Willis Towers Watson PLC (WTW) 2025 Q1 法說會逐字稿

Good morning. Welcome to the WTW first quarter 2025 earnings conference call. Please refer to wtwco.com for the press release and supplemental information that were issued earlier today. Today's call is being recorded and will be available for the next three months on the WTW's website. Some of the comments in today's call may contain forward-looking statements within the meaning of the Private Security Reform Act of 1995.

早安.歡迎參加 WTW 2025 年第一季財報電話會議。請參閱 wtwco.com 以了解今天早些時候發布的新聞稿和補充資訊。今天的通話內容已被錄音，並將在未來三個月內在 WTW 網站上提供。今天電話會議中的某些評論可能包含《1995 年私人安全改革法案》所定義的前瞻性陳述。

These forward-looking statements are subject to risk and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law.

這些前瞻性陳述具有風險和不確定性。實際結果可能與今天討論的結果有重大差異，除非法律要求，否則公司不承擔更新這些聲明的義務。

For more details discussed and these other risk factors, investors should review the forward-looking statement section of the earnings press release issued in this morning as well as other disclosures in the most recent Form 10-K on the other Willis Tower Watson SEC for filings. During the call, non-GAAP financial measures may be discussed.

有關討論的更多細節和其他風險因素，投資者應查看今天早上發布的收益新聞稿中的前瞻性聲明部分，以及其他 Willis Tower Watson SEC 備案的最新 10-K 表中的其他披露內容。電話會議期間可能會討論非公認會計準則財務指標。

A reconciliation of non-GAAP measures as well as other information regarding these measures. Please refer to the most recent earnings release and other materials in the Investor Relations section of the company's website. It is now my pleasure to turn the conference over to Carl Hess, WTW's Chief Executive Officer. Please go ahead.

非公認會計準則 (GAAP) 指標的對帳以及與這些指標相關的其他資訊。請參閱公司網站投資者關係部分中的最新收益報告和其他資料。現在我很高興將會議交給 WTW 執行長卡爾赫斯 (Carl Hess)。請繼續。

Good morning, everyone. Thank you for joining us for WTW's first quarter 2025 earnings call. Joining me today is Andrew Krasner, our Chief Financial Officer; Julie Gebauer, our President of Health, Wealth and Career; and Lucy Clarke, our President of Risk and Broking are also joining us for our Q&A session.

大家早安。感謝您參加 WTW 2025 年第一季財報電話會議。今天與我一起出席的是我們的財務長 Andrew Krasner；我們的健康、財富和職業總裁 Julie Gebauer；我們的風險和經紀總裁 Lucy Clarke 也將參加我們的問答環節。

In the first quarter, we built on our strong finish to 2024 and delivered 5% organic growth, 100 basis points of adjusted operating margin expansion, and $3.13 of adjusted EPS. This performance was in line with our expectations for quarterly pacing and supports our trajectory toward delivering our full year goals.

在第一季度，我們以 2024 年強勁收官為基礎，實現了 5% 的有機成長、100 個基點的調整後營業利潤率擴張和 3.13 美元的調整後每股收益。這一業績符合我們對季度步伐的預期，並支持我們實現全年目標的軌跡。

The solid results are the product of our relentless focus on advancing our strategic objectives. In particular, our efforts to enhance efficiency are strengthening our ability to generate operating leverage and support marginal expansion.

這些堅實的成果是我們堅持不懈地致力於推動策略目標的結果。特別是，我們為提高效率所做的努力正在增強我們產生經營槓桿和支持邊際擴張的能力。

We remain fully committed to our strategy and are confident in the benefits it will bring, and I want to thank all WTW colleagues for their hard work executing our plans. On that note, let me share our perspective on what we're seeing in the market and how it may affect our businesses.

我們仍然全力致力於我們的策略，並對它將帶來的利益充滿信心，我要感謝所有 WTW 同事為執行我們的計劃所做的努力。關於這一點，讓我分享一下我們對市場所看到的情況以及它可能如何影響我們業務的看法。

As we've discussed in the past, changing economic and regulatory conditions tend to drive demand for our services. The current heightened risk landscape and macroeconomic volatility create opportunities for us to help our clients manage their cost and risk profiles and lead their organizations through change.

正如我們過去所討論過的，不斷變化的經濟和監管條件往往會推動對我們服務的需求。當前加劇的風險情勢和宏觀經濟波動為我們創造了機會，讓我們能夠幫助客戶管理其成本和風險狀況，並帶領他們的組織完成變革。

In risk and broking, concerns about global trade, potential inflationary pressures, and growing geopolitical risks have led to considerable uncertainty and elevated risk for many companies. These risks are not evenly distributed by industry, and we believe our specialty approach has enabled us to provide tailored counsel more quickly than we could have under our previous geographic alignment.

在風險和經紀領域，對全球貿易、潛在通膨壓力以及日益加劇的地緣政治風險的擔憂，給許多公司帶來了相當大的不確定性和風險。這些風險並不是按行業平均分佈的，我們相信，與以前的地理分佈相比，我們的專業方法使我們能夠更快地提供量身定制的諮詢服務。

For example, the global trade landscape has changed significantly due to new American tariffs on steel and other industrial goods, leading to unexpected cost increases in the rebuilding and replacement of damaged property.

例如，由於美國對鋼鐵和其他工業品徵收新關稅，全球貿易格局發生了重大變化，導致重建和更換受損財產的成本意外增加。

This poses a financial challenge for businesses dependent on insured property, and to address these risks, WTW introduced the tariff guard endorsement, a strategic enhancement to commercial property coverage for natural resources companies.

這對依賴保險財產的企業構成了財務挑戰，為了應對這些風險，WTW 推出了關稅保護背書，這是對自然資源公司商業財產保險的策略性增強。

Together with the scale and depth of the solutions we offer, WTW is well positioned to continue to serve as a reliable and trusted partner for our clients. In HWC, the growing share of recurring revenue streams provides a stable, resilient foundation for navigating the current environment.

憑藉我們提供的解決方案的規模和深度，WTW 有能力繼續成為客戶可靠且值得信賴的合作夥伴。在 HWC，經常性收入流份額的不斷增長為應對當前環境提供了穩定、有彈性的基礎。

Our deep expertise and strong analytical capabilities position us well to respond to the expected near-term increase in demand for benefits, cost management projects, pension forecasting, workforce and total rewards modeling, communication support, and more.

我們深厚的專業知識和強大的分析能力使我們能夠很好地應對預期的近期福利、成本管理項目、退休金預測、勞動力和整體薪酬模型、通訊支援等需求的增長。

That said, the heightened geopolitical uncertainty is also creating near-term headwinds in certain areas, particularly in our North America career businesses, where some clients in certain industry sectors may choose to delay discretionary advisory work until they have greater clarity on the macroeconomic outlook.

儘管如此，地緣政治不確定性的加劇也在某些領域造成了短期阻力，尤其是在我們的北美職業業務領域，某些行業領域的一些客戶可能會選擇推遲自主諮詢工作，直到他們對宏觀經濟前景有更清晰的了解。

Similarly, we're likely to see a modest decline in assets under management-based fees in our investment business if the capital market conditions persist.

同樣，如果資本市場狀況持續下去，我們的投資業務中基於管理資產的費用可能會出現小幅下降。

As a reminder, these businesses are a small minority of HWC. The vast majority of our HWC revenues are recurring in nature with client retention rates in the mid-90s, making us confident in our ability to sustain growth in HWC even if economic conditions weaken.

提醒一下，這些企業只是 HWC 的一小部分。我們的 HWC 收入絕大部分都是經常性的，客戶保留率在 90 年代中期，這使我們有信心即使在經濟狀況疲軟的情況下也能維持 HWC 的成長。

In addition, over the longer term, we expect macroeconomic changes to spur more demand for our services as clients seek support in responding to the new environment, a pattern we've seen in prior periods of regulatory shift.

此外，從長遠來看，我們預計宏觀經濟變化將刺激對我們服務的更多需求，因為客戶尋求支援以應對新環境，這是我們在先前的監管轉變時期看到的模式。

I'm confident in the resilience of our business and our colleagues who have proven their ability to navigate challenging circumstances. Our colleagues' hard work is reflected in the momentum we have built in the market and the strong start we've made this year implementing our new strategy to accelerate performance, enhance efficiency, and optimize our portfolio.

我對我們業務的韌性和同事的信心充滿信心，他們已經證明了自己有能力應對挑戰性的情況。我們的同事們的辛勤工作體現在我們在市場上建立的勢頭以及我們今年實施新策略的良好開端，以加速績效、提高效率並優化我們的投資組合。

We've recorded many strategic wins this quarter that highlight our focus on accelerating performance. In R&B, the strength of our specialization strategy and our ability to deliver differentiated value through technical expertise, global collaboration and client-centric solutions were key factors in these wins.

本季我們取得了許多策略性勝利，凸顯了我們對加速績效的關注。在 R&B，我們專業化策略的優勢以及我們透過技術專長、全球協作和以客戶為中心的解決方案提供差異化價值的能力是取得這些勝利的關鍵因素。

In Europe, we secured a complex construction mandate tied to what is expected to become the largest urban development in the region. This opportunity was a result of the close coordination of our construction specialists globally and effective cross hauling from our regional colleagues.

在歐洲，我們獲得了一項複雜的建設任務，預計將成為該地區最大的城市開發項目。這次機會是我們全球建築專家密切協調和地區同事有效交叉運輸的結果。

Also in Europe, we expanded our existing mandate with a major global airline to be the sole broker for property and casualty and local lines, displacing several of our major competitors due to our specialized industry focus, long-term relationship, and more efficient service model.

此外，在歐洲，我們擴大了與一家大型全球航空公司的現有授權，使其成為財產和意外傷害保險以及本地航線的獨家經紀人，憑藉我們專業的行業重點、長期合作關係和更高效的服務模式，取代了我們的幾家主要競爭對手。

Finally, we were appointed to provide both construction, all risk and health and benefits coverage for a key player in the mining and metals sector in West Africa, driven by our innovative solutions, exceptional service offerings, and competitive premiums.

最後，我們被任命為西非採礦和金屬行業的主要參與者提供建築、所有風險和健康和福利保險，這得益於我們創新的解決方案、卓越的服務和有競爭力的保費。

This appointment demonstrates our ability to offer client integrated solutions across our R&B and HWC businesses and highlights the value of our global platform.

此次任命證明了我們有能力為客戶提供涵蓋 R&B 和 HWC 業務的全面解決方案，並凸顯了我們全球平台的價值。

In HWC we successfully accelerated performance by growing our core business and making smart connections. For example, a global appliance manufacturer who relies on us for global pension actuarial work, chose us their global benefits management work across more than 50 countries because of the strength of our global network and the strategic insight we delivered on program design and financing.

在 HWC，我們透過發展核心業務和建立智慧連接成功地提高了業績。例如，一家依賴我們進行全球退休金精算工作的全球家電製造商選擇我們為其 50 多個國家/地區提供全球福利管理工作，因為我們擁有強大的全球網絡，並且我們在計劃設計和融資方面擁有戰略洞察力。

In another example, we unseeded a 20-year incumbent in winning the US Health and Benefits outsourcing for a major hospitality company. They were compelled to make the change because of our engaging digital tools, our enterprise grade administration platform, and our track record of delivering quality outcomes.

另一個例子是，我們擊敗了一位任職 20 年的資深人士，贏得了一家大型酒店公司的美國健康和福利外包業務。由於我們擁有引人入勝的數位工具、企業級管理平台以及提供高品質成果的良好記錄，他們被迫做出改變。

Against a wide range of competitors, a major European financial institution selected us to assist them in a multi-year effort to redesign their group-wide job architecture, implement a new remuneration system, and support them with ongoing paid benchmarking.

在眾多競爭對手中，一家大型歐洲金融機構選擇我們，協助他們進行多年的努力，重新設計整個集團的工作架構，實施新的薪酬制度，並為他們提供持續的薪酬基準支持。

Our industry expertise and business aligned process set us apart. We continue to focus on enhancing our efficiency through technology. I'm pleased to share that Liberty Specialty Markets is now using Neuron, WTW's digital trading platform, for live trading of DNL and cyber risks.

我們的行業專業知識和業務一致的流程使我們脫穎而出。我們持續致力於透過技術提高效率。我很高興地告訴大家，Liberty Specialty Markets 目前正在使用 WTW 的數位交易平台 Neuron 進行 DNL 和網路風險的即時交易。

Neuron connects brokers and insurers in real time, streamlining complex specialty risk placements. We expect more insurers to join the neuron platform this year, further enhancing its value and efficiency We Do. WTW's Enterprise delivery organization is also driving greater efficiency.

Neuron 即時連結經紀人和保險公司，簡化複雜的專業風險配置。我們預計今年將有更多保險公司加入神經元平台，進一步提升其價值和效率。 WTW 的企業交付組織也不斷提高效率。

After investing in global service delivery centers for several years to help standardize our service delivery model, we're now better able to leverage automation, data, and AI to further increase margins and deliver more value to clients.

經過數年對全球服務交付中心的投資，以幫助標準化我們的服務交付模式，我們現在能夠更好地利用自動化、數據和人工智慧來進一步提高利潤率並為客戶提供更多價值。

For example, as part of We Do's right tech technology strategy, we implemented a tool to automate critical data audit and validation tasks for retirement plans. We quickly scaled the solution to 22 countries by putting it in the hands of retirement teams in our global service delivery centers.

例如，作為 We Do 正確技術策略的一部分，我們實施了一個工具來自動執行退休計畫的關鍵資料稽核和驗證任務。我們將解決方案交付給全球服務交付中心的退休團隊，並迅速擴展到 22 個國家。

Process improvements like this help WTW increase our agility and reduce costs while securing our clients' sensitive data. With regard to portfolio optimization, I'd like to highlight WTW's purchase of global commercial credit, a specialist broker focused on trade credit and political risk insurance. The acquisition adds to our fast-growing specialty strategy and our geographic footprint in a key growth area of the North American market.

此類流程改善有助於 WTW 提高靈活性、降低成本，同時保護客戶的敏感資料。關於投資組合優化，我想強調WTW對全球商業信貸的收購，這是一家專注於貿易信貸和政治風險保險的專業經紀商。此次收購增強了我們快速成長的專業策略以及我們在北美市場關鍵成長領域的地理覆蓋範圍。

Though it's a smaller acquisition, it reflects our focus on increasing our exposure to attractive, high growth, and high margin markets within our existing strategy. And finally, our reinsurance JV is progressing well. We're encouraged by the momentum and remain confident in its long-term contribution to growth and earnings.

雖然這是一項較小的收購，但它反映了我們專注於在現有策略中增加對有吸引力、高成長和高利潤率市場的關注。最後，我們的再保險合資企業進展順利。我們對這一勢頭感到鼓舞，並對其對成長和盈利的長期貢獻充滿信心。

Overall, I'm pleased with how we started the year, delivering results in line with our expectations. We produced solid revenue growth that supported meaningful margin expansion across both segments. I remain confident in our ability to deliver on our 2025 outlook for mid-single digit organic growth, adjusted operating margin expansion, adjusted EPS growth, and ongoing improvement in free cash flow margin.

總的來說，我對我們今年的開局感到滿意，並取得了符合我們預期的成果。我們實現了穩健的營收成長，支持了兩個部門的利潤率大幅提升。我仍然對我們實現 2025 年中等個位數有機增長、調整後營業利潤率擴大、調整後每股收益增長以及自由現金流利潤率持續改善的能力充滿信心。

We're actively monitoring the macro environment and may adjust our outlook depending on how factors like trade negotiations affect economic stability and growth. We're prepared to proactively manage through changes and adjust priorities as needed to stay aligned with our financial objectives.

我們正在積極監測宏觀環境，並可能根據貿易談判等因素對經濟穩定和成長的影響來調整我們的前景。我們準備好主動應對變化並根據需要調整優先事項，以與我們的財務目標保持一致。

And with that, I'll turn the call over to Andrew.

說完這些，我會把電話轉給安德魯。

Thanks, Carl. Good morning and thanks for joining us today. In the first quarter, we delivered organic revenue growth of 5% in line with our expectations. Adjusted operating margin and expanded 100 basis points to 21.6% over Q1 2024 or 80 basis points excluding the impact of TRANZACT.

謝謝，卡爾。早安，感謝您今天加入我們。第一季度，我們實現了5%的有機收入成長，符合我們的預期。調整後的營業利潤率較 2024 年第一季擴大 100 個基點至 21.6%，若不計 TRANZACT 的影響則擴大 80 個基點。

Adjusted diluted earnings per share was $3.13 excluding the impact of TRANZACT. This reflects an increase of 8% over the prior year. As a reminder, we completed the divested share of TRANZACT on December 31, 2024, which created a $1.14 headwind to adjusted diluted earnings per share for full year 2025.

不包括 TRANZACT 的影響，調整後每股攤薄收益為 3.13 美元。這比上一年增長了 8%。提醒一下，我們在 2024 年 12 月 31 日完成了 TRANZACT 股份的剝離，這給 2025 年全年調整後每股攤薄收益帶來了 1.14 美元的阻力。

As Carl discussed, our businesses are primed to perform, and our first quarter results reflect our confidence in the foundation we've established, along with our ongoing commitment to the strategic priorities and financial framework outlined during our Investor Day.

正如卡爾所討論的，我們的業務已準備好表現，我們的第一季業績反映了我們對已建立的基礎的信心，以及我們對投資者日期間概述的戰略重點和財務框架的持續承諾。

Next, I'll spend some time reviewing our segment results. Note that to provide comparability with prior periods, all commentary regarding the results of our segments will be on an organic basis unless specifically stated otherwise. Health, wealth, and career revenue grew 3% compared to the first quarter of last year.

接下來，我將花一些時間回顧我們的分部表現。請注意，為了與前期進行比較，除非另有明確說明，有關我們各部門業績的所有評論都將以有機方式進行。健康、財富和職業收入與去年第一季相比成長了 3%。

Growth for the quarter met our expectations, and we remain confident in HWC's full year outlook for mid-single digit growth and continued margin expansion, despite the potential headwinds from economic uncertainty in certain businesses that Carl mentioned.

本季的成長符合我們的預期，儘管卡爾提到的某些業務可能面臨經濟不確定性帶來的阻力，但我們仍然對 HWC 全年實現中等個位數成長和利潤率持續擴大的前景充滿信心。

Our health business grew 6% this quarter. All regions saw growth, with double-digit increase outside North America, driven by solid client retention, strong new business, geographic expansion in Saudi Arabia, and the ongoing appeal of our global benefits management solution.

本季我們的健康業務成長了 6%。所有地區均實現成長，其中北美以外地區實現兩位數成長，這得益於穩固的客戶保留率、強勁的新業務、沙烏地阿拉伯的地域擴張以及我們全球福利管理解決方案的持續吸引力。

In North America, client retention and new mid-market sales led to an increase in commissions, while consulting fees increased with more projects focused on cost management and legislative change.

在北美，客戶保留和新的中端市場銷售導致佣金增加，而隨著更多專案專注於成本管理和立法變革，諮詢費也有所增加。

With the potential for healthcare inflation to go even higher in the current environment, we expect that demand to continue. We continue to expect high-single digit growth in health for 2025 based on global market momentum, the successful introduction of new products, including our enhanced mid-market solution in North America, and our focus on sales excellence.

由於當前環境下醫療保健通膨可能進一步走高，我們預計這種需求將會持續下去。基於全球市場的發展動能、新產品的成功推出（包括我們在北美增強的中端市場解決方案）以及我們對卓越銷售的關注，我們繼續預計 2025 年健康領域將實現高個位數成長。

Wealth revenue grew 2% in the first quarter, driven by low single digit growth in the retirement business and high-single digit growth in the investment business. In retirement, strong growth outside North America due to increased de-risking activity and growth in our life site solutions was partially offset due to the expected negative timing impact of project activity in North America relative to the prior year.

第一季財富收入成長 2%，主要得益於退休業務的低個位數成長和投資業務的高個位數成長。在退休方面，由於降低風險活動的增加和我們的人壽保險站點解決方案的增長，北美以外地區的強勁增長被部分抵消，因為北美項目活動相對於上一年的預期負面時間影響。

Our investment business delivered high-single digit growth due to new product launches and the positive impact of favorable capital markets performance in the quarter. While the recent market volatility may impact second quarter results, particularly for investments, we continue to expect low-single digit growth in the wealth business for the year.

由於新產品的推出以及本季資本市場表現良好的正面影響，我們的投資業務實現了高個位數成長。雖然最近的市場波動可能會影響第二季的業績，尤其是投資業績，但我們仍預期今年的財富業務將實現低個位數成長。

Career growth was 1% this quarter, largely in line with our expectations. While growth was tempered somewhat as economic uncertainty led some clients to defer advisory work, we continue to see healthy demand in areas such as pay transparency, incentive design, and pay benchmarking.

本季職業成長率為 1%，基本符合我們的預期。雖然由於經濟不確定性導致一些客戶推遲諮詢工作，成長放緩，但我們仍然看到薪酬透明度、激勵設計和薪酬基準等領域的健康需求。

Revenue growth is expected to be weighted towards the second half of the year due to the typical seasonality and compensation surveys and timing of project work. As Carl highlighted, the lack of economic and policy clarity may impact the growth of the career business in the short term. However, support for legislative changes and cost management will continue to create demand. And as we highlighted in Invest today, our focus on product and technology offerings will further mitigate the downside risk associated with the uncertainty. Nonetheless, we see a wider range of potential outcomes for career this year and anticipate growth in the low-to-mid single digit range.

由於典型的季節性和薪資調查以及專案工作的時間安排，預計收入成長將集中在下半年。正如卡爾所強調的，缺乏經濟和政策清晰度可能會在短期內影響職業業務的成長。然而，對立法變革和成本管理的支持將繼續創造需求。正如我們今天在《投資》雜誌中所強調的那樣，我們對產品和科​​技產品的關注將進一步減輕與不確定性相關的下行風險。儘管如此，我們認為今年的職業生涯將有更廣泛的潛在結果，並預計成長率將達到低至中等個位數。

Benefits delivery and outsourcing saw 1% growth versus the first quarter of last year. BD&O revenue benefited from increased project and core administration work in Europe. We expect growth to accelerate throughout the year with the incidence of special project work to support regulatory changes and the timing of new client implementations. We continue to expect BD&O to grow at a mid-single digit rate for the year.

福利交付和外包與去年第一季相比成長了 1%。BD&O 收入受惠於歐洲專案和核心管理工作的增加。我們預計，隨著支持監管變化的特殊項目工作的發生以及新客戶實施的時間安排，全年成長將會加速。我們仍然預計 BD&O 今年將以中等個位數的速度成長。

HWC's operating margin in the fourth quarter was 26.7%, an increase of 160 basis points compared to the prior year, where a 40-basis point improvement excluding the impact of the transactive vestiture, demonstrating our ability to consistently deliver margin expansion. We have a strong track record of margin expansion in HWC, and we will continue to build on that during 2025.

HWC 第四季的營業利潤率為 26.7%，比前一年增加了 160 個基點，其中排除交易性資產的影響則提高了 40 個基點，這表明我們有能力持續實現利潤率的擴大。我們在 HWC 利潤率擴張方面有著良好的記錄，我們將在 2025 年繼續在此基礎上再接再厲。

Moving to risk and broking, first quarter revenue growth was 7%, marking nine consecutive quarters of high-single digit to double digit growth. Our specialization strategy and our investments in talent, technology, and innovation continue to bear fruit.

轉向風險和經紀業務，第一季營收成長 7%，連續九個季度實現高個位數至兩位數的成長。我們的專業化策略以及對人才、技術和創新的投資持續取得成果。

Corporate risk and broking had another strong quarter, growing 8% or 9% when excluding both book of business activity and interest income. Notably, this is on top of 9% growth in the first quarter of 2024. CRB's growth was broad-based across all regions. Our specialization strategy remains a key growth driver for CRB, and specialty continues to outpace the rest of the segment's growth. We continue to see sustained client retention rates in the mid-90s and strong new business generation around the world.

企業風險和經紀業務又迎來了一個強勁的季度，如果不包括業務活動和利息收入，則增加了 8% 或 9%。值得注意的是，這是在 2024 年第一季 9% 的成長基礎上實現的。CRB 的成長遍及所有地區。我們的專業化策略仍然是 CRB 的主要成長動力，專業化的成長速度持續超過其他領域的成長速度。我們繼續看到 90 年代中期持續的客戶保留率和全球強勁的新業務成長。

Globally, our construction, facultative, crisis management, and surety specialty lines were major contributors to the strong growth performance this quarter.

在全球範圍內，我們的建築、臨時、危機管理和擔保專業業務是本季強勁成長績效的主要貢獻者。

From a geographic perspective, North America had a solid start to the year with notable contributions from our natural resources, surety, and M&A businesses. Furthermore, we saw a double-digit growth in our specialty lines across our Great Britain, Western Europe, and international geographies driven by strong new business generation.

從地理角度來看，北美今年開局良好，我們的自然資源、擔保和併購業務做出了顯著貢獻。此外，在強勁的新業務成長的推動下，我們在英國、西歐和國際地區的專業產品線均實現了兩位數的成長。

Moving on to our insurance consulting and technology business, revenue was up 3% across both our technology and consulting practices. As we discussed at Investor Day, our ongoing investment in technology is driving an intentional shift in the mix of offerings in ICT, creating value for our clients by integrating technology and consulting solutions. Q1 growth in ICT was consistent with our projections, and we continue to expect a mid-single digit growth for the full year.

談到我們的保險諮詢和技術業務，我們的技術和諮詢業務的收入均成長了 3%。正如我們在投資者日所討論的那樣，我們對技術的持續投資正在推動 ICT 產品組合的有意轉變，透過整合技術和諮詢解決方案為我們的客戶創造價值。第一季 ICT 的成長與我們的預測一致，我們繼續預計全年將實現中等個位數的成長。

For risk and broking in total, we continue to expect mid-to-high single digit growth for the full year. R&B's operating margin was 22% for the quarter, a 120-basis point increase over the prior year first quarter. This is primarily due to operating leverage from our organic revenue growth, as well as transformation savings, partially offset by a combined 100-basis point headwind from foreign currency, lower interest income, and the absence of gain on sale activity.

就風險和經紀業務總體而言，我們繼續預計全年將實現中高個位數成長。R&B 本季的營業利潤率為 22%，比去年同期第一季增加了 120 個基點。這主要歸因於我們有機收入成長帶來的經營槓桿以及轉型節省，但被外匯帶來的 100 個基點的逆風、較低的利息收入以及缺乏銷售活動收益所部分抵消。

As we outlined at our Investor Day last December, we continue to expect to deliver 100 basis points of average annual adjusted operating margin expansion in R&B over the next three years, driven by operating leverage and additional efficiencies, including the deployment of our global broking platform and workflow optimization.

正如我們在去年 12 月的投資者日上所概述的那樣，我們仍然預計在未來三年內，R&B 的平均年度調整後營業利潤率將擴大 100 個基點，這得益於營運槓桿和額外效率的推動，包括部署我們的全球經紀平台和工作流程優化。

Now let's turn to the enterprise level results. Adjusted operating margin for the quarter was 21.6%, a 100-basis point increase over prior year, primarily driven by greater operating leverage, which includes the benefits of our now completed transformation program.

現在讓我們來看看企業級的結果。本季調整後的營業利潤率為 21.6%，比前一年增加 100 個基點，主要得益於更高的營業槓桿，其中包括我們現已完成的轉型計畫帶來的好處。

Regardless of the macro environment, we remain confident in our operational disability and control, which strengthens our conviction in delivering margin expansion this year. Foreign exchange was a headwind to adjust the EPS of $0.09 for the quarter. Based on our current outlook and current spot rates, we expect foreign exchange to have no material impact on adjusted EPS for the full year, as the $0.09 headwind from Q1 will unwind by the end of the year.

無論宏觀環境如何，我們對我們的營運能力和控制力仍然充滿信心，這增強了我們今年實現利潤率成長的信心。外匯是調整本季每股收益 0.09 美元的不利因素。根據我們目前的展望和當前的現貨匯率，我們預計外匯不會對全年調整後的每股收益產生重大影響，因為第一季的 0.09 美元逆風將在年底前消除。

Our US GAAP tax rate for the quarter was 21.5% versus 19.9% in the prior year. Our adjusted tax rate for the quarter was 22.7% compared to 22.3% for the first quarter of 2024. We expect our 2025 tax rate to be relatively consistent with that of 2024.

本季我們的美國 GAAP 稅率為 21.5%，去年同期為 19.9%。本季的調整後稅率為 22.7%，而 2024 年第一季的調整後稅率為 22.3%。我們預計 2025 年的稅率將與 2024 年的稅率相對一致。

Cash flow was negative, $86 million for the first quarter of 2025, a decrease of $50 million from the prior year, primarily driven by the absence of cash collections related to TRANZACT and increased compensation payments.

2025 年第一季現金流為負 8,600 萬美元，比上年減少 5,000 萬美元，主要原因是缺乏與 TRANZACT 相關的現金收款以及補償支付增加。

Since TRANZACT historically recorded cash inflows in the first half of the year, followed by larger cash outflows in the second half of the year, TRANZACT sale will be a net tailwind to free cash flow on a full year basis.

由於 TRANZACT 歷史上都是在上半年出現現金流入，然後在下半年出現較大的現金流出，因此 TRANZACT 的出售將對全年自由現金流產生淨順風作用。

As a reminder, free cash flow and free cash flow margin now reflect cash outflows for capitalized software costs for all periods presented in the earnings materials. For the full year, we continue to expect to expand our free cash flow margin driven by the sale of TRANZACT, the wind down of transformation related cash outflows, and expected annual margin expansion with a partial offset from cash taxes on the Willis-free earnout payment, which have not yet been paid.

提醒一下，自由現金流和自由現金流利潤率現在反映收益材料中所示所有期間的資本化軟體成本的現金流出。就全年而言，我們預計自由現金流利潤率將繼續擴大，這得益於 TRANZACT 的出售、轉型相關現金流出的減少，以及預期的年度利潤率增長，但部分抵消了尚未支付的 Willis 無盈利支付的現金稅。

During the quarter, we returned $288 million to our shareholders via share repurchases of $200 million and dividends of $88 million.

本季度，我們透過 2 億美元的股票回購和 8,800 萬美元的股息向股東返還了 2.88 億美元。

As we discussed that Investor Day in December, share repurchases will remain our primary form of capital return and a central component of our capital allocation strategy. We continue to expect to allocate approximately $1.5 billion to share repurchases in 2025, subject to market conditions and potential capital allocation to inorganic investment opportunities.

正如我們在 12 月的投資者日所討論的那樣，股票回購仍將是我們資本回報的主要形式，也是我們資本配置策略的核心組成部分。我們仍預計在 2025 年分配約 15 億美元用於股票回購，但視市場狀況和對無機投資機會的潛在資本配置而定。

Given our balanced approach to capital allocation, we plan to continue to invest in talent and our platform to drive sustainable growth and expand margins. We will also increasingly emphasize M&A aligned with our strategic priorities of improving our business mix, expanding our reach across the insurance value chain, and enhancing our margins and free cash flow.

鑑於我們採取均衡的資本配置方法，我們計劃繼續投資人才和平台，以推動永續成長並擴大利潤率。我們也將越來越重視與我們的策略重點一致的併購，即改善我們的業務組合，擴大我們在保險價值鏈中的影響力，並提高我們的利潤率和自由現金流。

In closing, we are encouraged by our business performance in Q1 and expect to achieve our outlook for 2025. With that, let's open it up for Q&A.

最後，我們對第一季的業務表現感到鼓舞，並期望實現 2025 年的願景。好了，讓我們開始問答環節。

Thank you. (Operator Instructions) Gregory Peters with Raymond James.

謝謝。（操作員指示）格雷戈里·彼得斯和雷蒙德·詹姆斯。

Good morning, everyone. So thanks for the detail in your comments, and just some a question around the tariff and trade uncertainty. Hi, Carl. You mentioned the career business and the investment businesses having some pressure.

大家早安。感謝您在評論中提供的詳細信息，我只是想問一下有關關稅和貿易不確定性的問題。你好，卡爾。您提到職業業務和投資業務面臨一些壓力。

Andrew, you talked about the health business, being high-single digit component. Maybe you can give us some more color on how this is going to unfold and generate this mid-single digit type growth that you're forecasting for health, wealth, and career for the year?

安德魯，您談到了健康業務，它是高個位數的組成部分。也許您可以給我們更詳細地說明這種情況將如何發展，並產生您預測的今年健康、財富和事業方面的中等個位數增長？

And pardon me, Mr. Peters. We are having technical difficulties, so just hang on a moment and they will be right back with you. Just a moment, everyone. (Operator Instructions)

請原諒我，彼得斯先生。我們遇到了技術問題，請稍等片刻，他們很快就會回覆您。各位，請稍等一下。（操作員指示）

Okay, Mr. Peters, could I please get you to repeat your question again, sir?

好的，彼得斯先生，我可以請您再重複一次您的問題嗎？

Absolutely. I'm not sure if you guys heard it or not, but I'll certainly go at it again. So first of all, good morning, but then secondly, in your comments, Carl, you talked about some headwinds from tariffs on and potential economic volatility on the career business and the investment business. Andrew, in your comments, you talked about the health business being up high-single digits for the year.

絕對地。我不確定你們是否聽到了，但我一定會再說一次。首先，早安。其次，卡爾，在您的評論中，您談到了關稅對職業業務和投資業務帶來的一些阻力以及潛在的經濟波動。安德魯，在您的評論中，您談到了今年健康業務的成長幅度高達個位數。

Maybe give us some additional color, what's driving your expectation for mid-single digits in health, wealth and career for the year, given all the give the puts and takes?

也許可以給我們一些額外的信息，考慮到所有的付出和收穫，是什麼促使您對今年的健康、財富和事業達到中等個位數的期望？

Sure, Greg, thanks and good morning. So just to set it out, right, health and wealth. Did grow 3%, year over year, which is very much in line with our expectations, and we're seeing strong demand for our benefits management offering, for pension consulting, for outsourcing demonstrated by some of the notable new appointments that I mentioned earlier, we are confident in our pipeline and we do continue to expect that HWC is going to have this single digit organic revenue growth for the full year.

當然，格雷格，謝謝，早安。所以，簡單來說，就是健康和財富。同比增長 3%，這非常符合我們的預期，我們看到對我們的福利管理產品、退休金諮詢、外包的強勁需求，這從我之前提到的一些值得注意的新任命中可以看出，我們對我們的產品線充滿信心，我們確實繼續預計 HWC 全年將實現個位數的有機收入增長。

Yeah, and Greg, I'll provide some further details on each of the HWC businesses for the quarter and then hand it over to Julie, to talk more about what she's seeing.

是的，格雷格，我將提供本季度每個 HWC 業務的更多詳細信息，然後將其交給朱莉，讓她進一步談談她所看到的情況。

So health had organic revenue growth of 6% and this solid growth was led by strong client retention and new business wins. All regions saw growth with double digit increases internationally. We saw strong contributions from geographic expansion efforts in Saudi Arabia and the ongoing expansion of our global benefits management solution. Wealth, where we had 2% organic revenue growth was driven by modest growth in the retirement business and high-single digit growth in investments.

因此，健康業務的有機收入成長了 6%，而這一穩健的成長是由強大的客戶保留率和新業務的成功所推動的。所有地區均實現成長，國際地區增幅達兩位數。我們看到了沙烏地阿拉伯的地理擴張努力和全球福利管理解決方案的持續擴展帶來的巨大貢獻。財富管理業務有機收入成長 2%，這得益於退休業務的溫和成長和投資的高個位數成長。

Within retirement, we continue to see strong demand for our life site product. Our investment business delivered high single digit growth from new product launches, new business wins, and an improvement in capital market conditions within the quarter.

在退休期間，我們繼續看到對我們的生活網站產品的強勁需求。我們的投資業務在本季度因新產品的推出、新業務的成功以及資本市場狀況的改善而實現了高個位數成長。

Career had 1% organic revenue growth that was tempered by postponed projects as economic uncertainty to apply to defer some advisory work. The career is our most economically sensitive business, and the broad market uncertainty may continue to weigh on growth within that business.

職業收入成長 1%，但由於經濟不確定性導致一些專案推遲，導致一些諮詢工作被推遲，因此收入成長受到抑制。職業是我們最經濟敏感的業務，而廣泛的市場不確定性可能會繼續對該業務的成長造成壓力。

BDO grew 1% and that really benefited from increased project work and administration work in Europe. And as Carl mentioned, we still remain confident in our pipeline in HWC and continue to expect that segment will have mid-single digit revenue growth in 2025 and over the long term. Julie?

BDO 成長了 1%，這主要得益於歐洲專案工作和管理工作的增加。正如卡爾所提到的，我們仍然對 HWC 的產品線充滿信心，並繼續預計該部門在 2025 年及長期內的收入將實現中等個位數成長。朱莉？

Thanks, Andrew. My view of the HWC segment has not changed over the last 90 days. As you said, Q1 generally performed in line with our expectations. And overall we expect the segment to grow mid-single digits for the year.

謝謝，安德魯。在過去 90 天裡，我對 HWC 部分的看法沒有改變。正如您所說，第一季的表現大致符合我們的預期。總體而言，我們預計今年該領域的成長率將達到中等個位數。

We've got resilient businesses with a significant amount of recurring and required work, and we know how to navigate change and uncertainty, emphasizing those solutions that are relevant to clients in this environment.

我們的業務具有很強的韌性，有大量的重複性和必要性工作，我們知道如何應對變化和不確定性，並強調在這種環境下與客戶相關的解決方案。

So maybe diving into each of the business areas in health care inflation remains high, maybe going higher. We've got a very good pipeline and we expect growth to accelerate in the second half of the year, so we're confident in delivering high-single digit growth.

因此，深入研究醫療保健領域的各個業務領域，通膨率仍然很高，甚至可能更高。我們擁有非常好的產品線，預計下半年成長將會加速，因此我們有信心實現高個位數成長。

In wealth, demand for core defined benefit offerings is strong, and so is demand in adjacent areas. So that supports our outlook for low single digit growth.

在財富方面，對核心固定福利產品的需求強勁，鄰近領域的需求也同樣強勁。因此，這支持了我們對低個位數成長的預期。

So in career, just remember 70% of our work is from recurring projects like compensation committee appointments or like products like embark portal or compensation surveys, and that work is stable and it's underway. Now for the advisory project, that uncertainty in the environment is causing some delays.

因此，在職業生涯中，請記住，我們 70% 的工作來自經常性項目，例如薪酬委員會任命或類似登船門戶或薪酬調查等產品，並且這些工作是穩定的並且正在進行中。現在對於諮詢專案來說，環境的不確定性正在造成一些延誤。

And at the same time there are some areas like pay transparency in the EU and incentive design that still remains strong. So overall in this environment we've broadened our outlook and we're now expecting low-single digits to mid-single digit growth for the year.

同時，歐盟的薪酬透明度和激勵設計等一些領域仍保持強勁。因此，總體而言，在這種環境下，我們拓寬了視野，現在我們預計今年的成長率將在低個位數到中個位數之間。

Rounding it out with BD&O, our core offerings are sticky and stable. We expect growth to accelerate through the year and achieve mid-single digit growth.

透過 BD&O 完善，我們的核心產品具有黏性和穩定性。我們預計今年的成長速度將加速並實現中等個位數的成長。

So when you put it all together, we are confident in the pipeline that we've got, and we continue to expect that the segment will have mid-single digit revenue growth in 2025 and for the long term.

因此，綜合考慮所有這些因素，我們對現有的產品線充滿信心，並且我們繼續預計該部門在 2025 年及長期內的收入將實現中等個位數成長。

That is excellent detail. Thank you. I guess, I'd like to just take the same question and apply it to the risk and broken segment. Because, the tariffs are a popular topic among all the conference calls and management, dealing with the challenges there and the potential for economic slowdown, maybe you can give us some additional detail on how you're thinking about organic revenue growth and the risk invoking business for the year?

這是非常出色的細節。謝謝。我想，我只想提出同樣的問題並將其應用到風險和破損部分。因為關稅是所有電話會議和管理中的熱門話題，應對其中的挑戰和經濟放緩的可能性，也許您可以向我們提供一些額外的細節，說明您如何看待有機收入增長和今年引發業務的風險？

So Greg, we're really pleased with the 7% organic we did for 11%, and that gives us confidence to achieve the mid-to-high single digit growth in R&B we see for the year.

所以，格雷格，我們對 11% 的有機成長 7% 感到非常滿意，這讓我們有信心實現今年 R&B 的中高個位數成長。

The volatility we're seeing in the macro environment creates risk for many companies and we're well positioned to help our clients manage these risks, especially given the structure of our specialization strategy, which enables us to provide more tailored counsel with increased agility. We are seeing strong demand for our services with especially strong interest in specialization offerings. So I'll pass it over to Lucy to add some more color on what she said.

我們在宏觀環境中看到的波動給許多公司帶來了風險，我們完全有能力幫助我們的客戶管理這些風險，特別是考慮到我們的專業化策略結構，這使我們能夠以更高的靈活性提供更有針對性的諮詢。我們發現市場對我們服務的需求非常強烈，尤其是對專業化產品的興趣非常濃厚。因此我將把它交給露西，讓她對她所說的話進行更詳細的說明。

Thanks, Carl, and thanks for the question, Greg. I mean, I would just remind everybody that even before the last three months, our clients, whatever industry they're in, whatever geography, whatever side they are, have been navigating one of the most complex risk environments of a generation. That's generally when the most is expected of us and when we're at our best.

謝謝，卡爾，也謝謝你的提問，格雷格。我的意思是，我只是想提醒大家，甚至在過去三個月之前，我們的客戶，無論他們身處哪個行業、哪個地區、哪個陣營，都在應對這一代人最複雜的風險環境之一。通常，那是人們對我們期望最高、我們表現最好的時刻。

So these macros may be different, but the broking business is generally resilient when the circumstances are uncertain. I think that our specialization strategy, will serve us well, and our focus is on performing for clients. We're responding to increasing demand for trade credit and political risks and quickly coming up with new products, like the natural resources guys did with tariff guard. So we feel confident about the fundamentals of the business and the mid-to-high single digit growth for 2025.

因此，這些宏觀因素可能有所不同，但當情況不確定時，經紀業務通常具有彈性。我認為我們的專業化策略將對我們大有裨益，我們的重點是為客戶提供服務。我們正在應對日益增長的貿易信貸和政治風險需求，並迅速推出新產品，就像自然資源部門推出的關稅保護產品一樣。因此，我們對業務基本面和 2025 年的中高個位數成長充滿信心。

Got it. Thanks for the answers.

知道了。謝謝您的回答。

Elyse Greenspan with Wells Fargo.

富國銀行的 Elyse Greenspan。

Hi, thanks. Good morning. My first question is on HWC. I think in the fourth quarter you guys had alluded to some timing, right, revenue being pushed from Q4 to Q1 in Korea and perhaps in other areas and did that revenue come online in the Q1, or is that now getting pushed back a bit further in, when you guys are talking about a stronger half year to this year?

你好，謝謝。早安.我的第一個問題是關於 HWC 的。我認為在第四季度，你們曾提到過一些時間安排，對吧，韓國以及其他地區的收入從第四季度推遲到第一季度，這些收入是在第一季度產生的，還是現在被推遲了一點，而你們說的是今年下半年會更強勁？

So Elyse, good morning, and you know, as we said in our opening comments, career does have some near-term sensitivity to the lack of economic policy clarity, but we do think that the support for legislative changes that affect our clients as well as, cost management is going to create demand. As we review our pipeline, our expectations for revenue growth to be weighted toward the second half of the year. Part of that is, typical seasonality of compensation surveys and the timing of the project work, and that's one of the reasons we have the wider range of outcomes Julie talked about.

所以，Elyse，早安，正如我們在開場白中所說的那樣，職業生涯確實對缺乏經濟政策清晰度有一些短期敏感性，但我們確實認為對影響我們客戶以及成本管理的立法變化的支持將創造需求。當我們回顧我們的產品線時，我們對收入成長的預期將集中在下半年。部分原因是薪資調查的典型季節性以及專案工作的時間安排，這也是我們獲得朱莉所說的更廣泛的結果的原因之一。

And I'll just add the reminder that the first quarter was largely in line with our expectations, though it was muted because of the economic uncertainty and there was a modest impact on the revenue in the quarter because of that. I'll just come back to something I previously said. We've got about 70% of our revenue coming from recurring work, and as Carl mentioned, a lot of that comes in the second half, and we're seeing an increase in our survey participation this year.

我還要提醒一下，第一季的業績基本上符合我們的預期，但由於經濟不確定性，第一季的業績表現不盡如人意，並且因此對本季度的收入產生了一定的影響。我只想回顧一下我之前說過的話。我們大約 70% 的收入來自經常性工作，正如卡爾所提到的，其中許多收入來自下半年，而且我們今年的調查參與度有所增加。

Our pipeline for work is strong given the focus that we have on the market. It's a very disciplined focus. Our teams are initiating discussion with clients and prospects about topics that really matter in this environment and I already mentioned pay transparency, but there are areas like the impact of market volatility on incentive plans and that's generating new leads and new sales and the effort that we have to embed our employee experience capabilities into other offerings is also having an impact.

鑑於我們對市場的關注，我們的工作管道非常強大。這是一個非常有紀律的重點。我們的團隊正在與客戶和潛在客戶就當前環境下真正重要的話題展開討論，我已經提到了薪酬透明度，但還有一些領域，例如市場波動對激勵計劃的影響，這會產生新的銷售線索和新的銷售，而我們將員工體驗能力嵌入到其他產品中的努力也產生了影響。

For example, many of our new outsourcing implementations that are going to happen later in this year will include our Embark software portal and the workforce management work that we're selling includes communications and change management support.

例如，我們今年稍後將實施的許多新的外包專案將包括我們的 Embark 軟體門戶，而我們銷售的勞動力管理工作包括通訊和變更管理支援。

So we've got a durable career business and our teams are really equipped to address what our clients need now in spite of the uncertainty slowing down some projects in the first quarter. So we're confident this is going to allow us to grow in the range of low-to-mid single digits.

因此，儘管第一季的不確定性導致一些專案放緩，但我們擁有持久的職業業務，我們的團隊確實有能力滿足客戶當前的需求。因此，我們有信心這將使我們實現低至個位數的成長。

Thanks and then, my follow up, was on free cash flow if you can just talk about your expectations for the full year and just walk us through, any puts and takes. I know you mentioned Andrew some of the TRANZACT, first half versus the second half and your opening comments, but anything else that we should be thinking about, for free cash flow this year?

謝謝，然後，我的後續問題是，關於自由現金流，您能否談談對全年的預期，並向我們介紹任何利弊。我知道您向安德魯提到了一些 TRANZACT、上半年與下半年的對比以及您的開場評論，但對於今年的自由現金流，我們還應該考慮其他什麼嗎？

Yeah, absolutely. So our cash flow figure of negative $86 million, so below prior year by $50 million, it was right in line with our expectations for the quarter and we remain in line with our plans trajectory to deliver a free cash flow margin expansion in 2025. To provide a bit more color around that, the year over year decrease in the Q1 was primarily driven by two items.

是的，絕對是如此。因此，我們的現金流數字為負 8,600 萬美元，比上年低 5,000 萬美元，這完全符合我們對本季度的預期，並且我們仍按照計劃軌跡進行，以在 2025 年實現自由現金流利潤率的擴大。為了更清楚地說明這一點，第一季的年減主要由兩個因素造成。

One is the seasonality of TRANZACT cash flows. So TRANZACT historically recorded cash inflows in the first half of the year, followed by larger cash outflows in the second half of the year. So on a full year basis, TRANZACT sale will be a net tailwind to free cash flow, but it was a headwind this quarter and will be for Q2 as well. And the second item is increased compensation payments on a year-to-year basis. And as I think about the full year and beyond, so I think the right way to think about it is, our 2024 cash flow margin was 12.8%. That was inclusive of 440 basis points of headwinds from TRANZACT and transformation.

一是TRANZACT現金流的季節性。因此，TRANZACT 歷史上都是在上半年出現現金流入，然後在下半年出現較大的現金流出。因此，從全年來看，TRANZACT 的出售將對自由現金流產生淨順風作用，但本季卻是一個逆風，第二季也將如此。第二項是逐年增加賠償金額。當我考慮全年及以後的情況時，我認為正確的思考方式是，我們的 2024 年現金流利潤率為 12.8%。其中包括來自 TRANZACT 和轉型的 440 個基點的阻力。

So if you think about our 2024 free cash flow on a normalized basis for those factors, it was about 17.2%. From that 17.2% normalized base, we expect further free cash flow margin improvement from operating margin expansion, offset by roughly 200 basis points of headwinds related to transformation, cash outflows and cash taxes on the Willis re-earn out, as I mentioned in the prepared remarks. So you put all of that together, I think that that's how I think about 2025, and then we continue to be confident in our ability to expand our free cash flow margin, beyond that after 2025.

因此，如果您根據這些因素以標準化方式考慮我們的 2024 年自由現金流，則約為 17.2%。從 17.2% 的標準化基數來看，我們預計營業利潤率的擴大將進一步提高自由現金流利潤率，但正如我在準備好的評論中提到的那樣，這將抵消與轉型、現金流出和 Willis 再盈利現金稅相關的約 200 個基點的不利因素。所以，把所有這些放在一起，我想這就是我對 2025 年的看法，然後我們繼續對我們在 2025 年之後擴大自由現金流利潤率的能力充滿信心。

Thank you. Rob Cox with Goldman Sachs.

謝謝。高盛的 Rob Cox。

Hey thanks. First question I wanted to ask about M&A, you all talked about increasingly emphasizing M&A back at the Investor Day and then here today in the comments and we've seen one deal so far which is a little bit lighter than some of the public and private broker run rate but so I was just curious, did you think you would have acquired more businesses by now when you outlined the strategy back in December and are you still seeing deals out there and what's stopping you from doing more?

嘿，謝謝。我想問的第一個問題是關於併購的，你們都在投資者日上談到越來越強調併購，然後在今天的評論中，我們看到到目前為止有一筆交易比一些公共和私人經紀人的運行率要低一些，所以我很好奇，當你在 12 月概述這一戰略時，你是否認為你現在已經收購了更多的企業，你仍然看到你那裡的交易，你現在已經收購了更多的事情？

Yeah, I mean, thanks, Rob. Good morning. We feel good about our approach to M&A, right? I mean, just to remind everyone because we talked a bit about this, we're looking for companies that could be a good fit culturally, with that we're not going to see a lot of business disruption over the integration and they've got to satisfy the following criteria. First, improve our business mix to enhance our growth and presence in key markets, while strengthening our offering in high growth, high margin areas of our core business.

是的，我的意思是，謝謝你，羅布。早安.我們對自己的併購方式感到滿意，對嗎？我的意思是，只是提醒大家，因為我們談論了這一點，我們正在尋找在文化上能夠很好地契合的公司，這樣我們不會看到整合過程中出現很多業務中斷，而且他們必須滿足以下標準。首先，改善我們的業務組合，以提高我們在關鍵市場的成長和影響力，同時加強我們在核心業務的高成長、高利潤領域的產品供應。

Second, they should expand our reach across the insurance value chain to further accelerate our growth while filling gaps in our capabilities and footprint, and we want to target businesses that help enhance our emerging and free cash flow profile. With regard to timing, through our growth simplifying strategy, we solidified our infrastructure, we strengthened the company. We have the right business focus now. We have more efficient processes. We've got the tools to integrate potential targets with WTW and deliver long term value. So we have our eyes on the landscape. We recognize there's going to be others active in the space, but we're looking for what's right for us, not just to do deals because we see others doing.

其次，他們應該擴大我們在保險價值鏈中的影響力，以進一步加速我們的成長，同時填補我們能力和足跡方面的空白，我們希望瞄準那些有助於增強我們新興和自由現金流狀況的業務。就時機而言，透過我們的成長簡化策略，我們鞏固了基礎設施，增強了公司實力。我們現在有正確的業務重點。我們的流程更加有效率。我們擁有將潛在目標與 WTW 結合併提供長期價值的工具。因此，我們密切關注著形勢。我們認識到會有其他人在這個領域活躍，但我們正在尋找適合我們自己的交易，而不僅僅是因為我們看到其他人這樣做而去做交易。

Appreciate the color maybe as a follow up on the macro environment, I mean, given Willis is a global business, I'm curious when you look out at the operating environment and based on your client conversations are you seeing any more economic weakness or uncertainty in certain geographies?

欣賞這種顏色也許是對宏觀環境的後續觀察，我的意思是，鑑於 Willis 是一家全球性企業，我很好奇，當您觀察營運環境時，根據您的客戶談話，您是否看到某些地區出現了更多的經濟疲軟或不確定性？

Well, I mean, yes, we've said in the past, right, WTW is really well positioned to weather macroeconomic uncertainty. You can look to our history, you can look back to our predecessor companies, we have thrived under many various market conditions, and we think the current macro environment is going to create more opportunities for us, as we alluded to earlier, economic challenges can intensify.

嗯，我的意思是，是的，我們過去就說過，WTW 確實有能力抵禦宏觀經濟的不確定性。你可以回顧我們的歷史，你可以回顧我們的前身公司，我們在許多不同的市場條件下蓬勃發展，我們認為當前的宏觀環境將為我們創造更多機會，正如我們之前提到的，經濟挑戰可能會加劇。

Our clients needs for sound advice and risk management solutions, and many of our clients look to WTW for help in navigating these obstacles, creating opportunities that drive demand for our services regarding workforce management, regarding pension plans, regarding risk management solutions. Let me turn a little bit over to Julie and Lucy to talk about what they're seeing in the segments. Julie?

我們的客戶需要合理的建議和風險管理解決方案，我們的許多客戶都希望 WTW 能夠幫助我們克服這些障礙，從而創造機會推動對我們在勞動力管理、退休金計劃、風險管理解決方案方面的服務的需求。讓我稍微邀請朱莉和露西談談她們在這些片段中看到的內容。朱莉？

Carl, so I'll just start with repeating something I've already said, which is that the vast majority of our work is recurring and required, and even in our most economically sensitive businesses in the career area, about 70% of our revenue comes from those areas. So we've got a steady base and this ability to navigate. And uncertainty is helpful and that's across the world. We're focused on solutions that are relevant in this environment. So we're well positioned to capture demand where there's a need for workforce management, workforce reductions.

卡爾，我首先要重複我已經說過的話，那就是我們的絕大多數工作都是重複性的和必需的，即使在我們職業領域中對經濟最敏感的業務中，大約 70% 的收入也來自這些領域。因此，我們擁有穩定的基礎和導航能力。不確定性是有益的，全世界都是如此。我們專注於與此環境相關的解決方案。因此，我們能夠很好地滿足需要勞動力管理和裁員的需求。

Healthcare cost management is important right now and pension cost modeling, what's going to happen if the environment changes all very important for us, and even as the uncertainty causes some delays for some discretionary advisory work until there's greater clarity, these areas will hold us firm. So we're confident about our mid-single digit growth outlook for the year.

醫療保健成本管理現在很重要，退休金成本建模，如果環境變化會發生什麼，對我們來說都非常重要，即使不確定性會導致一些自由裁量諮詢工作的延遲，直到情況更加明朗，這些領域也會讓我們堅定不移。因此，我們對今年中等個位數的成長前景充滿信心。

Yeah, thanks. Thanks, Julie, and thanks Rob for the question. I think I will also repeat something I've already said, which is that, in these circumstances, however uncertain they are, the broking business tends to be very resilient. We're not seeing particular weakness right at the moment from our clients. In fact, we're seeing increasing demand for some of our specialty products, and so really our focus is on just performing for our clients, and delivering in these, in this uncertain environment.

是的，謝謝。謝謝，朱莉，也謝謝羅布提出這個問題。我想我還要重複我已經說過的話，那就是，在這種情況下，無論情況多麼不確定，經紀業務往往都非常有彈性。目前我們還沒有發現客戶有特別的弱點。事實上，我們看到一些特色產品的需求正在不斷增長，因此，我們真正的重點是為客戶提供服務，並在這種不確定的環境中交付這些產品。

Thank you.

謝謝。

Thank you. Paul Newsome with Piper Sandler.

謝謝。保羅·紐瑟姆和派珀·桑德勒。

Good morning. Thanks for the call. I was hoping you could give us a little additional color on in the risk and broken business on carrier competition. We're hearing a lot about weakness in the large account business and maybe some resilience elsewhere, and, obviously Willis has a mix of business between middle and large, that's close, but we know it's important. So any thoughts on both what you're seeing in the marketplace plus the implications for your businesses?

早安.謝謝您的來電。我希望您能為我們提供一些有關承運商競爭中的風險和業務中斷的更多細節。我們聽到很多關於大客戶業務疲軟以及其他方面可能具有韌性的消息，顯然，韋萊的業務範圍涵蓋中型和大型客戶，雖然很接近，但我們知道這很重要。那麼，您對市場上看到的情況以及對您的業務的影響有何看法？

Hi Paul, it's Lucy. Thanks for the question. Yeah, so, first of all, we definitely are seeing an improvement in pricing in most lines across the market, broadly that improvement or falling rates and pricing is mostly in property, large and complex risk.

你好，保羅，我是露西。謝謝你的提問。是的，首先，我們確實看到市場上大多數產品的定價都有所改善，總體而言，利率和定價的改善或下降主要體現在房地產、大型和複雜風險方面。

Financial lines have stabilized after a period of improvement, and the pricing continues to increase in certain areas such as North American casualty, and auto.

金融險種經過一段時間的改善後已經趨於穩定，北美傷亡險和汽車險等某些領域的定價持續上漲。

So what does that mean? Well, first of all, I think it's important to remember that while we can't predict what will happen, the rating environment is not a surprise for us. Our clients have had many years of steep increases, carriers have performed well. Pricing is adequate, and so we were expecting an improving pricing market for our clients. Our business mix is about half a commission, half fee, and about half property, half casualty.

那麼這意味著什麼？嗯，首先，我認為重要的是要記住，雖然我們無法預測會發生什麼，但評級環境對我們來說並不令人意外。我們的客戶多年來一直大幅成長，承運商也表現良好。定價是合理的，因此我們期待客戶的定價市場不斷改善。我們的業務結構大約是一半佣金、一半費用、一半財產險、一半意外險。

So I think we're well positioned and, of course, we can't predict to what extent the rates will fall and, would I guess particularly note that the geopolitical and macroeconomic uncertainty, may have a dampening effect on the optimism we're seeing today.

因此，我認為我們處於有利地位，當然，我們無法預測利率將下降到何種程度，我特別要注意的是，地緣政治和宏觀經濟的不確定性可能會對我們今天看到的樂觀情緒產生抑製作用。

That's one. That's very helpful. Thank you. Alternative question, a little bit more of a modeling approach question. So I'm getting quite a bit of questions from investors about market implications, equity, financial market implications on wealth and career, and I think you've touched on this, but maybe a few thoughts would be great just to talk about sort of the sensitivity. Of those businesses directly, it is simply a matter of just looking at the assets and the management and the relationship there, but I suspect there's way more to it, but any thoughts there that I think help folks who are trying to model this from an asset management perspective?

那是一個。這非常有幫助。謝謝。替代問題，更多的是建模方法問題。因此，我收到了很多來自投資者的問題，關於市場影響、股權、金融市場對財富和職業的影響，我想你已經談到了這一點，但也許談談一些關於敏感性的想法會很好。對於這些企業來說，直接的考慮只是查看資產、管理和其中的關係，但我認為其中還有更多內容，但我認為這些想法是否能幫助那些試圖從資產管理的角度對此進行建模的人？

So remember, Paul, that our wealth business really has two major components. The bigger component is our pension consulting business, where we're typically appointed the actuary for defined benefit fund, and these relationships are very stable. They can last, literally for decades, and we've got client retention rates in the high 90s. So very sticky, very annuity, very stable basis. The smaller part of the wealth segment is our investment business, which is a combination of investment management and investment consulting.

所以保羅，請記住，我們的財富業務實際上有兩個主要組成部分。更大的組成部分是我們的退休金諮詢業務，我們通常會被任命為固定收益基金的精算師，這些關係非常穩定。它們可以持續數十年，而且我們的客戶保留率高達 90% 以上。因此非常具有黏性、非常具有年金性、非常穩定的基礎。財富管理板塊中較小的部分是我們的投資業務，它是投資管理和投資諮詢的結合。

Our clients vary but a lot of them are defined benefit funds where their asset base is typically quite matched to their liabilities. So our sensitivity to equity markets is probably a bit less than you would think, right? We've got exposure to the overall level of assets, but these are quite hedge to pension liabilities. So the characteristics vary a bit. Julie, any further?

我們的客戶各不相同，但其中許多都是固定收益基金，其資產基礎通常與負債相當匹配。所以我們對股票市場的敏感度可能比你想像的要低一些，對嗎？我們已經接觸到了整體資產水平，但這些資產對於退休金負債而言具有相當的對沖作用。因此特性略有不同。朱莉，還有什麼事嗎？

I'll just add that in our investment business, which is less than 5% of our overall HWC revenue, that some of our fees are determined as basis points on assets under management, but that's not all of our fees. We've got a meaningful portion of our revenue that fixed fees. So the basis point related fees are the ones that are susceptible to capital market volatility. And while that didn't affect us in Q1 because of favorable performance, the research performance could leave us with an impact in Q2. And then the other thing I'll add is that we intend to offset any short-term headwinds as much as possible by going to market aggressively with solutions that are currently relevant like workforce management.

我只想補充一點，在我們的投資業務中，這占我們 HWC 整體收入的不到 5%，我們的部分費用是根據管理資產的基點確定的，但這並不是我們的全部費用。我們收入中很大一部分來自固定費用。因此，與基點相關的費用容易受到資本市場波動的影響。雖然由於業績表現良好，這在第一季並未對我們造成影響，但研究表現可能會在第二季對我們產生影響。然後我要補充的另一件事是，我們打算透過積極向市場推出目前相關的解決方案（如勞動力管理）來盡可能地抵消任何短期阻力。

Thank you. I really appreciate the help as always. Very much appreciated.

謝謝。我一如既往地感謝你們的幫助。非常感謝。

Thank you. Brian Meredith, UBS.

謝謝。瑞銀的布萊恩·梅雷迪斯。

Yeah, thank you. I -- first one, Lucy, just could you remind us how big is the transactional business as a part of your overall business and is that going to be a headwind at all here as we look forward? I know it's been relatively low, but I thought it picked up second half of last year.

是的，謝謝。我——首先，露西，您能否提醒我們交易業務在你們整體業務中所佔比例有多大，展望未來，這會成為我們的一個阻力嗎？我知道它相對較低，但我認為它在去年下半年有所回升。

Hi, Brian. It's Lucy. Thanks for the question. So we're not going to comment on the size of our M&A business, and so we don't expect a major impact throughout the rest of the year.

你好，布萊恩。是露西。謝謝你的提問。因此，我們不會對我們的併購業務規模發表評論，因此我們預計今年剩餘時間不會產生重大影響。

Okay, thanks. And then, second question, I'm just curious on share buyback in the quarter. I appreciate that the first quarter is usually the weaker or the free cash flow quarters, but I would have thought with the correction your stock had post fourth quarter results as you've been a little bit more aggressive with share buyback, was there anything else to kind of think about, that may be prevented you from buying back more shares in the in the quarter?

好的，謝謝。然後，第二個問題，我只是對本季的股票回購感到好奇。我知道第一季通常是自由現金流較弱的季度，但我認為，由於您在股票回購方面更加積極，您的股票在第四季度業績後有所調整，還有其他什麼需要考慮的因素，可能會阻止您在本季度回購更多股票嗎？

So there's lots of things that go into the pacing of the share repurchases throughout the year. I think the right thing to focus is on the $1.5 billion that we've committed to for the year, with regard to pacing, we have opportunities at certain points in time to lean in depending on market conditions and accelerate some of that, and that's what we tend to do from time to time. So it's really, I think a combination of timing, market conditions, but again, focus on the full $1.5 billion for the full year.

因此，全年股票回購的節奏受許多因素影響。我認為正確的做法是把重點放在我們今年承諾的 15 億美元上，至於節奏，我們有機會在某些時間點根據市場情況進行調整併加快其中的一些步伐，而這正是我們傾向於不時做的事情。所以我認為這實際上是時機和市場條件的結合，但再次強調，重點是全年的 15 億美元。

Great. Thanks.

偉大的。謝謝。

David Motemaden with Evercore ISI.

Evercore ISI 的 David Motemaden。

Hey, good morning. I wanted to focus on wealth and BD&O, where I think you, guys had called out a few areas of project activity, timing that negatively impacted you guys. Wondering if you could size that impact that each of those had on each of the segment organic growth rates and then maybe just elaborate a bit more on your visibility into those coming online over the rest of the year? I get that demand for your services has gone up, but if it's project work, it sounds kind of discretionary in nature. So just wondering what your conversations with clients have been on those and what gives you some confidence that we're going to see that revert back?

嘿，早安。我想把重點放在財富和 BD&O 上，我認為你們已經指出了專案活動的幾個領域，時機對你們產生了負面影響。您是否想知道，是否可以衡量這些因素對各個細分市場有機成長率的影響，然後能否更詳細地闡述一下您對今年剩餘時間內上線產品的了解程度？我知道對您的服務的需求增加，但如果是專案工作，那麼它聽起來本質上就有點自由裁量。所以我只是想知道您與客戶就這些問題進行了哪些對話，以及什麼讓您有信心我們會看到這種恢復？

So let me address BD&O first and then we can talk a bit about wealth, right? Remember that BD&O grew 1% for the quarter, and we did have some, increased project and core administration work in Europe. We expect growth to accelerate through the year with new client implementations as well as special project work. Part of that is to support regulatory changes. And part of it can be things that can actually be offsetting unfavorable macroeconomic conditions such as increased cot administration, if people are laying additional people off. So there's some -- not all the project work is economically sensitive in the way you might think it might be.

所以讓我先談談 BD&O，然後我們可以談談財富，對嗎？請記住，BD&O 本季成長了 1%，而且我們在歐洲的專案和核心管理工作確實有所增加。我們預計，隨著新客戶的實施以及特殊專案工作的開展，今年的成長將會加速。其中一部分是為了支持監管變革。其中一部分可能是可以抵銷不利的宏觀經濟條件的因素，例如如果人們裁掉更多員工，會增加床位管理費用。因此，並非所有專案工作都像您想像的那樣具有經濟敏感性。

With respect to wealth, often a lot we have a variety of projects that somebody could be in response to regulatory change, which demands clients analyze the effect of such change on their retirement plans, some of the contemplation of pension risk transfer activity. Maybe Julie you want to elaborate a little bit more?

關於財富，通常我們會有很多各種各樣的項目來應對監管變化，這要求客戶分析這種變化對他們的退休計劃的影響，其中一些考慮退休金風險轉移活動。也許朱莉你想更詳細地解釋一下？

Yeah, on the de-risking activity, we had a decent amount of that in Q1, as mentioned in the prepared comments. That activity dependent on a number of factors. The top factors are pension plans funded status, and Carl commented on how that's changing, maybe not as dramatically as people would have thought, and the interest rate environment. And as we look at it, those factors are still favorable for many plans. So we do expect that type of activity to continue in the current environment, probably at a slightly slower rate than we initially projected for the year.

是的，關於降低風險的活動，正如準備好的評論中所提到的，我們在第一季已經做了相當多的工作。該活動取決於許多因素。最重要的因素是退休金計畫的資金狀況，卡爾評論了這種狀況的變化，也許沒有人們想像的那麼劇烈，以及利率環境。我們認為，這些因素對許多計劃來說仍然有利。因此，我們確實預計這種活動將在當前環境下繼續下去，但速度可能比我們最初預測的要慢一些。

But we expect clients that aren't undertaking derisking initiatives will pick up other project work to evaluate pension volatility, to use pensions to support workforce actions and the like. So we are confident that we'll capture our fair share of that and that's reflected in our outlook of low single digit growth.

但我們預計，尚未採取降低風險措施的客戶將選擇其他專案工作來評估退休金波動性，並使用退休金來支持勞動力行動等。因此，我們有信心獲得公平的份額，這也反映在我們對低個位數成長的展望中。

Great thank you thanks for that that makes sense. And then maybe Andrew, just following up on the free cash flow you had mentioned, the TRANZACT sale was the headwind of free cash flow this quarter and it will be next quarter as well. I'm wondering if you could just size that how much of a headwind it was to free cash flow this quarter, and then the expectation for the headwind for next quarter just so I can sort of break down the components?

非常感謝，這很有道理。然後也許安德魯，只是跟進您提到的自由現金流，TRANZACT 的出售是本季自由現金流的阻力，下個季度也將如此。我想知道您是否可以估算出本季對自由現金流的阻力有多大，以及對下個季度阻力的預期，以便我可以分解各個組成部分？

Yeah, sure. So for this quarter year to year was a $56 million headwind. In Q2, it will be substantially smaller, about $8 million or so.

是的，當然。因此，本季同比下降了 5,600 萬美元。在第二季度，這一數字將大幅縮減，約 800 萬美元左右。

Perfect, thank you.

非常好，謝謝。

Mark Hughes with Truist Securities.

Truist Securities 的 Mark Hughes。

Yeah, thank you. Good morning. In the ICT, the organic 3%, this quarter last quarter is 11%. Was that just timing of new business or was there any sort of fundamental transition or inflection there?

是的，謝謝。早安.在ICT領域，本季有機成長3%，上一季為11%。那隻是新業務的時機嗎，還是存在某種根本性的轉變或改變？

Yeah. So remember ICT is a mix of consulting offerings and technology offerings. The consulting includes both recurring services such as reserve calculations for insurance companies as well as project work for things like securities issuance or M&A. On the technology side, we offer products that support things like underwriting, rate making, reserving for our clients, and those sales can be large and lumpy.

是的。所以請記住，ICT 是諮詢服務和技術服務的混合體。諮詢服務既包括為保險公司計算準備金等經常性服務，也包括證券發行或併購等項目工作。在技​​術方面，我們為客戶提供承保、定價、準備金等支援產品，這些產品的銷售額可能很大，而且不穩定。

In fact, you, as we pointed that out in Q4, that was one of the drivers for the Q4 growth, and we can just make the pattern from quarter on quarter, look a little bit jagged, right, we think that's a feature, not a book.

事實上，正如我們在第四季度指出的那樣，這是第四季度成長的驅動力之一，我們可以讓每個季度的模式看起來有點鋸齒狀，對吧，我們認為這是一個特點，而不是一本書。

Very good. And then on the reinsurance, JB, any change in your estimate for cost for the full year and any quick comments on how that's ramping?

非常好。然後關於再保險，JB，您對全年成本的估計有任何變化嗎？對於成本如何增加，您有什麼快速評論嗎？

So we're reminded this is a new launch, right? We're still in the startup phase and we're focused on building out the infrastructure and hiring new talent. At this point we'll give you more of an update when there's more to share, but we're very pleased with the progress made. And we're excited about our return and reinsurance. Andrew, you want to comment on?

所以我們想起這是一次新的發布，對嗎？我們仍處於起步階段，專注於建立基礎設施和招募新人才。此時，當有更多資訊可以分享時，我們會向您提供更多更新，但我們對取得的進展感到非常滿意。我們對我們的回報和再保險感到非常興奮。安德魯，你想評論一下嗎？

Yeah. Just to confirm there's no change in the outlook at this point for the rest of the year with regard to the guidance we previously gave.

是的。只是為了確認，就我們之前給予的指導而言，今年剩餘時間的前景沒有改變。

Understood. Thank you.

明白了。謝謝。

Thank you. Mark Marcon, with Baird.

謝謝。馬克馬孔 (Mark Marcon) 和貝爾德 (Baird) 在一起。

Good morning, Carl. In your prepared remarks, you went through a number of new business wins, and I was wondering, it sounded to me like there's a greater proportion of them, that you mentioned than you've historically mentioned or even going back to John.

早上好，卡爾。在您準備好的發言中，您列舉了許多新的業務勝利，我在想，在我看來，您提到的這些勝利所佔的比例比您過去提到過的，甚至比約翰提到的還要大。

So I'm wondering, number one, do you have any sort of qualification with regards to the number of new business wins and the magnitude of the potential revenue that's coming on relative to prior quarters or any sort of quantification at all? Number one. And number two, to what extent is it coming from some of the new talent that you've added relative to some of the existing folks, is it a sign of increasing productivity from some of the new hires? Thank you.

所以我想知道，第一，您是否對新業務的數量以及相對於前幾季的潛在收入規模有任何限定，或者有任何量化嗎？第一。第二，相對於現有員工而言，新招募的人才在多大程度上提高了生產力，這是否顯示新員工的生產力有所提升？謝謝。

So I won't talk about numbers specifically. I will say that over the past few years we have put a lot of emphasis on being in the market and bringing new revenue and new logos to our client register. That's been a focus of both segments, and I think you're seeing that pay off handsomely in the revenue growth rates we've been showing over the last few years compared to what you might have had over years before that and so you know I'm sort of very pleased to see the discipline and focus we put in the marketplace paying off.

所以我不會具體談數字。我想說的是，在過去的幾年裡，我們非常重視進入市場並為我們的客戶帶來新的收入和新的標誌。這是兩個部門的重點，我認為，與前幾年相比，我們過去幾年的收入成長率非常可觀，因此我很高興看到我們在市場上的紀律和專注得到了回報。

We've got very strong offerings in both segments and it's unsurprising to me that we continue to see the sort of progress we're making as demonstrated in our repeated remarks quarter after quarter about the success we're having in the marketplace. Julie, Lucy, want to talk a little about segment strategies with regard to that?

我們在兩個領域都提供了非常強大的產品，我們不斷取得進展，這並不令我感到驚訝，正如我們每個季度都在反覆評論我們在市場上取得的成功所證明的那樣。朱莉、露西，你們想談談這方面的細分策略嗎？

We've got a clear focus on building market share in our core growth areas, and we've been successful at that disciplined focus on sales management. We'll enhance that and then our focus on smart connections, finding the ways that we can bring different service offerings together to address client needs and cross sell where it makes sense is paying dividends.

我們明確致力於在核心成長領域擴大市場份額，並且成功地嚴格控制銷售管理。我們將加強這一點，然後將重點放在智慧連接上，找到將不同的服務產品整合在一起以滿足客戶需求的方法，並在有意義的地方進行交叉銷售，從而獲得回報。

Yeah, thanks. I got to say, based on the fundamentals of our business, I really love our position. We have a specialization strategy that's working. We have a market leading digital and technology strategy. And we have the capabilities and credentials to compete with anybody in our space. So yeah, I think we're seeing a really strong new business in the quarter that's coming from, our existing colleagues as well as the new strategic hires, and we haven't seen the full impact even yet of those strategic hires, and of the planned hires we have during the course of the year. So we feel really optimistic about that.

是的，謝謝。我必須說，基於我們業務的基本面，我真的很喜歡我們的立場。我們有一個行之有效的專業化策略。我們擁有市場領先的數位和技術策略。我們有能力和資格與本領域的任何人競爭。是的，我認為我們在本季度看到了非常強勁的新業務，這來自於我們現有的同事以及新的戰略招聘，我們還沒有看到這些戰略招聘和我們計劃在今年內招聘的全部影響。因此我們對此感到非常樂觀。

Thank you. And that is going to conclude today's question-and-answer session. And I would like to hand the conference back over to Carl Hess for any further remarks.

謝謝。今天的問答環節到此結束。我想將會議交還給卡爾·赫斯，請他發表進一步的評論。

Thank you all for joining us. And I just wanted, I appreciate the hard work of all our WTW colleagues globally who helped us start the year on such a solid note. And I also like to thank our shareholders for their continued support of our efforts. I wish everyone a great day and look forward to speaking with you also.

感謝大家的參與。我只是想感謝全球所有 WTW 同事的辛勤工作，他們幫助我們以如此堅實的成績開啟了新的一年。我還要感謝我們的股東對我們努力的持續支持。我祝大家有美好的一天，並期待與你們交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。