威達信集團 (MMC) 2025 Q3 法說會逐字稿

Hello and welcome to Marsh & McLennan's earnings conference call. Today's call is being recorded. Third-quarter 2025 financial results and supplemental information were issued earlier this morning. They are available on the company's website at marshmclennan.com.

您好，歡迎參加 Marsh & McLennan 的財報電話會議。今天的通話正在錄音。2025 年第三季財務業績和補充資訊已於今天早上發布。您可以在該公司的網站 marshmclennan.com 上找到它們。

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，今天的言論可能包含前瞻性陳述。前瞻性陳述受風險和不確定性的影響，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報告以及我們最近向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格，所有這些都可以在 Marsh & McLennan 網站上找到。

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，我們也可能會討論某些非公認會計準則財務指標。要了解這些指標與最接近的 GAAP 指標之間的比較情況，請參閱今天的收益報告中的時間表。（操作員指示）

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

現在我將把這個主題交給 Marsh & McLennan 總裁兼執行長約翰·道爾 (John Doyle)。

Thanks, Andrew. Good morning and thank you for joining us to discuss our third-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, Pat Tomlinson of Mercer; and Nick Studer of Oliver Wyman. Also with us this morning is Jay Gelb, Head of Investor Relations.

謝謝，安德魯。早安，感謝您加入我們討論今天早些時候報告的第三季業績。我是約翰·道爾 (John Doyle)，Marsh & McLennan 總裁兼執行長。與我一起通話的有我們的財務長馬克·麥吉夫尼 (Mark McGivney)；以及我們各業務部門的首席執行官：Marsh 的馬丁·索思 (Martin South)、Guy Carpenter 的迪安·克利蘇拉 (Dean Klisura)、美世的帕特·湯姆林森 (Pat Tomlinson) 和奧緯諮詢的尼克·斯圖德 (Nick Studer)。今天早上與我們一起出席的還有投資者關係主管傑伊·蓋爾布 (Jay Gelb)。

Marsh & McLennan had a solid third quarter. As we said coming into the year, we anticipated impacts from a changing macro environment, and our performance continues to track with our expectations. Overall, we grew revenue 11% in the quarter, reflecting continued momentum in our business and contributions from an active year of acquisitions in 2024.

達信集團 (Marsh & McLennan) 第三季表現穩健。正如我們所說的那樣，進入新的一年，我們預計宏觀環境的變化會產生影響，我們的業績將繼續符合我們的預期。總體而言，本季我們的營收成長了 11%，這反映了我們業務的持續成長動能以及 2024 年積極收購的貢獻。

Underlying revenue increased 4% for the quarter. reflecting the impact of lower fiduciary interest income, declining P&C pricing, and economic uncertainty affecting our clients, especially in the US. Adjusted operating income increased 13% from a year ago, our adjusted operating margin increased 30 basis points compared to the third quarter of 2024, and adjusted EPS grew 11%.

本季基礎收入成長了 4%，反映了受託人權益收入下降、財產和意外保險價格下降以及經濟不確定性對我們客戶（尤其是美國客戶）的影響。調整後的營業收入較去年同期成長 13%，調整後的營業利潤率與 2024 年第三季相比增加了 30 個基點，調整後的每股盈餘成長了 11%。

Earlier this week, we announced that we will change our brand in January from Marsh & McLennan to Marsh. Also in January, our stock ticker symbol on the New York Stock Exchange will change from MMC to MRSH. Our businesses will adopt the Marsh brand after a transition period.

本週早些時候，我們宣布將於 1 月將品牌從 Marsh & McLennan 更改為 Marsh。此外，在一月份，我們在紐約證券交易所的股票代碼將從 MMC 更改為 MRSH。我們的業務將在過渡期後採用 Marsh 品牌。

We also introduced Business and Client Services or BCS. This unit brings together our operations and technology teams from across the company under Paul Beswick, our Chief Information and Operations Officer.

我們也引進了業務和客戶服務或 BCS。該部門匯集了我們整個公司的營運和技術團隊，由我們的首席資訊和營運長 Paul Beswick 領導。

Our new brand strategy, the creation of BCS, and the efficiencies we expect to gain are core parts of a new program we call Thrive. Thrive will also include automation efforts and workforce actions to optimize our scale and specialization. The program is designed to deliver greater value to clients, accelerate growth, and improve efficiency.

我們的新品牌策略、BCS 的創建以及我們期望獲得的效率是我們稱為 Thrive 的新計劃的核心部分。Thrive 還將包括自動化努力和勞動力行動，以優化我們的規模和專業化。該計劃旨在為客戶提供更大的價值、加速成長並提高效率。

The efficiencies we gained through the program will support investments in talent and technology. As we increasingly deploy AI, we can deliver even greater value for clients and colleagues. Thrive will also help us continue to expand margins.

我們透過該計劃獲得的效率將支持對人才和技術的投資。隨著我們越來越多地部署人工智慧，我們可以為客戶和同事提供更大的價值。Thrive 也將幫助我們繼續擴大利潤率。

Let me take a moment to comment on our brand strategy. Marsh will be our new brand and represent our vision to be the most impactful professional services firm in the world. This change will increase our visibility, strengthen our value proposition, and support our business strategy.

請容許我花點時間評論一下我們的品牌策略。Marsh 將成為我們的新品牌，代表我們成為世界上最具影響力的專業服務公司的願景。這項變更將提高我們的知名度，加強我們的價值主張，並支持我們的業務策略。

The Marsh brand is highly regarded and has the broadest global reach among our businesses. Today, Marsh stands for excellence in risk advising and insurance broking. Going forward, the new Marsh will represent the full value of our offerings in risk, strategy, and people.

在我們的業務中，Marsh 品牌享有很高的聲譽，並且具有最廣泛的全球影響力。如今，Marsh 已成為風險諮詢和保險經紀領域卓越的代表。展望未來，新的 Marsh 將充分體現我們在風險、策略和人員方面的產品價值。

Turning to BCS, our company has a long history of innovation, which has been an important factor in our success for over 150 years. We continue to innovate in the AI era, having invested in large language models for more than two years. And while the full impact of AI is still emerging, we are seeing an increase in opportunities from our use cases.

談到 BCS，我們公司擁有悠久的創新歷史，這是我們 150 多年來成功的重要因素。我們在AI時代不斷創新，大型語言模式的投入已經兩年多了。儘管人工智慧的全面影響仍在顯現，但我們看到用例中的機會正在增加。

We are focused on developing tools that boost colleague productivity to better support our clients. For example, LenAI, our proprietary GenAI tool for colleagues, responds to about 1 million inquiries per week, fueling efficiency and automation.

我們專注於開發能夠提高同事生產力的工具，以便更好地支援我們的客戶。例如，我們為同事提供的專有 GenAI 工具 LenAI 每周可回應約 100 萬個查詢，從而提高效率和自動化程度。

We are also rolling out new market-facing AI tools, including, most recently, Aida. This is Mercer's proprietary AI-powered assistant within the Talent All Access Portal, which is a global intelligence platform supporting HR decision-making. And prior to Aida, we introduced Sentrisk, our AI-enabled supply chain risk assessment platform.

我們也推出了以市場為導向的新型人工智慧工具，包括最近的 Aida。這是美世在 Talent All Access Portal 中專有的人工智慧助手，該入口網站是一個支援人力資源決策的全球智慧平台。在 Aida 之前，我們推出了基於人工智慧的供應鏈風險評估平台 Sentrisk。

We have a vast data set as the global leader in risk strategy and people, and BCS will accelerate our efforts to extract valuable insights through AI and analytics. This enables us to better serve our clients, empower our colleagues, and increase our efficiency.

作為風險策略和人員領域的全球領導者，我們擁有龐大的資料集，BCS 將加快我們透過人工智慧和分析提取寶貴見解的努力。這使我們能夠更好地服務客戶、增強同事的能力並提高效率。

Over the next three years, we expect Thrive will generate approximately $400 million in savings with a portion being reinvested to drive additional growth. We will incur around $500 million in charges to achieve these savings.

在未來三年內，我們預計 Thrive 將產生約 4 億美元的節省，其中一部分將再投資以推動進一步成長。為了實現這些節省，我們將花費約 5 億美元的費用。

Now, I'd like to take a moment to talk about talent in the insurance and reinsurance markets. This is a people business, and we have an unmatched depth of talent with over 90,000 colleagues, and we'd love to compete because it makes us better.

現在，我想花點時間談談保險和再保險市場的人才。這是一項以人為本的事業，我們擁有超過 90,000 名同事，人才濟濟，我們樂於競爭，因為這會讓我們變得更好。

Colleague mobility is good for our industry and has served us well because we are an employer of choice with a strong colleague value proposition. Our colleagues can be their best at our company because they work with the top talent in our industry, they manage meaningful client issues, and they have access to market-leading analytics and technology.

同事流動對我們的行業有利，並且對我們很有幫助，因為我們是一個具有強大同事價值主張的首選雇主。我們的同事之所以能夠在公司發揮出最佳水平，是因為他們與行業頂尖人才共事，管理重要的客戶問題，並且能夠獲得市場領先的分析和技術。

We make a point of differentiating ourselves through a collaborative team-based model. This is reflected in strong colleague retention and excellent engagement scores.

我們致力於透過以團隊為基礎的協作模式來彰顯自己的差異化。這體現在強大的同事保留率​​和出色的參與度得分上。

A few competitors have engaged in unlawful and unethical hiring practices and encourage talent to violate their covenants as a deliberate strategy to build their businesses. In these cases, I believe it's important to call out this behavior and to protect our rights. It's also the right thing to do to sustain the trust that we've built with our clients over a long time.

一些競爭對手參與了非法和不道德的招募行為，並鼓勵人才違反他們的契約，以此作為發展業務的蓄意策略。在這些情況下，我認為呼籲這種行為並保護我們的權利非常重要。這也是維持我們與客戶長期建立的信任的正確做法。

Turning to insurance and reinsurance market conditions, we continue to see a competitive market characterized by slower growth from an uneven economy; stronger carrier ROEs; and continued decreases in overall rates, particularly in property reinsurance and property cat reinsurance.

談到保險和再保險市場狀況，我們繼續看到一個競爭激烈的市場，其特點是經濟不平衡導致成長放緩；承運商的股本回報率更高；總體費率持續下降，特別是財產再保險和財產巨災再保險。

According to the Marsh Global Insurance Market Index, commercial insurance rates decreased 4% in the third quarter, driven by Property. This follows a 4% decline in the second quarter of 2025. As a reminder, our index skews the large account business.

根據達信全球保險市場指數，受財產保險的推動，商業保險費率在第三季下降了 4%。此前，2025 年第二季度，該數字曾下降 4%。提醒一下，我們的指數偏向大帳戶業務。

Overall, rates were down in the US by 1%. Canada was down 3%. The UK, EMEA, Latin America, and Asia were all down mid-single digits, and Pacific was down by double digits. Global Casualty rates increased 3%, with US excess casualty up 16%, reflecting continued pressure in the liability environment.

總體而言，美國的利率下降了 1%。加拿大下跌了3%。英國、歐洲、中東和非洲地區、拉丁美洲和亞洲均出現中等個位數的下降，太平洋地區則出現兩位數的下降。全球傷亡率上漲 3%，美國超額傷亡率上漲 16%，反映出責任環境持續承壓。

Workers' compensation decreased by 5%. Global property rates decreased by 8% year over year compared with a 7% decline last quarter. Global Financial and Professional Liability rates were down 5%, while Cyber decreased 6%.

工人賠償金減少了5%。全球房價年減 8%，而上一季則下降了 7%。全球金融和專業責任費率下降了 5%，而網路責任費率下降了 6%。

In reinsurance, the market remains resilient. It has responded to an extended period of elevated natural catastrophe losses, as well as ongoing geopolitical and macroeconomic uncertainty. Dedicated reinsurance capital is projected to reach approximately $650 billion by year-end 2025.

在再保險方面，市場仍保持彈性。它應對了長期不斷增加的自然災害損失以及持續的地緣政治和宏觀經濟不確定性。預計到 2025 年底，專用再保險資本將達到約 6,500 億美元。

With ample capacity, increased competition is driving reinsurers to look for profitable ways to deploy capacity. The cap on market is on pace for a record year of issuance, with over 60 new bonds in the first 9 months, generating approximately $17.5 billion of limit.

由於容量充足，競爭加劇促使再保險公司尋找有利可圖的方式來部署容量。市場上限發行量預計將創下歷史新高，前 9 個月已發行超過 60 隻新債券，產生約 175 億美元的上限。

In casualty reinsurance, renewals were largely stable with sufficient capacity. This outcome reflects underwriting actions of primary carriers and increased reinsurer appetite.

在意外險再保險方面，續保量基本上穩定，承保能力充足。這一結果反映了主要承保人的承保行為和再保險公司需求的增加。

Across both insurance and reinsurance, we advise our clients on proactive strategies that reflect the risk environment and market conditions and, of course, tailored to their tolerance for volatility. Today, we see decreasing property casualty prices but also a growing cost of risk.

在保險和再保險領域，我們為客戶提供積極主動的策略建議，這些策略反映了風險環境和市場狀況，當然，也根據客戶的波動承受能力量身定制。如今，我們看到財產險價格在下降，但風險成本卻在上升。

Over time, this trend is unsustainable. With that being said, barring significant changes in large loss activity, as well as the broader macro environment, we anticipate insurance and reinsurance market conditions seen so far this year will likely continue in 2026.

隨著時間的推移，這種趨勢是不可持續的。話雖如此，除非大額損失活動以及更廣泛的宏觀環境發生重大變化，否則我們預計今年迄今為止的保險和再保險市場狀況可能會持續到 2026 年。

Now, let me turn to our third-quarter financial performance and outlook, which Mark will cover in more detail. Consolidated revenue increased 11% to $6.4 billion and grew 4% on an underlying basis, with 3% growth in RIS and 5% growth in Consulting. Marsh was up 4%; Guy Carpenter grew 5%; Mercer, 3%; and Oliver Wyman was up 8%.

現在，讓我來談談我們第三季的財務業績和展望，馬克將對此進行更詳細的介紹。綜合收入成長 11% 至 64 億美元，基本收入成長 4%，其中 RIS 成長 3%，諮詢業務成長 5%。達信 (Marsh) 上漲 4%；佳達 (Guy Carpenter) 上漲 5%；美世 (Mercer) 上漲 3%；奧緯 (Oliver Wyman) 上漲 8%。

We had adjusted operating income growth of 13%, and we generated adjusted EPS in the quarter of $1.85, which was up 11% from a year ago. We also repurchased $400 million of our stock in the quarter.

我們的調整後營業收入成長了 13%，本季調整後的每股盈餘為 1.85 美元，比去年同期成長了 11%。本季我們也回購了價值 4 億美元的股票。

Turning to our outlook for 2025, we continue to expect to deliver mid-single-digit underlying revenue growth, solid growth in adjusted EPS, and our 18th consecutive year of reported margin expansion. Of course, this outlook is based on conditions today and the economic backdrop could turn out to be materially different than our assumptions.

展望 2025 年，我們繼續預期實現中等個位數的基礎收入成長、調整後每股收益的穩健成長以及連續第 18 年報告的利潤率成長。當然，這種展望是基於當前的情況，而經濟背景可能與我們的假設有重大差異。

In summary, we're pleased with our year-to-date performance in a complex environment. Thrive will amplify our value proposition for clients across all our businesses, and it creates opportunities to invest in talent, growth, AI, and our new brands.

總而言之，我們對今年迄今為止在複雜環境中的表現感到滿意。Thrive 將擴大我們所有業務領域客戶的價值主張，並創造投資人才、成長、人工智慧和新品牌的機會。

Our capabilities are unique, and there is strong demand for our advice and solutions. We've earned our leadership position in our markets through 154 years of innovation and growth. Our disciplined approach to investing for the future while delivering results in the near term remains a guiding principle for our planning and capital allocation. Our announcements today and earlier this week align with this philosophy.

我們的能力是獨一無二的，並且對我們的建議和解決方案的需求很強烈。經過 154 年的創新和發展，我們贏得了市場領導地位。我們嚴謹的投資未來並在短期內取得成果的方法仍然是我們規劃和資本配置的指導原則。我們今天和本週早些時候的公告符合這一理念。

With that, I'll hand the discussion over to Mark for a more detailed review of our results.

有了這些，我將把討論交給馬克，以便他對我們的結果進行更詳細的審查。

Thank you, John, and good morning. Our third-quarter results were solid, reflecting our strong position and execution despite a more challenging environment. Consolidated revenue increased 11% to $6.4 billion with underlying growth of 4%, which came despite a headwind from fiduciary interest income.

謝謝你，約翰，早安。我們的第三季業績穩健，儘管面臨更具挑戰性的環境，但仍反映出我們強大的地位和執行力。儘管受到信託權益收入的阻力，但綜合收入仍成長 11%，達到 64 億美元，基本成長率為 4%。

Operating income was $1.2 billion, and adjusted operating income was $1.4 billion, up 13%. Our adjusted operating margin increased 30 basis points to 22.7%. GAAP EPS was $1.51 and adjusted EPS was $1.85, up 11% over last year.

營業收入為12億美元，調整後營業收入為14億美元，成長13%。我們的調整後營業利益率增加了 30 個基點，達到 22.7%。GAAP EPS 為 1.51 美元，調整後 EPS 為 1.85 美元，比去年增長 11%。

For the first 9 months of 2025, underlying revenue growth was 4%. Adjusted operating income grew 11% to $5.7 billion. Our adjusted operating margin increased 20 basis points and adjusted EPS increased 9% to $7.63.

2025 年前 9 個月，基礎收入成長率為 4%。調整後的營業收入成長 11%，達到 57 億美元。我們的調整後營業利潤率增加了 20 個基點，調整後的每股盈餘增加了 9%，達到 7.63 美元。

Looking at Risk and Insurance Services, third-quarter revenue was $3.9 billion, up 13% from a year ago or 3% on an underlying basis. Operating income in RIS was $750 million. Adjusted operating income was $965 million, up 13% over last year. The adjusted operating margin was 24.7%.

從風險和保險服務來看，第三季營收為 39 億美元，比去年同期成長 13%，基本成長 3%。RIS 的營業收入為 7.5 億美元。調整後的營業收入為 9.65 億美元，比去年增長 13%。調整後的營業利益率為24.7%。

For the first 9 months of the year, revenue in RIS was $13.3 billion, with underlying growth of 4%. Adjusted operating income increased 12% to $4.4 billion. The adjusted operating margin was 33.3%.

今年前 9 個月，RIS 的營收為 133 億美元，基本成長率為 4%。調整後的營業收入成長 12%，達到 44 億美元。調整後的營業利益率為33.3%。

At Marsh, revenue in the quarter was $3.4 billion, up 16% from a year ago or 4% on an underlying basis. The 16% growth at Marsh is impressive and reflects the contribution from McGriff where our integration continues to go well.

達信本季營收為 34 億美元，較去年同期成長 16%，基本成長 4%。達信 16% 的成長率令人印象深刻，反映了 McGriff 的貢獻，我們的整合繼續進展順利。

In US and Canada, underlying growth was 3% for the quarter, reflecting good new business growth overall and continued momentum in MMA. In international, underlying growth remained solid at 5%, with EMEA up 5%, Asia-Pacific up 6% and Latin America up 3%.

在美國和加拿大，本季基本成長率為 3%，反映出整體新業務成長良好且 MMA 持續保持成長勢頭。在國際方面，基本成長率保持穩定，為 5%，其中歐洲、中東和非洲地區成長 5%，亞太地區成長 6%，拉丁美洲成長 3%。

The first 9 months of the year, Marsh's revenue was $10.7 billion with underlying growth of 5%. US and Canada grew 4% and international was up 6%.

今年前 9 個月，Marsh 的營收為 107 億美元，基本成長率為 5%。美國和加拿大成長了 4%，國際成長了 6%。

Guy Carpenter's revenue in the quarter was $398 million, up 5% from a year ago on both a GAAP and underlying basis. Growth remains solid despite softer reinsurance market conditions and came on top of 7% underlying growth in the third quarter of last year. For the first 9 months of the year, Guy Carpenter generated $2.3 billion of revenue and 5% underlying growth.

Guy Carpenter 本季的營收為 3.98 億美元，以 GAAP 和基本面計算，較去年同期成長 5%。儘管再保險市場狀況疲軟，但成長依然穩健，且高於去年第三季 7% 的基本成長率。今年前 9 個月，Guy Carpenter 的營收為 23 億美元，潛在成長率為 5%。

In Consulting segment, third-quarter revenue was $2.5 billion, up 9% or 5% on an underlying basis. Consulting operating income was $501 million, adjusted operating income was $545 million, up 11%. Our adjusted operating margin consulting was 22.1%, up 40 basis points from a year ago. For the first 9 months, consulting revenue was $7.2 billion, reflecting underlying growth of 4%. Adjusted operating income increased 9% to $1.5 billion, the adjusted operating margin increased 50 basis points to 21.2%.

顧問業務第三季營收為 25 億美元，年增 9%，基本面成長 5%。諮詢業務營業收入為5.01億美元，調整後營業收入為5.45億美元，成長11%。我們的調整後營業利潤率諮詢為 22.1%，比一年前成長了 40 個基點。前 9 個月，諮詢收入為 72 億美元，成長 4%。調整後營業收入成長 9% 至 15 億美元，調整後營業利潤率增加 50 個基點至 21.2%。

Mercer's revenue was $1.6 billion in the quarter, up 9% or 3% on an underlying basis. Health grew 6%, reflecting continued strong growth across all regions. Wealth was up 3%, led by Investment Management. Our assets under management were $683 billion at the end of the third quarter, up 2% sequentially and up 25% compared to the third quarter of last year. Year-over-year growth was driven by our acquisitions of Cardano and SECOR, positive net flows, and the impact of capital markets.

美世本季營收為 16 億美元，年增 9%，基本面成長 3%。健康領域成長了 6%，反映出所有地區持續強勁成長。財富成長 3%，其中投資管理業務表現優異。截至第三季末，我們管理的資產規模為 6,830 億美元，季增 2%，年增 25%。年比成長得益於我們對 Cardano 和 SECOR 的收購、正淨流量以及資本市場的影響。

Career was flat year over year on an underlying basis, reflecting continued softness in project-related work in the US and Canada, offset by sustained demand in international and good growth in our workforce products. For the first 9 months of the year, revenue at Mercer was $4.6 billion with 3% underlying growth.

職業生涯與去年同期相比基本持平，反映出美國和加拿大專案相關工作持續疲軟，但被國際市場的持續需求和勞動力產品的良好成長所抵消。今年前 9 個月，美世的營收為 46 億美元，潛在成長率為 3%。

Oliver Wyman's revenue in the third quarter was $886 million, up 9% or 8% on an underlying basis, reflecting growth in each of our regions. The third quarter benefited from favorable timing, so we expect moderating growth for Oliver Wyman in the fourth quarter. For the first 9 months of the year, revenue at Oliver Wyman was $2.6 billion, an increase of 5% on an underlying basis.

奧緯諮詢第三季的營收為 8.86 億美元，成長 9%，基本上成長 8%，反映了我們各個地區的成長。第三季受益於有利時機，因此我們預計奧緯諮詢第四季的成長將放緩。今年前 9 個月，奧緯諮詢的收入為 26 億美元，年增 5%。

Fiduciary interest income was $109 million in the quarter, down $29 million compared with the third quarter last year, reflecting lower interest rates. Looking ahead to the fourth quarter, based on the current environment, we expect fiduciary interest income will be approximately $85 million.

本季信託權益收入為 1.09 億美元，與去年第三季相比下降了 2,900 萬美元，反映了利率下降。展望第四季度，基於當前環境，我們預期受託權益收入將達到約 8,500 萬美元。

Foreign exchange had a de minimis impact on adjusted EPS in the third quarter. Based on current rates, we anticipate FX will be a $0.04 benefit to adjusted EPS in the fourth quarter.

外匯對第三季調整後每股盈餘的影響微乎其微。根據當前匯率，我們預計外匯將為第四季度調整後的每股收益帶來 0.04 美元的收益。

Turning to our Thrive program, as John mentioned, we are excited about the significant new step in the evolution of our firm, which should enable us to continue to deliver exceptional results while we invest for sustained growth. We began executing the program in the third quarter and expect to generate $400 million of total savings, a portion of which will be reinvested for growth.

談到我們的 Thrive 計劃，正如約翰所提到的，我們對公司發展過程中邁出的重要新一步感到興奮，這將使我們能夠在投資持續成長的同時繼續取得卓越的成果。我們從第三季開始執行該計劃，預計總共可節省 4 億美元，其中一部分將重新投資於成長。

Although we will see a modest benefit in the fourth quarter, the vast majority of the savings will be realized over the next three years. We expect to incur approximately $500 million of charges to generate the savings.

儘管我們將在第四季度看到適度的收益，但絕大多數的節省將在未來三年內實現。我們預計將產生約 5 億美元的費用來實現節省。

Majority of savings will result from efficiencies created by BCS with a significant portion coming from further optimization of our global operating model. We have mature capability centers in locations around the world, and our plans over the next three years will accelerate this journey.

大部分節省將來自 BCS 創造的效率，其中很大一部分來自我們全球營運模式的進一步優化。我們在世界各地擁有成熟的能力中心，我們未來三年的計畫將加速這一進程。

Today, we have over 19,000 colleagues in cost-effective locations across BCS and our global functions. Through this program, we expect to further optimize our model by shifting more work to these locations. In addition, we're excited about the possibilities of AI-enabled enhancements in client service, insights, and efficiency as we look to take our AI journey from experimentation at scale to business impact.

如今，我們在 BCS 和全球職能部門內經濟高效的辦公地點擁有超過 19,000 名同事。透過該計劃，我們希望將更多工作轉移到這些地點，從而進一步優化我們的模型。此外，我們對人工智慧在客戶服務、洞察力和效率方面增強的可能性感到興奮，因為我們希望將我們的人工智慧之旅從大規模實驗推向業務影響。

A substantial portion of the work in BCS will be driving savings through efficiency, and process and automation, including through the use of AI. This will also be an area where we increase investment.

BCS 的很大一部分工作將透過提高效率、流程和自動化（包括使用人工智慧）來實現節約。這也將是我們加大投入的領域。

These initiatives in BCS are closely linked. In order to capitalize on the full value of emerging technology, we need to concentrate more of our operations work in locations with scale. A critical enabling step in this journey is combining the distributed operations business across our businesses into a single team.

BCS 中的這些舉措緊密相連。為了充分利用新興技術的價值，我們需要將更多的營運工作集中在具有規模的地點。這趟旅程中一個關鍵的推動步驟是將我們各個業務部門的分散式營運業務合併為一個團隊。

We also anticipate significant savings by continuing to streamline our organization. We have a long track record of executing for efficiency and have consistently demonstrated our ability to drive near-term results while investing for sustained growth. The Thrive program will enable us to continue to invest while we drive earnings and margins higher.

我們也預計透過繼續精簡組織可以節省大量資金。我們在高效執行方面有著長期的記錄，並始終如一地展示了我們在投資持續成長的同時推動短期成果的能力。Thrive 計劃將使我們能夠繼續投資，同時提高收益和利潤率。

Total noteworthy items in the third quarter were $136 million and included charges related to McGriff as well as restructuring costs associated with Thrive. Interest expense in the third quarter was $237 million, up from $154 million in the third quarter of 2024. Based on our current forecast, we expect interest expense will be approximately $235 million in the fourth quarter.

第三季值得注意的項目總額為 1.36 億美元，其中包括與 McGriff 相關的費用以及與 Thrive 相關的重組成本。第三季利息支出為 2.37 億美元，高於 2024 年第三季的 1.54 億美元。根據我們目前的預測，我們預計第四季的利息支出約為 2.35 億美元。

Our adjusted effective tax rate in the third quarter was 24.8%. This compares with 26.8% in the third quarter last year. Excluding discrete items, our adjusted effective tax rate was approximately 25.5%. We continue to expect an adjusted effective tax rate of between 25% and 26% in 2025, excluding discrete items.

我們第三季的調整後有效稅率為24.8%。相比之下，去年第三季這一比例為 26.8%。不包括單一項目，我們的調整後有效稅率約為 25.5%。我們繼續預期 2025 年調整後有效稅率將在 25% 至 26% 之間（不包括單一項目）。

Turning to capital management and our balance sheet, we ended the quarter with total debt of $19.6 billion. Our next scheduled debt maturity is in the first quarter of 2026 with $600 million of senior notes mature.

談到資本管理和資產負債表，本季末我們的總負債為 196 億美元。我們的下一個預定債務到期日是 2026 年第一季度，屆時將有 6 億美元的優先票據到期。

Our cash position at the end of the third quarter was $2.5 billion. Uses of cash in the quarter totaled $1 billion and included $445 million for dividends, $200 million for acquisitions, and $400 million for share repurchases. For the first 9 months, uses of cash totaled $2.6 billion and included $1.3 billion for dividends, $366 million for acquisitions, and $1 billion for share repurchases.

我們第三季末的現金狀況為 25 億美元。本季現金使用總額為 10 億美元，其中包括 4.45 億美元的股息、2 億美元的收購和 4 億美元的股票回購。前 9 個月，現金使用總額為 26 億美元，其中包括 13 億美元用於股利、3.66 億美元用於收購以及 10 億美元用於股票回購。

We continue to expect to deploy approximately $4.5 billion of capital in 2025 across dividends, acquisitions, and share repurchases. The ultimate level of share repurchase will depend on how our M&A pipeline develops.

我們仍預計到 2025 年將在股利、收購和股票回購方面投入約 45 億美元的資金。股票回購的最終水準將取決於我們的併購管道如何發展。

For the full year, we continue to expect mid-single-digit underlying revenue growth, margin expansion, solid growth, and adjusted EPS. Note that this outlook is based on conditions today and the economic backdrop could be materially different than our assumptions. Overall, we are pleased with our third-quarter and year-to-date results and are excited about the opportunity that our new brand and Thrive will bring.

對於全年而言，我們繼續預期基礎收入將實現中等個位數成長、利潤率將擴大、成長穩健、調整後每股收益將實現成長。請注意，這項展望是基於當前情況而做出的，而經濟背景可能與我們的假設有重大差異。總體而言，我們對第三季和年初至今的業績感到滿意，並對我們的新品牌和 Thrive 將帶來的機會感到興奮。

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

有了這些，我很高興把它交還給約翰。

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) Greg Peters, Raymond James.

（操作員指示）格雷格·彼得斯、雷蒙德·詹姆斯。

Good morning, everyone. I'd like to, for the first question, focus on the comment during the call and in your branding press release about the lower growth environment.

大家早安。對於第一個問題，我想重點談談電話會議中以及你們在品牌新聞稿中關於較低成長環境的評論。

John, I know you mentioned that you expect mid-single-digit growth this year. Do you think with the government shutdown, the uncertainty, that we might be on this glide path to low to mid-single digit as we look out over the next 24 or 36 months, especially in the face of a more challenging pricing environment for property casualty?

約翰，我知道你提到你預計今年的成長率將達到中等個位數。您是否認為，由於政府關門和不確定性，展望未來 24 或 36 個月，我們可能會走上低至中等個位數的下滑路徑，尤其是在面臨更具挑戰性的財產意外險定價環境的情況下？

Good morning, Greg, and thank you for the question. I wasn't trying to project into 2026 or 2027. Of course, every year comes with its different opportunities to different challenges. But as we guided earlier this year, we knew there would be some pressures from the macro environment and P&C-related pricing pressure. So we guided to mid-single-digit underlying revenue growth.

早安，格雷格，謝謝你的提問。我並沒有試圖預測 2026 年或 2027 年的情況。當然，每年都有不同的機會和不同的挑戰。但正如我們今年稍早所指導的那樣，我們知道宏觀環境和財產及意外險相關的定價壓力會帶來一些壓力。因此，我們預計基礎收入成長率將達到中等個位數。

I like how we're positioned. I am very excited about Thrive and what that can mean for our growth over time. And so we're confident in our ability to execute across different economic cycles and different P&C cycles. We have a playbook and, again, a real track record of doing it. So we'll see what next year brings and we'll guide to our thoughts at that point.

我喜歡我們的定位。我對 Thrive 以及它對我們長期成長的意義感到非常興奮。因此，我們對自己在不同經濟週期和不同財產和意外保險週期中的執行能力充滿信心。我們有劇本，而且我們也有實際的執行記錄。因此，我們將觀察明年會發生什麼，並根據那時的情況來指導我們的想法。

It feels like a pretty uneven economy to me. For sure, that's kind of what our data suggests. And so -- but we're not pessimistic about growth. We like how we're positioned, been reshaping the mix of business in the company over a long period of time and focused on being a better growth company.

我覺得經濟相當不平衡。確實，我們的數據表明了這一點。所以——但我們對成長並不悲觀。我們喜歡我們的定位，長期以來一直在重塑公司的業務組合，並致力於成為一家更好的成長型公司。

Do you have a follow-up, Greg?

格雷格，你還有後續消息嗎？

Okay, next -- yes, I do, of course. And one of the previous announcements from your company, I think you -- the company announced the -- its intention to start a wholesale business. Maybe you could spend a minute and talk about what you're thinking about that? Is it just for internal-related opportunities or do you think you might branch that off and do other work with other retailers and other organizations as well?

好的，接下來——是的，我當然知道。我認為貴公司之前曾發佈過公告，宣布有意開展批發業務。也許您可以花一點時間談談您對此的看法？這僅僅是內部相關的機會嗎？或者您認為您可能會將其分支出來並與其他零售商和其他組織進行其他工作？

Were you talking about MMA, or more broadly, or either?

您是在談論 MMA，還是更廣泛地說，或者兩者都有？

Yeah, the MMA one and wholesale.

是的，MMA 和批發。

Yeah. Well actually, let me address it kind of more broadly. Maybe I'll start with that and then get to MMA. We're not looking to build a third-party wholesale business here. We have exceptional specialty talent inside of this company, the market-leading specialty talent.

是的。嗯，實際上，讓我更廣泛地談論這個問題。也許我會從那裡開始，然後再轉向 MMA。我們不打算在這裡建立第三方批發業務。我們公司內部擁有優秀的專業人才，市場領先的專業人才。

And we just want -- we don't want to be outsourcing an important part of our value proposition when it's not necessary. Some E&S markets require us to go through a wholesale broker to access them, so we'll build some of that capability. And where we need access and in very unique circumstances, you need capability, we'll use third-party wholesalers. We do that today, and they serve us and our clients well.

我們只是不想在沒有必要的情況下將我們價值主張的重要部分外包。一些 E&S 市場要求我們透過批發經紀人才能進入，因此我們將建立一些此類能力。當我們需要存取權限並且在非常特殊的情況下需要能力時，我們將使用第三方批發商。我們今天這樣做了，並且他們為我們和我們的客戶提供了良好的服務。

As it relates to MMA, yes, we've created a new desk in London. Read Davis, the CEO of McGriff, is working with Lizzy Howe in London. We have just absolutely top specialty talent in the London market, of course; have been there for a long, long time, serving our clients, and serving Marsh clients globally. But particularly, in the US, we bring -- a lot of risk originates in the US that we bring to the London market.

就 MMA 而言，是的，我們在倫敦設立了一個新辦公室。McGriff 執行長 Read Davis 正在倫敦與 Lizzy Howe 合作。當然，我們在倫敦市場擁有絕對頂尖的專業人才；我們已經在那裡服務了很長時間，為我們的客戶以及全球的 Marsh 客戶提供服務。但特別是在美國，我們把許多源自美國的風險帶到了倫敦市場。

So when we're coming together with the team at McGriff, we saw an opportunity to bring in some of that business from third-party wholesalers. And so again, it's an important part of what Reed is focused on. So it's a revenue synergy for us at McGriff, and we're excited about those possibilities in 2026.

因此，當我們與 McGriff 團隊合作時，我們看到了從第三方批發商引進部分業務的機會。所以，這又是里德關注的重要部分。因此，這對我們 McGriff 來說是一種收入協同效應，我們對 2026 年的這些可能性感到興奮。

So thank you, Greg. Andrew, next question.

所以謝謝你，格雷格。安德魯，下一個問題。

Mike Zaremski, BMO.

麥克·扎雷姆斯基，BMO。

Hey, great. Good morning. Thanks for the details on the Thrive expense program. Just the math, $500 million of costs for $400 million of savings, I think that's a really good ratio versus many of your peers, maybe even you all historically.

嘿，太好了。早安.感謝您提供有關 Thrive 費用計劃的詳細資訊。只需計算一下，5 億美元的成本換來 4 億美元的節省，我認為與你們的許多同行，甚至與你們歷史上的所有同行相比，這是一個非常好的比例。

So is there -- maybe you can -- usually like there's more costs for the savings ratio. Any kind of things you could unpack on why you're going to get so much savings for that level of cost? And then also, historically, how much have you reinvested into the business on the savings? I know you said you mentioned you're going to reinvest some as well.

那麼，也許你可以——通常儲蓄率的成本會更高。您能解釋為什麼在這樣的成本水平下可以節省這麼多錢嗎？另外，從歷史上看，您將多少儲蓄重新投資到業務中？我知道您說過您也會重新投資一些。

Yeah. Yeah, thanks, Mike, for the question and for taking notes of the program details. But maybe I'll have Mark talk a little bit about the cost estimates and charge estimates at this point.

是的。是的，謝謝邁克提出的問題以及記錄計劃細節。但也許我會讓馬克現在談談成本估算和費用估算。

Sure. Hi, Mike. So like, we -- as you pointed out, we've got a pretty good track record in terms of payback in these programs. And as I described, this is a lot of continuation of work that we've been doing. I talked about we've got a meaningful amount of low-cost location penetration today, and this is extending it. So a lot of the costs are just associated with severance, and just the costs associated with transitioning work, and other things we're doing just to simplify the organization.

當然。你好，麥克。所以，正如您所指出的，我們在這些項目的回報方面有著相當良好的記錄。正如我所描述的，這是我們一直在做的工作的延續。我談到，今天我們已經獲得了大量低成本地點的滲透，而且這正在擴大它。因此，許多成本都與遣散費、工作過渡相關的成本以及我們為簡化組織而採取的其他措施有關。

So we've got a pretty high degree of confidence in the savings and charges, although over time, these estimates might move a little bit. But yeah, we're going to get good payback on the investment that we're making.

因此，我們對節省的費用和費用有相當高的信心，儘管隨著時間的推移，這些估計可能會略有變化。但是，是的，我們所做的投資將會獲得豐厚的回報。

And the majority will go to earnings.

其中大部分將用於盈利。

Yeah. And as I said earlier, there is some reinvestment. But as we've demonstrated before, we generate a lot of value out of these programs, and we expect the majority of the savings is going to flow through to the bottom line.

是的。正如我之前所說，有一些再投資。但正如我們之前所展示的，我們從這些項目中創造了很多價值，我們預計大部分節省下來的資金將流入到利潤中。

Okay, great. My quick follow-up is honing in on organic in the US, probably on the RIS side. John, in your prepared remarks, you talked again about economic uncertainty, especially in the USA. You mentioned some unlawful unethical business practices. You talked about pricing likely decelerating a bit. So I guess you would be -- are you telling us we should be expecting at least the US side of organic to be running along the current trend line for the first -- in the near term?

好的，太好了。我的快速後續行動是磨練美國的有機產品，可能在 RIS 方面。約翰，在你準備好的發言中，你再次談到了經濟不確定性，尤其是在美國。您提到了一些非法的不道德的商業行為。您談到價格上漲可能會稍微放緩。所以我想你會——你是說我們應該預期至少美國的有機食品在短期內會首次沿著當前的趨勢線發展嗎？

Look, I guess, first, the talent headlines over the summer, we're nearly 95,000 people, right? It's more than 90,000 people, $25 billion in revenue annualized for the company overall, not a material impact at all.

看，我想，首先，今年夏天的人才頭條新聞，我們有近 95,000 人，對吧？該公司員工總數超過 9 萬人，年收入為 250 億美元，但並未產生任何實質影響。

As it relates to the US, we're seeing a bit of hesitancy from our larger clients in the US. I'd like to think, certainly, as some of the possible tail risk scenarios around trade and the economy begin to come in a little bit, but -- and I think you're beginning to see it a bit with, obviously, the pickup in the M&A market, but that things will clear up.

就美國而言，我們發現美國大客戶有些猶豫。當然，我想認為，隨著貿易和經濟方面一些可能的尾部風險情景開始出現，但我認為，隨著併購市場的回暖，你開始看到一些跡象，但事情將會明朗。

But there's still a lot obviously out in the macro economy. There's still a lot to settle out from a trade perspective. But overall, I'm very pleased with our growth. I mean, we had 11% growth in the quarter. I think Marsh's GAAP growth was 16%, right? So absolutely terrific, 4% growth at Marsh, 5% year to date.

但宏觀經濟顯然仍存在許多問題。從貿易角度來看，還有很多問題需要解決。但總體而言，我對我們的成長感到非常滿意。我的意思是，本季我們的成長率為 11%。我認為 Marsh 的 GAAP 成長率是 16%，對嗎？真是太棒了，Marsh 的成長率為 4%，今年迄今的成長率為 5%。

Again, given all the pricing pressures and other challenges in the economy, I feel good about that. I know we're positioned well and we're executing well in the market.

再次，考慮到經濟中的所有價格壓力和其他挑戰，我對此感到高興。我知道我們在市場上的定位很好，而且表現也很好。

Thank you, Mike. Andrew, next question, please.

謝謝你，麥克。安德魯，請問下一個問題。

Jimmy Bhullar, JPMorgan.

摩根大通的 Jimmy Bhullar。

Hey, good morning. So first, I just had a question on -- maybe start with Oliver Wyman. I think everybody has been assuming that there will be a slowdown there given economic uncertainty and geopolitical issues. But the business continues to perform well. So maybe talk a little bit about the pipeline that you're seeing there? And do you feel that you could continue this level of growth in -- despite the environment?

嘿，早安。首先，我有一個問題——也許可以從 Oliver Wyman 開始。我認為，鑑於經濟不確定性和地緣政治問題，每個人都認為那裡的經濟將會放緩。但業務繼續表現良好。那麼能否談談您在那裡看到的管道？您是否認為無論環境如何，您都能夠維持這種成長水平？

Yeah. Thanks, Jimmy. Again, given all the uncertainty, we're quite pleased with the growth at Oliver Wyman to date, this year. And obviously, we had a very, very strong quarter. Mark talked a bit about the timing, flattering the third quarter a bit, but we have an outstanding team at OW.

是的。謝謝，吉米。再次，考慮到所有的不確定性，我們對奧緯諮詢今年迄今為止的成長感到非常滿意。顯然，我們本季表現非常強勁。馬克談了一些時間安排，對第三季有些誇張，但我們在 OW 擁有一支出色的團隊。

It is a complex operating environment for our clients. And in many cases, they're looking for our team at OW to help them navigate it. So, Nick, maybe I'll ask you to talk a little bit what you see in the demand funnel and pipeline.

對我們的客戶來說，這是一個複雜的營運環境。在很多情況下，他們都在尋求 OW 團隊的幫助。所以，尼克，也許我會請你稍微談談你在需求漏斗和管道中看到了什麼。

Thank you, John. Thank you, Jimmy. Yeah, best quarterly growth in six quarters, but I would point out the comp was a 1. And as Mark said, we did benefit from some favorable timing on things like success fees. So I do think we expect moderating growth in the fourth quarter.

謝謝你，約翰。謝謝你，吉米。是的，這是六個季度以來最好的季度增長，但我想指出的是，同店銷售額是 1。正如馬克所說，我們確實受益於成功費等方面的一些有利時機。因此我確實認為我們預計第四季度的成長將會放緩。

But overall, we're pleased and we think we're executing well in what is generally maybe a slower market. As Mark indicated, we grew across all of our regions, fastest growth in Asia, but the Americas grew pretty well. And some of that is fueled by work on performance transformation, both top-line and bottom-line efficiency work, which tends to be a little bit countercyclical.

但總體而言，我們很高興，我們認為在整體上可能較為緩慢的市場中，我們的表現良好。正如馬克所指出的，我們在所有地區都實現了成長，其中亞洲的成長最快，但美洲的成長也相當不錯。其中一些是由績效轉型工作推動的，包括頂線和底線效率工作，這往往有點反週期。

From a practice perspective, our consumer telecoms and technology practice, which we newly brought together at the beginning of the year are growing very, very strongly. Our insurance and asset management practice alongside our actuarial practice, which I've talked about a lot on these calls, working really well together, continuing very high growth. They keep up at this rate, they're becoming a real juggernaut. And our transportation and advanced industrial practice also well into double digits.

從實務角度來看，我們今年年初新整合的消費者電信和科技業務正在非常強勁地成長。我們的保險和資產管理業務以及精算業務（我在這些電話會議上已經多次談到）合作得非常好，並且持續保持著很高的成長。照這個速度，他們正在成為一股真正的強大力量。我們的交通運輸和先進的工業實踐也達到了兩位數。

On the capability side, customer innovation and growth, interestingly, it's -- we see work in restructuring. We see work in finance risk. We also see work in customer innovation in growth growing well.

在能力方面，客戶創新和成長，有趣的是，我們看到了重組的工作。我們看到了金融風險的工作。我們也看到客戶創新工作進展順利。

I think some of that really rests on the work we're doing in our Quotient platform around AI. I'm sure we'll talk about that maybe later on the call. But we're helping a lot of clients think through how to both enhance their capabilities and reduce costs driven by AI and our sort of, how do you increase your AI quotient as a client is how we came up with our Quotient name, and that's how we go to market on AI, all of which is looking pretty good.

我認為其中一部分實際上取決於我們在 Quotient 平台上圍繞 AI 所做的工作。我確信我們稍後會在通話中討論這個問題。但我們正在幫助許多客戶思考如何增強他們的能力並降低由人工智慧驅動的成本，以及我們如何提高客戶人工智慧商數，這就是我們想出 Quotient 這個名字的方式，這就是我們進入人工智慧市場的方式，所有這些看起來都很好。

And then just for the pipeline, sales continue at a decent rate. We go up and down every quarter, every month. But I'm pretty optimistic going through the rest of the year and into next year.

就管道而言，銷售繼續保持良好的速度。我們每季、每個月都會有起伏。但我對今年剩餘時間和明年都抱持相當樂觀的態度。

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

了不起。缺口。謝謝。吉米，你還有後續消息嗎？

Jimmy, are you there? Maybe we lost Jimmy.

吉米，你在那裡嗎？也許我們失去了吉米。

Pardon -- (multiple speakers)

赦免——（多位發言者）

There he is.

他就在那兒。

I'm here. Along similar lines, maybe on Marsh and MMA, is the environment for your business improving a little bit given the uptick in capital markets, M&A, IPOs or is that not enough of a tailwind to where investors would see that in your reported results over the next few quarters?

我在這裡。類似地，對於 Marsh 和 MMA 來說，鑑於資本市場、併購和 IPO 的上漲，您的業務環境是否有所改善？還是這還不足以讓投資人在未來幾季的報告結果中看到這些？

No, we definitely saw an uptick in M&A activity in the quarter that was certainly helpful to growth in the quarter. Our middle market business is not MMA, but not just in the United States, but all over the world are performing a bit better growth to up market or, excuse me, growth in the middle market is better than growth upmarket. And so we feel good about we've deployed capital and have invested in our capabilities and our exposure to markets. But MMA had a good quarter of growth and we expect that that will continue.

不，我們確實看到本季併購活動增加，這肯定有助於本季的成長。我們的中階市場業務不是 MMA，但不僅僅是在美國，而是在世界各地都表現得比高端市場成長更好一些，或者，對不起，中端市場的成長比高端市場的成長更好。因此，我們對已經部署的資本以及對我們的能力和市場影響力的投資感到非常滿意。但 MMA 本季實現了良好的成長，我們預計這種勢頭將會持續下去。

Thanks, Jimmy. Andrew, next question, please.

謝謝，吉米。安德魯，請問下一個問題。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Hey, thanks. Good morning. Just had a question on the Thrive program and thinking through some of the $400 million of gross saves and how you're thinking about whatever portion of that you're going to reinvest. I guess I'm thinking how are you thinking about what you will be reinvesting in?

嘿，謝謝。早安.我只是想問一下關於 Thrive 計劃的問題，以及您對 4 億美元總儲蓄的思考，以及您如何考慮將其中的哪一部分進行再投資。我想我在想您是如何考慮要重新投資什麼的？

I think some of your peers have been a little bit more front-footed on adding talent. You mentioned, John, in your prepared remarks, some noise with your existing talent base. You guys have been prolific in the past on adding talent. We haven't heard much on that front, especially given McGriff, but is that something where you guys think about adding talent heading into next year using some of the gross cost saves associated with the Thrive program?

我認為你們的一些同行在引進人才方面已經走在了前面一些。約翰，你在準備好的發言中提到，你現有的人才基礎存在一些問題。你們過去在引進人才方面做得非常出色。我們在這方面沒有聽到太多消息，特別是考慮到麥格里夫，但你們是否考慮利用與 Thrive 計劃相關的一些總成本節省來增加明年的人才？

Yes. It -- that's where the investment will come. The investment will also be in accelerating our AI journey as well. We've continued to invest in talent, both organically and inorganically. It doesn't necessarily generate the headlines that you see through the tactics that others use, but we've continued to invest in 2025.

是的。這就是投資的來源。這項投資也將用於加速我們的人工智慧之旅。我們持續對人才進行投資，包括有機投資和無機投資。它不一定能像其他人使用的策略那樣成為頭條新聞，但我們會繼續在 2025 年進行投資。

Thrive is all about growth. David, I'm excited about Thrive and all the components of it. It's, by the way, not a strategic shift for us, nor is it about organizational or structural changes. We're always looking to improve. And our vision to be that most impactful professional services firm in the world, all these changes that we announced this week support that.

繁榮就是成長。大衛，我對 Thrive 及其所有組件感到非常興奮。順便說一句，這對我們來說不是策略轉變，也不是組織或結構上的變化。我們一直在尋求進步。我們的願景是成為世界上最具影響力的專業服務公司，我們本周宣布的所有這些變化都支持這個願景。

We're very proud of our legacy brands for sure. But we have the opportunity to build a new Marsh and simplify our story, to show up in the market in a better-connected way, and talk about the complexity of the environment today. We didn't do this for today, but I think the timing of it, given the complex operating environment is great.

我們對我們的傳統品牌感到非常自豪。但我們有機會建立一個新的 Marsh，簡化我們的故事，以更好的聯繫方式出現在市場上，並談論當今環境的複雜性。我們今天沒有這樣做，但考慮到複雜的操作環境，我認為這個時機非常好。

So we're going to showcase the unique attributes of the firm, the breadth of capability we have, the depth of our talent. I talked about data. Part of what we're investing in is we've got a new data leader across the firm. We've got some exciting new tools around data ingestion that will accelerate our already market-leading analytics. Adding all this to a culture that is, as I said in my prepared remarks, team-based and client-first. I'm really excited about it.

因此，我們將展示公司的獨特屬性、我們擁有的能力的廣度以及我們人才的深度。我談到了數據。我們投資的一部分是在整個公司內聘請一位新的數據領導者。我們在資料擷取方面有一些令人興奮的新工具，這將加速我們已經處於市場領先的分析。所有這些都融入到以團隊為基礎、客戶至上的文化中，正如我在準備好的演講中所說的那樣。我對此感到非常興奮。

BCS, Paul Beswick who's import -- really critical leader in our company, bringing together ops and tech under his leadership and working with the business leaders that you know well from this call. It's all about leveraging the best technology and automation across our businesses, and as Mark talked about in his remarks, optimizing that operating model.

BCS，保羅貝斯維克 (Paul Beswick) 是我們公司非常重要的領導者，在他的領導下，他將營運和技術整合在一起，並與您在這次電話會議中熟知的商業領袖合作。這一切都是為了在我們的業務中利用最好的技術和自動化，正如馬克在他的演講中談到的那樣，優化這種營運模式。

So we see a lot of possibility there. It will allow for more efficient CapEx across the company. And so there's a lot for us to dig into, and we're excited about how that can accelerate our growth over time.

因此，我們看到了很多可能性。這將使整個公司的資本支出更有效率。因此，我們有很多東西需要深入研究，我們很高興看到這些研究能夠隨著時間的推移加速我們的成長。

Great, thanks. And then just a follow-up and just on Marsh in the US and Canada. I guess, it feels like things are pretty stable economically. At least I had thought the economy kind of ticked up a little bit in 3Q. I think pricing may be a little worse; M&A, a little bit of a tailwind. The comp was the same.

太好了，謝謝。然後只是跟進一下美國和加拿大的 Marsh。我想，感覺經濟狀況相當穩定。至少我認為第三季經濟有所回升。我認為定價可能會稍微差一點；併購可能會有點順風。比較是一樣的。

Can you just help me think through like what was causing the deceleration in organic in US and Canada this quarter? Is it some of that talent stuff that's really just coming through a little bit? I know it's not like a huge impact on the entire company, but specifically within that business?

您能幫我想想是什麼原因導致本季美國和加拿大有機產品銷售下降嗎？這是否是一些剛剛顯現出來的天賦呢？我知道這對整個公司來說不會造成巨大影響，但具體到該業務內部呢？

Yeah. Again, for the company overall, it's not an impact at all. Look, I think we have a 4% growth at Marsh in the quarter. We have 5% year to date, given the pricing pressure. It doesn't feel like an economy that is better than 90 days ago, it feels quite uneven. And I -- we'll see, obviously, what happens.

是的。再說一遍，對於整個公司來說，這根本不會造成影響。瞧，我認為 Marsh 本季的成長率為 4%。考慮到定價壓力，今年迄今為止我們的成長率為 5%。感覺經濟狀況不比 90 天前好，感覺相當不平衡。而我——顯然，我們將會看到會發生什麼。

I think you saw a softening of labor markets in the quarter. And so it is quite uneven out there. And I think, again, up market, which is where we see more softness in growth, we have a client on average that's being a bit more defensive in this environment.

我認為本季勞動力市場有所疲軟。所以那裡的情況相當不平衡。我認為，在高端市場，也就是我們看到成長更加疲軟的市場，我們的客戶在這種環境下平均會採取更防禦的態度。

And so -- that's okay. As I talked about as well I was trying to highlight, while pricing may be down, and the economy may be slowing, and interest rates may be declining, the cost of risk, whether it's the economy's exposure to extreme weather, the rapidly rising cost of liability in some markets, including here in the US, healthcare costs, those are big pressure points. Those are all increasing at a rate much higher than GDP.

所以——沒關係。正如我剛才所說，我想強調的是，雖然價格可能下跌，經濟可能放緩，利率可能下降，但風險成本，無論是經濟受到極端天氣的影響，還是包括美國在內的一些市場責任成本的快速上升，醫療保健成本，這些都是巨大的壓力點。這些的成長速度都遠高於GDP的成長速度。

And that's good for our business over time. It cannot be good for the overall US economy, but that's a different story. But the demand for our services and helping clients navigate those issues, we'll be quite resilient. I'm very confident in that.

從長遠來看這對我們的業務有利。這對美國整體經濟來說不可能是好事，但那是另一回事。但是，對於我們服務的需求以及幫助客戶解決這些問題，我們將具有相當強的韌性。我對此非常有信心。

Thank you, David. Andrew, next question.

謝謝你，大衛。安德魯，下一個問題。

Rob Cox, Goldman Sachs.

高盛的羅布·考克斯。

Hey, thanks. Good morning. Hey, I just wanted to ask about the international versus the US. It seems like pricing is sort of decelerating in a lot of geographies, but I was curious if you're more sensitive to pricing in certain geographies versus others.

嘿，謝謝。早安.嘿，我只是想問一下國際與美國的情況。似乎很多地區的定價都在減速，但我很好奇您是否對某些地區的定價比其他地區的定價更敏感。

Yeah, it's a good question. I'll ask Martin to comment on it a bit, Rob. There's no question, it's a competitive market. In my prepared remarks, I talked about insurance ROEs being quite strong. And as a result, insurers are looking to grow, and they're looking to grow in an economy that's again, uneven and perhaps softening in a few places.

是的，這是個好問題。羅布，我會請馬丁對此發表一些評論。毫無疑問，這是一個競爭激烈的市場。在我準備好的發言中，我談到了保險 ROE 相當強勁。因此，保險公司正在尋求成長，他們希望在經濟再次不平衡且在某些地方可能疲軟的情況下實現成長。

Again, over time, price will have to catch up with the growth in risk. But -- and I would also note before I hand it off to Martin to talk about markets around the world, we're really working with our clients about thinking medium to longer term.

同樣，隨著時間的推移，價格必須趕上風險的成長。但是——在我讓馬丁談論全球市場之前，我還想指出，我們確實在與客戶合作思考中長期問題。

Again, there's a mismatch between price today and loss cost inflation. And I think the earlier that our clients can get ahead of that and manage proactively, they'll be better positioned when markets do turn. But, Martin, maybe you can talk about rates overall around the world.

再次，今天的價格和損失成本通膨之間存在不匹配。我認為，我們的客戶越早意識到這一點並採取主動管理，當市場轉變時，他們就能處於更有利的位置。但是，馬丁，也許你可以談談世界各地的整體利率。

Sure. Well, I'll just put it in the context of our international growth, which I was very pleased with during the quarter. It's 5% on top of 7% in 3Q '24, and underlying growth year to date is 6%; Asia-Pacific growing 6% in the quarter and 5% year to date, and really strong performance there from Japan and Korea, where we've been investing and see great opportunities for us to play a bigger role in the market there.

當然。好吧，我只是把它放在我們國際成長的背景下，我對本季的國際成長感到非常滿意。在 2024 年第三季 7% 的基礎上又成長了 5%，年初至今的基本成長率為 6%；亞太地區本季成長 6%，年初至今成長 5%，日本和韓國的表現非常強勁，我們一直在這些地方投資，並看到了在那裡市場發揮更大作用的巨大機會。

EMEA grew 5% and 7% year to date, with really interesting country growth in the United Arab Emirates, Saudi, India, France, Spain, all growing in nearly double digits. Latin America grew 3% on top of the 8% in 3Q '24, slightly impacted by 18-month policies in 3Q '24. But year to date, Latin America grew 5%.

歐洲、中東和非洲地區今年迄今分別成長了 5% 和 7%，其中阿拉伯聯合大公國、沙烏地阿拉伯、印度、法國、西班牙等國家的成長尤為引人注目，均實現了近兩位數的成長。拉丁美洲在 2024 年第三季 8% 的基礎上成長了 3%，略微受到 2024 年第三季 18 個月政策的影響。但今年迄今為止，拉丁美洲的成長率為 5%。

So in the course, it saw strong double-digit new business growth. Capital Markets growth across international. Credit Specialties and Cyber, very strong growth, so we're very well positioned, confident in our strategy, and lot of market share and opportunity for us to take.

因此，在此過程中，其新業務實現了強勁的兩位數成長。國際資本市場的成長。信貸專業和網路業務成長非常強勁，因此我們處於非常有利的位置，對我們的策略充滿信心，並且擁有很大的市場份額和機會可供我們利用。

But you're right, the rates are slightly more down in international. So the outlier, I think, is the Pacific, down 11%, for the second quarter in a row. But we have a lot of share to take in great positions in our marketplace and not overwhelmingly does the rates play through to our revenue at all.

但您說得對，國際利率確實略低一些。因此，我認為異常值是太平洋地區，連續第二季下降了 11%。但是，我們在市場上佔了很大的份額，而且利率對我們的收入的影響並不大。

Thanks, Martin. Rob, do you have a follow-up?

謝謝，馬丁。羅布，你還有後續消息嗎？

Yes and thanks for all the color there. I just wanted to follow up on the Thrive program. Clearly, there's a lot of growth ambitions underlying the Thrive program in addition to the savings. But I'm curious if you think this program, combined with the environment over the next couple of years, give you guys an opportunity to expand margins at an above average rate, or is this more like this helps in the context of potentially slowing organic to deliver similar levels of margin expansion as the past?

是的，謝謝你所有的色彩。我只是想跟進 Thrive 計劃。顯然，除了節省開支之外，Thrive 計劃還有很多成長目標。但我很好奇，您是否認為該計劃與未來幾年的環境相結合，為您提供了以高於平均水平的速度擴大利潤率的機會，或者這是否更像是在可能減緩有機增長的背景下，有助於實現與過去類似的利潤率擴張水平？

I think the challenge in your question is what is the average margin expansion, right? But look, yeah, I mean, we all know we're operating in a lower growth environment for sure, at least in 2025, and we'll again talk about 2026 in January when we meet in about 90 days.

我認為你問題中的挑戰是平均利潤擴張是多少，對嗎？但是，是的，我的意思是，我們都知道我們肯定是在較低的成長環境中運營，至少在 2025 年是這樣，我們將在 90 天後的 1 月份再次討論 2026 年。

But there's no question Thrive will help support margin expansion into the future. And we're excited about some of the things we've learned already as Paul has worked with the teams from each of the businesses, and bringing them together, and really leveraging the best technology, the best solutions. Mark talked about talent, moving talent to our capability centers that are lower cost.

但毫無疑問，Thrive 將有助於支持未來的利潤擴張。我們對已經學到的一些東西感到非常興奮，因為保羅已經與各個企業的團隊合作，並將他們聚集在一起，真正利用最好的技術和最好的解決方案。馬克談到了人才，將人才轉移到我們成本較低的能力中心。

And again, as we continue to deploy AI in our workflow, I'm very excited about the possibilities around that. And we've got 18 consecutive years of margin expansion when we round out this year, so we've got a track record through economic and E&C cycles to continue to deliver. So again, Thrive will be an important element and an important part of our focus as a leadership team over the course of the next couple of years, so.

而且，隨著我們繼續在工作流程中部署人工智慧，我對圍繞它的可能性感到非常興奮。截至今年年底，我們的利潤率已連續 18 年擴大，因此，我們在經濟和工程與建設週期中擁有良好的業績記錄，可以繼續保持這一業績。所以，在未來幾年裡，Thrive 將是我們領導團隊關注的重要元素和重要部分。

Thank you, Rob. Andrew, next question?

謝謝你，羅布。安德魯，下一個問題？

Brian Meredith, UBS.

瑞銀的 Brian Meredith。

Yeah, thanks. John, a couple of first here, first, I wonder if you could talk a little bit about the insurance brokerage M&A environment right now. Given we're kind of the softening market, are you seeing the bid-asked spreads continue to narrow? And then maybe on that as well, we're kind of almost a year into the McGriff. Do you still have appetite and willingness to do, call it, larger scale M&A at this point?

是的，謝謝。約翰，首先我想問幾個問題，首先，我想知道您是否可以談談目前的保險經紀併購環境。鑑於我們正處於市場疲軟時期，您是否看到買賣價差持續縮小？然後也許就這一點而言，我們已經進入麥格里夫快一年了。您現在是否仍然有興趣和意願進行更大規模的併購？

Yeah, thanks, Brian. So by the way, just a quick update on McGriff, everything is moving according to plan, continue to be incredibly excited. I mean, this is a passionate, talented group of people coming together within our MMA operation. And as I mentioned before, Read Davis working with Dave and Matt Stadler on some really important opportunities for us as a company, so very, very pleased about that.

是的，謝謝，布萊恩。順便說一句，關於麥格里夫的最新消息，一切都在按計劃進行，繼續感到無比興奮。我的意思是，我們的 MMA 營運團隊聚集了一群充滿熱情、才華洋溢的人。正如我之前提到的，里德戴維斯 (Read Davis) 與戴夫 (Dave) 和馬特斯塔德勒 (Matt Stadler) 合作，為我們公司帶來了一些非常重要的機會，對此我感到非常非常高興。

Do we have the appetite and ability to do a larger-scale deal? Absolutely. I think it's more likely that we'll continue our string of pearls approach to the market. But again, we work hard at examining all possibilities. And it's not just about getting bigger, of course, it's about getting better and finding the right fits for us on a cultural basis.

我們是否有意願和能力達成更大規模的交易？絕對地。我認為我們更有可能繼續採用「珍珠鍊」策略來開拓市場。但我們會再次努力研究所有可能性。當然，這不僅僅是為了變得更大，而是為了變得更好，並在文化基礎上找到適合我們的地方。

And so we remain very active in the market. We've done a bunch of small deals this year. It was a quiet quarter in the third quarter. But again, we're working on a number of different possibilities, and we'll continue to do that.

因此我們在市場上仍然非常活躍。今年我們完成了許多小交易。第三季度是平靜的一個季度。但我們正在研究多種不同的可能性，並且我們會繼續這樣做。

In terms of the bid-ask spread, given the slower growth environment, I don't know, maybe the bid-ask spread might be widening is kind of what it comes to mind at least in a couple of conversations that we've had. And not just in insurance brokerage, I think, in the MGA market as well. I'm seeing some dynamics there emerge.

就買賣價差而言，考慮到較慢的成長環境，我不知道，買賣價差可能正在擴大，至少在我們進行的幾次談話中，我們是這樣認為的。我認為，這不僅在保險經紀領域，在 MGA 市場也是如此。我看到那裡出現了一些動態。

So anyway, I think PE buyers seem to be maybe more willing to pay a higher multiple than some strategic, at least that's what I'm taking for the moment, so. Anyway, hope that's helpful, Brian.

所以無論如何，我認為 PE 買家似乎更願意支付比某些策略更高的倍數，至少這是我目前的看法。無論如何，希望這對你有幫助，布萊恩。

Very helpful. Yeah, absolutely, yeah. And just back on the McGriff, we're going to see it, I guess, partially in organic in the fourth quarter. What does organic look like at McGriff right now? And is it similar to what's going on in the Marsh US/Canada business or better or worse?

非常有幫助。是的，絕對是的。回到麥格里夫，我想我們會在第四季度看到它部分地有機成長。麥格里夫現在的有機狀況如何？這與 Marsh 美國/加拿大業務的情況類似嗎？或者更好還是更糟？

Yeah, we won't report separately on McGriff's organic or, for that matter, MMA. It's either -- it's an important part of our US business, so. But it's a huge part of our US business with MMA now more than $5 billion in annualized revenue.

是的，我們不會單獨報道麥格里夫的有機情況，或 MMA。它是我們美國業務的重要組成部分。但這是我們美國業務的重要組成部分，MMA 目前年收入超過 50 億美元。

What we see every time we do a deal pretty much is slowing organic in the first couple of quarters, two, three quarters. It's a lot for people to digest. System changes, even broader technology changes, right? New laptops, all this kind of stuff, in some cases, real estate changes. So our folks can be a bit -- can be -- our new folks can be a bit distracted during that period of time.

每次我們達成交易時，我們都會發現前幾個季度、兩個季度、三個季度的有機成長會放緩。人們需要消化的東西太多了。系統發生了變化，甚至更廣泛的技術發生了變化，對嗎？新筆記型電腦，所有這類東西，在某些情況下，還有房地產變化。因此，我們的新進員工在那段時間可能會有點心不在焉。

That's what we've seen with McGriff as well. But we expect it to be a really important contributor to MMA as we go forward. And as Martin and I both mentioned, MMA had a really good quarter in the third quarter, and we expect that to continue. So we feel great about how we're positioned in the middle market in the United States, so.

我們在麥格里夫身上也看到了同樣的情況。但我們期望它能為 MMA 未來的發展做出真正重要的貢獻。正如馬丁和我都提到的那樣，MMA 在第三季度表現得非常好，我們預計這種勢頭將會持續下去。因此，我們對自己在美國中端市場的定位感到非常滿意。

Thank you, Brian. Andrew, next question, please.

謝謝你，布萊恩。安德魯，請問下一個問題。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi, thanks. Good morning. My first question, I guess, just given your commentary on market conditions this year persisting into next year, and I think you're also just talking about the slowing economy as well, does this mean just from a high-level perspective that the organic revenue target for next year just feels like it should -- it would probably be similar to this year, right, mid-single digit? I know in the past, it's been mid-single digit or greater. I'm just trying to think about just your view. It seems like if we think about everything kind of staying the same, that the guidance would be consistent this year to next year.

你好，謝謝。早安.我的第一個問題是，鑑於您對今年的市場狀況將持續到明年的評論，而且我認為您也談到了經濟放緩，這是否意味著從高層角度來看，明年的有機收入目標應該——可能與今年相似，都是中等個位數？我知道過去這個數字一直都是個位數中等或更高。我只是想思考一下你的觀點。似乎如果我們考慮一切保持不變，那麼今年和明年的指導就會保持一致。

Good morning, Elyse. Again, we'll talk about 2026 in 90 days. We thought this year it was quite prudent. When you go back to 2024, our guidance was mid-single digits or better. And as we were doing planning this time 12 months ago, looking at a likely softening insurance and reinsurance market, looking at likely impacts from fiduciary income and likely softening in the economy -- and again, remember, we're coming out of an unusual period of growth in all the stimulus and in markets all over the world coming out of the pandemic.

早安，伊莉絲。再次，我們將在 90 天後討論 2026 年。我們認為今年的舉措相當謹慎。回顧 2024 年，我們的預期是中等個位數或更高。正如我們在 12 個月前的這個時候進行規劃時一樣，我們考慮了可能疲軟的保險和再保險市場、信託收入可能帶來的影響以及可能疲軟的經濟——再次提醒大家，我們正走出一個不同尋常的增長期，在所有刺激措施和全球市場擺脫疫情的影響下。

To us, it was quite prudent. I think we got a little bit of criticism for it, particularly throughout the first quarter. but to guide to mid-single digits underlying revenue growth. And so we're doing all that work right now for next year.

對我們來說，這是非常謹慎的。我認為我們因此受到了一些批評，尤其是在第一季。但預計潛在收入將成長至中等個位數。所以我們現在正在為明年做所有工作。

As it relates to insurance markets and reinsurance markets, again, yeah, it was a -- it will be a year again with more than $100 billion of insured cat again this year. Pretty quiet third quarter, I suspect you'll see some of that in the underwriting results that are released over the course of the next few weeks.

至於保險市場和再保險市場，是的，今年的保險金額將再次超過 1,000 億美元。第三季相當平靜，我想您會在接下來的幾週內發布的承保結果中看到一些這樣的情況。

But, yeah, and there's still obviously a quarter to play, but it looks to us like January 1 in reinsurance, and it's likely to look like it did entering about 12 months ago. So anyway, that's what we see at the moment. But again, we'll give you a broader update.

但是，是的，顯然還有一個季度的時間，但在我們看來，這就像 1 月 1 日的再保險，而且很可能看起來像大約 12 個月前那樣。無論如何，這就是我們目前所看到的情況。但我們會再次向您提供更廣泛的更新。

And a lot is happening in the world, too, right? So things continue to evolve. It's a very dynamic and complex environment.

世界上也發生了很多事情，對吧？事情就這樣繼續發展。這是一個非常動態且複雜的環境。

Do you have a follow-up, Elyse?

伊莉絲，你還有後續消息嗎？

Yeah. I guess my second question, just going back to the rebranding of the company, and I know the Thrive program outlined today, I guess, in conjunction with that looks as a way to drive incremental revenue, with getting rid of some of the other brands away from Marsh, is this -- are you trying to drive more cross-sell, say, between Marsh and Mercer? Because I always thought just in general, the cross-sells were not super large there. And I'm just trying to think about how that angle fits into the rebranding that you guys are outlining.

是的。我的第二個問題是回到公司的品牌重塑問題，我知道今天概述的 Thrive 計劃，我想，與之相結合，看起來是一種推動增量收入的方式，同時擺脫 Marsh 的一些其他品牌，這是 - 您是否試圖推動更多的交叉銷售，例如在 Marsh 和 Mercer 之間？因為我一直認為，總體而言，那裡的交叉銷售規模並不是很大。我只是在思考這個角度如何適應你們所概述的品牌重塑。

Yeah, thanks. I don't like the way you said get rid of the -- we love our legacy brands. We're quite proud of them and what they've represented in the market. The reason, by the way, there is a transition period of 2026 is to make sure that we transition the equity in those brands: in Guy Carpenter, in Mercer, into the new Marsh brands. We're going to build a new Marsh brand.

是的，謝謝。我不喜歡你說的擺脫——我們熱愛我們的傳統品牌。我們為他們以及他們在市場上所代表的地位感到非常自豪。順便說一下，之所以設定 2026 年的過渡期，是為了確保我們將 Guy Carpenter、Mercer 等品牌的股權轉移到新的 Marsh 品牌。我們將打造一個新的 Marsh 品牌。

And what that's about? It's not about cross-selling per se. We cross-sold before, and we actually cross-sell quite a bit. It's an important part of how we show up today, but it's not about a cross-sell program. But it is about simplifying our story, showing up in a more connected way to our clients.

那是什麼？這本身與交叉銷售無關。我們之前進行過交叉銷售，而且實際上我們交叉銷售的次數相當多。這是我們今天展示形象的一個重要部分，但它與交叉銷售計劃無關。但這是為了簡化我們的故事，以一種與客戶更加緊密相連的方式呈現。

Too many markets aren't aware of the breadth and capability that we have, some of the unique attributes of our firm, the depth of talent, again, the vast data set, market-leading analytics, and building that brand in the market and showcasing our talent and our culture, the team-based approach that we take. We're excited about what that can mean for our colleagues. We're excited about what that means for our clients. And we're excited about what that means for shareholders.

太多的市場沒有意識到我們所擁有的廣度和能力，我們公司的一些獨特屬性，人才的深度，龐大的數據集，市場領先的分析，以及在市場上建立品牌並展示我們的人才和文化，以及我們採取的團隊合作方式。我們對這對我們的同事意味著什麼感到非常興奮。我們很高興知道這對我們的客戶意味著什麼。我們對這對股東的意義感到非常興奮。

And so it's obviously a decision we didn't take lightly. We've been working towards this for several years, right? I mean, we've aligned around a common purpose inside of the company, a common colleague value proposition. We brought together the operations and technology teams.

因此，這顯然是我們所做的一個非常謹慎的決定。我們已經為此努力了好幾年了，對吧？我的意思是，我們在公司內部達成了共同的目標，即共同的同事價值主張。我們整合了營運和技術團隊。

And we have a joined-up strategy. I can tell you it was a celebration in the building here over the course of the last couple of days. Our colleagues are excited about it. They see the possibilities in the future. And so we look forward to delivering for our key stakeholders.

我們有一個聯合戰略。我可以告訴你，過去幾天，這裡的建築裡一直在舉行慶祝活動。我們的同事對此感到非常興奮。他們看到了未來的可能性。因此，我們期待為我們的主要利害關係人提供服務。

Andrew, next question, please.

安德魯，請問下一個問題。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hi, thanks for taking it. I wanted to come back to the Thrive program. And I guess the question I have is around how it affects your potential appetite for M&A and just how you're viewing your ability to probably invest more than maybe some of the more fragmented areas of insurance brokerage and whether this could allow you to accelerate consolidation over the next handful of years?

你好，謝謝你接受。我想回到 Thrive 計劃。我想問的是，它如何影響您對併購的潛在興趣，以及您如何看待自己在保險經紀領域一些較為分散的領域進行更多投資的能力，以及這是否可以讓您在未來幾年加速整合？

Alex, I'm not sure I see it as a meaningful impact. I mean, we have had technology teams -- or excuse me, operations teams in each of the businesses. Our M&A activity from time to time crosses businesses, particularly at Marsh and Mercer. But for the most part, or actually, I should say, Marsh and Guy Carpenter too from time to time. But for the most part, they're within each one of the four businesses.

亞歷克斯，我不確定我是否認為它有意義的影響。我的意思是，我們在每個業務部門都有技術團隊——或者不好意思，是營運團隊。我們的併購活動有時會涉及跨業務，尤其是 Marsh 和 Mercer。但在大多數情況下，或者實際上，我應該說，有時也會使用 Marsh 和 Guy Carpenter。但大多數情況下，它們都屬於這四個業務部門。

So as I said before, we continue to be very active in the market. We're more likely to continue to do small to mid-sized deals that make us better in markets that were underpenetrated. We're looking for businesses that are well-led, have strong growth fundamentals, and are a good cultural fit for us, and we've been really successful at building value in that way. So we're going to continue to get at it.

正如我之前所說，我們在市場上繼續非常活躍。我們更有可能繼續進行中小型交易，這將使我們在滲透率較低的市場中表現更好。我們正在尋找領導力強、成長基礎強勁、文化契合度高的企業，而我們在這方面確實成功地創造了價值。因此我們將繼續努力。

Do you have a follow-up, Alex?

亞歷克斯，你還有後續消息嗎？

Yeah, I do. I think earlier, you mentioned middle market, you're seeing better growth. I mean, it sounds like the pricing, in particular, is probably holding up better there. I'm just interested in your views on what you're seeing in the large market, maybe why it's not going down into the middle market or upper middle market. How do you expect that to progress into 2026?

是的，我知道。我認為，您之前提到過中端市場，它正在實現更好的成長。我的意思是，聽起來那裡的定價可能會保持得更好。我只是對你對大市場的看法感興趣，也許想知道為什麼它沒有進入中端市場或中高端市場。您預計到 2026 年這一進程將會如何？

Yeah, look, we're -- as I said earlier, very excited about how we're positioned in the middle market. We've got more exposure to that market segment globally. It can be a bit uneven country to country, but globally now, we have more exposure. We've learned a lot from building out the MMA business over the last 15 years and how we can perform effectively in that market segment.

是的，正如我之前所說，我們對我們在中端市場的定位感到非常興奮。我們在全球範圍內對該細分市場的關注度有所提高。各國的情況可能有點不平衡，但現在在全球範圍內，我們的曝光率更高。在過去 15 年裡，我們從 MMA 業務的建設中學到了很多東西，並學會瞭如何在該細分市場中有效地發揮作用。

And at a high level, we bring real scale benefits to -- I don't want to oversimplify it, but in many cases, you've got a lot of relationship selling carrying the day. And while we're good at that, we can also bring great analytics, great specialty capabilities, a global reach that is unique in those markets. And so we continue to be excited about that.

從高層次來看，我們帶來了真正的規模效益——我不想過度簡化這一點，但在很多情況下，關係銷售佔據了主導地位。我們不僅擅長這一點，還能帶來出色的分析能力、出色的專業能力以及在這些市場中獨一無二的全球影響力。因此我們對此繼續感到興奮。

We bring all those things in the large account market as well. We're higher penetrated there. So it's about finding new ways to advise clients. And we didn't talk about AI a lot on the call, but Sentrisk, a great example, right, where really helping clients think through supply chain risk and exposure to global trade negotiations, right, so an example of innovation that we bring to a market that we penetrated well.

我們也將所有這些功能帶入大客戶市場。我們在那裡的滲透率更高。因此，關鍵在於尋找新方法為客戶提供建議。我們在電話會議上並沒有談論太多人工智慧，但 Sentrisk 是一個很好的例子，對吧，它真正幫助客戶思考供應鏈風險和全球貿易談判的風險，所以這是我們為我們滲透良好的市場帶來的創新的一個例子。

Thank you, Alex. I appreciate that. Andrew. I think it's time to wrap up.

謝謝你，亞歷克斯。我很感激。安德魯。我想是時候結束了。

I want to thank everybody 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 confidence and trust in our teams. And I want to thank you all very much for taking the time to join us, and we look forward to speaking to you again in about 90 days.

我要感謝大家今天早上參加我們的電話會議。最後，我要感謝我們的同事們的辛勤工作和奉獻精神。我還要感謝客戶對我們團隊的信心和信任。我非常感謝大家抽出時間來參加我們的活動，我們期待在大約 90 天後再次與你們交談。

This concludes today's program. You may now disconnect.

今天的節目到此結束。您現在可以斷開連線。

Thank you, Andrew.

謝謝你，安德魯。