Willis Towers Watson PLC (WTW) 2025 Q3 法說會逐字稿

Good morning, and welcome to the WTW third quarter 2025 earnings call. Please refer to the wtwco.com for the press release and supplemental information that was issued earlier today. Today's call is being recorded and will be available for the next three months on WTW's website.

早安，歡迎參加 WTW 2025 年第三季財報電話會議。請前往 wtwco.com 查看今天早些時候發布的新聞稿和補充資訊。今天的通話將被錄音，並將在 WTW 網站上保留三個月。

Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties.

今天電話會議中的一些評論可能構成 1995 年《私人證券改革法案》意義上的前瞻性陳述。這些前瞻性陳述存在風險和不確定性。

Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law. For a more detailed discussion of and other risk factors, investors should review the forward-looking statements section of the earnings press release issued this morning as well as in the most recent Form 10-K and other subsequent WTW securities filings -- SEC filings.

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，否則本公司不承擔更新這些聲明的義務。有關風險因素的更詳細討論，投資者應查看今天早上發布的盈利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 WTW 證券文件（美國證券交易委員會文件）。

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

在電話會議期間，可能會討論某些非GAAP財務指標，以便與先前期間進行直接比較——除非另有明確說明，否則所有關於公司收入成長結果的補充資訊都將以非GAAP有機成長為基礎。

For reconciliations 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.

有關非GAAP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的最新收益報告和其他資料。

I'll now turn the call over to Carl Hess, WTW Executive Officer. Please go ahead, sir. Carl Hess, you may begin.

現在我將把電話交給 WTW 執行官卡爾·赫斯。請繼續，先生。卡爾·赫斯，你可以開始了。

Good morning, everyone, and thank you for joining us for WTW's third 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.

各位早安，感謝各位參加 WTW 2025 年第三季財報電話會議。今天與我一同參加問答環節的還有我們的財務長 Andrew Krasner；我們的健康、財富和職業總裁 Julie Gebauer；以及我們的風險和經紀總裁 Lucy Clarke。

We delivered another quarter of solid results, driven by consistent and strong execution of our strategy. In the third quarter, we generated 5% organic growth, 230 basis points of adjusted operating margin expansion and adjusted EPS of $3.07, up 11% year-over-year.

在策略持續有效執行的推動下，我們又取得了一個季度穩健的業績。第三季度，我們實現了 5% 的有機成長，調整後的營業利潤率成長了 230 個基點，調整後的每股盈餘為 3.07 美元，較去年同期成長 11%。

We've sustained our momentum in the market and remain on track to deliver our full year financial objectives. I want to thank all my WTW colleagues for their hard work and dedication to achieving our strategic and financial goals.

我們在市場上保持了成長勢頭，並有望實現全年財務目標。我要感謝WTW的所有同事，感謝他們為實現我們的策略和財務目標所付出的辛勤努力和奉獻精神。

As these results show, the strategy we laid out nearly one year ago to accelerate performance, enhance efficiency and optimize our portfolio continues to drive value for all our stakeholders despite the volatile macroeconomic environment.

這些結果表明，儘管宏觀經濟環境動盪，但我們近一年前製定的旨在加速業績、提高效率和優化投資組合的策略，仍然為我們所有的利害關係人創造了價值。

Against that backdrop, I'd like to provide some observations on current market conditions. Concerns about global trade, inflation and geopolitical conditions remain, creating both opportunities and challenges. On one hand, some clients are looking for support to manage the related people and risk issues, and on the other, some companies are continuing to limit discretionary spending.

在此背景下，我想就當前市場狀況談談我的看法。對全球貿易、通貨膨脹和地緣政治局勢的擔憂依然存在，這既帶來了機遇，也帶來了挑戰。一方面，一些客戶正在尋求支援以管理相關的人員和風險問題；另一方面，一些公司仍在繼續限制可自由支配的支出。

We continue to monitor relevant economic indicators such as employment levels, which may affect our business prospects over the short term. In addition, we're facing headwinds from declining rates in certain segments of the commercial insurance market across various geographies.

我們將繼續關注就業水準等相關經濟指標，這些指標可能會在短期內影響我們的業務前景。此外，我們也面臨來自不同地區商業保險市場某些領域費率下降的不利因素。

In the face of this dynamic environment, our businesses continue to be resilient as we remain intensely focused on providing relevant services that deliver value to our clients. Health, Wealth & Career delivered steady 4% organic growth or 5% when excluding book of business settlement activity and interest income with strong margin expansion. These results reflect our diversified and recurring revenue base and disciplined cost management.

面對這種瞬息萬變的環境，我們的業務仍保持韌性，因為我們始終專注於提供能為客戶創造價值的相關服務。健康、財富與職業業務實現了 4% 的穩定有機成長，如果排除業務結算活動和利息收入，則有機成長達到 5%，利潤率也大幅提升。這些績效反映了我們多元化且持續的收入基礎和嚴格的成本管理。

Like last quarter, we saw robust demand for our solutions that help clients manage their health care costs, derisk their defined benefit pension plans and adapt to new legislative and regulatory requirements such as the EU pay transparency directive. We also experienced an increase in M&A due diligence and integration work as well as in workforce management support. Our suite of technology tools continues to be a prominent factor in our success.

與上個季度一樣，我們看到市場對我們的解決方案需求強勁，這些解決方案可以幫助客戶管理醫療保健成本、降低固定收益退休金計劃的風險，並適應新的立法和監管要求，例如歐盟薪酬透明度指令。我們也經歷了併購盡職調查和整合工作以及勞動力管理支援的成長。我們的一系列技術工具仍然是我們成功的重要因素。

For example, our talent flow analysis utilizes web crawling and data mining to identify clients' real competition for talent, which is essential for meaningful benchmarking. And our Health and Benefit Scout tool informs health plan design through an in-depth evaluation of health care access, quality and cost based on a client's workforce location, demographics, claim experience and more. Through predictive analytics, we help forecast benefits cost and attrition risks, identify skills gap and detect pay equity issues. We're also using AI tools to improve the employee experience.

例如，我們的人才流動分析利用網路爬蟲和資料探勘來識別客戶在人才方面的真正競爭對手，這對於有意義的基準測試至關重要。我們的健康與福利偵察工具透過對醫療保健的獲取、品質和成本進行深入評估，並根據客戶的員工所在地、人口統計數據、理賠經驗等信息，為健康計劃設計提供信息。我們透過預測分析來幫助預測福利成本和人員流失風險，識別技能差距並發現薪資公平問題。我們也正在使用人工智慧工具來改善員工體驗。

In Risk & Broking, we generated 6% organic growth in the quarter and expanded adjusted operating margins by 70 basis points. This marks the 11th consecutive quarter that our Corporate Risk & Broking business recorded high single-digit growth, excluding the impacts of book of business activity and interest income. I'm pleased with the strong returns on our investments in talent and innovation, and we continue to look for opportunities to invest further.

在風險與經紀業務方面，我們本季實現了 6% 的自然成長，調整後的營業利潤率提高了 70 個基點。這標誌著我們的企業風險與經紀業務連續第 11 個季度實現高個位數成長，不包括業務活動和利息收入的影響。我對我們在人才和創新方面的投資所取得的豐厚回報感到滿意，我們將繼續尋找進一步投資的機會。

In particular, our investments in digital tools, AI and automation have helped R&B capture growth opportunities and create efficiencies. As declining rates continue to pressure certain areas of the market, the impact of these investments has been increasingly valuable in driving meaningful efficiency gains and advancing our progress on delivering 100 basis points of annual average adjusted operating margin expansion in R&D over the medium term.

特別是，我們在數位化工具、人工智慧和自動化方面的投資，幫助 R&B 抓住了成長機遇，並提高了效率。隨著利率持續下降對市場某些領域帶來壓力，這些投資的影響越來越有價值，能夠推動效率的顯著提高，並推進我們在中期內實現研發領域年均調整後營業利潤率增長 100 個基點的目標。

We continue to launch a steady cadence of new tools and products that support our growth and margin objectives. For example, we recently launched the newest version of Radar, an end-to-end rating and analytics software widely used by insurers.

我們持續推出一系列新工具和產品，以支持我們的成長和利潤目標。例如，我們最近推出了最新版本的 Radar，這是一款被保險公司廣泛使用的端到端評級和分析軟體。

Radar 5 brings advanced capabilities, including GenAI techniques, to provide greater speed and agility for pricing, portfolio management, claims and underwriting, enabling insurers to unlock smarter data-driven decision-making at scale.

Radar 5 具備先進的功能，包括 GenAI 技術，能夠為定價、投資組合管理、理賠和核保提供更快的速度和更大的靈活性，使保險公司能夠大規模地實現更聰明的數據驅動決策。

We also launched Gemini, our global digital placement facility in the quarter. This innovative solution provides efficient access to additional insurance capacity, addresses the increasing complexity of risk and market volatility, offers competitive pricing declines at a guaranteed discount and is backed by A+ rated void syndicates.

本季我們也推出了全球數位招募平台 Gemini。這項創新解決方案能夠有效獲得額外的保險能力，應對日益複雜的風險和市場波動，提供具有競爭力的價格下降保證折扣，並由 A+ 級無效保險辛迪加提供支援。

Now I'll turn to some of our new business wins in the quarter. In Health, Wealth & Career are customer-centric solutions, differentiated technology and focus on making smart connections continue to drive growth across all our businesses.

現在我將介紹本季我們所取得的一些新業務成果。在健康、財富和職業領域，以客戶為中心的解決方案、差異化的技術和對建立智慧連結的關注，持續推動我們所有業務的成長。

In a notable example, we unseated the long-time incumbent providing global actuarial work for our Fortune 250 engineering company, not only because of consistent actuarial expertise and tools across our global network, but also because of the innovative ideas we brought them to better manage pension risks around the world and to address retirement readiness for their workforce.

一個值得注意的例子是，我們取代了長期以來為我們財富 250 強工程公司提供全球精算服務的現有供應商，這不僅是因為我們在全球網路中擁有持續的精算專業知識和工具，還因為我們為他們帶來了創新理念，以更好地管理世界各地的退休金風險並解決其員工的退休準備問題。

In a win featuring smart connections across HWC we were selected to support the planned spin-off of a global Fortune 50 company with overall program management, communication and change management and the implementation and administration of a new US health plan. We won this business, which encompasses 40,000 employees after building a strong reputation as a trusted partner to the parent organization.

在 HWC 的一次成功案例中，我們憑藉智慧連結贏得了全球財富 50 大公司的分拆計劃，負責整體專案管理、溝通和變革管理，以及新的美國健康計劃的實施和管理。我們憑藉與母公司建立的值得信賴的合作夥伴關係，贏得了這項擁有 40,000 名員工的業務。

Another innovative HWC win involves the extension of our Embark Employee Experience portal to potential new hires of a health system to showcase their total rewards and culture with the aim of boosting new higher acceptance rates.

HWC 的另一項創新性勝利是將我們的 Embark 員工體驗入口網站擴展到醫療系統的潛在新員工，以展示其全面的福利和文化，旨在提高新員工的接受率。

In Risk and Broking, our specialization strategy and our ability to offer differentiated value through our technical expertise, global collaboration and client-centric solutions continue to be key factors in bringing in new business.

在風險和經紀業務領域，我們的專業化策略以及透過我們的技術專長、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，仍然是我們拓展新業務的關鍵因素。

For example, in CRB, despite a challenging risk environment, we covered property damage, business interruption and liability insurance for an energy portfolio in Eastern Europe. The client reached out to us directly as our technical knowledge of these types of assets and our global industry relationships are well known in the marketplace, highlighting the value of our specialization strategy.

例如，在 CRB，儘管面臨充滿挑戰的風險環境，我們仍為東歐的能源投資組合提供了財產損失、業務中斷和責任保險。客戶直接聯繫我們，因為我們對這類資產的技術知識以及我們在全球產業內的關係在市場上廣為人知，這凸顯了我們專業化策略的價值。

We also secured a significant new mandate in Europe covering property damage and business interruption for a leader in the electric vehicle sector. Teams from different regions coordinated to identify and address gaps in the clients' coverage while achieving a premium reduction all in just three weeks. This win underscores our ability to deliver cost-efficient solutions to support high-growth, innovation-driven clients with complex coverage needs.

我們還在歐洲獲得了一項重要的全新委託，為一家電動汽車行業的領導企業提供財產損失和業務中斷方面的法律服務。來自不同地區的團隊協調合作，在短短三週內找出並解決客戶保險覆蓋範圍的不足之處，同時實現了保費降低。此次中標凸顯了我們有能力提供高性價比的解決方案，以支援那些擁有複雜保險需求、以創新為驅動的高成長客戶。

Before turning it over to Andrew, I want to provide an update on we do, our enterprise delivery organization. We were especially pleased with the margin expansion we delivered this quarter across the business. Over the past quarter and as we look ahead, we do is helping us continue to improve how we operate, leveraging automation and AI to enhance efficiency and deliver savings.

在將發言權交給 Andrew 之前，我想先介紹一下我們公司（企業交付組織）的最新情況。我們對本季公司整體利潤率的提升尤為滿意。在過去的一個季度以及展望未來，我們所做的一切都是為了幫助我們不斷改進營運方式，利用自動化和人工智慧來提高效率並節省成本。

Our approach combines generative and analytical technologies to identify opportunities, design more efficient solutions and automate processes. With we do back automation projects, we've streamlined billing, collections and payments to drive stronger margins and free cash flow, which were reflected in our results this quarter.

我們的方法結合了生成式和分析式技術，以發現機會、設計更有效率的解決方案並實現流程自動化。透過推進自動化項目，我們簡化了計費、收款和付款流程，從而提高了利潤率和自由現金流，這在本季度的業績中得到了體現。

Overall, I'm pleased with how we performed this quarter. We delivered solid financial results in line with our expectations with mid-single-digit organic growth and meaningful margin expansion across both segments. We have good momentum across the business, giving us added confidence in our ability to deliver on our 2025 targets.

總體而言，我對我們本季的表現感到滿意。我們實現了符合預期的穩健財務業績，兩個業務板塊均實現了中等個位數的內生成長和顯著的利潤率提升。我們公司各方面發展勢頭良好，這讓我們對實現 2025 年目標的能力更有信心。

And now I'll pass it on to Andrew for a more detailed discussion of the financials.

現在我將把話題交給安德魯，讓他對財務狀況進行更詳細的討論。

Thanks, Carl. Good morning, and thanks, everyone, for joining us today. In the third quarter, we delivered solid organic revenue growth of 5% and expanded adjusted operating margin by 230 basis points year-over-year to 20.4% or 120 basis points of year-over-year improvement when excluding TRANZACT.

謝謝你，卡爾。早安，感謝各位今天收看我們的節目。第三季度，我們實現了 5% 的穩健有機收入成長，調整後營業利潤率年增 230 個基點至 20.4%，若不計入 TRANZACT，則同比增長 120 個基點。

Adjusted diluted earnings per share were $3.07, which is an increase of approximately 11% over the prior year. As a reminder, we completed the divestiture of TRANZACT on December 31, 2024. And for the full year 2025, this will create a headwind to adjusted diluted earnings per share of $1.14.

調整後的稀釋每股收益為 3.07 美元，比上年增長約 11%。再次提醒，我們已於 2024 年 12 月 31 日完成了對 TRANZACT 的剝離。到 2025 年全年，這將對調整後的稀釋每股收益造成不利影響，預計每股收益為 1.14 美元。

As Carl discussed, our solid third quarter results reflect the strong foundation we've built and the benefits of our investments in talent and technology. Our strategy is resonating with clients and colleagues and our businesses remain highly resilient despite the macro uncertainty. We remain firmly focused on our strategic objectives and the financial framework outlined at Investor Day to create long-term shareholder value.

正如卡爾所說，我們穩健的第三季業績反映了我們所建立的堅實基礎以及我們在人才和技術方面的投資所帶來的益處。我們的策略引起了客戶和同事的共鳴，儘管宏觀經濟狀況不明朗，我們的業務仍然保持著強大的韌性。我們將繼續堅定地專注於我們的策略目標和投資者日上概述的財務框架，以創造長期的股東價值。

Turning to our segment results. Health, Wealth & Career revenue grew 4% compared to the third quarter of last year. Excluding the impact of book of business settlement activity and interest income growth was 5%. Our results for the third quarter are in line with our expectations, and we remain on track to deliver mid-single-digit growth and margin expansion for HWC in 2025.

接下來來看看我們各業務板塊的業績。健康、財富和職業發展收入比去年第三季成長了 4%。剔除帳簿結算活動和利息收入成長的影響，成長率為 5%。第三季業績符合預期，我們仍有望在 2025 年實現 HWC 的中等個位數成長和利潤率擴張。

As a reminder, the vast majority of HWC's business is recurring, with only a small portion being more economically sensitive and discretionary. Our Health business achieved strong growth of 7% this quarter or 8% growth, excluding the impact of book of business settlement activity and interest income. This growth was primarily driven by double-digit increases in international and solid performance in North America.

需要提醒的是，HWC 的大部分業務都是經常性業務，只有一小部分業務對經濟因素較為敏感且可自由支配。本季我們的健康業務實現了強勁成長，成長了 7%；若不計入帳簿結算活動和利息收入的影響，則成長了 8%。這一成長主要得益於國際市場兩位數的成長以及北美市場的穩健表現。

Results in International were driven by new global benefit management and local appointments, successful renewals, health care inflation and market expansion. In North America, focused sales efforts generated growth across all market segments. In Europe, growth was offset by a significant book of business sale in the prior year third quarter.

國際業務的業績成長得益於新的全球福利管理和本地任命、成功的續約、醫療保健通膨和市場擴張。在北美，有針對性的銷售策略推動了所有細分市場的成長。在歐洲，成長被上年同期第三季的大量業務出售所抵銷。

Excluding the impact of interest income and book of business settlement activity, Health has grown 8% year-to-date. We continue to expect strong demand across the global business driven by health care inflation and employers continued focus on managing costs while maintaining competitive employee benefits. With a healthy pipeline for the remainder of the year, we continue to expect high single-digit growth for the full year, even with a high double-digit growth rate in the fourth quarter of last year.

剔除利息收入和帳簿結算活動的影響，醫療保健業務今年迄今成長了 8%。我們預計全球業務需求將持續強勁，這主要受醫療保健通膨以及雇主在維持員工福利競爭力的同時持續關注成本控制的推動。鑑於今年剩餘時間的業務儲備充足，我們仍然預計全年將保持高個位數成長，即使去年第四季實現了兩位數的高成長率。

Wealth had revenue growth 5% in the third quarter primarily from strong levels of retirement work in Great Britain and North America. Demand for our core defined benefit work, including financial forecasting, compliance support and data projects remain strong.

財富管理業務第三季營收成長 5%，主要得益於英國和北美強勁的退休業務需求。市場對我們核心的固定收益服務（包括財務預測、合規支援和數據項目）的需求仍然強勁。

We also saw growth in project work to support pension derisking, surplus utilization and workforce restructuring. Our investments business delivered growth primarily from new products and client wins. We continue to expect low single-digit growth in the Wealth business for the year.

我們也看到，在支持退休金去風險化、盈餘利用和勞動力重組方面的專案工作有所增長。我們的投資業務成長主要得益於新產品和新客戶的加入。我們仍預期今年財富管理業務將維持個位數低成長。

Career growth was 2% in the third quarter, with solid growth in Europe, driven by strong demand for EU pay transparency support and employee communication projects. While compensation benchmarking survey work increased across all regions, a change in the survey delivery pattern limited growth this quarter when compared to the same period last year.

第三季職業成長率為 2%，其中歐洲市場成長穩健，這主要得益於對歐盟薪酬透明度支持和員工溝通項目的強勁需求。雖然各地區的薪酬基準調查工作有所增加，但與去年同期相比，本季調查交付模式的變化限制了成長。

We are confident revenue growth will increase meaningfully in the fourth quarter due to this change in the pattern combined with the continued demand for advisory work related to the EU pay transparency directive that goes into effect mid-2026.

我們相信，由於這種模式的變化，再加上與將於 2026 年年中生效的歐盟薪酬透明度指令相關的諮詢工作的持續需求，第四季度的收入增長將顯著增加。

We continue to expect Career to grow low to mid-single digits in 2025. Over the long term, we expect mid-single-digit growth based on our track record and continued focus on product and technology offerings alongside recurring services.

我們繼續預計，2025 年 Career 的成長率將維持在個位數低至中等水準。從長遠來看，根據我們的過往業績以及對產品和技術產品以及經常性服務的持續關注，我們預計將實現中等個位數的成長。

Benefits, Delivery & Outsourcing, or BD&O, grew 2% versus last year's third quarter, driven by growth in outsourcing due to increased project and core administration work in Europe which was partially offset by lower commission revenue in the individual marketplace, our B2B2C Medicare Exchange business.

福利、交付和外包 (BD&O) 業務較去年第三季成長 2%，主要得益於歐洲專案和核心管理工作增加，從而帶動了外包業務的成長，但部分被個人市場（即我們的 B2B2C 醫療保險交易業務）佣金收入的下降所抵消。

Keep in mind that our Medicare Exchange generates about 80% of its revenue in the fourth quarter due to the timing of the Medicare enrollment period. In combination with the timing of new business, BD&O overall generates nearly half of its revenue in the fourth quarter.

請記住，由於醫療保險註冊期的時間安排，我們的醫療保險交易平台約 80% 的收入是在第四季度產生的。結合新業務的時機，BD&O 整體上近一半的營收都來自第四季。

Accordingly, we forecast BD&O growth to be strongest in the fourth quarter of the year, reflecting 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 BD&O 的成長將在今年第四季最為強勁，這反映了佣金、新客戶實施和支持監管變化的新專案的預期時間表。我們仍然預計 BD&O 今年將維持中等個位數的成長。

HWC's operating margin in the third quarter was 28.6%, an increase of 390 basis points compared to the prior year or an increase of 100 basis points, excluding the impact of the TRANZACT divestiture. This result demonstrates our ability to consistently deliver incremental margin expansion regardless of cyclical macro conditions and supports our strong track record of margin expansion in HWC.

HWC 第三季的營業利潤率為 28.6%，比上年同期增長 390 個基點，如果排除 TRANZACT 資產剝離的影響，則增長 100 個基點。這項結果證明了我們有能力持續實現利潤率的逐步提升，不受宏觀經濟週期性變化的影響，也印證了我們在HWC領域利潤率提升的良好記錄。

Let me move on to Risk & Broking, which had revenue growth of 6%, underscoring the continued momentum in the business. Our specialization strategy and our investments in talent, data and technology continue to drive sustainable growth.

接下來我想談談風險與經紀業務，該業務的收入成長了 6%，凸顯了該業務的持續成長動能。我們的專業化策略以及對人才、數據和技術的投入，持續推動永續成長。

Corporate Risk & Broking grew 6% or 7% when excluding both book of business activity and interest income. This was on top of the 10% growth rate achieved in the prior year comparable quarter. As Carl mentioned, this is the 11th consecutive quarter of high single-digit growth when excluding both book of business activity and interest income.

企業風險與經紀業務成長了 6% 或 7%（不包括帳簿業務活動和利息收入）。這是在上年同期10%成長率的基礎上實現的。正如卡爾所提到的，如果排除帳面業務活動和利息收入，這已經是連續第 11 個季度實現高個位數成長。

CRB's growth this quarter was primarily driven by our global specialization strategy which continued to support expansion amid the more challenging rate environment. Of note, we generated significant new business across a number of markets this quarter as well as project revenue recognized in our Global Specialty businesses, with notable contributions from construction, surety and credit risk solutions. This illustrates that our commitment to global specialization continues to generate value for clients and drive growth.

CRB本季的成長主要得益於我們的全球專業化策略，該策略在更具挑戰性的利率環境下繼續支持業務擴張。值得注意的是，本季我們在多個市場創造了顯著的新業務，並在全球專業業務中確認了專案收入，其中建築、擔保和信用風險解決方案做出了顯著貢獻。這說明我們對全球專業化的承諾持續為客戶創造價值並推動成長。

From a macro perspective, and relative to last quarter, we are seeing a more challenging growth environment as market rates continue to soften across various lines. Nonetheless, our specialization strategy is resonating in the market and we are pleased by the results we are seeing from our Global Specialty businesses. We continue to expect mid to high single-digit growth in CRB for 2025. While industry-wide pricing pressure is making high single-digit growth harder, we believe it is still attainable.

從宏觀角度來看，與上個季度相比，由於各領域的市場利率持續走軟，我們看到成長環境更具挑戰性。儘管如此，我們的專業化策略在市場上引起了共鳴，我們對全球專業業務的成果感到滿意。我們繼續預計 2025 年 CRB 將保持中高個位數成長。儘管整個行業的價格壓力使得實現高個位數成長變得更加困難，但我們認為這仍然是可以實現的。

In our Insurance, Consulting & Technology business, revenue was flat versus last year's third quarter when ICT delivered 7% growth. Our combined approach of Consulting & Technology continues to add value. However, trends we highlighted last quarter persist as the consulting environment has remained weak and clients continue to demonstrate caution for making large multiyear technology implementation decisions.

在我們的保險、顧問和科技業務中，營收與去年第三季持平，而去年第三季資訊與通訊科技業務實現了 7% 的成長。我們結合諮詢和技術的方法持續創造價值。然而，我們上個季度強調的趨勢依然存在，諮詢環境依然疲軟，客戶在做出多年期大型技術實施決策方面也持續保持謹慎。

While we are encouraged by our pipeline on the technology sales side, we do not expect to see a meaningful pickup in consulting activity in the fourth quarter. For the full year, we continue to expect low to mid-single-digit growth.

雖然我們對技術銷售方面的業務前景感到鼓舞，但我們預計第四季度諮詢業務不會出現實質成長。我們預計全年成長率仍將保持在個位數低至中等水準。

Turning back to R&B's results overall. We are pleased with our momentum year-to-date, which gives us confidence in our ability to deliver mid- to high single-digit growth for the full year. As I mentioned a moment ago, although the path to achieving high single-digit growth is more challenging given the current pricing environment, we believe it is still possible.

再來看看R&B音樂的整體表現。我們對今年迄今為止的發展勢頭感到滿意，這使我們有信心在全年實現中高個位數成長。正如我剛才提到的，儘管在當前的定價環境下，實現高個位數成長的道路更具挑戰性，但我們相信這仍然是可能的。

R&B's operating margin was 18.8% for the third quarter, a 70 basis point improvement over the prior year or a 100 basis point improvement when excluding the impact of foreign exchange rates. This was primarily driven by operating leverage from strong organic growth performance, coupled with continued expense discipline.

R&B 第三季的營業利潤率為 18.8%，比上年同期提高了 70 個基點，如果排除匯率的影響，則提高了 100 個基點。這主要得益於強勁的內生成長所帶來的營運槓桿效應，以及持續的成本控制。

Foreign exchange rates were a headwind of 30 basis points to R&B's operating margin in the third quarter due to weakening US dollar, but we expect the full year foreign exchange impact to be slightly more modest. So far this year, we achieved 90 basis points of operating margin improvement in R&B or 120 basis points, excluding the impact of foreign currency and we are committed to delivering 100 basis points of average annual adjusted operating margin expansion over the next three years.

由於美元走軟，外匯匯率對 R&B 第三季的營業利潤率造成了 30 個基點的不利影響，但我們預計全年外匯匯率的影響會略微緩和一些。今年到目前為止，我們在研發業務方面實現了 90 個基點的營業利潤率提升，如果排除外匯影響，則實現了 120 個基點的提升。我們承諾在未來三年內實現平均每年調整後營業利潤率成長 100 個基點。

As Carl highlighted earlier, investments we've made in our technology capabilities continue to provide value and provide a strong platform for us to deliver ongoing operating leverage and efficiencies across the business.

正如卡爾先前強調的那樣，我們對技術能力的投資持續創造價值，並為我們在整個業務中持續提供營運槓桿和效率提供了強大的平台。

Finally, I will give some additional color on our enterprise level results. Adjusted operating margin for the third quarter was 20.4%, a 230 basis point improvement over the prior year, reflecting strong margin expansion in the segments and prudent business expense management supported in part by our WE DO initiative. This result includes a 110 basis point tailwind from the TRANZACT divestiture.

最後，我將進一步介紹我們企業層面的績效。第三季調整後的營業利潤率為 20.4%，比上年同期提高了 230 個基點，這反映了各業務部門利潤率的強勁增長以及審慎的業務費用管理，部分得益於我們的 WE DO 計劃。這項結果包含了 TRANZACT 資產剝離帶來的 110 個基點的利好。

As we enter Q4, our seasonally strongest quarter of the year, all our businesses are operating with continued discipline and rigor, giving us confident in our ability to continue to expand margins. Foreign currency was a $0.04 tailwind to adjusted EPS for the quarter and a $0.05 headwind year-to-date in 2025. The US dollar has been weakening during the quarter. So I want to give you some additional color on foreign exchange.

隨著我們進入第四季度（一年中通常最強勁的季度），我們所有業務都在持續的自律和嚴謹中運營，這讓我們有信心繼續擴大利潤率。外匯因素對本季調整後的每股盈餘產生了 0.04 美元的利好影響，但對 2025 年至今的每股盈餘產生了 0.05 美元的負面影響。本季美元持續走弱。所以我想再補充一些關於外匯的知識給大家。

At the current spot rates, we expect a foreign currency tailwind to adjusted EPS of approximately $0.15 in the fourth quarter and approximately $0.10 for the full year. Of course, the impact may fluctuate throughout the remainder of the year.

以目前的即期匯率計算，我們預計外匯利好因素將使第四季度調整後每股收益增加約 0.15 美元，全年調整後每股收益增加約 0.10 美元。當然，這種影響在今年剩餘的時間裡可能會有所波動。

Our US GAAP tax rate for the quarter was 19.7% versus 16.1% in the prior year. Our adjusted tax rate for the quarter was 22.4% compared to 19.7% for the third quarter of 2024. We expect our full year 2025 tax rate to be relatively consistent with the prior full year rate.

本季我們的美國通用會計準則稅率為 19.7%，而去年同期為 16.1%。本季調整後的稅率為 22.4%，而 2024 年第三季的稅率為 19.7%。我們預計 2025 年全年稅率將與上一年的稅率基本保持一致。

We generated free cash flow of $838 million for the nine months ending September 30, 2025, an increase of $114 million from the prior year. This was driven by operating margin expansion and reduced transformation program cash costs.

截至 2025 年 9 月 30 日的九個月，我們產生了 8.38 億美元的自由現金流，比前一年增加了 1.14 億美元。這主要得益於營業利潤率的提高和轉型計劃現金成本的降低。

The favorable second half setup we anticipated began to play out this quarter. As we previously noted, the remaining transformation costs continue to abate and the divestiture of TRANZACT will act as a tailwind to free cash flow as we lap the prior year fourth quarter in which that business recorded net cash outflows. We remain on track to deliver our objective of annual free cash flow margin expansion.

我們預期的下半季有利局面在本季開始顯現。正如我們之前指出的，剩餘的轉型成本繼續減少，而剝離 TRANZACT 將對自由現金流起到推動作用，因為我們將趕上上年第四季度，該業務在該季度錄得淨現金流出。我們仍有望實現年度自由現金流利潤率成長的目標。

During the quarter, we returned $690 million to our shareholders via share repurchases of $600 million and dividends of $90 million. We continue to view share repurchases as one of our primary methods of capital return and an attractive use of capital to efficiently deliver value to WTW shareholders.

本季度，我們透過回購股票 6 億美元和派發股息 9,000 萬美元，向股東返還了 6.9 億美元。我們仍然將股票回購視為我們主要的資本回報方式之一，也是有效利用資本為 WTW 股東創造價值的一種有吸引力的方式。

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. Looking ahead, we're confident our balanced and disciplined capital allocation approach will 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.

我們仍然預計，到 2025 年，股票回購總額將達到約 15 億美元，具體金額取決於市場狀況和非有機投資機會的潛在資本配置。展望未來，我們相信我們均衡且嚴謹的資本配置方式將創造長期的股東價值。我們將繼續精挑細選，投資於人才和平台，以確保實現永續成長和利潤率提升。

In closing, we are pleased by our performance year-to-date in 2025. We are increasingly seeing the execution of our strategy manifest in our results, giving us solid momentum as we enter the fourth quarter. We remain confident in delivering on our 2025 financial objectives of mid-single-digit organic growth, adjusted operating margin expansion, adjusted EPS growth and ongoing improvement in free cash flow margin.

最後，我們對2025年至今的業績感到滿意。我們越來越看到公司策略的執行效果體現在業績中，這為我們進入第四季度提供了強勁的勢頭。我們仍有信心實現 2025 年的財務目標，即中等個位數的內生成長、調整後的營業利潤率擴張、調整後的每股盈餘成長以及自由現金流利潤率的持續改善。

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

接下來，我們進入問答環節。

(Operator Instructions)

（操作說明）

Gregory Peters, Raymond James.

格雷戈里彼得斯，雷蒙德詹姆斯。

Great. Good morning, everyone. So for the first question, I'm going to focusing on the Risk & Broking organic revenue results. I appreciate the color, both you made, both you, Carl and Andrew made specifically on the new business.

偉大的。各位早安。對於第一個問題，我將重點放在風險與經紀業務的有機收入績效。我非常欣賞你們三人，特別是卡爾和安德魯，為新公司精心打造的色彩。

And I guess what I'm getting at is how much of the third quarter result reflected sort of unusual wins that won't recur or come at it a different way. You mentioned project-based placements. Were those unusual relative to other quarters? And maybe you can just build on that by line of business? Is there something nuanced or geographies that's driving what I would characterize as a better-than-market result?

我想表達的是，第三季的結果有多少反映出一些不尋常的勝利，這些勝利不會再次發生，或不會以不同的方式出現。你提到了基於專案的實習安排。與其他地區相比，這些情況是否異常？或許你可以依照業務線來拓展？是否存在某些細微差別或地理因素，導致了我所說的優於市場平均的結果？

Hey, good morning, Greg. Thanks for the question. We were really pleased with the 6% growth we achieved for the R&B segment. That was on top of, right, a 10% for a solid growth result in Q3 '24. CRB delivered 6% organic or 7% when you exclude both book of business activity and fiduciary income. I think our specialization strategy and our investments in talent, data and technology continue to drive sustainable growth.

嘿，早上好，格雷格。謝謝你的提問。我們對R&B業務板塊實現的6%的成長感到非常滿意。沒錯，這還是在 2024 年第三季實現 10% 穩健成長的基礎上取得的。CRB 實現了 6% 的有機成長，如果排除帳面業務活動和信託收入，則有機成長為 7%。我認為我們的專業化策略以及在人才、數據和技術方面的投入將繼續推動永續成長。

Lucy, can you give us some color commentary on that?

露西，你能給我們講講這方面的情況嗎？

Yeah. Sure, Carl. Hi, Greg. Yeah, let me just start by reiterating we had another good quarter overall. Within CRB, we've generated strong new business in all of our global markets and across almost every single specialty line. We saw particularly meaningful contributions from construction, M&A, surety, credit risk solutions and remain committed to delivering mid-single-digit to high single-digit growth in R&B for the year.

是的。當然可以，卡爾。嗨，格雷格。是的，首先我想重申一下，我們這個季度整體表現依然不錯。在CRB內部，我們在所有全球市場以及幾乎所有專業領域都創造了強勁的新業務。我們看到建築、併購、擔保、信用風險解決方案等領域做出了特別顯著的貢獻，並將繼續致力於在今年實現研發業務中個位數到高個位數的成長。

As you know, of course, our clients are benefiting from an improving rate environment, which can translate to a revenue headwind for us. Naturally, this industry-wide dynamic will make the path to high single-digit growth for the year more challenging but not out of reach.

當然，您也知道，我們的客戶正受益於利率環境的改善，但這可能會對我們帶來收入上的不利影響。當然，這種行業整體動態將使今年實現高個位數成長的道路更具挑戰性，但並非遙不可及。

In terms of the project-based placements, it's just important to keep in mind that the nature of our work in specialty is always a combination of recurring and one-off work. So as we noted in those prepared remarks, we did see increased contributions from placements for multiyear projects undertaken by some of our clients.

就專案實習而言，重要的是要記住，我們專業領域的工作性質總是將週期性工作和一次性工作結合在一起。正如我們在事先準備好的發言稿中提到的那樣，我們確實看到，一些客戶開展的多年期項目，其人員派遣貢獻有所增加。

Normal part of growth in our specialty businesses, particularly in construction, M&A, surety and natural resources. That specialization approach has been a key driver of growth for us in R&B, and we expect that to continue. Thanks, Greg.

這是我們專業業務（尤其是建築、併購、擔保和自然資源業務）正常成長的一部分。這種專業化方法一直是我們在R&B領域實現成長的關鍵驅動力，我們預計這種情況將持續下去。謝謝你，格雷格。

Thanks for that answers. I'm going to follow up just because it's important. I know part of your expectation going forward is to expand your margins in Risk & Broking each year and both Andrew and Lucy now have reviewed that it's becoming more difficult to get to the higher end of your organic revenue results in Risk & Broking.

謝謝你的解答。我決定跟進此事，因為它很重要。我知道你們未來的部分期望是每年擴大風險與經紀業務的利潤率，但安德魯和露西現在都認為，在風險與經紀業務中，要達到較高的有機收入目標變得越來越困難。

Should we be worried that if we go from mid-single digit to high single digit, just to mid-single digit, that there might be some pressure on your ability to generate that 100 basis points of margin improvement in the next two years?

我們是否應該擔心，如果利潤率從個位數中段提升到個位數高段，甚至僅僅提升到個位數中段，是否會對您在未來兩年內實現100個基點的利潤率提升能力造成一些壓力？

Hey, Greg, it's Andrew. I'll take that one. So we did see a strong margin improvement in the R&B segment of 70 basis points or 100 basis points, excluding the impact of foreign currency. So year-to-date, 90 basis points of operating improvement or 120 basis points, excluding the impact of foreign currency. We're not going to sort of guide to a specific number for the full year, but we do remain absolutely committed to what we laid out yesterday of the 100 basis points on average over the next three years per year. And we feel like we're on track to achieve that.

嘿，格雷格，我是安德魯。我選那個。因此，我們確實看到研發和業務部門的利潤率大幅提高了 70 到 100 個基點，不包括外匯的影響。因此，今年迄今為止，營運改善了 90 個基點，或者如果不計外匯影響，則改善了 120 個基點。我們不會給出全年的具體數字，但我們仍然絕對致力於昨天提出的目標，即未來三年每年平均升息 100 個基點。我們感覺我們正朝著這個目標穩步前進。

It's really driven by some of the investments in technology that we've made really looking at process improvement, things of that nature, that's really going to help drive those efficiencies. So I think despite the top line, we feel like we have the appropriate tools and levers to be able to get there.

這主要得益於我們在技術方面的一些投資，這些投資旨在改進流程等等，這確實有助於提高效率。所以我覺得，儘管目前情況嚴峻，但我們感覺我們擁有實現目標所需的工具和手段。

Elyse Greenspan, Wells Fargo.

伊莉絲‧格林斯潘，富國銀行。

Hi, thanks. Good morning. My first question was on free cash flow. If you can just provide more expectations for the year and the fourth quarter. I think in your prepared remarks, you commented about how the favorable second half began to play out this quarter. I just was hoping to get more comments there.

您好，謝謝。早安.我的第一個問題是關於自由現金流的。如果您能提供更多關於全年和第四季度的預期就更好了。我認為您在事先準備好的發言稿中提到，本季下半年的有利情勢是如何開始顯現的。我只是希望能在那裡收到更多評論。

Yeah. Perfect. Thanks, Elyse. Our view has not changed from what we shared last quarter. The favorable second half setup that we flagged continues to play out. Through the third quarter year-to-date, we had $838 million in free cash flow, which is $114 million year-over-year increase, that was driven by operating margin expansion and reduced transformation cash costs.

是的。完美的。謝謝你，伊莉絲。我們的觀點與上個季度分享的觀點並沒有改變。我們先前預測的下半場有利情勢仍在持續發展。截至今年第三季末，我們的自由現金流為 8.38 億美元，比去年同期成長 1.14 億美元，主要得益於營業利潤率的提高和轉型現金成本的降低。

Looking at the fourth quarter, the remaining transformation cash cost will continue to abate and the divestiture of TRANZACT will act as a tailwind as we lap the prior year fourth quarter. So taken together, we remain confident in our ability to deliver free cash flow margin expansion, not just in 2025, but beyond as well and just continue to build on that momentum.

展望第四季度，剩餘的轉型現金成本將繼續減少，而剝離 TRANZACT 將起到順風作用，使我們超越上年同期第四季。綜上所述，我們仍然有信心實現自由現金流利潤率的成長，不僅在 2025 年，而且在未來也是如此，並將繼續保持這一勢頭。

Thanks. And then my second question, I was just hoping you guys could provide what the insurance pricing headwind was in the third quarter? And also, was that similar to the second quarter or worse?

謝謝。我的第二個問題是，我希望你們能提供一下第三季保險定價面臨的不利因素是什麼？而且，第二季的情況與第二季類似，還是更糟？

Hey, Elyse, it's Lucy. Thanks for the question. So sure, pricing pressure has continued in certain areas of the market, and it's becoming more meaningful as we make progress through the year. From our perspective, property is the most impacted class, particularly in the large and complex segment but most lines are showing softening other than, of course, North American casualty where pricing continues to rise.

嗨，伊莉絲，我是露西。謝謝你的提問。沒錯，市場某些領域的定價壓力依然存在，而且隨著今年的推進，這種壓力也變得越來越顯著。從我們的角度來看，財產險是受影響最大的險種，尤其是在大型複雜險種領域，但大多數險種都出現了疲軟跡象，當然，北美意外險的價格仍在持續上漲。

Important to remember that these pricing improvements follow five years of pricing increases. So many of the markets still see these levels as rate adequate, and it's a welcome relief for our clients. So we're still expecting mid- to high single-digit organic revenue growth and Risk & Broking for the year in spite of any of the pricing developments.

需要注意的是，這些價格調整是在經歷了五年的價格上漲之後做出的。許多市場仍然認為這些利率水準是足夠的，這對我們的客戶來說是一個令人欣慰的消息。因此，儘管價格方面出現了一些變化，我們仍然預計今年的有機收入和風險與經紀業務將實現中高個位數成長。

Rob Cox, Goldman Sachs.

羅布·考克斯，高盛。

Hey, thanks. Good morning. First question on HWC margins. I think if we exclude the impact of TRANZACT, the margins improved 100 basis points, as you all mentioned. If we do that in the first half of 2025, I think the margins contracted. So I was just curious sort of what changed in the quarter and how you guys are thinking about margin expansion, excluding TRANZACT in the fourth quarter and beyond?

嘿，謝謝。早安.關於HWC邊際的第一個問題。我認為，如果排除 TRANZACT 的影響，利潤率提高了 100 個基點，正如你們所提到的。如果我們在 2025 年上半年這樣做，我認為利潤率會下降。所以我很好奇本季發生了哪些變化，以及你們如何看待第四季及以後的利潤率擴張（不包括 TRANZACT）？

Yeah, sure. I mean, as we laid out in Investor Day, we're committed to incremental margin improvement across that sector over the long term. Over the full year here, we'll have some tailwinds, right, from the divestiture of TRANZACT, but everything is playing out exactly as we expected. And maybe, Julie, you want to comment on some of the drivers of sort of how we're going to sustain that performance going forward.

當然可以。我的意思是，正如我們在投資者日上所闡述的那樣，我們致力於長期逐步提高該行業的利潤率。從長遠來看，從剝離 TRANZACT 來看，我們會有一些順風，對吧？但一切都按照我們預期的那樣發展。朱莉，或許你想談談我們如何才能保持這種表現的一些驅動因素。

I would, Andrew. But first, I want to highlight that so far this year, excluding the TRANZACT divestiture, we added 40 basis points of margin in Q1, 20 basis points in Q2 and now 100 basis points in Q3, as you mentioned, in line with our commitment to build on our strong track record.

我會的，安德魯。但首先，我想強調的是，今年到目前為止，不包括 TRANZACT 的剝離，我們第一季利潤率增加了 40 個基點，第二季度增加了 20 個基點，現在第三季度增加了 100 個基點，正如您所提到的，這符合我們鞏固良好業績記錄的承諾。

We've been able to do this consistently over a lot of years for a few reasons, and that the foundation of this performance is the way that we focused our portfolio. We got businesses where we can not only differentiate but also scale and generate leverage. And then on top of that, we have a really clear view of our top line and a firm command of our cost structure. We take a very disciplined approach to resource management.

多年來，我們能夠持續做到這一點，原因有很多，而這項績效的基礎在於我們專注於投資組合的方式。我們擁有一些業務，在這些業務中，我們不僅可以實現差異化，還可以擴大規模並產生槓桿效應。除此之外，我們對公司營收有非常清楚的了解，並且對成本結構有很強的掌控力。我們對資源管理採取非常嚴謹的方法。

And then finally, we still see opportunities with process optimization, automation and right shoring to add to margin. So while we take pride in what we like to say are industry-leading margins in HWC, we are very confident in our ability to build on that.

最後，我們仍然看到透過流程優化、自動化和合適的外包來增加利潤的機會。因此，雖然我們對HWC行業領先的利潤率感到自豪，但我們對在此基礎上繼續發展的能力非常有信心。

Great. Thank you. And then I just want to follow up on the BD&O business. It sounds like the guidance is being maintained for mid-single-digit organic growth for the full year. Just looking at what you guys have done year-to-date, it looks like you might need something like high single digits organic in the fourth quarter. Could you tell us what gives you confidence on the improvement there?

偉大的。謝謝。然後，我只想跟進一下 BD&O 業務。聽起來，全年有機成長預期仍將維持在中等個位數水準。僅從你們今年迄今為止的業績來看，你們第四季可能需要達到接近兩位數的有機成長。您能否告訴我們是什麼讓您對這方面的改進充滿信心？

Yeah, Rob, I'll take that. I'm going to start with a reminder that BD&O overall generates nearly half of its revenue in the fourth quarter. And in addition to typically our outsourcing clients going -- new outsourcing clients going live in that quarter. About 1/3 of our revenue in this business comes from our individual marketplace business, and in that business, we generate about 80% of our revenue in the fourth quarter, as Andrew mentioned, during open enrollment that happens from October until early December.

好的，羅布，我接受。首先我要提醒大家，BD&O 整體上近一半的營收是在第四季產生的。此外，通常情況下，我們的外包客戶會在該季度上線—新的外包客戶也會在該季度上線。我們這項業務約有三分之一的收入來自個人市場業務，而這項業務中，我們約 80% 的收入是在第四季度產生的，正如 Andrew 所提到的，也就是從 10 月到 12 月初的開放註冊期。

And given the new clients that we've added, our expectations for Medicare retirees to review and switch coverage during that enrollment period, we expect to see increases in commissions and fees and solid growth in the quarter ahead. So overall, we expect mid-single-digit growth for the full year and over the longer term.

鑑於我們新增的客戶，以及我們預期醫療保險退休人員會在註冊期內審查和更換保險，我們預計佣金和費用將會增加，並且在接下來的一個季度中將實現穩健增長。因此，總體而言，我們預計全年及長期成長將達到中等個位數。

Michael Zaremski, BMO.

Michael Zaremski，BMO。

Thanks. Good morning. Looking at the interest income levels, very healthy, better than expected. Is that the run rate or any one-timers we should be considering?

謝謝。早安.從利息收入水準來看，情況非常健康，比預期好。這是平均得分率，還是我們應該考慮任何一次性得分的情況？

No specific one-timers, but I just -- it's important to keep in mind that some of the investment income is driven by sort of where the cash balances are held across jurisdictions and interest rates vary by geography. So sometimes geographic mix of business can have an impact there. So I think that's the only nuance I'd call out there.

沒有具體的一次性投資機會，但需要注意的是——部分投資收益取決於現金餘額在不同司法管轄區的存放位置，而利率會因地理而異。所以，有時業務的地域組合會對那裡產生影響。所以我覺得這是我唯一要指出的細微差別。

Okay. So we'll -- I guess I'll take it as a kind of use it as directionally at the run rate. A follow-up to Greg Peter's question earlier and just not trying to split hairs and we love when you give extra color. But in the R&B segment, when you mentioned the project based placements in specialty, which is great color. It just leads to the question, is project-based mean like more non-recurring or onetime that we should kind of be considering in our run rate on a go forward? So just wanted to try to ask that one last time to make sure we're not new wording.

好的。所以，我想我會把它當作一種方向性的使用方式，以達到運行速度。這是對 Greg Peter 先前問題的後續，我不想吹毛求疵，我們很喜歡你補充一些細節。但在 R&B 領域，當你提到專業領域的專案式安置時，這真是太棒了。這就引出了一個問題，項目制是否意味著更多非經常性或一次性項目，我們應該在未來的營運計畫中考慮這些項目？所以我想最後再問一遍，以確保我們說的不是新的措辭。

Hi. It's just one last time. Yeah, hi, it's Lucy. Thanks for the question. Yeah, you're right, it does mean onetime revenue. But we always have onetime revenue. The nature of our work in specialty is a combination of recurring and onetime revenue. We just saw increased contributions from the placement of multiyear projects in the quarter, so we hold it out. It's a normal part of the growth in Specialty business. Thanks.

你好。這是最後一次了。嗨，我是露西。謝謝你的提問。是的，你說得對，這確實意味著一次性收入。但我們總會有一次性收入。我們在專業領域的工作性質決定了收入既包括經常性收入，也包括一次性收入。本季我們看到多年期專案的投入有所增加，所以我們暫且保留它。這是特種業務成長的正常組成部分。謝謝。

Paul Newsome, Piper.

保羅‧紐瑟姆，派珀。

Good morning. Thanks for the color. I was hoping you could talk a little bit about the war for talent. We see a lot of headlines, particularly on the property casualty side of the house about books getting hired back and forth. And where do you think Willis fits within that? And do you think we're seeing a heightened level of poaching back and forth?

早安.謝謝你提供的色彩。我希望您能談談人才爭奪戰。我們看到很多新聞標題，尤其是在財產意外險領域，都是關於帳簿被來回聘用的。你認為威利斯在這其中扮演什麼角色？你認為我們是否看到偷獵活動日益頻繁？

Yeah. Thanks for the question. We are really happy with our ability to attract and retain top talent. As Lucy shared after she joined last year, right, the success of our strategy over the last four years and the world-class resources we've developed to serve clients, they're highly attractive to prospective employees. We continue to hire strategically with a focus on bringing in accretive talent, especially within our specialty lines and geographies.

是的。謝謝你的提問。我們對自身吸引和留住頂尖人才的能力感到非常滿意。正如露西去年加入公司後分享的那樣，我們過去四年來的戰略成功以及我們為服務客戶而開發的世界一流資源，對未來的員工來說極具吸引力。我們持續進行策略性招聘，重點在於引進能夠提升公司績效的人才，尤其是在我們的專業領域和地區。

More broadly, we continue to make investments in the fastest-growing and most profitable areas of our business. And so we remain very excited about the innovation fostered by both these investments and the new talent in the organization. It's helping us realize significant opportunities to accelerate profitable growth and to enhance our margins.

更廣泛地說，我們將繼續投資於公司業務中成長最快、獲利能力最強的領域。因此，我們對這些投資所促進的創新以及公司新人才的出現感到非常興奮。它幫助我們掌握重大機遇，加速獲利成長，提高利潤率。

So do you think you're getting kind of more than a fair share at this point? Or do you think you've sort of reached a point where you're kind of at your steady state of continued growth?

所以你覺得你現在得到的份額已經相當多了？還是你認為你已經達到了一個持續穩定成長的階段？

I'll just pick up on that. Thanks. So of course, our people are it for us, and our business is built around talent. Incredibly proud of the people who work here and how they look after our clients. That really strong focus on talent has been the key driver of our organic growth and, of course, particularly for new business growth over the last few years.

我這就去接手。謝謝。所以，對我們來說，人才當然是最重要的，我們的業務也是圍繞著人才建立的。我為在這裡工作的人以及他們對客戶的照顧感到無比自豪。對人才的重視一直是推動我們自身成長的關鍵因素，當然，在過去幾年裡，也一直是推動新業務成長的關鍵因素。

We will continue to complement our existing talent by making strategic hires in the areas we think that they'll be most impactful both in terms of geography and specialty. It's proven to be a real successful strategy for us, and we'll continue to execute on that. Thanks.

我們將繼續透過在我們認為最具影響力的領域（無論從地理還是專業方面）進行策略性招募來補充我們現有的人才隊伍。事實證明，這對我們來說是一個非常成功的策略，我們將繼續執行該策略。謝謝。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Hi, thanks. Good morning. I had a question just on some of the R&B commentary just around the path to achieving the high single-digit growth, just getting more challenging, given the current pricing environment. And I'm not so much focused on fourth quarter, but just thinking bigger picture about the mid-single-digit to high single-digit growth targets you guys had laid out at your Investor Day about a year ago within R&B.

您好，謝謝。早安.我有個問題，是關於一些關於 R&B 音樂的評論，特別是關於在當前定價環境下，如何實現高個位數成長這條路變得越來越具有挑戰性。我並不太關注第四季度，而是著眼於更宏觀的層面，思考你們大約一年前在投資者日上提出的R&B業務中實現的個位數中段到個位數高段的增長目標。

Just given the current environment and the direction of travel, I guess, how are you thinking about that target? Is it still that mid-single to high single, mid-single, is low single digit on the table? Just interested in your thoughts on that.

就目前的情況和發展方向而言，您如何看待這個目標？目前的情勢是否仍傾向於個位數中段到個位數高段、個位數中段，甚至個位數低段？只是想聽聽你的看法。

Yeah. I mean, stepping back, right, our solid performance this year reflects the success of the specialization strategy and demonstrated by 6%, the solid 6% we got out of CRB, that 7% we do exclude book of business and fiduciary income for the quarter.

是的。我的意思是，退一步講，我們今年的穩健業績反映了專業化策略的成功，6%的業績也證明了這一點，這6%的業績來自CRB，而7%的業績我們不包括本季度的業務收入和信託收入。

Given our performance year-to-date, we remain committed to mid to high single-digit growth in R&B for the year. But as we've said, right, we acknowledge that high single digits, a bit more challenging now with the current environment.

鑑於我們今年迄今的業績，我們仍然致力於實現今年 R&B 業務的中高個位數成長。但正如我們所說，我們也承認，在當前環境下，實現個位數高位成長更具挑戰性。

Yeah. Let me just add to that. Thanks, Carl. Yeah, so we've made the comments about where we expect '25 to end up. And obviously, we're not going to comment on '26 until next quarter. But we still have plenty of room to grow across Risk & Broking. We expect client demand and the attractiveness of the specialty structure to continue to generate growth rates that continue to lead the market. So we see a lot to be optimistic about, but we'll talk about '26 next quarter.

是的。我再補充一點。謝謝你，卡爾。是的，我們已經對 2025 年的最終結果發表了看法。顯然，我們不會對2026年的情況發表評論，直到下個季度。但我們在風險與經紀業務方面仍有很大的發展空間。我們預計客戶需求和專業結構的吸引力將繼續推動成長率，並繼續引領市場。所以我們看到了很多值得樂觀的事情，但我們下個季度再討論2026年的情況。

Got it. Okay. Thank you. And then just following up, just seeing an economy that looks like capital spending and spending is still solid, but then employment growth, which Carl, you mentioned that's slowed a bit. And I hear you loud and clear that HWC is vastly recurring in nature, if I think about their revenues.

知道了。好的。謝謝。然後，我繼續觀察，經濟方面，資本支出和消費支出依然穩健，但就業成長，正如卡爾你所提到的，已經有所放緩。我完全理解你的意思，從收入的角度來看，HWC 的性質很大程度上是經常性的。

But could you just help me think about just general employment levels and how that might impact some of the contracts that you have, particularly in BD&O even if it is recurring. Are there different bands there that can tweak up and down based on your client employment levels? Or could you just help me think through the sensitivity of your businesses to that?

您能否幫我考慮一下整體就業水平，以及這可能會如何影響您的一些合同，特別是業務拓展與營運管理方面的合同，即使是經常性的合同。是否有不同的頻段可以依照客戶的就業水準進行調整？或者您能幫我思考一下貴公司在這方面的敏感度？

Yeah, David, I'll pick up on that one. Look, overall, we haven't seen softening employment impact our revenue overall. And I can tell you that even with a softening employment landscape, we expect to deliver mid-single-digit revenue growth in HWC this year. And while it's worth noting that employee turnover has dropped across industry, there is still high competition for certain jobs and skills.

好的，大衛，我會注意的。總的來說，我們還沒有看到就業疲軟對我們的整體收入產生影響。我可以告訴大家，即使就業情況趨於疲軟，我們預計今年HWC的營收仍將實現中等個位數的成長。雖然值得注意的是，整個行業的員工流動率有所下降，但某些工作和技能的競爭仍然非常激烈。

We've got -- we do these talent intelligence reports that found that organizations are investing heavily in technology, talent, data roles, customer service jobs. And then balancing that alongside other external factors like things I've mentioned before have been mentioned before, health care inflation, healthy pension-funded status new legislation where our clients need support, we believe that overall environment is generally favorable for our HWC services, and that includes BD&O that you specifically mentioned.

我們製作了這些人才情報報告，發現各組織正在大力投資技術、人才、數據職位和客戶服務職位。然後，考慮到其他外部因素，例如我之前提到的醫療保健通膨、健康的退休金狀況以及我們的客戶需要支持的新立法，我們認為整體環境對我們的 HWC 服務來說是有利的，這其中也包括您特別提到的 BD&O。

Mark Hughes, Truist.

馬克·休斯，Truist。

Yeah. Thank you very much. Good morning. In the Health business, I talked about the strong pipeline. How much of that do you think is you're taking share versus there's just a lot of movement, a lot of folks looking for solutions given health care inflation.

是的。非常感謝。早安.在醫療健康領域，我談到了強大的產品線。你認為其中有多少是你搶佔了市場份額，又有多少是因為醫療保健通膨帶來的許多變化，以及很多人都在尋找解決方案。

Yeah. Good morning, Mark. Thanks for the question. Just to take this one step back, right? The Health business at 7% for the quarter, and that's 8% before when you exclude book settlement and really reflecting broad-based growth across all regions.

是的。早上好，馬克。謝謝你的提問。就讓我們退後一步，對吧？本季健康業務成長 7%，如果排除帳目結算，則成長 8%，這真正反映了所有地區的全面成長。

We think our strategy is continuing to yield meaningful results. This is the sixth consecutive quarter of growth in the high single digits range. Our expectation is that demand is going to remain solid for the rest of the year driven by a very solid pipeline and supportive external trends.

我們認為我們的策略正在持續取得顯著成效。這是連續第六個季度實現高個位數成長。我們預計，在充足的專案儲備和有利的外部趨勢的推動下，今年剩餘時間需求將保持強勁。

And though we do recognize we have a strong comp in Q4. We continue to expect to deliver high single-digit growth for the full year. But maybe if Julie could give a bit more commentary about what we're seeing in Health.

儘管我們承認第四季的同比數據非常強勁。我們仍然預計全年將實現高個位數成長。但或許朱莉可以對我們在健康領域看到的情況多做一些評論。

Yeah. Sure, Carl. And Mark, to pick up on your point, I'll start with the external environment. Health care inflation is still front and center for a lot of organizations due to the higher cost driven by things like increased utilization, technological advances, prescription drug cost increases and the list goes on.

是的。當然可以，卡爾。馬克，接著你剛才說的，我先從外在環境談起。由於醫療資源利用率提高、技術進步、處方藥價格上漲等因素導致成本上升，醫療保健通膨仍是許多機構關注的焦點。

In fact, we've done some recent research that shows that 73% of company, 73% are feeling more cost pressure in this area than at any point in the last 10 years. So it isn't a surprise that they're turning to us for help in managing these costs, whether that's to take health plans out for competitive bids or considering more significant changes.

事實上，我們最近的一些研究表明，73% 的公司都感受到了過去 10 年中任何時候都更大的成本壓力。因此，他們向我們尋求幫助來控制這些成本也就不足為奇了，無論是將健康計劃進行公開競標，還是考慮進行更重大的變革。

So this environment has been favorable. And we've been successful with focused sales efforts and a strong service and that has generated strong retention new business and good results for some of our solutions like global benefits management and our middle market offerings. And so our pipeline is strong. And to repeat what Carl said, we are confident in delivering high single-digit growth for the full year.

所以這種環境是有利的。我們透過專注的銷售努力和強大的服務取得了成功，這為我們帶來了強勁的客戶留存率、新業務，並為我們的一些解決方案（如全球福利管理和我們的中端市場產品）帶來了良好的業績。因此，我們的人才儲備充足。正如卡爾所說，我們有信心全年實現高個位數成長。

Very good. And then on the -- in the retirement business, what is the prospects for continued project work if interest rates are going to be declining here? Presumably, most pension funds are pretty -- doing pretty well. But what is -- how does 2026 shape up relative to 2025 on that front?

非常好。那麼，在退休金產業，如果利率持續下降，專案工作的前景如何？想必大多數退休基金的營運狀況都相當不錯。但是，就這方面而言，2026 年與 2025 年相比情況如何？

Yeah. And again, let's ground is where we're starting from. Wealth generated 5% organic for the quarter, driven by strength in retirement. New clients and core DB services and LifeSight to your point, expanded project work for existing clients, right? Our investments business is delivering growth from new products and client wins. We continue to expect low single-digit growth for the year and over the long term. And Julie, what are we seeing on the ground and what do we think about the future?

是的。再次強調，我們是從基礎出發的。本季財富實現了 5% 的有機成長，主要得益於退休市場的強勁成長。正如您所說，新增客戶和核心資料庫服務以及 LifeSight，為現有客戶擴展專案工作，對嗎？我們的投資業務正透過新產品和新客戶的成長實現成長。我們仍預計今年及長期內將維持個位數低成長。朱莉，我們目前看到的實際情況如何？我們對未來有何看法？

Yeah. Yeah. I'd like to actually break this into three pieces. The core defined benefit work emerging work in the defined contribution area and then developing product solutions in the investments area. So starting with core defined benefit, we have added more clients in our target market. And to the point that's been made already conducted more project work.

是的。是的。我想把它分成三個部分來討論。核心工作是確定收益計劃，新興工作是確定繳款計劃領域，然後是投資領域的產品解決方案開發。因此，從核心固定收益計畫開始，我們在目標市場中增加了更多客戶。並且已經就此開展了更多專案工作。

That includes not only derisking, which is interest rate dependent, but derisking readiness for the future, doing things like data cleanup, helping clients with workforce management projects and doing work to support the adoption of new legislation. We have very good momentum going in this area, and we expect these trends to continue.

這不僅包括降低風險（取決於利率），還包括為未來做好降低風險的準備，例如進行資料清理、幫助客戶進行勞動力管理專案以及開展支援新立法通過的工作。我們在這一領域發展勢頭良好，預計這些趨勢將會持續下去。

Now in defined contribution, we are live with our LifeSight Solution in 12 countries now, and we continue to add clients and assets under management. At the end of the quarter, last quarter, our assets under management across our Master Trust type arrangement with over $42 billion.

現在，在固定繳款計畫下，我們的 LifeSight 解決方案已在 12 個國家/地區上線，我們仍在不斷增加客戶和管理資產。上個季度末，我們透過主信託安排管理的資產超過 420 億美元。

And then we've seen strong performance in our new product launches in our investments business. I want to highlight what I think is a really exciting example where we launched funds in collaboration with BlackRock for our clients' international defined contribution pension plans. And that has been seeded with over $1 billion in assets from a client headquartered in the Middle East.

此外，我們在投資業務的新產品發布方面也取得了強勁的業績。我想重點介紹一個我認為非常令人興奮的例子，那就是我們與貝萊德合作，為客戶的國際固定繳款退休金計畫推出了基金。而這筆投資的資金來自一家總部位於中東的客戶，總額超過 10 億美元。

So with developments like this, we expect our Wealth businesses to grow revenue steadily in the short to medium term. Growth is expected to accelerate over the medium to long term as we build in some of these faster-growing areas that I've mentioned. And I'll just close with the momentum that we have this year, we're expecting results to be at the top end of the low single-digit range.

因此，隨著此類發展，我們預期我們的財富管理業務在中短期內收入將穩定成長。預計在中長期內，隨著我們在我提到的這些成長較快的領域進行建設，成長速度將會加快。最後，我想說，憑藉我們今年的發展勢頭，我們預計業績將達到個位數低段的上限。

Ryan Tunis, Cantor.

Ryan Tunis，坎托爾。

Just one for me. So in Risk & Broking, the 7% organic. Can you give us some idea of geographically, how the US fits in there versus international?

我只留一個。所以在風險與經紀業務中，有機成長率為 7%。您能否簡單介紹美國在地理上與國際社會的關係？

Yeah. So we saw growth across all of our geographies. We're happy with how all of the businesses performed but don't get into the detail on geography by geography basis. The US is about less than half of the total portfolio that we have within that business. So again, well diversified across geographies, lines of business markets and property casualty splits, and that's served us well.

是的。因此，我們在所有地區都實現了成長。我們對所有企業的表現都感到滿意，但不會逐一地區進行詳細分析。美國業務在我們該業務總投資組合中所佔比例不到一半。所以，我們在地域、業務線、市場和財產意外險業務方面都實現了良好的多元化，這對我們很有幫助。

Sorry. But like seems like broadly, that's where we're seeing some pressure on brokerage organic just on the US side. So you're saying that we should assume that US is running somewhere in your 7% organic?

對不起。但從整體來看，我們看到美國經紀業務的自然成長正面臨一些壓力。所以你的意思是，我們應該假設美國的有機產品佔比在7%左右？

No, that's not what we're saying. We saw particularly good performances from the UK and our GB and international, and we had some outperformance there. Thanks.

不，我們不是那個意思。我們看到英國隊、英國代表隊和國際隊都表現出色，我們隊在某些方面也取得了優異成績。謝謝。

Mark Marcon, Robert W. Baird.

馬克馬爾孔，羅伯特W貝爾德。

Hey, good morning. Thanks for taking my questions. One for Julie and one for Lucy. Julie, just with regards to the health insurance pressures that employers are facing. Typically, when we go through these time periods, how long do you see elevated levels of continued requirements for help from your clients? It seems to me like it would be a multiyear process to try to optimize benefit plans and things of that nature. But I'm wondering what your perspective is on that.

嘿，早安。謝謝您回答我的問題。一份給朱莉，一份給露西。Julie，就雇主面臨的醫療保險壓力而言。通常情況下，當我們經歷這些時期時，您會觀察到客戶持續尋求協助的需求水準升高持續多久？在我看來，優化福利計畫及類似事項將是一個需要數年時間的過程。但我很想知道你對此有何看法。

And then for Lucy, obviously, we all know that we're going into a softer cycle, how would you characterize this softer cycle relative to others? And to what extent does that impact your ability to gain new clients from competitors? Thank you.

至於露西，很顯然，我們都知道我們將進入一個較為平緩的周期，你會如何描述這個較為平緩的周期與其他週期相比的特徵呢？這在多大程度上會影響你從競爭對手那裡獲得新客戶的能力？謝謝。

Mark, thank you. On the health care front, you're right that this is typically a multiyear phenomenon where we have higher health care inflation around the world. We're already looking out at estimates for 2026, and it is still expected to be high.

馬克，謝謝你。在醫療保健方面，您說得對，這通常是一個持續多年的現象，全球醫療保健通膨都在上升。我們已經開始關注 2026 年的預測，預計屆時預測值仍將很高。

Lucy, you want to comment on --

露西，你想發表意見嗎？--

I would love to, Julie. Thank you. Yeah, thanks Mark, for the question. So how would I characterize this soft cycle compared to other soft cycles? I guess I would just make the note that we are talking about it being a softer cycle, but it's important to remember where we've come from. We had five years of rating increase. And so where we are is softer, but it is still considered rate adequate in most -- by most carriers.

我很樂意，朱莉。謝謝。是的，謝謝馬克提出這個問題。那麼，與其他軟週期相比，我該如何描述這個軟週期呢？我想指出的是，我們討論的是一個較為溫和的周期，但重要的是要記住我們從何而來。我們連續五年評級上升。因此，我們目前的狀況比較溫和，但大多數業者仍然認為這是足夠好的費率。

And in terms of how does it affect our ability to attract clients. Well, I mean, clients aren't only looking for the lowest price. They will get better pricing from brokers across the board. But we think that the biggest thing we have to offer clients is the differentiation in our specialization strategy. Thanks.

那麼，這會對我們吸引客戶的能力產生什麼樣的影響呢？我的意思是，客戶不僅僅追求最低價格。他們將從所有經紀人那裡獲得更優惠的價格。但我們認為，我們能為客戶提供的最大優勢在於我們專業化策略的差異化。謝謝。

Meyer Shields, KBW.

Meyer Shields，KBW。

Great. Thanks. Two quick ones, hopefully. And I apologize if this has been covered before. But given the fact that he's done $1.3 billion of repurchases year-to-date and fourth quarter is the strongest free cash flow quarter. Why is $1.5 billion the right number for 2025 [repurchase], shouldn't it be higher?

偉大的。謝謝。希望很快就能完成。如果之前已經討論過這個問題，我深感抱歉。但考慮到他今年迄今已經進行了 13 億美元的股票回購，而且第四季是自由現金流最強勁的季度。為什麼 2025 年的股票回購金額是 15 億美元，難道不應該更高嗎？

Yeah, sure. So as we mentioned in the prepared remarks, we're still targeting $1.5 billion in subject to market conditions and, of course, potential capital allocation to organic or inorganic investment opportunities.

當然可以。正如我們在準備好的演講稿中所提到的，我們仍然計劃籌集 15 億美元，具體金額取決於市場情況，當然，也會考慮將資金分配給有機或無機投資機會。

In terms of timing and potential upside, we continuously monitor our cash levels and market conditions to take advantage of opportunities to accelerate repurchases. And will lean in if the opportunity presents itself, and we think it's a prudent thing to do.

就時機和潛在收益而言，我們會持續關注現金水準和市場狀況，以便抓住機會加速回購。如果機會出現，我們會積極參與，我們認為這是明智之舉。

As we always have, we evaluate all of our options for capital allocation, which does include share buybacks, internal investment and carefully consider strategic M&A to make sure that we're maximizing value creation for our shareholders.

和以往一樣，我們會評估所有資本配置方案，包括股票回購、內部投資，並認真考慮策略併購，以確保我們為股東創造最大價值。

Okay. That's fair. Second question, with the survey-related results or revenues that are being deferred to the fourth quarter, were the associated expenses still booked in the third quarter?

好的。這很合理。第二個問題，對於延後到第四季確認的調查結果或收入，相關的費用是否仍計入第三季？

Yes. The simple answer to that question. So we expect some revenue to bleed over into Q4 related to that sort of temporary shift in timing.

是的。這個問題的答案很簡單。因此，我們預期部分收入會因這種暫時的時間調整而延續到第四季。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Carl Hess for any further remarks.

謝謝。今天的問答環節到此結束。我想把發言權交還給卡爾·赫斯，讓他再補充一些內容。

Thanks, everyone, for participating today. Before we wrap up, I'd like to acknowledge the destruction caused by Hurricane Melissa and express our deepest sympathy to all of those affected. For our clients and business partners in the areas impacted our thoughts are with you, and we'll continue to lend our support through this difficult time.

謝謝大家今天的參與。在結束之前，我想對颶風梅麗莎造成的破壞表示哀悼，並向所有受災群眾表達我們最深切的慰問。對於受影響地區的客戶和商業夥伴，我們與你們同在，我們將繼續在這個艱難時期給予你們支持。

Thank you all for joining us this morning. I do want to thank once again all our WTW colleagues again for their hard work and dedication, and thank you to our shareholders for their continued support of our efforts. Have a great day.

感謝各位今天上午的參與。我再次衷心感謝WTW全體同事的辛勤工作和奉獻精神，也感謝股東們對我們工作的持續支持。祝你有美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。