Willis Towers Watson PLC (WTW) 2025 Q2 法說會逐字稿

Good morning and welcome to the WTW second-quarter 2025 earnings conference call.

早安，歡迎參加 WTW 2025 年第二季財報電話會議。

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 WTW's website.

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。

Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1,995. These forward-looking statements are subject to risks 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. For more detailed discussion of these and other risk factors, investors should review the forward-looking statement section of the earnings press release issued this morning as well as in the most recent Form 10-K and other subsequent WTW SEC filings.

今天電話會議中的某些評論可能構成 1995 年《私人證券改革法》所定義的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響。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。有關這些和其他風險因素的更詳細討論，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最新的 10-K 表格和其他後續的 WTW SEC 文件。

During the call, certain non-GAAP financial measures may be discussed. To provide direct comparability with prior periods, all commentary regarding the company's revenue growth, results will be on a non-GAAP organic basis unless specifically stated otherwise. For reconciliation of the 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.

在電話會議中，可能會討論某些非公認會計準則財務指標。為了與前期進行直接比較，有關公司收入成長和業績的所有評論都將以非 GAAP 有機基礎為基礎，除非另有明確說明。有關非公認會計準則指標的調節以及有關這些指標的其他信息，請參閱公司網站投資者關係部分中最新的收益報告和其他資料。

I'll now turn the call over to Carl Hess, WTW's Chief Executive Officer. Please go ahead.

現在我將把電話轉給 WTW 執行長卡爾赫斯 (Carl Hess)。請繼續。

Good morning, everyone.

大家早安。

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

感謝您參加 WTW 2025 年第二季財報電話會議。今天與我一起出席的是我們的財務長安德魯‧克拉斯納 (Andrew Krasner)。我們的健康、財富與職業總裁 Julie Gebauer 和風險與經紀總裁 Lucy Clarke 也將參加我們的問答環節。

In the second quarter, we delivered 5% organic growth, 150 basis points of adjusted operating margin expansion, and adjusted EPS of $2.86 up roughly 20% year over year. Through focused execution, these results were in line with our expectations for the quarter, and we remain on track to deliver on our full-year financial objectives.

第二季度，我們實現了 5% 的有機成長，調整後營業利潤率擴大 150 個基點，調整後每股收益為 2.86 美元，較去年同期成長約 20%。透過專注執行，這些結果符合我們對本季的預期，我們仍有望實現全年財務目標。

Our solid first-half results underscore the progress we have made advancing the strategic objectives we introduced at our Investor Day last December. Our strategy to accelerate performance, enhance efficiency, and optimize our portfolio continues to be a key driver of our results, especially in the face of a dynamic macroeconomic environment. We remain committed to our strategy and its execution, and we are confident in the value it will continue to generate. I want to sincerely thank all WTW colleagues for their commitment in executing these objectives.

我們上半年的穩健業績凸顯了我們在推進去年 12 月投資者日提出的策略目標方面所取得的進展。我們的加速績效、提高效率和優化投資組合的策略仍然是我們績效的關鍵驅動力，尤其是在動態的宏觀經濟環境下。我們將繼續致力於我們的策略及其執行，並且我們對其將繼續創造的價值充滿信心。我要真誠感謝所有 WTW 同事為實現這些目標所做的努力。

Last quarter, we highlighted the impact of heightened geopolitical and macroeconomic uncertainty on our business, noting near-term headwinds in some more consulting businesses, especially for discretionary projects as well as potential longer-term tailwinds when conditions improve and clients begin responding more assertively to change. There were positive signs of improvement as the quarter went on as capital markets rebounded and our businesses adapted to changes in demand and buyer sentiment.

上個季度，我們強調了地緣政治和宏觀經濟不確定性加劇對我們業務的影響，並指出一些諮詢業務在短期內面臨阻力，尤其是非必需項目，但當情況改善、客戶開始更積極地應對變化時，可能會出現長期順風。隨著資本市場的反彈以及我們的業務適應需求和買家情緒的變化，本季出現了積極的改善跡象。

Clients are increasingly turning to us to help address the many people, risk, and capital issues they're facing amidst rising global trade, inflation, and geopolitical uncertainty. We feel positive about both our outlook and our ability to deliver for the second half of the year.

在全球貿易、通貨膨脹和地緣政治不確定性不斷上升的背景下，客戶越來越多地向我們尋求協助，解決他們面臨的眾多人員、風險和資本問題。我們對下半年的前景和實現目標的能力都充滿信心。

In Health, Wealth & Career; our strong mix of recurring revenue that supports required activities and our geographical diversification continue to provide a stable foundation for growth and for margin expansion. In the current environment, there continues to be significant demand for solutions focused on managing healthcare costs, derisking pension obligations, and core pay benchmarking work. And as we see consumer and corporate confidence begin to improve, we're also seeing increased demand for broad-based compensation design, benefits governance reviews, and merger integration support.

在健康、財富和事業領域，我們強大的經常性收入組合支持了所需的活動，並且我們的地域多樣化繼續為成長和利潤擴張提供了穩定的基礎。在當前環境下，專注於管理醫療保健成本、降低退休金義務風險和核心薪酬基準工作的解決方案的需求仍然很大。隨著消費者和企業信心開始增強，我們也看到對廣泛的薪酬設計、福利治理審查和合併整合支援的需求不斷增加。

In Risk & Broking, the pace of innovation and continued challenges in global trade and inflationary and geopolitical issues are elevating both business opportunities and risk. This is demonstrated in CRB's top-line performance.

在風險與經紀領域，創新的步伐以及全球貿易、通貨膨脹和地緣政治問題的持續挑戰正在增加商業機會和風險。CRB 的營收表現就證明了這一點。

Q2 marks the 10th consecutive quarter where our Corporate Risk & Broking business recorded high-single-digit growth when excluding the impacts of both gain on sale activity and interest income. Our strength and specialty and the relentless focus of our team are clearly resonating with the market and clients. I remain confident in the growth trajectory and resilience of our business amidst economic uncertainty; thanks to our proven ability to help our clients thrive in challenging circumstances time and time again.

第二季是我們的企業風險與經紀業務連續第 10 個季度實現高個位數成長（不包括銷售活動收益和利息收入的影響）。我們的實力和專業知識以及我們團隊的不懈專注顯然與市場和客戶產生了共鳴。在經濟不確定的環境下，我仍然對我們業務的成長軌跡和韌性充滿信心；這要歸功於我們一次又一次地幫助客戶在充滿挑戰的環境中蓬勃發展的能力。

In addition, our consistent strategy execution is yielding clear benefits. The company has taken a holistic and intentional approach to technology and its role in accelerating growth and enhancing efficiency. There's observable progress in many client-centric and digital efforts such as the global broking platform, AI tools supporting digital interaction, and solutions that streamline data ingestion and further automate workflows which allow our colleagues to further differentiate WTW in the market and window work.

此外，我們持續的策略執行正在產生明顯的效益。該公司對技術及其在加速成長和提高效率方面的作用採取了全面而有意識的方法。許多以客戶為中心和數位化的努力都取得了顯著的進展，例如全球經紀平台、支援數位互動的人工智慧工具以及簡化資料提取和進一步自動化工作流程的解決方案，這使我們的同事能夠進一步在市場和視窗工作中區分 WTW。

Our rollout of the global broking platform has demonstrated the power of seamlessly connecting brokers with the markets. The adoption of our broking platform is progressing on schedule, and it has and will continue to streamline service delivery and efficiency. We're also seeing early results in AI. Through the WTW Enterprise Delivery Organization or WE DO, we are raising AI literacy and fostering adoption throughout the company.

我們推出的全球經紀平台展示了經紀商與市場無縫連接的力量。我們的經紀平台的採用正在按計劃進行，並且它已經並將繼續簡化服務交付和效率。我們也看到了人工智慧領域的早期成果。透過 WTW 企業交付組織（WE DO），我們正在提高人工智慧素養並促進整個公司的採用。

We have several AI augmented tools that are making measurable differences for both clients and colleagues. AI powered solutions are enhancing real-time analytics and reducing manual effort by streamlining data ingestion, analysis, and workflows. In some instances, we've seen a 75% reduction in routine work and processing time. In other areas, AI infused voice bots, chatbots, and guided-digital experiences are enhancing the client experience and satisfaction. We remain committed to harnessing the potential of our investments by balancing bold innovations with sustainable returns.

我們擁有多種人工智慧增強工具，可以為客戶和同事帶來顯著的改變。人工智慧解決方案透過簡化資料提取、分析和工作流程來增強即時分析並減少人工工作量。在某些情況下，我們發現日常工作和處理時間減少了 75%。在其他領域，融入人工智慧的語音機器人、聊天機器人和引導式數位體驗正在提升客戶體驗和滿意度。我們始終致力於透過平衡大膽創新和永續回報來發揮投資潛力。

The benefits we're seeing across the enterprise are measurable, and we intend to maintain pace and uphold rigor in ensuring these investments deliver net positive outcomes for our clients, our colleagues, and ultimately our shareholders. I'm looking forward to sharing more about our progress and the long-term potential benefits to both growth and margins.

我們在整個企業中看到的收益是可衡量的，我們打算保持步伐並堅持嚴謹，確保這些投資為我們的客戶、同事以及最終的股東帶來淨積極成果。我期待著分享更多有關我們的進展以及對成長和利潤的長期潛在利益。

This quarter, we continue to record strong new business wins with specialty, technology, and global collaboration consistently being why we win in the market. In Health, Wealth & Career; our innovative products and solutions, together with our focus on making smart connections, continue to drive growth across all our businesses. For example, in Europe, a large global shipping and logistics company chose WTW's global benefits management program for its 70,000 employees around the world. Key to delivering this wind were our deep expertise and strong reputation in global benefit management alongside innovative tools and technology.

本季度，我們繼續取得強勁的新業務勝利，專業性、技術和全球合作始終是我們在市場上獲勝的原因。在健康、財富和事業領域，我們的創新產品和解決方案，加上我們對建立智慧連結的關注，繼續推動我們所有業務的成長。例如，在歐洲，一家大型全球航運和物流公司為其全球70,000名員工選擇了WTW的全球福利管理計畫。實現這一目標的關鍵是我們在全球福利管理方面的深厚專業知識和良好聲譽以及創新的工具和技術。

In the wealth space, our innovative LifeSight platform in the UK was selected by a prominent medical association as its new Master Trust pension provider. WTW won the business from one of our main competitors due to the deep technical knowledge and clear articulation of the value we provide coupled with our reputation for quality client service.

在財富領域，我們在英國的創新 LifeSight 平台被著名的醫學協會選為其新的 Master Trust 退休金提供者。WTW 憑藉著深厚的技術知識、清晰的價值表達以及優質客戶服務的聲譽，從我們的主要競爭對手之一手中贏得了業務。

In another great example, a major oil & gas company began using our career business' new AI-driven automated job leveling tool to support regular restructuring across their business areas as they go through a significant transformation and change. To quote them, we wouldn't have been able to evaluate 300 roles in 3 days without this tool. It was business-critical to complete this work with speed and confidence while going through their transformation.

另一個很好的例子是，一家大型石油和天然氣公司開始使用我們職業業務的新型人工智慧驅動的自動化工作平衡工具，以支援其業務領域的定期重組，因為這些業務領域正在經歷重大轉型和變革。引用他們的話來說，如果沒有這個工具，我們就不可能在 3 天內評估 300 個角色。在轉型過程中，快速、自信地完成這項工作對業務至關重要。

In Risk & Broking, we continue to benefit from our specialization strategy and our ability to deliver differentiated value through technical expertise, global collaboration, and client-centric solutions. For example, after obtaining our license to act as an insurance broker in Saudi Arabia, we successfully placed property damage and comprehensive [general] (technical difficulty) liability insurance for one of the world's largest chemical manufacturers. Our team's deep knowledge of the industry and our ability to tailor technical solutions to this client's needs were key to winning this mandate. We look forward to the opportunities for growth in the Middle East, which remains a key market for WTW.

在風險與經紀領域，我們繼續受益於我們的專業化策略以及透過技術專長、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。例如，在獲得沙烏地阿拉伯保險經紀執照後，我們成功地為世界上最大的化學品製造商之一投保了財產損失和綜合[一般]（技術難題）責任保險。我們團隊對產業的深入了解以及根據客戶需求客製化技術解決方案的能力是贏得這項委託的關鍵。我們期待中東地區的成長機會，中東仍然是 WTW 的關鍵市場。

Our ability to provide tailored specialized solutions continues to resonate with clients and transform businesses, and it's positioning WTW to capture market share and high-growth industry sectors to fuel our own expansion. For instance, our construction specialty business is seeing strong results from sizable construction placements for data centers and industry sector forecasted to experience significant global growth. Our specialty model and our depth of expertise allows us to add value throughout the data center life cycle from land identification through funding and construction, powering the facility, and into operational management or divestment.

我們提供客製化專業解決方案的能力繼續引起客戶的共鳴並改變業務，並且它使 WTW 能夠佔領市場份額和高成長行業領域，從而推動我們自身的擴張。例如，我們的建築專業業務因資料中心和工業領域的大量建設而取得了強勁的業績，預計將經歷全球顯著的成長。我們的專業模式和深厚的專業知識使我們能夠在資料中心的整個生命週期中增加價值，從土地識別到融資和建設、設施供電，再到營運管理或撤資。

In addition, our construction and natural resources teams are working together to support clients on clean energy technologies during the construction and operational stages. We expect exponential growth with rising global demand in this area. And these are two great examples in our CRB business of how our highly agile specialty business model, coupled with our expertise allows us to spot opportunities and plan for rapid growth.

此外，我們的建築和自然資源團隊正在共同努力，在建設和營運階段為客戶提供清潔能源技術支援。隨著全球對該領域的需求不斷增長，我們預計該領域將呈現指數級增長。這是我們 CRB 業務中的兩個很好的例子，說明了我們高度靈活的專業業務模式與我們的專業知識相結合，使我們能夠發現機會並規劃快速成長。

Furthermore, our cutting-edge technology and analytics have proven to help clients transform their businesses. Recently, a large UK health insurer decided to engage our insurance consulting and technology business to lead their pricing transformation initiative using Radar Vision. Radar Vision is an AI-driven modeling tool for insurer claims and it generates early actionable insights related to inflation, markets, competitors, and customer behaviors to help insurers manage pricing, underwriting, and claims. The implementation of Radar Vision helped our clients sustain a competitive advantage in a rapidly evolving market while also reinforcing WTW's reputation as a trusted partner in pricing transformation and analytics innovation.

此外，事實證明，我們的尖端技術和分析技術可以幫助客戶轉變業務。最近，一家大型英國健康保險公司決定聘請我們的保險諮詢和技術業務，利用 Radar Vision 領導他們的定價轉型計劃。Radar Vision 是一種由人工智慧驅動的保險公司索賠建模工具，它可以產生與通貨膨脹、市場、競爭對手和客戶行為相關的早期可操作見解，以幫助保險公司管理定價、核保和索賠。Radar Vision 的實施幫助我們的客戶在快速發展的市場中保持競爭優勢，同時也鞏固了 WTW 作為定價轉型和分析創新領域值得信賴的合作夥伴的聲譽。

Lastly, I want to reinforce our commitment and disciplined approach to optimizing our portfolio. I've highlighted some of the success of our organic investments, but our inorganic growth strategy remains consistent with our prior comments and we're deliberately patient and focused on first, enhancing our broking and wealth presence in key markets while strengthening our offerings in high growth, high margin areas of our core business. Second, expanding our reach across the insurance value chain to further accelerate our growth while filling gaps in our capabilities and footprint. And third, finding businesses that are good strategic fits that help us enhance our margin and free cash flow profile.

最後，我想強調我們對優化投資組合的承諾和嚴謹的方法。我強調了我們的一些有機投資的成功，但我們的無機成長策略與我們先前的評論保持一致，我們刻意保持耐心並專注於首先增強我們在主要市場的經紀和財富影響力，同時加強我們在核心業務的高成長、高利潤領域的產品。其次，擴大我們在保險價值鏈中的影響力，進一步加速我們的成長，同時填補我們能力和足跡的空白。第三，尋找具有良好策略契合度的企業，幫助我們提高利潤率和自由現金流狀況。

We're pleased to have announced an investment in the United Arab Emirates along with plans for Alpha Team Willis to become a wholly owned WTW business. This acquisition further enhances our value proposition and client experience delivered to global and local clients, and it directly complements our recent investments in Saudi Arabia by strengthening our presence in the Middle East. We're looking forward to continuing to work with our partners Al-Futtaim in the UAE to build on our years of success together.

我們很高興宣布對阿拉伯聯合大公國進行投資，並計劃將 Alpha Team Willis 打造為 WTW 的全資子公司。此次收購進一步增強了我們向全球和本地客戶提供的價值主張和客戶體驗，並透過加強我們在中東的影響力，直接補充了我們最近在沙烏地阿拉伯的投資。我們期待繼續與阿聯酋的合作夥伴 Al-Futtaim 合作，共同鞏固我們多年的成功。

Looking ahead, we will look for ways to continue to balance our capital management strategy. We'll be intentional in delivering long-term operating and free cash flow margin expansion, which will ultimately create long-term value for our shareholders.

展望未來，我們將尋找方法來繼續平衡我們的資本管理策略。我們將致力於實現長期營運和自由現金流利潤率的擴大，最終為我們的股東創造長期價值。

In summary, results of this quarter were solid as we delivered organic revenue growth that contributed to meaningful margin expansion across both segments. We look forward to building on these results in the second half of the year and we remain confident in our ability to deliver on our 2025 guidance, including mid-single digit organic growth, adjusted operating margin expansion, adjusted EPS growth, and ongoing improvement in free cash flow margin.

總而言之，本季業績穩健，因為我們實現了有機收入成長，促進了兩個部門的利潤率大幅提升。我們期待在下半年取得這些成果，我們仍然對我們實現 2025 年目標的能力充滿信心，包括中等個位數的有機增長、調整後的營業利潤率擴大、調整後的每股收益增長以及自由現金流利潤率的持續改善。

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 everyone for joining us today.

謝謝，卡爾。早安，感謝大家今天的參加。

In the second quarter, we delivered solid organic revenue growth of 5% and expanded adjusted operating margin by 150 basis points year over year to 18.5% or 100 basis points of year-over-year improvement when excluding the tailwind from the divestiture of Transact. Adjusted diluted earnings per share were $2.86 which is an increase of approximately 20% over the prior year. As a reminder, we completed the divestiture of Transact on December 31, 2024, and for the full-year 2025, this will create a $1.14 headwind to adjusted diluted earnings per share.

在第二季度，我們實現了 5% 的穩健有機收入成長，調整後的營業利潤率同比增長 150 個基點至 18.5%，如果排除 Transact 剝離帶來的順風因素，則同比增長 100 個基點。調整後每股攤薄收益為 2.86 美元，比上年增長約 20%。提醒一下，我們在 2024 年 12 月 31 日完成了 Transact 的剝離，對於 2025 年全年而言，這將對調整後每股攤薄收益造成 1.14 美元的阻力。

As Carl discussed, our solid 2nd quarter results reflect the strong foundation we've built and the benefits of the investments and talent and technology we've made recently. Our strategy continues to resonate with clients and colleagues and our businesses are highly resilient despite the uncertain operating environment. We are relentlessly focused on our strategic objectives, long-term shareholder value creation, and the financial framework outlined at Investor Day.

正如卡爾所討論的，我們第二季度的穩健業績反映了我們建立的堅實基礎以及我們最近進行的投資、人才和技術帶來的好處。我們的策略持續引起客戶和同事的共鳴，儘管經營環境不確定，但我們的業務仍具有很強的彈性。我們堅持不懈地專注於我們的策略目標、長期股東價值創造以及投資者日概述的財務框架。

Turning to our segment results; Health, Wealth & Career revenue grew 4% compared to the second quarter of last year. We saw a sequential improvement in growth and a strengthening pipeline during the quarter, although clients remain cautious about the macro environment. 4% growth for the second quarter is in line with our expectations, and we remain on track to deliver mid-single-digit growth and margin expansion for HWC in 2025. As a reminder, the vast majority of HWC's business is recurring, with only a small portion being more economically sensitive and discretionary.

談到我們的分部業績；健康、財富和職業收入與去年第二季相比成長了 4%。儘管客戶對宏觀環境仍持謹慎態度，但本季我們仍看到成長連續改善且通路不斷加強。第二季 4% 的成長率符合我們的預期，我們仍有望在 2025 年為 HWC 實現中等個位數成長和利潤率擴張。需要提醒的是，HWC 的絕大多數業務都是經常性的，只有一小部分業務對經濟更為敏感且具有自由裁量權。

Our health business achieved strong growth of 8% this quarter or 9% growth excluding the impact of interest income and gain on sale activity. All regions saw robust growth driven by double-digit increases outside of North America and solid performance in North America. Strong new business and focus on client retention remain key drivers of growth, coupled with the ongoing appeal of our global benefits management solution. In North America, focused sales efforts and mid-market growth led to an increase in commissions, while consulting projects increased with greater demand for cost management and legislative change projects.

我們的健康業務本季實現了 8% 的強勁成長，若不計利息收入和銷售活動收益的影響，則成長 9%。所有地區均實現強勁成長，這得益於北美以外地區兩位數的成長以及北美地區的穩健表現。強勁的新業務和對客戶保留的關注仍然是成長的主要驅動力，再加上我們全球福利管理解決方案的持續吸引力。在北美，集中的銷售努力和中端市場的成長導致佣金增加，而諮詢項目則隨著對成本管理和立法變革項目的需求增加而增加。

Looking ahead, we anticipate demand to remain strong for the health business driven by health care inflation and employers' ongoing need to manage costs while providing a competitive employee value proposition. We also successfully introduced our enhanced mid-market solution in North America and launched new panels and facilities. Overall, we've established a healthy pipeline for the second half of the year. Excluding the impact of interest income and gain on sale activity, health grew 8% in the first half and we continue to expect high-single-digit growth for the full year in 2025.

展望未來，我們預計，受醫療保健通膨和雇主持續管理成本同時提供有競爭力的員工價值主張的需求推動，醫療保健業務的需求將保持強勁。我們也成功在北美推出了增強型中階市場解決方案，並推出了新的面板和設施。總體而言，我們為下半年建立了健康的管道。不包括利息收入和銷售活動收益的影響，上半年健康業務成長了 8%，我們繼續預計 2025 年全年將實現高個位數成長。

Wealth had revenue growth of 3% in the second quarter, primarily driven by the retirement business, which delivered growth across all geographies and solutions. Our core defined benefits consulting offerings remained resilient and we saw growth in project work to support legislative changes, pension risk transfers, and workforce actions. In addition, we continued to expand our client base for our LifeSight Master Trust and Insured Solutions.

財富管理業務第二季營收成長 3%，主要受退休業務推動，該業務在所有地區和解決方案中均實現了成長。我們的核心固定福利諮詢服務仍然保持彈性，我們看到支持立法變化、退休金風險轉移和勞動力行動的專案工作有所增長。此外，我們持續擴大 LifeSight Master Trust 和 Insured Solutions 的客戶群。

Our investments business saw low-single-digit growth with new products and client wins offset by capital market volatility, the latter of which improved as the quarter progressed. This was a headwind we pointed out last quarter and expected it to impact investments results in the second quarter. We continue to expect low-single-digit growth in the wealth business for the year. Career growth was 1% in the second quarter, with solid growth outside of North America driven by healthy demand for pay transparency support, compensation design, and employee communication projects, and a net positive increase in compensation committee employment.

我們的投資業務實現了低個位數成長，新產品和新客戶的成長被資本市場的波動所抵消，後者隨著本季的進展而有所改善。這是我們上個季度指出的不利因素，預計它會影響第二季的投資結果。我們繼續預期今年財富業務將實現低個位數成長。第二季職業成長率為 1%，北美以外地區實現穩健成長，這得益於對薪酬透明度支持、薪酬設計和員工溝通項目的健康需求，以及薪酬委員會就業人數的淨正增長。

As we communicated in the first quarter, advisory growth in North America was expected to be tempered by delays in certain discretionary projects. While lingering macroeconomic uncertainty may continue to impact some of our clients' decision making, we expect revenue growth to increase in the second half due to the seasonality of compensation benchmarking surveys and increased support required to prepare for the EU pay transparency directive that goes into effect in mid-2026.

正如我們在第一季所傳達的那樣，北美的諮詢業務成長預計將因某些自由裁量專案的延遲而受到抑制。儘管揮之不去的宏觀經濟不確定性可能會繼續影響我們部分客戶的決策，但我們預計下半年收入增長將會增加，因為薪酬基準調查具有季節性，而且為準備 2026 年中期生效的歐盟薪酬透明度指令需要更多的支持。

Discretionary advisory project work only comprises about one-third of our career business or less than 5% of the HWC segment. As we previously communicated, we expect career to grow low- to mid-single-digits in 2025. We continue to expect mid-single-digit growth in the long-term based on our past and continued focus on product and technology offerings and recurring services.

全權諮詢專案工作僅占我們職業業務的三分之一左右，或佔 HWC 業務的不到 5%。正如我們之前所說的，我們預計到 2025 年該職業的成長率將達到低至中等個位數。基於我們過去以及持續對產品、技術產品和經常性服務的關注，我們預計長期內將實現中等個位數的成長。

Benefits Delivery & Outsourcing or BD&O was flat versus last year's second quarter when we delivered 7% growth excluding Transact. BD&O revenue benefited from growth and outsourcing due to increased projects and core administration work in Europe, which was offset by lower commission revenue in the individual marketplace business. It is important to remember that even following the sale of Transact, BD&O maintains a B2B2C Medicare business and so generates nearly half of its revenue in the fourth quarter. The seasonality of this business is driven by the timing of the Medicare enrollment period and new business generation, which is even more acute within individual marketplace where the fourth quarter is about 80% of its annual revenues.

福利交付和外包（BD&O）與去年第二季持平，當時我們實現了 7% 的成長（不包括 Transact）。BD&O 收入受益於歐洲專案和核心管理工作增加帶來的成長和外包，但被個人市場業務佣金收入的下降所抵消。重要的是要記住，即使在出售 Transact 之後，BD&O 仍然保持著 B2B2C 醫療保險業務，因此在第四季度創造了近一半的收入。這項業務的季節性是由醫療保險登記期和新業務產生的時間來驅動的，這在個人市場中更為明顯，因為第四季度的收入約佔其年收入的 80%。

Accordingly, we forecast BD&O growth to be stronger in the second half of the year, especially with the expected timing of commissions, new client implementations, and new projects to support regulatory changes. We continue to expect BD&O to grow at mid-single-digits for the year.

因此，我們預測下半年 BD&O 成長將會更加強勁，尤其是考慮到佣金、新客戶實施和支持監管變化的新專案的預期時間。我們繼續預計今年 BD&O 將實現中等個位數成長。

HWC's operating margin in the second quarter was 23.8%, an increase of 190 basis points compared to the prior year or an increase of 20 basis points, excluding the impact of the Transact divestiture. This demonstrates our ability to consistently deliver incremental margin expansion in cyclical macro conditions and adds to our strong track record of margin expansion in HWC.

HWC 第二季度的營業利潤率為 23.8%，比上年同期增加了 190 個基點，若不計 Transact 資產剝離的影響，則增加了 20 個基點。這表明我們有能力在周期性宏觀條件下持續實現利潤率的增量擴張，並增強了我們在 HWC 利潤率擴張方面的良好記錄。

Let me move on to Risk & Broking, which delivered another strong quarter with revenue growth of 6%, underscoring the continued momentum in the business. Our specialization strategy and our investments in talent, data, and technology continue to pay dividends. Corporate Risk & Broking delivered another strong quarter, growing 6% or 7% when excluding both book of business activity and fiduciary interest income. Notably, this is on top of 11% achieved in the prior year and as Carl mentioned, this is the 10th consecutive quarter in a row of high-single-digit growth when excluding book of business activity and fiduciary interest income.

接下來我來談談風險與經紀業務，該業務又一個季度表現強勁，營收成長了 6%，凸顯了該業務持續成長的勢頭。我們的專業化策略以及對人才、數據和技術的投資持續帶來回報。企業風險與經紀業務再創佳績，當季業績強勁成長，若不包括業務活動帳簿及信託權益收入，則成長 6% 或 7%。值得注意的是，這是在上一年實現的 11% 的增長基礎上的，正如卡爾提到的，這是連續第 10 個季度實現高個位數增長（不包括業務活動賬簿和信託權益收入）。

CRB's growth was broad based across all regions, driven by sustained client retention in the mid-90s and strong business generation around the world. Importantly, we expanded our market presence with meaningful client wins in the Middle East, some of which Carl already highlighted. Our global specialization strategy remains a key growth driver for CRB. Our investments are yielding value as demonstrated by its growth continuing to outpace the rest of the segment.

CRB 的成長遍佈所有地區，這得益於 90 年代中期持續的客戶保留和全球強勁的業務成長。重要的是，我們透過在中東贏得有意義的客戶擴大了我們的市場佔有率，其中一些卡爾已經強調過。我們的全球專業化策略仍然是 CRB 的主要成長動力。我們的投資正在產生價值，其成長速度持續超過該領域的其他部分證明了這一點。

Globally, our construction, facultative, surety, and natural resource specialty lines continue to deliver strong performance, and we're meeting full contributors to CRB's 6% growth this quarter and 7% growth in the first half of this year. Our recent investment in credit risk solutions, both organically and inorganically, is also helping to accelerate performance. From a geographic perspective, our global specialty business had double-digit growth in all of our geographies underpinned by strong client retention and new generation. We are excited by the results we are seeing from our specialization investments and we expect mid- to high-single-digit growth to continue in CRB for 2025.

在全球範圍內，我們的建築、臨時、擔保和自然資源專業線繼續表現強勁，並且我們完全滿足了 CRB 本季 6% 的成長和今年上半年 7% 的成長的貢獻。我們最近對信用風險解決方案的投資（包括有機和無機投資）也有助於加速績效。從地理角度來看，我們的全球專業業務在所有地區都實現了兩位數成長，這得益於強大的客戶保留率和新一代客戶。我們對專業化投資所取得的成果感到非常興奮，我們預計 2025 年 CRB 將繼續保持中高個位數成長。

In our insurance consulting and technology business, revenue was flat versus the same quarter last year. Our pipeline is strong for the second half of the year, especially on the technology sales side, but we observed a weaker consulting environment during the quarter as well as a more conservative buying behavior for large multi-year technology implementations.

在我們的保險諮詢和技術業務中，收入與去年同期持平。我們下半年的銷售管道很強勁，特別是在技術銷售方面，但我們觀察到本季的諮詢環境較弱，而且對於大型多年技術實施的購買行為也更為保守。

Consulting offers services such as reserve calculations, financial and capital modeling, and discretionary projects like transaction services for insurers, whereas technology offers software products that support advanced analytics for claims, underwriting, rate making, and reserving for insurance clients with large multi-year contracts that tend to have longer sales cycles. We have been making a focused effort to bring the combined proposition of consulting and technology closer together to create more value for clients and to drive growth. For the full year, we are now expecting low-single to mid-single-digit growth in ICT.

諮詢業務為保險公司提供儲備金計算、財務和資本建模以及交易服務等自由裁量項目，而技術業務則提供支援索賠、承保、費率制定和儲備金高級分析的軟體產品，這些分析面向擁有多年期大合約且銷售週期較長的保險客戶。我們一直致力於將諮詢和技術的結合更加緊密，為客戶創造更多價值並推動成長。就全年而言，我們預計 ICT 產業將實現低個位數至中等個位數的成長。

Turning back to R&B segment results overall, we are pleased with R&B's momentum year to date, which gives us confidence in our ability to deliver mid- to high-single-digit growth for the full year. R&B's operating margin was 21.2% for the second quarter, a 60-basis-point improvement over the prior year or 100-basis-points improvement when excluding the impact of foreign exchange. This was primarily driven by operating leverage from strong organic revenue growth performance, coupled with continued expense discipline as well as benefits from prior-year transformation savings. Foreign exchange was a headwind of 40 basis points to R&B's operating margin this second quarter due to the weakening US dollar, but we expect the full-year foreign exchange impact to be more modest.

回顧 R&B 部門的整體業績，我們對 R&B 今年迄今為止的發展勢頭感到滿意，這使我們對全年實現中高個位數增長的能力充滿信心。R&B 第二季度的營業利潤率為 21.2%，比上年同期提高了 60 個基點，若排除外匯影響則提高了 100 個基點。這主要得益於強勁的有機收入成長表現所帶來的經營槓桿，加上持續的費用控制以及上一年轉型節省的好處。由於美元走弱，外匯對 R&B 第二季度的營業利潤率造成了 40 個基點的不利影響，但我們預計全年外匯影響將更為溫和。

We achieved 90 basis points of adjusted operating margin improvement in R&B so far this year, and we are committed to delivering 100 basis points of average annual adjusted operating margin expansion over the next three years. The strategic investments we made in our global [brokering] platform, our global placement strategy as well as our digital automation and workflow optimization are strong foundations for additional operating leverage and efficiencies and we will see these investments continue to deliver benefits for years to come.

今年迄今為止，我們在研發和零售業務方面的調整後營業利潤率提高了 90 個基點，我們承諾在未來三年內實現平均每年調整後營業利潤率提高 100 個基點。我們在全球[經紀]平台、全球佈局策略以及數位自動化和工作流程優化方面所做的策略性投資，為額外的營運槓桿和效率奠定了堅實的基礎，我們將看到這些投資在未來幾年繼續帶來收益。

Finally, I will give some additional color on our enterprise level results. Adjusted operating margin for the second quarter was 18.5%, a 150 basis-point improvement over the prior year, primarily driven by the strong margin expansion in the segments and prudent business expense management. The adjusted operating margin includes a 50basis-point tailwind from the Transact divestiture for the quarter. As we enter the second half of 2025, all of our businesses are operating with discipline and rigor, which gives us confidence in our ability to continue to expand margins.

最後，我將對我們的企業級結果進行一些補充說明。第二季調整後的營業利潤率為 18.5%，比上年提高了 150 個基點，主要得益於各部門利潤率的強勁增長和審慎的業務費用管理。調整後的營業利潤率包括本季 Transact 資產剝離帶來的 50 個基點的順風。進入2025年下半年，我們所有業務均在紀律嚴明的環境下運營，這使我們對繼續擴大利潤率的能力充滿信心。

Foreign currency was neutral on adjusted EPS for the quarter and a negative $0.09 impact for the first half of 2025. The US dollar has been weakening during the quarter, so I want to give you some additional color on foreign exchange. At the current spot rates, we expect an approximately $0.05 tailwind to adjust the EPS for the full year, though the impact may fluctuate quarter to quarter. Our US GAAP tax rate for the quarter was 6.8% versus 15.6% in the prior year. Our adjusted tax rate for the quarter was 18% compared to 22.4% for the second quarter of 2024. We expect our full-year 2025 tax rate to be relatively consistent with the prior year rate.

外幣對本季調整後每股盈餘沒有影響，對 2025 年上半年的影響為負 0.09 美元。本季美元一直在走弱，所以我想給大家一些有關外匯的額外資訊。以目前的現貨價格，我們預計全年每股收益將受到約 0.05 美元的順風影響，但影響可能會因季度而異。本季我們的美國 GAAP 稅率為 6.8%，去年同期為 15.6%。本季的調整後稅率為 18%，而 2024 年第二季的調整後稅率為 22.4%。我們預計 2025 年全年稅率將與上一年的稅率相對一致。

We generated a free cash flow of $217 million for the first six months ending June 30, 2025, a decrease of $88 million from the prior year. This was driven by increased incentive costs, the redesign of one of our ongoing retirement programs, higher cash tax payments, and the absence of Transact cash inflows, which were partially offset by reduced transformation program cash costs and operational improvements. Looking at the back half of the year, remaining transformation costs will reduce further and the divestiture of Transact will become a tailwind to free cash flow as we lap the quarters in which that business recorded net cash outflows.

截至 2025 年 6 月 30 日的前六個月，我們產生的自由現金流為 2.17 億美元，比前一年減少 8,800 萬美元。這是由於激勵成本增加、我們正在進行的退休計劃之一的重新設計、更高的現金稅支付以及 Transact 現金流入的缺失，但這些因素被轉型計劃現金成本的減少和運營的改善部分抵消。展望下半年，剩餘的轉型成本將進一步減少，隨著我們度過該業務錄得淨現金流出的幾個季度，Transact 的剝離將成為自由現金流的順風。

Additionally, we received the Willis Re earnout payment in April and we do not anticipate any material cash tax payment on it in 2025 or beyond. We remain on track to deliver on our free cash flow objective of annual margin expansion and our outlook remains largely unchanged. During the quarter, we returned $591 million to our shareholders via share repurchases of $500 million and dividends of $91 million. We view share repurchases as one of the primary methods of capital return and an attractive use of capital to efficiently deliver value to shareholders and therefore is a central component of our capital allocation strategy. We continue to expect share repurchases to total approximately $1.5 billion in 2025, subject to market conditions and potential capital allocation to inorganic investment opportunities.

此外，我們在 4 月收到了 Willis Re 獲利付款，我們預計 2025 年或以後不會對此支付任何重大現金稅款。我們仍有望實現年度利潤率擴大的自由現金流目標，並且我們的前景基本上保持不變。本季度，我們透過 5 億美元的股票回購和 9,100 萬美元的股息向股東返還了 5.91 億美元。我們認為股票回購是資本回報的主要方式之一，也是有效向股東創造價值的一種有吸引力的資本利用方式，因此是我們資本配置策略的核心組成部分。我們繼續預計，2025 年股票回購總額將達到約 15 億美元，但這取決於市場狀況和對無機投資機會的潛在資本配置。

As we've mentioned, we are taking a more balanced, disciplined approach to capital allocation to generate long-term shareholder value. We'll continue to be selective as we invest in talent and in our platform to ensure we're driving sustainable growth and margin expansion.

正如我們所提到的，我們正在採取更平衡、更規範的資本配置方式，以創造長期股東價值。我們將繼續選擇性地投資人才和平台，以確保我們推動永續成長和利潤率擴大。

In closing, we are pleased by our business performance in the first half of 2025. We are increasingly seeing the execution of our strategy manifest in our results, giving us confidence in delivering on our 2025 financial objectives and beyond.

最後，我們對 2025 年上半年的業務表現感到滿意。我們越來越常看到我們的策略執行體現在我們的業績中，這使我們有信心實現 2025 年及以後的財務目標。

With that, let's open it up for Q&A.

好了，讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

Rob Cox, Goldman Sachs.

高盛的羅布·考克斯。

So I want to ask about HWC organic. I think you mentioned there's more positive signs of improvement as the quarter went on and there was guidance for acceleration in a couple of the businesses there. So net- net, are you thinking about HWC growth accelerating a bit from here and can you talk about the drivers?

所以我想問一下有關 HWC organic 的問題。我認為您提到過，隨著本季度的進行，出現了更多積極的改善跡象，並且有跡象表明其中幾項業務將加速發展。那麼，您是否認為 HWC 的成長從現在開始會加速，您能談談其驅動因素嗎？

So HWC grew 4% compared to the second quarter of last year, and that was in line with our expectations. We're seeing demand remain strong for our global benefits management, for pensions, for outsourcing, where we won many notable new appointments that I mentioned earlier. We feel confident in our pipeline and we continue to expect that HWC is going to have mid-single digit organic revenue growth and margin expansion for the full year.

因此，HWC 與去年第二季相比成長了 4%，這符合我們的預期。我們看到，我們的全球福利管理、退休金和外包服務的需求依然強勁，正如我之前提到的，我們在這些領域贏得了許多值得注意的新任命。我們對我們的產品線充滿信心，我們繼續預計 HWC 將全年實現中等個位數的有機收入成長和利潤率擴張。

And it's Andrew. I can briefly touch on HWC's growth and then would want Julie to comment on what she's seeing.

他是安德魯。我可以簡要地談談 HWC 的發展，然後希望朱莉對她所看到的情況發表評論。

As it relates to health, this continues to be a key strategic focus area for us. We're capturing market share and seeing strong growth play out as Julie's highlighted in the past. Health or organic growth of 8% in Q2 or that would have been 9% excluding interest income and gain on sale activity, and notably we delivered 8% in the first half of the year with strong growth across all of our regions. So we're on pace for high-single digit this year. We're also seeing strong demand for wealth, which generated 3% organic growth from strong growth in the retirement business, specifically for our LifeSight solutions and our pension advisory and brokerage services.

由於它與健康有關，這仍然是我們關注的關鍵策略重點領域。正如朱莉過去所強調的那樣，我們正在佔領市場份額並實現強勁增長。第二季度健康或有機增長 8%，或不包括利息收入和銷售活動收益則為 9%，值得注意的是，我們上半年實現了 8% 的增長，所有地區都實現了強勁增長。因此，我們今年的成長速度有望達到高個位數。我們也看到了對財富的強勁需求，退休業務的強勁成長帶來了 3% 的有機成長，特別是對我們的 LifeSight 解決方案以及我們的退休金諮詢和經紀服務。

So we continue to see strong growth trajectory for our investment business as well. And putting those things together, we think of these as long-term accelerators of growth and we continue to expect low-single digit there for 2025. We continue to be confident about our pipeline in HWC and would expect the segment to maintain mid-single digit revenue growth and margin expansion in 2025 and over the longer term.

因此，我們的投資業務也持續保持強勁的成長軌跡。綜合考慮這些因素，我們認為這些是長期的成長加速器，我們預計 2025 年的成長速度仍將保持在低個位數。我們仍然對 HWC 的產品線充滿信心，並預計該部門在 2025 年及更長時間內將保持中等個位數的收入成長和利潤率擴張。

Maybe Julie, you want to comment about what you're seeing in HWC?

也許朱莉，你想評論一下你在 HWC 中看到的內容？

Sure, Andrew.

當然，安德魯。

I'd actually like to start with an overview across HWC and that is that clients are carrying on with their recurring and required work, and that is most of what we do. Clients are also starting up new project work. It's typically related to managing cost and risk, and it includes support for corporate transactions plus some work on specific employee attraction and retention issues that clients are facing.

實際上，我想先概述 HWC，那就是客戶正在繼續他們的重複性和必要的工作，而這也是我們所做的大部分工作。客戶也正在啟動新的專案工作。它通常與管理成本和風險有關，包括對公司交易的支援以及針對客戶面臨的特定員工吸引和保留問題的一些工作。

Now there are puts and takes across our businesses, so I'd like to go into more details for each business area. Starting with health, it is worth noting that this is the fifth quarter in a row where our growth has been either at the upper bound of mid-single digits or at high-single digits or actually even more, and we expect that to continue at least for the rest of 2025.

現在我們的業務之間存在著利弊，因此我想更詳細地介紹每個業務領域。從健康開始，值得注意的是，這是我們連續第五個季度的增長達到中等個位數的上限或高個位數甚至更高，我們預計這種增長至少會持續到 2025 年剩餘時間。

And that's because healthcare inflation hasn't abated. In the US, our latest estimates are for increases of 10% or more and that's due to several things. Like prescription drug costs are increasing significantly and there are more high-cost claims.

這是因為醫療保健通膨尚未消退。在美國，我們最新的估計是增幅為 10% 或更多，這是由於多種因素造成的。例如處方藥成本大幅上漲，高成本索賠也越來越多。

On that latter point, we had one client recently tell me that a patient had a $3.5 million claim for gene therapy. Clients are facing similar challenges around the world. And so, of course, they're responding. They're doing things like taking their health plans out for competitive bids. They're evaluating specialty solutions, and also considering more significant design changes. And these are all things that we can help with, so we've got a strong pipeline and we're confident in delivering high-single-digit growth for the year.

關於後一點，最近有一位客戶告訴我，一位患者因基因治療而索賠 350 萬美元。世界各地的客戶都面臨類似的挑戰。所以，他們當然會做出回應。他們正在做一些事情，例如將他們的健康計劃拿出來參加競爭性投標。他們正在評估專業解決方案，同時也考慮更重大的設計變更。這些都是我們可以提供幫助的事情，因此我們擁有強大的管道，並且有信心在今年實現高個位數的成長。

Now in well, beyond the core work that Andrew mentioned, clients are focusing on using pension surplus, they're focused on de-risking, and they're focused on adapting to new legislation. Andrew also mentioned LifeSight. We're live in 12 countries with this solution now, and we're implementing more clients. So all of this supports our outlook for low-single-digit growth for the year.

現在，除了安德魯提到的核心工作之外，客戶還專注於使用退休金盈餘，專注於降低風險，並專注於適應新的立法。安德魯也提到了 LifeSight。目前，我們已在 12 個國家/地區推出此解決方案，並且正在為更多客戶提供服務。因此，所有這些都支持我們對今年低個位數成長的預期。

For career, we generated growth again this quarter, even with the challenging macro environment. And that's because most of our work is from recurring projects like compensation committee appointments or products like our Embark portal. And on the advisory side, even with some project delays, there are some strong areas like Carl mentioned pay transparency and incentive design. Our sales pipeline in these areas for the rest of the year is healthy and growing.

就事業而言，儘管宏觀環境充滿挑戰，本季我們仍然再次實現了成長。這是因為我們的大部分工作來自經常性項目，例如薪酬委員會任命或 Embark 入口網站等產品。在諮詢方面，即使一些專案出現延誤，但仍有一些強勁的領域，例如卡爾提到的薪酬透明度和激勵設計。我們今年剩餘時間在這些地區的銷售管道健康且不斷成長。

I also just wanted to highlight that our compensation survey participation, which is a lead indicator of sales later in the year, is up again over last year. So our outlook for the year is for growth, and that's in the range of low-single-digit to mid-single-digit revenue growth for the year.

我還想強調的是，我們的薪資調查參與度（今年稍後銷售額的領先指標）比去年再次上升。因此，我們對今年的展望是成長，即今年的營收成長在低個位數到中等個位數之間。

Now finally, in BDO, I want to highlight that a third of our revenues come from our individual marketplace. That's our Medicare exchange. The other two-thirds is outsourcing. I want to focus on the individual marketplace business because we generate 80% of our revenue in this business in the fourth quarter, and we expect growth in that because we value clients. We also expect to see increases in commissions because we think more retirees will review and switch their coverage.

最後，在 BDO，我想強調的是，我們的三分之一收入來自我們的個人市場。這就是我們的醫療保險交易所。其餘三分之二是外包。我想專注於個人市場業務，因為我們第四季 80% 的收入來自這項業務，我們預計該業務將會成長，因為我們重視客戶。我們也預計佣金會增加，因為我們認為會有更多的退休人員審查並轉換他們的保險範圍。

And as a result, we expect mid-single-digit growth this year across BD&O. So Rob, those are the puts and takes. We think the areas of strength like health are expected to more than offset any short-term headwinds or discretionary advisory work in 2025. So HWC expectation is mid-single-digit revenue growth for '25 and over the long term.

因此，我們預計今年 BD&O 的成長率將達到中等個位數。所以，羅布，這就是得失。我們認為，預計到 2025 年，健康等優勢領域將足以抵消任何短期不利因素或自由裁量諮詢工作的影響。因此，HWC 預計 2025 年及長期的收入成長率將達到中等個位數。

Awesome, thank you so much for the answer.

太棒了，非常感謝您的回答。

Moving on to Risk & Broking, I think, high-single digits again core organic growth there. Are we basically at steady state contributions from the talent investments at this point and is growth -- does that make growth really a function of the core specialization strategy or would you say there's still an extra lift relative to normal from the timing of talent investments?

談到風險與經紀業務，我認為，該業務的核心有機成長將再次達到個位數。目前，我們基本上是否處於人才投資貢獻的穩定狀態，並且是成長 - 這是否使成長真正成為核心專業化策略的功能，或者您是否認為人才投資時機相對於正常情況仍有額外的提升？

So I mean again we're pretty pleased with the 6% growth we delivered in R&B, that was on top of 10% growth for the (inaudible) quarter the prior year. CRB delivered 6%, 7% excluding book of business sales and investment income and that was on top (technical difficulty) of the 11% capable in the prior year. And we attributed this to our specialization strategy. As we talked about our investments in talent, technology, innovation, new business wins and strong client retention continue to help move things forward.

所以我的意思是，我們對 R&B 業務實現的 6% 的成長感到非常滿意，這是在去年同期（聽不清楚） 10% 的成長基礎上實現的。CRB 的表現為 6%，不包括業務銷售額和投資收入則為 7%，高於前一年的 11%（技術難度）。我們將此歸功於我們的專業化策略。正如我們所討論的，我們在人才、技術、創新、新業務勝利和強大的客戶保留方面的投資繼續幫助推動事情向前發展。

I mean, Lucy, any commentary on the growth and the talent perspective?

我的意思是，露西，對於成長和人才觀點有什麼評論嗎？

Yeah, sure. Thanks, Carl. Hey, Rob, thanks for the question.

是的，當然。謝謝，卡爾。嘿，羅布，謝謝你的提問。

Yeah, we're encouraged by the 6% organic growth in the quarter 7% in CRB (inaudible) for the business sales and investment income. And combined with the strong results from the first quarter, we think we're in a good position to meet our full year goals. So the growth has been driven by new business, it's been driven by client retention, the impact of the investments we've made in people, which you noted, and technology both paying off as well as the specialty strategy.

是的，我們對本季 6% 的自然成長率感到鼓舞，CRB（聽不清楚）的業務銷售和投資收入成長了 7%。結合第一季的強勁業績，我們認為我們有能力實現全年目標。因此，成長是由新業務、客戶保留、我們對人才的投資的影響（正如您所提到的）以及技術回報和專業策略所推動的。

We don't see any end to the progress that we're going to make on the specialty strategy. We remain well equipped to support our clients as they manage the ongoing volatility from trade and geopolitical challenges. We're also continuing to expand our market presence. Strong winds across the globe, including the Middle East. Carl highlighted that during his prepared remarks. As a result, we're confident of achieving mid- to high-single-digit growth organic in R&B.

我們認為我們在專業策略上的進展不會有任何結束。我們始終有能力支持我們的客戶應對貿易和地緣政治挑戰帶來的持續波動。我們也正在繼續擴大我們的市場佔有率。包括中東在內的全球各地都刮起了強風。卡爾在準備好的發言中強調了這一點。因此，我們有信心在 R&B 領域實現中高個位數的有機成長。

Just for a few further specifics, the strong growth we have in our specialty businesses continues to outpace the rest of CRB, growing at double digits for the quarter. It's important to remember that it's growing at that rate because the strategy resonates with clients. It works for them, and we believe that that helps with the competitive edge. So yeah, the approach is working. It's a key driver of growth in R&B, and we expect that to continue.

再具體說一下，我們的專業業務的強勁成長繼續超過 CRB 的其他業務，本季實現了兩位數的成長。重要的是要記住，它之所以以這樣的速度成長，是因為策略引起了客戶的共鳴。這對他們很有效，我們相信這有助於提高競爭優勢。是的，這種方法是有效的。這是 R&B 成長的關鍵驅動力，我們預計這種情況將會持續下去。

Charlie Lederer, BMO.

Charlie Lederer，BMO。

Andrew, you made some comments about free cash flow. I'm wondering if you can unpack second-quarter performance, and how we should think about the magnitude of free cash flow margin improvement over the balance of the year. Any puts and takes you could quantify would be helpful.

安德魯，你對自由現金流發表了一些評論。我想知道您是否可以分析第二季的業績，以及我們應該如何看待今年全年自由現金流利潤率的改善幅度。您可以量化的任何投入和產出都會有所幫助。

Yeah, absolutely. So for the first half of the year, we generated free cash flow of $217 million. While that's $88 million below the prior year, it primarily reflects the headwinds we called out in our prepared remarks, specifically that was the increased compensation and cash tax payments, the timing impact from the redesign of the key retirement program, and the absence of $63 million of transact-related cash inflows that benefited the first half of last year.

是的，絕對是。因此，今年上半年，我們產生了 2.17 億美元的自由現金流。雖然這比前一年減少了 8800 萬美元，但它主要反映了我們在準備好的評論中提到的不利因素，具體而言就是增加的薪酬和現金稅支付、重新設計關鍵退休計劃的時間影響，以及去年上半年受益的 6300 萬美元交易相關現金流入的缺失。

Those more than offset the gains from the transformation initiatives and underlying margin expansion but looking ahead, we see a more favorable setup in the second half. The key headwinds from the first half, namely the incentive comp and the retirement program redesign are now behind us. And we expect a meaningful tailwind in the second half of '25 from the absence of both transformation program, cash outflows, and the transact business, which adversely impacted free cash flow results in the prior year.

這些足以抵銷轉型措施和潛在利潤率擴張帶來的收益，但展望未來，我們預計下半年將出現更有利的情況。上半年的主要阻力，即激勵薪酬和退休計畫重新設計，現在已經過去了。我們預計，由於轉型計畫、現金流出和交易業務的缺失，25 年下半年將出現顯著的順風，而這些都對上一年的自由現金流結果產生了不利影響。

So here's how we think about the full year view of free cash flow. So first we had free cash flow of $217 million through the first six months to 2024 second half normalized free cash flow, so excluding the headwinds from transformation and Transact was about $1.2 billion. We expect improvement on that $1.2 billion driven by organic growth, higher margins, and working capital management.

以下是我們對全年自由現金流的看法。因此，首先，我們在前六個月的自由現金流為 2.17 億美元，到 2024 年下半年，自由現金流正常化後，排除轉型和交易帶來的不利因素，約為 12 億美元。我們預計，在有機成長、更高的利潤率和營運資本管理的推動下，這筆 12 億美元的收入將有所提高。

And lastly, we do not anticipate any additional cash tax payments on the (inaudible) we earnout in 2025 or beyond. So putting all of that together, we remain confident in our ability to deliver free cash flow margin expansion in 2025, and we see additional opportunity to build on that momentum in the years beyond.

最後，我們預計在 2025 年或以後，我們不會對我們的利潤支付任何額外的現金稅。因此，綜合考慮所有這些因素，我們仍然有信心在 2025 年實現自由現金流利潤率的擴大，並且我們看到在未來幾年中進一步鞏固這一勢頭的更多機會。

Thanks. That's helpful. I know you just touched on the impact of investments and talent, but I just wanted to follow up. It seems like we've been seeing headlines in the insurance media about heightened competition for insurance brokerage talent. I'm wondering if you guys would agree with that, being a theme in today's marketplace and how you're feeling about it and any actions you're taking.

謝謝。這很有幫助。我知道您剛才談到了投資和人才的影響，但我只是想跟進一下。我們似乎經常在保險媒體上看到有關保險經紀人才競爭加劇的頭條新聞。我想知道你們是否同意這一點，這是當今市場的一個主題，以及你們對此有何感受以及你們正在採取的任何行動。

Thanks for the question. I'm not sure we see that as particularly a new thing. It's something we've been aware of and frankly capitalizing on for the past several years. Others may have woken up to talent being the key driver for this business. We've believed in it for a long time, so we're staying focused on executing our strategy, making sure we have the right talent to play to support that. Currently, our approach is more opportunistic and strategic aimed at enhancing our ability to achieve sustainable and profitable growth and create value.

謝謝你的提問。我不確定我們是否認為這是一件特別新鮮的事。過去幾年來我們已經意識到這一點，並且坦率地利用了這一點。其他人可能已經意識到人才是這項業務的關鍵驅動力。我們對此深信不疑，因此我們始終專注於執行我們的策略，確保我們擁有合適的人才來支持這項策略。目前，我們的方法更具機會主義和策略性，旨在增強我們實現可持續獲利成長和創造價值的能力。

Lucy, you want to talk about what we're expecting to (inaudible) hires?

露西，你想談談我們對（聽不清楚）招募的期望嗎？

Yeah, sure, thank you. Thanks, Charlie.

是的，當然，謝謝。謝謝，查理。

As Carl mentioned, we have been complimenting our existing talent by making strategic hires in the areas where we think they'll be most impactful within specialty or within geography and CRB since 2021. It was a deliberate systematic hiring strategy identified and executed by our existing talents and a key part actually of growth simplify and transform the strategy set out by Carl Andrew and my predecessor Adam Garrard for Risk & Broking. It is a strategy that has proven successful for us. We will continue to execute on that strategy.

正如卡爾所提到的，自 2021 年以來，我們一直在對現有人才進行補充，在我們認為他們在專業領域、地理和 CRB 內最具影響力的領域進行策略性招募。這是我們現有人才確定並執行的一項經過深思熟慮的系統性招募策略，也是實際成長的關鍵部分，簡化並轉變了 Carl Andrew 和我的前任 Adam Garrard 為 Risk & Broking 制定的策略。事實證明，這項策略對我們而言是成功的。我們將繼續執行該戰略。

I would also just mention our specialty approach, it's not only a meaningful contributor to organic growth, but it is a key reason we're attracting the right talent in the market. We expect strong growth to continue in our specialty businesses, which is outpacing the average of the rest of the business because the strategy works for clients and it resonates with our people. So yeah, identifying and attracting talent to complement our existing talent base will continue to be a really important part of our future strategy.

我還想提一下我們的專業方法，它不僅對有機成長做出了有意義的貢獻，也是我們吸引市場上合適人才的關鍵原因。我們預計我們的專業業務將繼續保持強勁成長，其成長速度將超過其他業務的平均水平，因為該策略對客戶有效，並引起了我們員工的共鳴。所以，識別和吸引人才來補充我們現有的人才基礎將繼續成為我們未來策略中非常重要的一部分。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

My first question within the guidance, I saw you guys lowered the cost for the gain on Willis joint venture. I think it's now expected to be $0.20 for the year, right? And I think prior was $0.25 to $0.35. So I guess my question there is, are you guys behind original hiring plans or is there some other factor related to the change in guide there and will you guys be ready to transact with that entity by January 1, 2026?

我在指導中提出的第一個問題是，我看到你們降低了 Willis 合資企業的收益成本。我認為現在預計今年的利率為 0.20 美元，對嗎？我認為之前的報價是0.25美元到0.35美元。所以我的問題是，你們是否支持最初的招聘計劃，或者是否有其他因素與指南的變更有關？你們是否準備好在2026年1月1日之前與該實體進行交易？

Yes, sure. It's Andrew, I'll take the first part.

是的，當然。我是安德魯，我來負責第一部分。

So the launch is progressing in line with our expectations. The revised estimate is simply due to having better insight into the expense picture for the remainder of the year. So we're very satisfied with the progress made so far and continue to be excited about our re-entry into the reinsurance space.

因此，發表會的進展符合我們的預期。修訂後的估計只是因為對今年剩餘時間的支出有了更好的了解。因此，我們對迄今為止的進展感到非常滿意，並繼續對我們重新進入再保險領域感到興奮。

Yeah, and remember, Elyse. This is a new launch. We're still in the startup phase. We're focusing right now on building out the infrastructure, hiring new talent, and we'll update you on our plans for entering markets when there's more to share. That being said, right, we're really pleased with the progress we've made so far and remain really excited about our return to reinsurance.

是的，記住，伊莉絲。這是一次新的發布。我們仍處於啟動階段。我們目前正專注於建立基礎設施、招募新人才，當有更多資訊可以分享時，我們會向您通報進入市場的計畫。話雖如此，我們對迄今為止的進展感到非常滿意，並且對我們重返再保險業務感到非常興奮。

And then my second question is just on margins. It sounds like the 100 basis points of margin expansion is the expectation for the full year within R&B. And then you just walk us through like the drivers that you see to achieve that that improvement. And then I'm assuming that you guys also at the enterprise level reaffirmed the overall margin improvement. So is there anything related to operating leverage or margin expansion that you would point out beyond -- now that we're beyond the transformation savings.

我的第二個問題是關於利潤率的。聽起來，利潤率成長 100 個基點是 R&B 對全年的預期。然後，您只需向我們介紹您所看到的實現這項改進的驅動因素。然後我假設你們也在企業層面重申了整體利潤率的提高。那麼，除了轉型儲蓄之外，您還會指出與營運槓桿或利潤率擴張相關的任何事項嗎？

Thank you.

謝謝。

Yes, sure, it's Andrew. Why don't I start with the R&B piece of that?

是的，當然，是安德魯。我為什麼不從 R&B 部分開始呢？

So during the quarter we improved margins in our R&B segment by 100 basis points before FX, which had a negative 40-basis-point impact. So that's on top of Q1 with margin improvement of over 100 basis points. So despite headwinds from FX and investment income, R&B had first half margin expansion of 90 basis points. And while we're not guiding a specific number for the full year, our commitment to deliver the 100 basis points of annual margin expansion over the next three years has not changed, and our first half performance indicates, we're on track to achieve that goal, and that's driven by operating leverage as well as other operational efficiencies, including the deployment of our global broking platform and workflow optimization, I think which we touched on during the prepared remarks.

因此，在本季度，我們將 R&B 部門的利潤率提高了 100 個基點（不包括外匯因素，外匯因素產生了 40 個基點的負面影響）。因此，第一季的利潤率提高了 100 多個基點。因此，儘管面臨外匯和投資收入的阻力，R&B 上半年的利潤率仍擴大了 90 個基點。雖然我們沒有為全年制定一個具體的數字，但我們在未來三年內實現每年 100 個基點的利潤率增長的承諾沒有改變，而且我們上半年的業績表明，我們正朝著實現這一目標的方向前進，這是由運營槓桿以及其他運營效率推動的，包括我們全球經紀平台的部署和工作流程優化，我想我們在準備好的發言中已經提到這些。

Maybe Lucy, you want to add some more color there.

也許露西，你想在那裡添加一些顏色。

Yeah, sure, Andrew, thank you, Elyse.

是的，當然，安德魯，謝謝你，伊莉絲。

Just in terms of the drivers for R&B, one is, of course, the continued impact of the enterprise delivery organization. This has played a key role in centralizing activities across the enterprise and for one thing, it helps ensure that like our team are focused on doing the right work in the right places. And as Carl mentioned in his prepared remarks, it's also been a real foundational place to work on our stronger AI capabilities.

就 R&B 的驅動因素而言，其中之一當然是企業交付組織的持續影響。這在集中整個企業的活動方面發揮了關鍵作用，首先，它有助於確保我們的團隊專注於在正確的地方做正確的工作。正如卡爾在準備好的發言中提到的那樣，它也是我們增強人工智慧能力的真正基礎場所。

In CRB, we're using AI to ingest and interpret unstructured data, accelerate workflows, just reducing manual efforts. Our specific technology investments in R&B, global broking platform, our global placement strategies, and a number of other like digital, automation, and workflow [optimation] initiatives are driving productivity across the business, improving client service, and operational efficiency.

在 CRB 中，我們使用 AI 來提取和解釋非結構化數據，加速工作流程，減少人工工作。我們對 R&B、全球經紀平台、全球佈局策略以及其他一些數位化、自動化和工作流程[優化]計劃的特定技術投資正在推動整個業務的生產力，改善客戶服務和營運效率。

As you know we have targeted mid- to high-single-digit organic revenue growth and we are also confident of being able to deliver operating leverage on that growth. We have room to grow in every specialty line we're in and in every geography. As we discussed at Investor Day, we're also taking deliberate steps to improve our business mix. We're trying to expand into higher growth, high margin markets, both organically and inorganically. Those initiatives will help us to deliver sustainable margin improvement and contribute to operating leverage. So efficiency gains, operating leverage, those will be the key drivers of the 100 basis points of average annual margin expansion in each of the next three years, and we remain confident in our ability to execute on that.

如您所知，我們的目標是實現中高個位數的有機收入成長，我們也有信心能夠利用這一成長來實現營運槓桿。我們在每一個專業領域和每個地區都有成長的空間。正如我們在投資者日所討論的那樣，我們也在採取深思熟慮的措施來改善我們的業務組合。我們正嘗試透過有機和無機的方式向更高成長、高利潤的市場擴張。這些措施將有助於我們實現可持續的利潤率提高並有助於提高經營槓桿。因此，效率提升、營運槓桿將成為未來三年平均年利潤率成長 100 個基點的關鍵驅動力，我們對實現這一目標的能力充滿信心。

So speaking a little bit about the enterprise, Elyse, I mean our expectations have not changed. We still expect to deliver margin expansion for the year and I'll let Andrew dive into some margin expectations in more detail. Yeah.

所以，伊莉絲，談談企業的狀況，我的意思是我們的期望沒有改變。我們仍然預計今年的利潤率將會擴大，我將讓安德魯更詳細地介紹一些利潤率預期。是的。

Thanks, Carl. And I just start off by saying the 150 basis points of adjusted operating margin expansion we delivered this quarter was in line with our expectations. That growth was really driven by strong organic growth and enhanced efficiencies, which drove greater operating leverage. We also had a 50-basis-point tailwind from the divestiture of Transact, which was mostly offset by headwinds in investment income and currency.

謝謝，卡爾。首先我要說的是，本季我們實現的調整後營業利潤率成長 150 個基點符合我們的預期。這種成長實際上是由強勁的有機成長和提高的效率推動的，這帶來了更大的經營槓桿。我們也因 Transact 的剝離而獲得了 50 個基點的順風，但這大部分被投資收入和貨幣方面的逆風所抵消。

Like Carl said, our margin expansion outlook remains unchanged. As we communicated at our Investor Day, the financial framework, we're committed to driving continued annual margin expansion through efficiency and operating leverage. I already talked about the 100 basis points of average annual margin expansion in R&B, that coupled with building on HWC's strong track record of margin expansion as you have seen this quarter is what will get us there.

正如卡爾所說，我們的利潤率擴張前景保持不變。正如我們在投資者日所傳達的財務框架，我們致力於透過效率和營運槓桿來推動年度利潤率的持續成長。我已經談到了 R&B 每年平均利潤率成長 100 個基點，再加上 HWC 在本季度所看到的強勁利潤率成長記錄，我們將實現這一目標。

I think for the full year that the key drivers of that margin expansion would be a combination of the operating leverage, the enhancing efficiency. You've heard, I think about our WE DO strategy which is set up to continue to drive efficiencies and further streamline processes, which I think gives us a really strong foundation, alongside our business mix and portfolio optimization efforts to really drive sustainable annual margin expansion for WTW going forward.

我認為，全年利潤率擴張的主要動力是經營槓桿和效率提升的結合。您已經聽說了，我想到我們的「WE DO」策略，該策略旨在繼續提高效率並進一步簡化流程，我認為這為我們奠定了堅實的基礎，同時我們的業務組合和投資組合優化工作真正推動了 WTW 未來可持續的年度利潤率擴張。

Mark Hughes, Truist Securities.

馬克·休斯，Truist Securities。

You'd mentioned in health that outside of North America your growth was quite strong, up in the double digits. Was that attributable to any macro volatility tariffs, that sort of thing, or is that more just underlying momentum?

您曾提到，在北美以外的健康領域，您的成長相當強勁，達到了兩位數。這是否歸因於宏觀波動關稅之類的因素，還是只是潛在的勢頭？

That for outside of North America, our health growth was driven by momentum as you suggested and very significant healthcare cost inflation that organizations are experiencing outside of the US.

對於北美以外的地區，我們的健康成長是由您所說的勢頭和美國以外的組織正在經歷的非常顯著的醫療保健成本通膨所驅動的。

Very good.

非常好。

And then I think in HWC you mentioned the trajectory through the corridor was good. You saw a strengthening pipeline. Any similar observations about Risk & Broking, just how that progressed through the three months?

然後我認為在 HWC 中您提到的穿過走廊的軌跡很好。您看到了一條正在加強的管道。對於風險與經紀業務有任何類似的觀察嗎？這三個月進度如何？

Yeah, we're expecting to continue to deliver mid- to high-single digit organic growth throughout the balance of the year and in the medium to long term.

是的，我們預計在今年餘下時間以及中長期內將繼續實現中高個位數的有機成長。

Katie Sakys, Autonomous Research.

凱蒂·薩克斯，自主研究。

I wanted to dial in on ICT growth expectations of the balance of the year. I understand it's just one of many moving pieces and that there can be a lot of lumpy transactions that influence growth in the line. But in terms of thinking about the rest of this year, what are you guys thinking might drive higher organic growth and what assumptions are you making about client spend management as you look into the next six months?

我想了解今年餘下時間的 ICT 成長預期。我明白這只是眾多活動部件中的一個，並且可能有許多不規則的交易影響生產線的成長。但是，就今年剩餘時間的考量而言，你們認為什麼可能會推動更高的有機成長？展望未來六個月，你們對客戶支出管理有何假設？

Yeah, first, let me take a bit of a step back, right? Just give everyone a quick refresher on some key points about ICT. It represents about 11% of the segment and it's focused on delivering top-tier technology solutions and trusted consulting services to insurance carriers. That's the client base.

是的，首先，讓我稍微退一步，對吧？只是讓大家快速回顧一下有關 ICT 的一些要點。它佔據該細分市場的 11% 左右，專注於為保險公司提供頂級技術解決方案和值得信賴的諮詢服務。這就是客戶群。

On consulting, we deliver both recurring services like reserve calculations as well as discretionary project work for things like securities issuance or M&A amongst insurance companies. On the technology side, we do software products that support underwriting, rate making, and reserving for clients, and those are typically larger and multi-year contracts. And while we are seeing and continue to see significant value in the combined approach of consulting and technology offerings due to the software consulting environment, we're now expecting low- to mid-single-digit growth for the full year.

在諮詢方面，我們既提供儲備金計算等經常性服務，也提供證券發行或保險公司併購等自主項目工作。在技​​術方面，我們提供支援承保、費率制定和客戶儲備的軟體產品，這些產品通常規模較大且是多年的合約。儘管我們看到並將繼續看到軟體諮詢環境在諮詢和技術產品相結合的方法中的巨大價值，但我們現在預計全年增長率將達到低至中等個位數。

Lucy, want to elaborate?

露西，想詳細說明一下嗎？

Yeah, sure. Thanks, Katie, for the question.

是的，當然。謝謝凱蒂提出這個問題。

We feel good about the ICT business. We're particularly confident about the strong technology pipeline we have for the second half of the year. As we've seen in the past, the timing of some large-scale finance or technology transformations often create variability in the timing of results. So in some clients are taking a more measured approach to investment in the second quarter due to economic conditions. Our underlying pipeline and opportunities remain strong and so our long-term outlook for ICT remains mid- to high-single digit organic growth.

我們對ICT業務充滿信心。我們對下半年的強大科技儲備特別有信心。正如我們過去所見，一些大規模金融或技術轉型的時機往往會導致結果時間的變化。因此，由於經濟狀況，一些客戶在第二季採取了更為審慎的投資方式。我們的基礎管道和機會依然強勁，因此我們對 ICT 的長期前景仍將保持中高個位數的有機成長。

Got it. Okay.

知道了。好的。

And then on the changing guidance on the reinsurance JV. Is it fair to frame the discussion there in thinking the additional upside to that guide would come from further improvement to the insight on expenses or could we potentially see some further upside into that guide over the next six months as you get a better sight line on potential growth expectations?

然後是關於再保險合資企業指導方針的變化。這樣討論是否公平，認為該指南的額外上漲空間將來自對費用洞察力的進一步改善，或者隨著您對潛在增長預期有更好的了解，我們是否有可能在未來六個月內看到該指南的進一步上漲空間？

Yeah, I mean, based on what we know today and the startup phase of the business, we don't expect additional changes at this time in terms of the cost associated with getting that built and launched.

是的，我的意思是，根據我們目前所了解的情況和業務的啟動階段，我們預計目前在建置和啟動相關成本方面不會發生額外的變化。

Brian Meredith, UBS Equities.

瑞銀股票部的 Brian Meredith。

Some other brokers in the quarter have talked about the impact of the rate environment, particularly large ticket property business on growth this quarter. I'm curious, was there any impact on CRB and maybe just remind us what the potential impact of just the pricing environment could have on your revenues.

本季其他一些經紀商談到了利率環境的影響，特別是大額房地產業務對本季成長的影響。我很好奇，這對 CRB 有什麼影響嗎？也許只是提醒我們定價環境可能對您的收入產生什麼潛在影響。

Yeah, sure, Brian. Hi, it's Lucy. Thanks for the question.

是的，當然，布萊恩。你好，我是露西。謝謝你的提問。

So that's right, we've seen rates in certain classes continuing to trend downward. We've seen that in the market since the beginning of last year. Like the others have said, most lines are softening. The most effective part of the market is the large and complex property segments, and the part of the market where rates are still hardening is the North American casualty excess umbrella auto.

沒錯，我們看到某些類別的費率持續呈現下降趨勢。自去年年初以來，我們就在市場上看到了這種情況。正如其他人所說的那樣，大多數路線正在變得柔和。市場中最有效的部分是大型且複雜的房地產領域，而利率仍在走強的市場部分是北美意外險超額傘式汽車保險。

The important thing to remember about where the rating is, is that after many years of market hardening across all lines, this was expected. We planned for it, the industry will have planned for it. Obviously, we didn't know exactly where it was going to go but we [knew] directionally. And so where carriers still consider that they're getting rate adequacy, the conditions will continue to improve for clients.

關於評級，需要記住的重要一點是，經過多年各行各業的市場強化，這是意料之中的。我們已為此做好了計劃，業界也將為此做好計劃。顯然，我們不知道它到底要去哪裡，但我們知道方向。因此，只要承運商仍然認為他們獲得了充足的費率，客戶的條件就會繼續改善。

So rate has been a moderate headwind for us, but the two elements that affect how it impacts us are how clients decide to behave and the makeup of our overall book. And just in terms of clients, right? Sometimes they take the savings, sometimes they use the opportunity of a really good market to buy more. And in terms of the makeup of our book, we're about half property, half casualty. We skew to the middle market so that we're not as impacted by large and complex property, and we have a good balance between commission and fee.

因此，利率對我們來說是一個適度的阻力，但影響它對我們的影響的兩個因素是客戶的行為方式和我們整體帳簿的組成。就客戶而言，對嗎？有時他們會拿出節省下來的錢，有時他們會利用市場真正好的機會購買更多。就我們的書的構成而言，一半是財產險，一半是意外險。我們偏向中端市場，因此我們不會受到大型複雜房產的影響，我們在佣金和費用之間保持良好的平衡。

And just as an overall observation, we've made significant investments in the business over the last three years, and those investments are continuing to pay off. So we can't predict the extent to which rates may continue to decline, but we do not rely on pricing to drive our organic growth. And we remain well positioned and confident about our mid- to high-single-digit organic growth guidance for Risk & Broking.

總體而言，我們在過去三年中對該業務進行了大量投資，這些投資正在繼續獲得回報。因此，我們無法預測利率可能繼續下降的幅度，但我們並不依賴定價來推動我們的有機成長。我們對於風險與經紀業務的中高個位數有機成長預期仍處於有利地位並充滿信心。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

And then just Carl, I wonder if you could just remind us of your view with respect to inorganic growth and then you talked about strategic acquisitions. A number of the other major brokers have made some very large acquisitions. Is your view that you're more focused on bolt-ons or do you have the capacity and the ability to do something of larger scale?

然後卡爾，我想知道您是否可以提醒我們您對無機成長的看法，然後您談到了策略性收購。其他一些主要經紀商也進行了一些非常大規模的收購。您認為您更注重附加功能還是有能力做更大規模的事情？

Yeah, let me talk a little bit about our thinking on M&A. And let me start with some illustrations of what we have been up to. Right earlier this year, we completed the purchase of global commercial credit as a specialist broker focused on trade credit and political risk. We've talked about the buyout of Alpha Team Willis that's currently pending. We are actively looking for opportunities and we're being thoughtful and disciplined in our approach.

是的，讓我談談我們對併購的想法。首先，讓我舉例說明我們一直在做的事情。就在今年早些時候，我們作為專注於貿易信貸和政治風險的專業經紀商完成了全球商業信貸的購買。我們已經討論過目前正在等待處理的 Alpha Team Willis 的收購事宜。我們正在積極尋找機會，我們採取的方法十分周到且嚴謹。

We're particularly interested in bolt-on acquisitions that fit nicely into our specialty strategy. In the wealth space, the market's fast expanding, so we are particularly interested in wealth management and defined contribution capabilities in growing markets and beyond bolt-ons, we'll also consider larger opportunities to enhance our presence in select geographies or market segments.

我們對與我們的專業策略非常契合的附加收購特別感興趣。在財富領域，市場正在快速擴張，因此我們對成長型市場的財富管理和固定繳款能力特別感興趣，除了附加功能之外，我們還將考慮更大的機會來增強我們在特定地區或細分市場的影響力。

Ultimately, WTW is leading data and technology platforms and a unique culture. These assets should make a lot of sense for any business that may be looking to join us. So to be a bit more specific, we're aiming to increase our business fix and broking wealth through M&A. We see this as a key opportunity expanding into high growth, high margin areas of our core business.

最終，WTW 擁有領先的數據和技術平台以及獨特的文化。對於任何想要加入我們的企業來說，這些資產都很有意義。更具體地說，我們的目標是透過併購來增加我們的業務和經紀財富。我們認為這是拓展我們核心業務的高成長、高利潤領域的關鍵機會。

Secondly, we see an opportunity to play across the insurance value chain like our re-entry into the free reinsurance with [pain, accelerate growth].

其次，我們看到了在保險價值鏈中發揮作用的機會，例如我們重新進入免費再保險市場【痛苦，加速成長】

And third, a combination of WTFU should have a compelling financial story enhancing our margins and free cash flow profile.

第三，WTFU 的組合應該具有令人信服的財務狀況，從而提高我們的利潤率和自由現金流狀況。

And lastly, I want to remind you that we're looking for those that can be a good cultural fit, minimize business disruption, and satisfy the criteria that I just talked about.

最後，我想提醒大家，我們正在尋找那些能夠很好地適應企業文化、最大限度地減少業務中斷並滿足我剛才談到的標準的人。

Now, as far as size, I'm not going to talk about hypotheticals, right? We'll only get to pursue something that the expected return and value creation potential are compelling versus our other capital allocation options. And if we're confident we can execute the opportunity without disrupting our existing business and adding -- we want to add value to our clients and business and our shareholders along the way. The last few years we've solidified our infrastructure, we've strengthened the company, and we now have the right business focus and more efficient processes and the tools. They integrate potential targets with WTW and deliver long-term value.

現在，就規模而言，我不想談論假設，對嗎？我們只會追求那些與我們的其他資本配置選擇相比具有更高預期回報和價值創造潛力的東西。如果我們有信心能夠在不影響現有業務的情況下抓住機會，並在此過程中為我們的客戶、企業和股東增加價值。過去幾年，我們鞏固了基礎設施，增強了公司實力，現在我們擁有正確的業務重點和更有效率的流程和工具。他們將潛在目標與 WTW 整合並實現長期價值。

Mark Marcon, Robert W. Baird.

馬克馬孔、羅伯特W貝爾德。

Thanks for squeezing me in.

謝謝你讓我加入。

Two long-term questions. Carl, you mentioned AI in your prepared script. I'm wondering if you can elaborate a little bit more in terms of your efforts there in terms of increasing efficiencies, automating, and how you're thinking about that from a long-term perspective.

兩個長期問題。卡爾，你在準備的腳本中提到了人工智慧。我想知道您是否可以更詳細地闡述您在提高效率、自動化方面所做的努力，以及您從長遠角度對此有何看法。

And then Julie, health within HWC has been a key driver. Obviously, things are looking very good for this year. I'm wondering if you can talk a little bit about longer term in terms of the next three to five years and particularly, how much work you expect in terms of plan redesign given the healthcare inflation that's occurring. Thank you.

然後是朱莉，HWC 內部的健康一直是關鍵驅動因素。顯然，今年的情況看起來非常好。我想知道您是否可以談談未來三到五年的長期計劃，特別是考慮到正在發生的醫療保健通膨，您預計在計劃重新設計方面需要做多少工作。謝謝。

Sure, and I'll see that two questions. Let me get to the AI first, and I'll let Julie that first.

當然，我會回答這兩個問題。讓我先談談人工智慧，我會讓茱莉先談談。

I talked about this in my prepared remarks, right? And we've been implementing various forms of AI for years, such as advanced analytics, machine learning models, right? And that helps drive efficiency and deliver our client solutions. We use these types of AI for -- in our risk modeling for clients and other risk management solutions.

我在準備好的發言中談到了這一點，對嗎？多年來，我們一直在實施各種形式的人工智慧，例如進階分析、機器學習模型，對嗎？這有助於提高效率並為客戶提供解決方案。我們在為客戶和其他風險管理解決方案進行風險建模時使用這些類型的人工智慧。

Let me give you an example, right? Coverage clarified in our construction business that uses AI to verify that insurance coverage is adequate and contractually compliant, which is otherwise a pretty time-consuming and labor-intensive manual process. We built coverage clarified in-house and we estimate it's making our process up to 40% more efficient and that's just one example, right? We continue to explore opportunities to use AI to improve the overall client experience, streamline our internal processes, and to enhance both client and our decision making.

讓我舉個例子，好嗎？我們的建築業務明確了保險範圍，使用人工智慧來驗證保險範圍是否足夠且符合合約要求，否則這將是一個相當耗時且勞力密集的手動過程。我們在內部建立了明確的覆蓋範圍，我們估計這使我們的流程效率提高了 40%，這只是一個例子，對嗎？我們將繼續探索利用人工智慧的機會來改善整體客戶體驗、簡化我們的內部流程並增強客戶和我們的決策能力。

Now, as always, we're doing it thoughtfully and responsibly by putting our clients first and in full alignment with our values and applicable legal and regulatory requirements. I'm sure my general counsel's out there smiling somewhere to ensure the quality of our advice on what clients expect and what our costs are getting from WTW. So we intend to balance innovation with sustainable return, and we see long-term potential benefits to both growth and margins from our AI investments.

現在，我們一如既往地以周到和負責任的態度開展工作，將客戶放在第一位，並完全遵循我們的價值觀和適用的法律和監管要求。我確信我的總法律顧問正在某個地方微笑，以確保我們根據客戶的期望提供的建議的品質以及我們從 WTW 獲得的成本。因此，我們打算在創新和永續回報之間取得平衡，並且我們看到人工智慧投資對成長和利潤的長期潛在利益。

Julie?

朱莉？

Sure, and thanks for the question on health, Mark.

當然，謝謝你問的關於健康的問題，馬克。

Look, as you know healthcare coverage is a significant component of the employee value proposition in virtually all countries around the world and the cost of that coverage is meaningful relative to other components, particularly in some large economies like the US.

如您所知，醫療保險是幾乎全世界所有國家員工價值主張的重要組成部分，而該保險的成本相對於其他組成部分而言意義重大，特別是在美國等一些大型經濟體。

The drivers of cost increase, they're currently, I mentioned before, a prescription drugs. There's overall utilization. There are new treatments that are driving high-cost claims, and we don't see those changing in the short term for sure, but also in the medium term, so organizations will need to continue to keep an eye on this component of their total compensation and benefits costs and we expect long term to see high-single-digit growth over this -- for this business.

成本增加的驅動因素，目前是處方藥，我之前提到過。有總體利用率。新的治療方法正在推動高成本索賠，我們肯定不認為這些情況在短期內會發生變化，但在中期內也會發生變化，因此組織需要繼續關注其總薪酬和福利成本的這一部分，我們預計長期來看，這項業務將實現高個位數增長。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Carl Hess for closing remarks.

謝謝。問答環節到此結束。現在我想請卡爾·赫斯作最後發言。

So thank you all for joining us this morning. I want to thank all our WTW colleagues again for their hard work and dedication, and thank you to our shareholders for their continued support of our efforts.

感謝大家今天早上加入我們。我要再次感謝所有 WTW 同事的辛勤工作和奉獻精神，並感謝股東對我們努力的持續支持。

Have a great day, everyone.

祝大家有個愉快的一天。

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。