pricing is up a bit more in the middle market than it is in the large account segment and typically is less cyclical than what you see in the large account market.

我還要對您說的是，我們最容易受到佣金影響的是中間市場。我們的索引偏向較大的帳戶資料。中間市場的定價比大帳戶市場的定價高一些，而且通常比大帳戶市場的週期性要小。

But I want to just talk about growth overall. I was very pleased with the start to the year, 9% on top of 9% last year and accelerated growth from the fourth quarter of 7%. As I mentioned, Marsh, Mercer and Oliver Wyman all had accelerated growth from the fourth quarter. The macros continue to be supportive, David. Solid GDP growth in most major markets, although it's under a bit of pressure. Inflation and interest rates remain elevated. There's tight labor markets, as I said before, rising health care costs. The overall cost of risk continues to increase and demand remains very strong.

但我只想談談整體成長。我對今年的開局感到非常滿意，在去年的 9% 基礎上增長了 9%，並且比第四季度的 7% 加速了增長。正如我所提到的，達信、美世和奧緯諮詢都從第四季開始加速成長。大衛，宏觀經濟繼續提供支持。儘管面臨一些壓力，但大多數主要市場的 GDP 成長穩健。通貨膨脹和利率仍然很高。正如我之前所說，勞動市場緊張，醫療費用不斷上漲。整體風險成本持續增加，需求仍然非常強勁。

We're not long out of the pandemic, of course. We've got a couple of global wars happening, supply chain stress. Our clients are showing broader risk awareness. We're talking to them about that and really trying to help them find better balance between resilience and efficiency. And we continue to invest through this cycle, right? I talked about a couple of the acquisitions we did. We're improving our mix of business as well. We sold some admin businesses at Mercer in the quarter.

當然，我們距離疫情的結​​束還不久。我們已經發生了幾場全球戰爭，供應鏈面臨壓力。我們的客戶表現出更廣泛的風險意識。我們正在與他們討論這個問題，並努力幫助他們在彈性和效率之間找到更好的平衡。我們在這個週期中繼續投資，對吧？我談到了我們所做的幾項收購。我們也在改善我們的業務組合。本季我們出售了美世的一些管理業務。

And I'm very, very pleased with how our colleagues are executing, too. We've been working on our client engagement model and improving that, continue to invest in sales operations. And as I've talked about over the course of the last year, we're collaborating more than ever. It starts with the talent that we have. We have the best talent in the markets that we operate in. We're, of course, not immune to macros, including pricing on some level, but we're a resilient business, and we're quite excited about 2024. Do you have a follow-up?

我對我們同事的執行方式也非常非常滿意。我們一直致力於開發客戶參與模型並對其進行改進，並繼續投資於銷售業務。正如我在去年所談到的，我們的合作比以往任何時候都多。這要從我們擁有的人才開始。我們在我們經營的市場中擁有最優秀的人才。後續嗎？

I do. That's helpful. I guess just specifically zeroing in on the U.S. and Canada within Marsh, that had a nice acceleration in the quarter. Could you talk about the driver specifically for that business? Was it middle market? Was it capital markets activity coming back and sort of your outlook on the sustainability for the recovery and growth there?

我願意。這很有幫助。我想馬什公司專門針對美國和加拿大市場，本季有一個不錯的加速。您能談談專門針對該業務的驅動程式嗎？是中間市場嗎？是資本市場活動的回歸以及您對那裡復甦和成長的可持續性的展望嗎？

Sure, sure. Yes. Marsh, in the U.S. got off to a terrific start, U.S. and Canada, I would point out. And Martin, maybe you could give David a little bit more color.

一定一定。是的。我要指出的是，馬許在美國、美國和加拿大都有一個出色的開始。馬丁，也許你可以給大衛多一點色彩。

Yes. It wasn't just the U.S. and Canada. It was great balance growth across the business. But I'll dig into the U.S. a little bit and give you some color on some of the drivers of growth there, and it's really been a product of a lot of work in the last few years to get where we are. So the overall growth of 8%, our businesses, the mid-market business, MMA had a terrific start to the year. The growth in that business is driven both by renewal and fantastic new business.

是的。不僅僅是美國和加拿大。整個業務實現了巨大的平衡成長。但我會稍微深入研究美國，並向大家介紹那裡的一些成長驅動因素，這確實是過去幾年我們所做的大量工作的結果。因此，我們的業務、中端市場業務、MMA 整體成長了 8%，今年有一個出色的開局。該業務的成長是由更新和出色的新業務推動的。

Victor, our MGA business rebounded, has a great performance, very strong performance in Canada. [They] had a tough year last year, it bounced back, and the core business in the U.S. grew nicely. So very good. The drivers really, particularly in the specialty areas, construction was very strong in the first quarter. MMP business was strong. Our advisory business in the U.S. was very strong as part of the risk adviser of the future to the tip of the spear and makes our relationship much stickier.

Victor，我們的 MGA 業務反彈，表現出色，在加拿大的表現非常強勁。去年他們經歷了艱難的一年，但後來反彈了，美國的核心業務成長良好。非常好。驅動因素確實是，特別是在專業領域，第一季的建設非常強勁。 MMP 業務表現強勁。作為未來風險顧問的一部分，我們在美國的諮詢業務非常強大，這使得我們的關係更加牢固。

So our renewal growth was good, and our loss business rate was down. So we feel very good about all the areas that we've been focusing on, that client relationship specialization, industry-focused advisory, all these things are the drivers for growth. So we feel very good about things.

所以我們的續約成長很好，我們的業務虧損率下降了。因此，我們對我們一直關注的所有領域感到非常滿意，客戶關係專業化、以行業為中心的諮詢，所有這些都是成長的動力。所以我們對事情感覺很好。

Thanks, Martin. David, I would add, it wasn't a bang-out quarter in terms of M&A activity in our transaction risk business, but it's a smaller part, smaller part of our business now -- a little feedback there. It's a smaller part of our business after the slowdown, so the impact was less. But we did see some volume in M&A activity pick up during the quarter, which, of course, is encouraging. So thank you for your questions. Andrew, next question, please.

謝謝，馬丁。大衛，我想補充一點，就我們交易風險業務的併購活動而言，這並不是一個轟動的季度，但它現在只是我們業務的一小部分，很小的一部分——那裡有一些反饋。經濟放緩後，它只占我們業務的一小部分，因此影響較小。但我們確實看到本季併購活動有所回升，當然令人鼓舞。謝謝你的提問。安德魯，請下一個問題。

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 I was wondering if you could just elaborate on the comments John had on the reinsurance market. And it seems like things -- the market is less tight than it was over the past year. But what are you seeing in terms of buyer behavior? Are cedents trying to buy more given that pricing has come in a little bit? Or are they trying to save money and keep sort of coverage levels consistent with what they've had in the past year?

所以我想知道您是否可以詳細說明約翰對再保險市場的評論。市場似乎不像去年那麼緊張。但您對買家行為有何看法？鑑於價格上漲，分出公司是否會嘗試購買更多產品？或者他們是否試圖省錢並使承保水準與過去一年保持一致？

Sure, Jimmy. Thanks for the question. Maybe I'll elaborate a little bit on some of my prepared remarks and then ask Dean to talk a bit about the reinsurance market. But I think both markets continue to stabilize on average in the quarter. And again, I would remind everyone, it's a collection of markets, not a single market. That stabilization is good for our clients. And in some cases, a better market has led to increased demand in both insurance and reinsurance.

當然，吉米。謝謝你的提問。也許我會詳細說明我準備好的一些言論，然後請迪恩談談再保險市場。但我認為本季兩個市場平均持續穩定。我再次提醒大家，這是一個市場的集合，而不是單一的市場。這種穩定對我們的客戶有利。在某些情況下，更好的市場導致保險和再保險的需求增加。

I would also point out that in recent years, we've had higher premium growth in the captives that we manage at Marsh compared to the premium flow into the traditional market. That may change a bit now. We'll see as markets stabilize and our clients can adjust to what the market looks like going forward. I mentioned earlier, our index skews to major accounts. So pricing in the middle market continues to move up a bit more than the data points I mentioned earlier.

我還想指出，近年來，與流入傳統市場的溢價相比，我們在達信管理的自保公司的溢價增長更高。現在情況可能會有所改變。隨著市場穩定下來，我們將看到我們的客戶可以根據市場的未來情況進行調整。我之前提到過，我們的指數偏向主要帳戶。因此，中間市場的定價繼續比我之前提到的數據點上漲一點。

But I would also say that insurers and reinsurers are cautious about that rising cost of risk environment that I mentioned as well. And so while, again, a stabilizing market is better for our clients overall, I don't expect that relative stability to change anytime soon given some of the rising cost of risk issues that the insurance community is confronting.

但我也想說，保險公司和再保險公司對我提到的風險環境成本上升持謹慎態度。因此，雖然穩定的市場總體上對我們的客戶來說更好，但考慮到保險界面臨的一些風險成本上升的問題，我預計相對穩定性不會很快改變。

So Dean, maybe you can talk a little bit more about what's happening in reinsurance.

所以迪安，也許你可以多談談再保險領域正在發生的事情。

Yes. Thanks, John. And Jimmy, I'll give you a little bit more color on the April 1 reinsurance renewal. That would be helpful. As John noted, we saw a continuation of market conditions that we experienced in January 1. As John noted, market conditions are stable, but we're definitely seeing increased client demand by additional property cat limits, particularly at the top end of programs. That was very pronounced throughout the first quarter at 1/1 through the quarter.

是的。謝謝，約翰。吉米，我將為您提供有關 4 月 1 日再保險續保的更多資訊。那會有幫助的。正如約翰指出的那樣，我們看到了1 月1 日經歷的市場狀況的延續。中。這在整個第一季 1/1 期間非常明顯。

And certainly, that trend continued on April 1, strong capital inflows into the reinsurance market driven by strong reinsurer returns, double-digit returns in 2023. We talked about that last quarter on the call. Reinsurer appetite is increased for property cat. There's an inflow of capital and capacity, competition at the top end of programs. It's been good for both buyers and sellers in the marketplace.

當然，這種趨勢在4 月1 日仍在繼續，在再保險公司強勁回報的推動下，大量資本流入再保險市場，2023 年將實現兩位數回報。一點。再保險公司對財產貓的興趣增加。資本和能力的流入，以及高端項目的競爭。這對市場上的買家和賣家都有好處。

Specifically to property cat in the U.S. at April 1, as I said, capacity was strong. As John noted, the market was generally flat to down incrementally for clients without cat losses. Accounts with cat losses saw a 10% to 20% kind of rate increases. But keep in mind, we give you rate adjusted figures. But when you factor in inflation, exposure growth, value growth, premiums on these cat programs are still increasing year-over-year. It continues to be a tailwind for Guy Carpenter in the marketplace. And as I said, there's a lot of competition for cat business.

具體到 4 月 1 日美國的房地產市場，正如我所說，產能強勁。正如約翰指出的那樣，對於沒有巨額損失的客戶來說，市場總體上持平甚至逐步下跌。巨額虧損帳戶的利率增加了 10% 到 20%。但請記住，我們為您提供的是費率調整後的數據。但當你考慮到通貨膨脹、風險敞口成長、價值成長時，這些巨災計畫的保費仍在逐年增加。它仍然是蓋伊·卡彭特 (Guy Carpenter) 在市場上的順風車。正如我所說，貓業務的競爭非常激烈。

U.S. Casualty, as John noted, was challenging. Just as challenging on April 1 as it was at the January 1 renewal. Reinsurers are exerting pressure on pricing and terms and conditions. Ceding commissions are facing downward pressure from reinsurers on certain quota share contracts, particularly financial lines, which Martin has talked about in the past. Excess of loss contracts are seeing rate increases across the board, in some cases, double-digit.

正如約翰指出的那樣，美國的傷亡情況充滿挑戰。 4 月 1 日的挑戰與 1 月 1 日續約時的挑戰一樣。再保險公司正在對定價以及條款和條件施加壓力。在某些配額份額合約上，分出佣金面臨著來自再保險公司的下行壓力，特別是馬丁過去談到的金融額度。超額損失合約的利率全面上漲，在某些情況下，漲幅達到兩位數。

However, there was adequate casualty capacity in the marketplace in April 1. And all of the programs that we placed got completed in full. But I would balance that against continued reinsurer concern with adverse development, driven by social inflation and increasing loss cost trends. I think that's a good summary of where we were in the U.S. market.

然而，4 月 1 日市場上有足夠的傷亡能力。但我會平衡再保險公司對社會通膨和損失成本上升趨勢推動的不利發展的持續擔憂。我認為這是對我們在美國市場所處位置的一個很好的總結。

Just a note on Japan, big April 1 cat date in Japan, a very orderly market, sufficient capacity, many CAT programs were oversubscribed. We didn't observe any structural changes, attachment points stayed where they were from a year ago. And again, it was a market that was down, on average, 5% from a rating perspective. And we didn't really observe any rate impact from the January earthquake in Japan. Overall, a very orderly market at April 1 in Japan.

順便說一下日本，4月1日日本貓日，市場非常有序，容量充足，許多CAT節目都超額認購。我們沒有觀察到任何結構變化，附著點保持在一年前的位置。同樣，從評級角度來看，這個市場平均下跌了 5%。我們並沒有真正觀察到日本一月地震對利率的影響。總體而言，4 月 1 日日本市場非常有序。

Terrific, Dean. Thank you. Jimmy, do you have a follow-up?

太棒了，迪恩。謝謝。吉米，你有後續行動嗎？

Perhaps on income, it was flat sequentially and lower than 3Q. I'm assuming that's more seasonality. But if you could just talk about your expectation for that given where short-term rates are currently.

或許在營收方面，環比持平，低於第三季。我認為這更具季節性。但如果你能談談你對目前短期利率的預期。

Mark, do you want to jump on that one?

馬克，你想跳上那個嗎？

Yes, Jimmy, there is a little seas, as you pointed out. There is a little -- tends to be a little seasonality in our fiduciary balances. Q1 and Q4 tend to be seasonal lows modestly. So that would explain that. In terms of outlook, we'll see what happens to the rate environment. The interest -- fiduciary interest income is going to be a function of balances and rates. And we've got about $11.5 billion of balances. So depending on what you want to assume for the trajectory of rates, the math is pretty straightforward.

是的，吉米，正如你指出的那樣，有一片小海洋。我們的信託餘額有一點——往往有一點季節性。第一季和第四季往往是季節性低點。這樣就可以解釋這一點了。就前景而言，我們將看看利率環境會發生什麼。利息－信託利息收入將是餘額和利率的函數。我們的餘額約為 115 億美元。因此，根據您對利率軌跡的假設，數學計算非常簡單。

Thank you, Mark, and thank you, Jimmy. Andrew, next question, please.

謝謝你，馬克，謝謝你，吉米。安德魯，請下一個問題。

And our next question comes from the line of Elyse Greenspan with Wells Fargo.

我們的下一個問題來自愛麗絲·格林斯潘與富國銀行的關係。

My first question was on the margin guidance. You guys said more margin expansion in the back half of the year. What's driving that? Is there just more investment in the first half, more savings falling in the second half or something else that's driving the seasonality within the margin expansion this year?

我的第一個問題是關於保證金指導。你們說下半年利潤率會進一步擴大。是什麼推動了這一點？是上半年投資增加、下半年儲蓄減少還是其他因素推動了今年利潤率擴張的季節性？

Elyse, we expect, again, good margin expansion in 2024. As you pointed out, Mark noted, we expect the second half to be better than the first half. We have some expected headwinds, not really seasonality, but really driven from a higher merit pool a year ago. Some acquisition-related costs and some higher reimbursable expenses.

Elyse，我們再次預計 2024 年利潤率將實現良好成長。我們有一些預期的逆風，並不是真正的季節性因素，而是來自一年前更高的人才庫。一些與收購相關的成本和一些更高的可報銷費用。

But I want to remind everybody not to focus on any one particular quarter, again, margin of outcome of really how we run the business, and it's not a primary objective of ours. Again, having said that, we see opportunity for margin improvement, continued margin improvement. But we're going to continue to make attractive investments to support the medium- to long-term growth of the business.

但我想再次提醒大家，不要專注於任何特定的季度，我們真正經營業務的結果利潤率，這不是我們的主要目標。話雖如此，我們還是看到了利潤率改善的機會，利潤率持續改善。但我們將繼續進行有吸引力的投資，以支持業務的中長期成長。

We have a number of different efforts underway, ongoing workflow and automation efforts at Marsh, Mercer and Guy Carpenter. And we continue to press for opportunities to improve efficiency at the intersections of our businesses as well. So we see opportunity. And as we pointed out, we expect the second half to be better than the first. Do you have a follow-up, Elyse?

我們在 Marsh、Mercer 和 Guy Carpenter 正在進行許多不同的工作、持續的工作流程和自動化工作。我們也將繼續尋求提高業務交叉點效率的機會。所以我們看到了機會。正如我們所指出的，我們預計下半年會比上半年更好。你有後續行動嗎，愛麗絲？

Yes. And then my second question, Marsh recently launched its wholesale venture, Victor Access. I know it's early days, but what was the impetus for this strategy? And is there any reason why the majority of the wholesale risk currently placed by Marsh with third-party wholesalers couldn't potentially be internalized through Victor over time?

是的。然後是我的第二個問題，達信最近推出了其批發企業 Victor Access。我知道現在還為時過早，但是這個策略的動力是什麼？隨著時間的推移，達信目前向第三方批發商承擔的大部分批發風險無法透過 Victor 內部化，這是否有任何原因？

So let me be clear, Elyse, we're not looking to build a third-party wholesale business. There's obviously been considerable growth in the wholesale or the E&S market over the course of the last several years. We want to bring the best solutions in the marketplace to our clients. Generally, we're preferring admitted solutions for our clients. Not that there aren't good things that happened in the E&S market. Of course, there are. And innovation is one of the areas where the E&S market is important.

因此，讓我明確一點，Elyse，我們並不打算建立第三方批發業務。在過去幾年中，批發或 E&S 市場顯然有了相當大的成長。我們希望為客戶帶來市場上最好的解決方案。一般來說，我們更喜歡為客戶提供公認的解決方案。這並不是說 E&S 市場沒有發生任何好事。當然有。創新是 E&S 市場的重要領域之一。

But we want to access as much of that E&S market directly. We actually access most of our E&S market solutions directly today, but we want to continue to press and make sure that we can access as much of that market directly. So it's client driven and it's about us managing the client outcomes, client experiences really as directly as possible.

但我們希望直接進入 E&S 市場。實際上，我們現在可以直接存取大部分 E&S 市場解決方案，但我們希望繼續努力並確保我們能夠直接訪問盡可能多的市場。因此，這是由客戶驅動的，我們盡可能直接管理客戶成果和客戶體驗。

Having said that, we'll continue to use wholesalers for niche expertise. They serve us very well and our clients very well in those cases. They also have strong program businesses as well. So anyway, that's what it's about. It's just, again, making sure we can directly access as much capital directly as possible for our clients.

話雖如此，我們將繼續利用批發商來獲取利基專業知識。在這些情況下，他們為我們提供了很好的服務，也為我們的客戶提供了很好的服務。他們也擁有強大的節目業務。無論如何，這就是它的意義所在。這只是再次確保我們能夠為客戶直接獲取盡可能多的資金。

Thank you for that. Andrew, next question.

謝謝你。安德魯，下一個問題。

Our next question comes from the line of Greg Peters with Raymond James.

我們的下一個問題來自格雷格·彼得斯和雷蒙德·詹姆斯的對話。

I'd like to pivot to -- for the first question, pivot to the consulting business, which had a nice quarter. Wondering if you can provide some additional color around how the different pieces are moving. I know some of the management consultants have preannounced that they're going to be cutting staff this year. Not really seeing any signs of weakness in your pipeline, but maybe you could give us some color because forecasting this out seems to be a little bit of a black box.

對於第一個問題，我想轉向諮詢業務，該業務季度表現良好。想知道您是否可以提供一些關於不同部件如何移動的額外顏色。我知道一些管理顧問已經預先宣布他們今年將裁員。並沒有真正看到您的管道有任何弱點的跡象，但也許您可以給我們一些顏色，因為預測這一點似乎有點像黑盒子。

Okay. Thanks, Greg. Yes, we are very pleased to the start to the year. As you recall, of course, Oliver Wyman had a slow start to the year; in 2023, had a nice year overall of growth. There's going to be a bit more volatility to revenue growth at Oliver Wyman, but we also expect better growth on average from Oliver Wyman over the medium to longer term. Nick, maybe you can share with Greg some color on demand in the first quarter.

好的。謝謝，格雷格。是的，我們對今年的開始感到非常高興。當然，正如您所記得的那樣，奧緯諮詢今年開局緩慢。 2023 年，整體成長不錯。奧緯諮詢的收入成長將會出現更大的波動，但我們也預期奧緯諮詢在中長期內的平均成長會更好。尼克，也許你可以與格雷格分享第一季度的一些按需色彩。

Thank you, John. Thank you, Greg. Yes, 13% was a very pleasing start to the year. It makes a marvelous headline. And we're very, very proud of a good start on what, as you noted, is a tough environment for many in our profession. John's already given the caution about taking the 2-year view. We also probably benefit from a few little timing benefits of things that might have shown up in Q2, might have shown up in Q1. And we still very much give guidance through the cycle. This should be a mid- to high single-digit business.

謝謝你，約翰。謝謝你，格雷格。是的，13% 是今年一個非常令人愉快的開端。這是一個了不起的標題。正如您所指出的，對於我們行業中的許多人來說，這是一個艱難的環境，我們對一個良好的開始感到非常非常自豪。約翰已經對採取兩年的觀點提出了警告。我們也可能受益於一些可能在第二季出現、也可能在第一季出現的事情的一些時間優勢。我們仍然在整個週期中提供大量指導。這應該是一個中高個位數的業務。

And you noted that the sort of forecasting it out is a tricky challenge. That is true because we have a relatively short backlog. The nature of our work as such that when clients need assistance, they need it quickly. And so we are always ready to move very, very nimbly.

您指出，預測它是一個棘手的挑戰。確實如此，因為我們的積壓訂單相對較短。我們工作的性質是，當客戶需要幫助時，他們很快就會得到幫助。因此，我們隨時準備好非常非常靈活地採取行動。

To give you a little bit more color, we grew pretty strongly across all the 4 regions of our management consulting business. And our economic research business, NERA, also grew very strongly, fastest in the Middle East, but in the double digits or very close to double digits in all 3 of the other major regions we have.

為了給您更多的色彩，我們的管理顧問業務在所有 4 個地區都成長得相當強勁。我們的經濟研究業務 NERA 在中東也成長非常強勁、最快，但在我們所有其他 3 個主要地區都實現了兩位數或非常接近兩位數。

And sectorally, it was also fairly broadly spread. Our communications, media and technology team grew well, health care grew well, banking. Seeing a rebound in private capital work, which I've noted on previous calls, has been pretty robust even in the face of, obviously, a very much lower deal market. But our work on portfolio company performance has helped us there. And insurance also growing and quite broadly across the capabilities that we bring to bear as well.

從部門來看，它的分佈也相當廣泛。我們的通訊、媒體和技術團隊發展良好，醫療保健、銀行業發展良好。我在之前的電話會議中已經注意到，即使面對明顯低得多的交易市場，私人資本工作的反彈也相當強勁。但我們在投資組合公司績效方面的工作對我們有幫助。保險業也在不斷發展，並且在我們所發揮的能力方面也相當廣泛。

So we think we're in a good position. We're very confident. We've gained share over the last few years, but it's a tough consulting environment. And our pipeline indicates that, that mid- to high single-digit growth environment, growth forecast is how we think about this business through the cycle.

所以我們認為我們處於有利位置。我們非常有信心。在過去的幾年裡，我們的市佔率有所增加，但諮詢環境卻很艱難。我們的管道表明，在中高個位數成長的環境中，成長預測是我們在整個週期中對該業務的看法。

Thank you, Nick. That's very helpful. And Greg, maybe I'll ask Pat Tomlinson also to share some thoughts just on the first quarter at Mercer given our consulting operations there. And Pat, while you have the floor, as I mentioned, obviously, you're joining this call for the first time, maybe you could talk a bit about your priorities at Mercer.

謝謝你，尼克。這非常有幫助。格雷格（Greg），考慮到我們在那裡的諮詢業務，也許我還會請帕特·湯姆林森（Pat Tomlinson）分享一些關於美世第一季度的想法。派特，正如我所提到的，顯然，您是第一次參加本次電話會議，也許您可以談談您在美世的優先事項。

Sure. Thanks, John. Yes, we are pleased with our Q1 2024 underlying growth. As mentioned earlier, it was 6%, it was our 12th consecutive quarter with 5% or more growth, especially the breadth across the practices. Health, another impressive quarter with 10% growth in Q1. That growth was really -- with double-digit growth nearly across all regions. And it comes on the back of investments in hiring new talent, focus on thought leadership, creating digital tools and really focusing it on client segmentation, trying to match client health care needs based upon industry segment size, with the innovative and adaptive solutions that we have. So really trying to meet clients where they are.

當然。謝謝，約翰。是的，我們對 2024 年第一季的基本成長感到滿意。如前所述，成長了 6%，這是我們連續第 12 個季度實現 5% 或以上的成長，尤其是業務的廣度。健康領域，又一個令人印象深刻的季度，第一季成長 10%。這種成長確實是——幾乎所有地區都實現了兩位數的成長。它是在招募新人才、專注於思想領導力、創建數位工具並真正關注客戶細分、嘗試根據行業細分規模來匹配客戶醫療保健需求以及我們的創新和適應性解決方案方面進行投資的基礎上實現的。所以真的很想在客戶所在的地方與他們會面。

We certainly benefited from strong retention. We had good renewal growth, insurer revenue and medical cost inflation has an impact there. We see significant demand for digital solutions and the innovative benefits that are kind of underscoring the value that we're providing to clients.

我們當然受益於強大的保留率。我們的續保成長良好，保險公司收入和醫療成本通膨對此產生了影響。我們看到對數位解決方案和創新優勢的巨大需求，這在某種程度上強調了我們為客戶提供的價值。

If I pivot over to Wealth, we grew 5% in Q1. There was a good, balanced, equally-strong performance in DBA and IMS. We see DB plans, funding statuses continue to benefit from elevated interest rates that's driving an increase in risk transfer over the last couple of years as well as we have some regulatory requirements and demands that are creating some project work.

如果我轉向財富，我們第一季成長了 5%。 DBA 和 IMS 的表現良好、平衡、同樣強勁。我們看到 DB 計劃、融資狀況繼續受益於利率上升，這推動了過去幾年風險轉移的增加，而且我們的一些監管要求和要求正在創造一些專案工作。

If you add in some capital -- some volatile capital markets, it's driving strong demand for both our actuarial and our investment solutions business. Speaking of investment solutions, in OCIO we benefited from some transactions in Westpac and Vanguard. Mark mentioned that earlier, but also good net new inflows, and capital markets provided us some revenue lift in Q1.

如果加上一些資本——一些不穩定的資本市場，就會推動對我們的精算和投資解決方案業務的強勁需求。說到投資解決方案，在 OCIO，我們受益於 Westpac 和 Vanguard 的一些交易。馬克早些時候提到過，但淨新流入也不錯，資本市場為我們第一季的收入帶來了一些提升。

From a career perspective, growth was muted to 1% for the quarter, but we're following a period of strong growth over the past several years, including a challenging 12% comparable last year. The growth was strong in international, was very broad across all practices and regions. We did see, as was mentioned, some softness in U.S. Career, specifically in rewards in the transformation space.

從職業生涯的角度來看，本季的成長率僅為 1%，但我們在過去幾年中經歷了一段強勁的成長時期，其中包括去年 12% 的具有挑戰性的成長。國際成長強勁，在所有實踐和地區都非常廣泛。正如前面提到的，我們確實看到了美國職業生涯的一些疲軟，特別是在轉型領域的獎勵方面。

As I would say, clients are starting to navigate some of the macro conditions, right? So let me highlight the career practices coming off that very long period of growth, as I mentioned, double digits in -- for the past 8 quarters, driven in large part, I would say, by inflation and employee attrition.

正如我想說的，客戶開始應對一些宏觀條件，對吧？因此，讓我強調一下，正如我所提到的，過去 8 個季度實現了兩位數成長，這在很大程度上是由通貨膨脹和員工流失所推動的。

If we all remember the great resignation back coming out of the pandemic, which drove a lot of labor shortages and really created a lot of demand for projects with clients as they were trying to think about the rewards and how to pay people to keep them retained, the skills that they might need if they had to pivot because they didn't have the right resources. And also starting to think about transformation as they were having less resources to work with and there was innovation and technology, as we've all talked about AI over -- in the past and helping clients through those. So certainly, I think from that perspective, we feel good that there's good breadth of our solutions and demand in the market as we go ahead and fill those needs.

如果我們都記得大流行帶來的巨大辭職，這導致了很多勞動力短缺，並確實為客戶的專案創造了很多需求，因為他們試圖考慮回報以及如何付錢給人們以留住他們，如果他們因為沒有合適的資源而不得不轉型，他們可能需要的技能。同時也開始考慮轉型，因為他們可以使用的資源較少，但有創新和技術，正如我們過去都談論過的人工智慧，並幫助客戶度過這些難關。當然，我認為從這個角度來看，我們感到高興的是，隨著我們繼續前進並滿足這些需求，我們的解決方案和市場需求範圍很廣。

John quickly asked me to talk a little bit about how I think about the business and the priorities, too. So obviously, my first call on April 1, I got to step in and begin this opportunity of a lifetime leading Mercer and our 21,000 colleagues from around the world as we are focused on creating brighter futures for our clients and for their people. I am extremely humbled and honored to be the CEO of this fantastic firm.

約翰很快也要求我談談我對業務和優先事項的看法。顯然，我在4 月1 日第一次打電話時就介入並開始了這個終身領導美世和來自世界各地的21,000 名同事的機會，因為我們專注於為我們的客戶及其員工創造更光明的未來。能夠成為這家出色公司的首席執行官，我感到非常謙卑和榮幸。

And personally, I really want to thank Martine Ferland for a very smooth transition and for the growth momentum and culture that she helped create here. Priority-wise, I want to accelerate that momentum. From the impact that we're having to clients to the fantastic careers we built for colleagues here, the collaboration amongst our colleagues across Marsh McLennan, we can leverage new technologies, and we perform really purpose-driven work and can have a positive impact on our communities as well.

就我個人而言，我真的要感謝 Martine Ferland 的順利過渡以及她幫助在這裡創造的成長動力和文化。從優先順序來看，我想加速這股勢頭。從我們對客戶的影響到我們為同事打造的出色職業生涯，再到達信麥克倫南同事之間的合作，我們可以利用新技術，我們開展真正以目的為導向的工作，並可以對以下方面產生正面影響：我們的社區也是如此。

I think we're very well positioned as we've been repositioning ourselves over the last several years, reshaping our portfolio. Mark mentioned the divestitures, we've been divesting admin practices. We've been building capabilities and reach and global benefits in OCIO. We've been accelerating acquisitions, and we're really just creating more value for clients at scale. And that's what we've been focused in on. So I'm very optimistic about our future.

我認為我們處於非常有利的位置，因為我們在過去幾年中一直在重新定位自己，重塑我們的投資組合。馬克提到了剝離，我們一直在剝離管理實踐。我們一直在 OCIO 中建立能力、影響力和全球利益。我們一直在加速收購，我們實際上只是大規模地為客戶創造更多價值。這就是我們一直在關注的重點。所以我對我們的未來非常樂觀。

Thank you, Pat. We're excited to have you at this table. Greg, do you have a follow-up?

謝謝你，帕特。我們很高興您能坐在這張桌子上。格雷格，你有後續行動嗎？

I do. I want to pivot to M&A and specifically, Mark, I think you mentioned the interest expense outlook for the company. And we note the higher interest rate cost of the debt that's being issued versus that which is being paid off. So I'm curious if there's been any follow-through on those higher costs in the terms of valuation of transactions that you're looking at. And I'm also curious if there's any valuation difference between larger properties versus smaller properties that you're looking at in the M&A market.

我願意。我想轉向併購，特別是馬克，我認為您提到了公司的利息支出前景。我們注意到，與正在償還的債務相比，正在發行的債務的利率成本更高。因此，我很好奇，在您所關注的交易估值方面，這些較高的成本是否有任何後續措施。我也很好奇您在併購市場中關注的大型房產與小型房產之間是否存在估值差異。

Yes. Thanks, Greg. What I would say is we remain quite active in the market. There's a good -- we have a good, strong pipeline. As I've talked about in the past, we have an excellent reputation in that marketplace as being a good owner as well. So we're excited about the deals we did in the first quarter. And again, we're going to continue to remain active in the market.

是的。謝謝，格雷格。我想說的是，我們在市場上仍然相當活躍。我們有一個很好的、強大的管道。正如我過去談到的，我們在該市場上也享有良好的聲譽，是一個優秀的所有者。因此，我們對第一季所做的交易感到興奮。再說一次，我們將繼續在市場上保持活躍。

I think valuations have remained stubbornly high, I would say, on the other side of things. And while we might expect that for top quality assets, I would also point out that some lesser quality assets have traded at some very, very high multiples of late. And so we're going to be picky. We're looking for well-led businesses with real strong growth fundamentals that make us better and are a good cultural fit for our organization. We've been very successful at it. And again, as Mark pointed out, we expect to continue to deploy capital in the market going forward.

我認為，從另一方面來看，估值仍然居高不下。雖然我們可能會期望優質資產會出現這種情況，但我也想指出，一些品質較差的資產最近的本益比非常非常高。所以我們會變得挑剔。我們正在尋找領導良好的企業，具有真正強大的成長基礎，使我們變得更好，並與我們的組織文化契合。我們在這方面非常成功。正如馬克指出的那樣，我們預計未來將繼續在市場上部署資本。

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。

Probably for Mark, on the margins and the expense buckets. If I look over the last year plus, the margin improvements come much more so from the general and other bucket rather than comp and ben. It looks like it flipped a little bit there, the relationship this quarter, if I'm correct. And anything changing there, given the expense management programs or just in terms of how we should think about where the margin improvement is coming from -- on a go-forward basis?

可能對馬克來說，是在利潤和開支方面。如果我回顧過去一年的情況，就會發現利潤率的提高更多來自於一般和其他方面，而不是來自補償和本項。如果我沒猜錯的話，本季的關係似乎發生了一些轉變。考慮到費用管理計劃，或者只是我們應該如何思考利潤率改善的來源——在未來的基礎上，有什麼變化嗎？

Thanks, Mike. Mark, do you want to?

謝謝，麥克。馬克，你願意嗎？

I think it's a great point that you're making, and I think it reflects the strategy of the company. We've said we've continually invested in positioning ourselves for the future. And over the last several years, we've talked about the heavy investments we've made organically in talent. And so I think we've done a terrific job really being thoughtful about all of our other operating expenses, functional costs, how we're leveraging things across the firm, T&E. Really, some of the gains we made in the pandemic, we've harvested them.

我認為你提出的觀點很重要，而且我認為它反映了公司的策略。我們說過，我們一直在不斷投資，為未來做好定位。在過去的幾年裡，我們一直在談論我們對人才的有機投資。因此，我認為我們在考慮所有其他營運費用、職能成本、如何利用整個公司的資源、T&E 方面做得非常出色。確實，我們在疫情中取得的一些成果，我們已經收穫了。

So as you point out, a lot of our margin expansion over the last 5 years has come from being really disciplined on things far away from the client and investing heavily in client-facing talent. And so I think that is a factor in our growth. And I think also as we look forward, there's going to be leverage in those investments, which is why we're optimistic about margins going forward.

因此，正如您所指出的，過去 5 年我們利潤率的成長很大程度上來自於在遠離客戶的事情上嚴格遵守紀律，並對面向客戶的人才進行了大量投資。所以我認為這是我們成長的一個因素。我認為，隨著我們的展望，這些投資將會發揮槓桿作用，這就是為什麼我們對未來的利潤率持樂觀態度。

Thank you. Mike, do you have a follow-up?

謝謝。麥克，你有後續行動嗎？

Yes, a quick follow-up. And I know you gave a lot of commentary on kind of commercial primary insurance pricing power, you told us the Marsh Index declined a bit. Just curious if you can offer any more context, 1% kind of feels like a soft market number.

是的，快速跟進。我知道您對商業初級保險定價能力發表了很多評論，您告訴我們馬什指數略有下降。只是好奇你是否能提供更多背景信息，1% 感覺像是一個軟市場數字。

What is it -- are you seeing just returns on behalf of your carrier partners being kind of excellent that's kind of driving the pricing power downwards in light of kind of what still seems like inflationary trends? Or just any more color there on kind of what's causing the decel. I know you gave us by-line commentary. So I don't know...

這是什麼——您是否看到代表您的運營商合作夥伴的回報非常出色，這在某種程度上推動了定價能力的下降，因為看起來仍然是通膨趨勢？或只是在導致減速的原因上添加更多顏色。我知道你為我們做了旁注。所以我不知道...

Yes. Mike, I would say that, I mean, it doesn't feel like a soft market to our clients, after 5 years of price increases. And as I noted, our index skews to larger accounts and where there's a bit more volatility typically throughout the cycle. I expect cycles to be shorter and narrower than what they've been in the past, right?

是的。麥克，我想說的是，經過五年的價格上漲，我們的客戶感覺市場並不疲軟。正如我所指出的，我們的指數偏向於較大的帳戶，並且在整個週期中通常波動性更大。我預計週期會比過去更短、更窄，對嗎？

There's better data, better technology on the underwriting front. Capital moves so much more quickly in and out. That's part of the E&S market dynamic that you all have observed over the course of the last several years. So I expect kind of more relative stability. And from time to time, of course, certain areas of risk, things will change in some meaningful way, and that will maybe bounce a particular product outside of a normal cycle.

核保方面有更好的數據和更好的技術。資本進出的速度要快得多。這是你們在過去幾年中觀察到的 E&S 市場動態的一部分。所以我期望更加相對穩定。當然，有時，某些風險領域的情況會以某種有意義的方式發生變化，這可能會導致特定產品脫離正常週期。

Insure and reinsure underwriting results have improved in the aggregate over the course of the last couple of years. And I think most feel good about how their book -- how their portfolios are positioned. It's not all one result, of course. We saw some reserve additions in the fourth quarter results overall. And as I mentioned on our call in the first quarter, the great unknown is casualty loss costs, right? There's lots of emerging data that's troubling for our entire ecosystem, for our client. And it contributes to that rising cost of risk that I mentioned earlier.

在過去幾年中，保險和再保險承保業績總體上有所改善。我認為大多數人對他們的書——他們的投資組合的定位——感覺良好。當然，這並不全然是一個結果。我們在第四季度的整體業績中看到了一些準備金的增加。正如我在第一季的電話會議中提到的，最大的未知數是傷亡損失成本，對吧？有許多新興數據給我們的整個生態系統和我們的客戶帶來麻煩。這導致了我之前提到的風險成本上升。

And maybe, I should also point out, and Dean touched on this a little bit that our index adjusts for limit, exposure, attachment point, and it includes new business, right? You see some other indices that are out in the market that don't necessarily adjust for all of those factors.

也許，我還應該指出，迪恩談到了這一點，我們的指數根據限制、暴露、附著點進行調整，並且它包括新業務，對嗎？您會看到市場上的其他一些指數不一定會針對所有這些因素進行調整。

And maybe the last point, Mike, that I would make is that, that number doesn't necessarily correlate directly with what the premium growth is in the market, right? Because at the end of the day, it might be a -- you might have less of an increase. You might have certain clients buying more. I think that's most prevalent in the reinsurance market at the moment. But we're seeing that in some cases, at Marsh as well, where clients, again, having adjusted to the new market pricing and new market equilibrium, has led to a higher level of demand for coverage from our clients. So anyway, I hope that's helpful.

麥克，我要說的最後一點可能是，這個數字不一定與市場上的保費成長直接相關，對吧？因為到最後，你的增幅可能會減少。您可能會有某些客戶購買更多。我認為這在目前的再保險市場中最為普遍。但我們也看到，在某些情況下，在達信，客戶再次適應了新的市場定價和新的市場平衡，導致我們的客戶對承保的需求更高。無論如何，我希望這對您有所幫助。

Andrew, next question, please.

安德魯，請下一個問題。

Our next question comes from the line of Yaron Kinar with Jefferies.

我們的下一個問題來自 Yaron Kinar 和 Jefferies 的對話。

Two questions on Marsh and the market environment you're seeing there. And I think the first one maybe ties well to your last comments, John. Are you surprised to see casualty rates only up 3%, just given the loss trends? And I guess I'd love to hear your views, both as the CEO of Marsh, but also maybe as a former underwriter.

關於達信和您所看到的市場環境的兩個問題。我認為第一個可能與你最後的評論密切相關，約翰。考慮到損失趨勢，您對傷亡率僅上升 3% 感到驚訝嗎？我想我很想聽聽您的觀點，無論是作為達信首席執行官，還是作為前承銷商。

It's a -- I actually -- it's very, very hard right now. As I mentioned earlier, there's some troubling data points, right? And thrown in the mix of the last several accident years, of course, a couple of years of the impact of the pandemic, right? And so just on the clients where we help them, larger clients with big risk management programs that have a level of frequency, it's very, very difficult to project where loss costs are.

事實上，現在非常非常困難。正如我之前提到的，有一些令人不安的數據點，對吧？當然，再加上過去幾年發生的事故，還有幾年大流行的影響，對嗎？因此，僅對於我們幫助的客戶，即具有一定頻率的大型風險管理計劃的大客戶，很難預測損失成本在哪裡。

But as I said, the underwriting community is better than it's ever been. They have better data, better technology. But there, again, are some troubling signs. It's not just increased frequency, it's not just kind of nuclear verdicts, that term gets kind of thrown around or even some of the bigger settlements is a frequency of larger events. See the Francis Scott Key Bridge as an example, that will be a big loss in the market, maybe not as much a casualty loss, but a big loss in the market.

但正如我所說，核保界比以往任何時候都更好。他們擁有更好的數據、更好的技術。但再次出現一些令人不安的跡象。這不僅僅是頻率的增加，也不僅僅是核裁決，這個術語有點被拋棄，甚至一些更大的定居點也是更大事件的頻率。以弗朗西斯斯科特基大橋為例，這將是市場的巨大損失，也許不是傷亡損失，而是市場的巨大損失。

But even in commercial auto, and you've certainly seen that play out in the personal lines auto market, just kind of more frequency type events just costing more to get resolved. And so we're putting our efforts to helping our clients think through how to better runoff liabilities that they assume and even transfer into the market. And the insurers are investing quite a bit in their claims capabilities as well to try to get ahead of this. But I think we're all pointing to, again, some flashing yellow signals out there about the rising costs overall. Do you have a follow-up?

但即使在商用汽車領域，你肯定也看到了這種情況在個人汽車市場上的表現，只是一種更頻繁的事件，需要花費更多的成本才能解決。因此，我們正在努力幫助我們的客戶思考如何更好地償還他們所承擔的、甚至轉移到市場上的負債。保險公司也在理賠能力上投入了大量資金，試圖搶先一步。但我認為我們都再次指出了總體成本上升的一些閃爍的黃色訊號。你有後續行動嗎？

Yes, I do. And thanks for the color there. So in Marsh, organic obviously was strong, and then we certainly saw a very nice result in U.S. and Canada. I guess the only place I could maybe poke a little bit if I were to try would be Asia Pacific, where we saw a step down. Is that -- is there a timing issue there with some one-offs? I know you had a very, very strong 1Q '23 there. But anything you could point to terms of the organic results in Asia Pacific would be helpful.

是的，我願意。感謝那裡的顏色。因此，在馬什，有機食品顯然很強大，然後我們在美國和加拿大當然看到了非常好的結果。我想如果我要嘗試的話，我唯一可以嘗試的地方就是亞太地區，在那裡我們看到了下降。是不是——有一些一次性事件存在時間問題？我知道你們在 23 年第一季的表現非常非常強勁。但你能指出亞太地區有機結果的任何內容都會有所幫助。

Yes, I don't -- no one-offs or major issues there. Just on top of a couple of years of very, very good comps and strong growth, we love how we're positioned in Asia. Big protection gaps throughout Asia. We have really strong in-country operations all throughout the region. So we're not just a regional center. We're in-country and working very, very closely with our clients there.

是的，我不知道——那裡沒有一次性的或重大的問題。除了幾年非常非常好的業績和強勁的成長之外，我們還喜歡我們在亞洲的定位。整個亞洲的保育缺口很大。我們在整個地區擁有非常強大的國內業務。所以我們不只是一個區域中心。我們在國內與那裡的客戶非常非常密切地合作。

As we've said to you in the past, I wouldn't look at any one particular quarter. And again, it's on top of what's been some outstanding growth in Asia over the last couple of years. So we feel good about where we're headed in Asia overall.

正如我們過去對你們所說的，我不會關注任何一個特定的季度。再說一次，這是在過去幾年亞洲的一些突出增長之上的。因此，我們對亞洲整體的發展方向感到滿意。

Andrew, next question, please.

安德魯，請下一個問題。

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。

I was hoping to discuss the competitive environment in RIS, maybe from 2 perspectives. First, I'm wondering whether there is a difference in the market share gain potential when you're in a rising rate environment. And the enormously-fragmented brokerage world includes a lot of companies that just don't have the resources to help clients manage higher insurance costs as successfully as a company with Marsh's resources. How much difference does that make?

我希望從兩個角度來討論 RIS 中的競爭環境。首先，我想知道當您處於利率上升的環境時，市場份額的成長潛力是否存在差異。極度分散的經紀行業包括許多公司，它們沒有足夠的資源來幫助客戶像擁有達信資源的公司一樣成功地管理更高的保險成本。這有多大區別？

It's a good question, Meyer. We're very, very focused on trying to bring scale benefits to our -- well, to all of our key stakeholders, right, including our colleagues, right? We want them -- when they work here, we want them to feel like they have nearly 90,000 folks helping support them with learning and development, data and analytics, market access that you might not have should you choose to work somewhere else in our industry. So we certainly think about it from the colleague perspective, we think about it from the client perspective, and we think about it from an investor point of view as well.

這是一個好問題，邁耶。我們非常非常專注於為我們的所有主要利害關係人帶來規模效益，對吧，包括我們的同事，對嗎？我們希望他們——當他們在這裡工作時，我們希望他們感覺自己有近90,000 名員工在學習和開發、數據和分析、市場准入等方面為他們提供支持，如果你選擇在我們行業的其他地方工作，你可能無法獲得這些支持。所以我們當然會從同事的角度來考慮，我們會從客戶的角度來考慮，也會從投資人的角度來考慮。

What I would say, from a client perspective, broadly speaking, again, this is maybe a bit more upmarket than some of the fragmented segments that you talked about before. Our clients are more risk aware than they've been in the past. I think we have had a role to play in that, in trying to make them more risk aware of some meta-risks. And again, recent events have certainly helped heighten that. But it's incumbent upon us to bring those scale benefits to the market.

我想說的是，從客戶的角度來看，從廣義上講，這可能比您之前談到的一些碎片化細分市場更高端。我們的客戶比過去更有風險意識。我認為我們可以在這方面發揮作用，努力讓他們對某些元風險有更多的風險意識。再說一次，最近發生的事件無疑加劇了這一點。但我們有責任將這些規模效益帶入市場。

And not just scale benefits in terms of data analytics or market access, but different types of solutions. I mentioned earlier our captive business. We're the largest captive manager in the world. And that's been a meaningful outlet for our clients to manage risk in the rising rate environment over the course of the last several years.

不僅是數據分析或市場准入方面的規模效益，還有不同類型的解決方案。我之前提到過我們的自營業務。我們是世界上最大的自保管理公司。在過去幾年中，這對我們的客戶在利率上升的環境中管理風險來說是一個有意義的途徑。

So yes, scale matters. I would also tell you that it plays a role for some of the sellers in the market as well. As we talk through with potential M&A targets, why they may look to sell at the moment, at times, it's regarding scale type -- scaled-up type capabilities that we have that are difficult for them to replicate. And so as I said earlier, we're looking for well-led businesses with really solid growth fundamentals, but we know we can make them better, too. And that's the exciting part for us.

所以是的，規模很重要。我還想告訴您，它對市場上的一些賣家也發揮作用。當我們討論潛在的併購目標時，為什麼他們現在可能會考慮出售，有時，這與規模類型有關——我們擁有的規模擴大型能力，他們很難複製。正如我之前所說，我們正在尋找具有真正堅實成長基礎的領導良好的企業，但我們知道我們也可以讓它們變得更好。這對我們來說是令人興奮的部分。

Do you have a follow-up?

你有後續行動嗎？

I do, but that was very thorough. When we look at the parts of the brokerage market that are more concentrated here, I guess, I'm thinking reinsurance or Fortune 100-type accounts. In your view, is the competitive -- are competitors fighting at full strength? Are they all -- is the competition right now as intensive as it normally is? Or are there any differences from longer-term norms?

我願意，但那是非常徹底的。當我們看到經紀市場中更集中的部分時，我想，我想到的是再保險或財富 100 強類型的帳戶。在您看來，競爭是否激烈—競爭對手是否全力以赴？他們都是──現在的競爭和平時一樣激烈嗎？或是與長期規範有差異嗎？

No, it's -- I mean, in both of the segments you mentioned, it is a highly competitive market. And we love competition. There's nothing that gets me more fired up than getting out in front of clients and of course, winning ultimately. And our team is the same way. We're passionate about the value that we try to deliver to our clients. And so as I mentioned earlier, we're collaborating more than ever.

不，我的意思是，在你提到的兩個細分市場中，這是一個競爭激烈的市場。我們熱愛競爭。沒有什麼比在客戶面前展示並最終獲勝更讓我興奮的了。我們的團隊也是如此。我們對努力為客戶提供的價值充滿熱情。正如我之前提到的，我們的合作比以往任何時候都多。

And in those particular segments you mentioned, and I think it's been particularly meaningful over the course of the last year or so, our efforts to bring a broader set of capabilities to that client set. But no, it's a very, very competitive market, and we welcome it. It makes us better.

在您提到的那些特定細分市場中，我認為在過去一年左右的時間裡，我們努力為該客戶群帶來更廣泛的功能，這一點特別有意義。但不，這是一個競爭非常非常激烈的市場，我們對此表示歡迎。它讓我們變得更好。

Thanks, Meyer. Andrew, next question, and maybe the last one.

謝謝，邁耶。安德魯，下一個問題，也許也是最後一個問題。

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。

In the prepared remarks, there were some comments on health care costs continuing to rise. I was hoping you guys could talk about what you're seeing there and maybe parts of the business maybe between brokerage and consulting that are generating the strongest organic growth in that 10% organic in Health.

在準備好的發言中，有一些關於醫療保健費用持續上漲的評論。我希望你們能談談你們所看到的情況，也許經紀和諮詢之間的部分業務在健康產業的 10% 有機成長中產生了最強勁的有機成長。

Sure. Thank you, Robert. Health care and the health care industry is a big part of our business overall. And I don't think it's any secret that medical inflation and health care-related cost inflation is a major pressure point for our clients in many markets really around the world. It's been a big driver of growth for us, and we continue to invest in it. I talked about in my prepared remarks, some of the collaboration between Marsh and Mercer to try to bring some relief to -- and an angle of cost pressure in that marketplace.

當然。謝謝你，羅伯特。醫療保健和醫療保健產業是我們整體業務的重要組成部分。我認為，醫療通膨和醫療保健相關成本通膨對於全球許多市場的客戶來說是一個主要壓力點，這不是什麼秘密。這是我們成長的重要推動力，我們將繼續對其進行投資。我在準備好的演講中談到了達信和美世之間為緩解市場壓力而進行的一些合作，以及該市場的成本壓力。

But Pat, maybe you could talk about we're seeing and some of the cost inflation as well?

但是帕特，也許你可以談談我們所看到的以及一些成本上漲？

Sure. So the way that health care inflation impacts the business varies based upon the area of the world that we're in. In certain areas of the world, we're predominantly fee-based. It's more large market that would predominantly be from a Mercer perspective inside like the U.S. and some of our more mature, larger markets. And then in a lot of the markets, we are a little bit more brokerage based to where it's based that way.

當然。因此，醫療保健通膨對業務的影響方式因我們所在的世界地區而異。從美世的角度來看，這是一個更大的市場，主要是美國和我們一些更成熟、更大的市場。然後在許多市場中，我們會根據其所在的情況進行更多的經紀業務。

But let me be clear, even the spots where we're a fixed fee, health care inflation drives significant increased costs to clients. So it does create a lot of -- it creates demand for work for us, a lot of project work. So we will see projects out of that health care inflation. It's not necessarily directly driven that way.

但讓我明確一點，即使在我們收取固定費用的地方，醫療保健通膨也會導致客戶的成本大幅增加。所以它確實創造了很多——它為我們創造了很多工作需求，很多專案工作。因此，我們將看到醫療保健通膨帶來的項目。它不一定是這樣直接驅動的。

And even if there's health care inflation in the other areas where it's brokerage, it's not a linear type activity from a commission perspective, because we're -- once that cost is flowing through to the client P&L, we're always out there doing plan redesign for a client to help make sure that, that full cost of health care inflation is not flowing through their P&L., right? Because they really don't -- that's one of the larger costs that they don't control themselves based upon the activity that they've had.

即使經紀業務的其他領域存在醫療保健通膨，從佣金的角度來看，這也不是線性類型的活動，因為一旦該成本流向客戶損益，我們總是會在那裡做為客戶重新設計計劃，以幫助確保醫療保健通膨的全部成本不會流入他們的損益表，對嗎？因為他們確實不這樣做——這是他們無法根據自己所做的活動來控制自己的更大成本之一。

So that's really where a lot of the inflation helps us. Part of it is increased activity and project work. Occasionally, it does create higher rates that flows through in brokerage. But many times, those higher rates, we're still doing plan design with the client to try and mitigate the impact that is going to have on the client P&L. Even in a spot where it's straight commission-based brokerage, we're trying to mitigate those costs.

所以這確實是通貨膨脹對我們有很大幫助的地方。其中一部分是活動和專案工作的增加。有時，它確實會創造更高的經紀費率。但很多時候，對於更高的利率，我們仍在與客戶一起進行規劃設計，以嘗試減輕對客戶損益的影響。即使在直接收取佣金的經紀業務中，我們也在努力降低這些成本。

So rising health and benefit costs in a tight labor market, again, is a pressure point and another example where, again, we can bring scale and a broader set of capabilities to the market that our clients appreciate. Do you have a follow-up, Robert?

因此，在緊張的勞動力市場中，不斷上漲的健康和福利成本再次成為一個壓力點，也是我們可以為客戶所欣賞的市場帶來規模和更廣泛能力的另一個例子。羅伯特，你有後續嗎？

Yes, very helpful. Maybe just last question. On the Wealth segment, correct me if I'm wrong, but I think last year, probably the pension business was growing stronger than your investment business. Did that occur as well in the first quarter here? Or were both of them kind of similar to the 5% organic growth that was achieved in Wealth?

是的，非常有幫助。也許只是最後一個問題。在財富領域，如果我錯了，請糾正我，但我認為去年，退休金業務可能比您的投資業務成長得更強勁。第一季也發生過這種情況嗎？或者兩者都與《財富》實現的 5% 有機增長相似嗎？

Yes, we had good solid growth across investment management and defined benefits. As Pat mentioned, our DB business and this period of elevated interest rates has seen a bit more growth than we expected over the course of the last couple of years, but good growth in our OCIO business and our broader set of consulting capabilities inside of our investment business. So we felt good about that.

是的，我們在投資管理和固定收益方面取得了良好的穩健成長。正如帕特所提到的，我們的資料庫業務和這段利率上升的時期的增長比我們在過去幾年中的預期要快一些，但我們的OCIO 業務以及我們內部更廣泛的諮詢能力都有良好的成長。所以我們對此感覺很好。

Thank you, Robert. Andrew?

謝謝你，羅伯特。安德魯？

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

謝謝。現在我想將電話轉回達信集團總裁兼執行長約翰·道爾 (John Doyle)，讓其發表結束語。

All right. Thank you, Andrew, and I want to thank everyone 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 I look forward to speaking with you again next quarter.

好的。謝謝你，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，我期待下個季度再次與你們交談。

This concludes today's conference. Thank you for participating, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。