Willis Towers Watson PLC (WTW) 2025 Q4 法說會逐字稿

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

早安.歡迎參加WTW財報電話會議。請造訪 wtwco.com 查看今天稍早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. 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 these 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 SEC filings.

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。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。有關這些及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 向美國證券交易委員會提交的文件。

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 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.

電話會議期間，可能會討論某些非GAAP財務指標。為了與前期數據進行直接比較，除非另有明確說明，所有關於公司收入成長績效的評論都將以非GAAP有機成長為基礎。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 will now turn the call over to Carl Hess, WTW's Chief Executive Officer. Please go ahead.

現在我將把電話交給 WTW 的執行長卡爾赫斯。請繼續。

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

各位早安。感謝您參加 WTW 第四季及全年財報電話會議。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 Gabauer；以及我們的風險和經紀總裁 Lucy Clarke。

We closed the year with another strong quarter, driven by our focused strategy and a steady execution by all our WTW colleagues. Throughout the year, our strategic efforts to accelerate performance, enhance efficiency and optimize our portfolio has strengthened our business, enabling us to achieve our financial objectives for 2025 and positioning us for continued success in 2026.

在專注的策略和 WTW 所有同事的穩步執行下，我們以另一個強勁的季度結束了這一年。在過去一年中，我們透過策略努力加快業績成長、提高效率和優化產品組合，增強了業務實力，使我們能夠實現 2025 年的財務目標，並為 2026 年的持續成功奠定了基礎。

Our strategic investments in talent and innovation in 2025 have accelerated performance. In Risk & Broking, our specialization strategy continues to fuel new business momentum. In Health, Wealth & Career, our focus on smart connections and innovative recurring solutions has translated into steady growth. And across the entire business, our digital platforms and advanced data and analytics continue to differentiate WTW. We do our enterprise delivery organization and our relentless focus on right work, right place, right tools and right space continue to enhance our efficiency, help us modernize how we operate and drive further margin expansion.

我們在 2025 年對人才和創新的策略投資加速了業績成長。在風險與經紀業務領域，我們的專業化策略持續推動新的業務發展動能。在健康、財富和職業領域，我們專注於智慧連接和創新的循環解決方案，並已轉化為穩定成長。在整個業務範圍內，我們的數位化平台和先進的數據與分析技術繼續使 WTW 脫穎而出。我們打造了企業交付組織，並堅持不懈地專注於正確的工作、正確的地點、正確的工具和正確的空間，這不斷提高我們的效率，幫助我們實現營運方式的現代化，並推動利潤率的進一步成長。

And finally, in 2025, we strengthened our business portfolio, starting the year without TRANZACT and ending it with acquisition announcements, including Newfront, Cushon and Flowstone Partners. These transactions demonstrate our commitment to optimizing WTW's portfolio for growth and profitability in a disciplined and thoughtful way.

最後，在 2025 年，我們加強了業務組合，年初沒有 TRANZACT，年底宣布了多項收購，包括 Newfront、Cushon 和 Flowstone Partners。這些交易表明我們致力於以嚴謹周密的方式優化 WTW 的投資組合，以實現成長和獲利。

Let me share more details about our strong financial performance. In the fourth quarter, we generated 6% organic growth, 80 basis points of adjusted operating margin expansion and adjusted EPS of $8.12. As a reminder, TRANZACT contributed $0.80 to adjusted EPS in Q4 of 2024. Excluding this contribution, adjusted EPS increased 13% year-over-year.

讓我來詳細介紹一下我們強勁的財務表現。第四季度，我們實現了 6% 的內生成長，調整後營業利潤率提升 80 個基點，調整後每股收益為 8.12 美元。需要說明的是，TRANZACT 在 2024 年第四季為調整後每股收益貢獻了 0.80 美元。剔除此項貢獻後，調整後每股盈餘較去年同期成長 13%。

For the full year, we had organic growth of 5%, in line with our mid-single-digit target. We expanded adjusted operating margin by 130 basis points year-over-year to 25.2% and delivered adjusted diluted earnings per share of $17.08.

全年來看，我們的有機成長率為 5%，符合我們設定的個位數中段目標。我們調整後的營業利潤率年增 130 個基點至 25.2%，調整後的稀釋每股收益為 17.08 美元。

In the fourth quarter, Health, Wealth & Career organic growth accelerated from earlier in the year to 6%, and the segment delivered 30 basis points of operating margin expansion, excluding TRANZACT. In Risk & Broking, we generated 7% organic growth in the quarter and expanded adjusted operating margin by 120 basis points. The 8% organic growth in our Corporate Risk & Broking business marks the 12th consecutive quarter that the business has recorded high single-digit growth, excluding the impacts of book of business activity and interest income despite a more challenging pricing environment. I'm particularly pleased with the strong results in our CRB North America business, which grew by high single digits, driven by increased M&A activity and new business across several specialty lines, including construction and surety.

第四季度，健康、財富和職業領域的有機成長較年初加速至 6%，該業務板塊的營業利潤率（不包括 TRANZACT）增加了 30 個基點。在風險與經紀業務方面，我們本季實現了 7% 的自然成長，調整後的營業利潤率提高了 120 個基點。儘管定價環境更具挑戰性，但我們的企業風險與經紀業務實現了 8% 的有機成長，這標誌著該業務連續第 12 個季度實現了高個位數成長（不包括業務活動和利息收入的影響）。我特別對我們 CRB 北美業務的強勁業績感到滿意，該業務實現了接近兩位數的增長，這得益於併購活動的增加以及包括建築和擔保在內的多個專業領域的新業務。

As evidenced by our fourth quarter performance and new business wins, we saw attractive returns on our investments in talent and innovation in 2025, and we'll continue to prioritize investment opportunities that further accelerate our performance. A good example of this is our strong and growing presence in the digital infrastructure space, where we're proud to support 5 of the 10 largest data center developers globally.

從我們第四季的業績和新業務的斬獲來看，我們在 2025 年對人才和創新方面的投資獲得了可觀的回報，我們將繼續優先考慮能夠進一步加速我們業績成長的投資機會。這方面的一個很好的例子就是我們在數位基礎設施領域日益強大的影響力，我們很自豪能夠為全球十大資料中心開發商中的五家提供支援。

We recently added 1 of those 5 in a competitive RFP process for their master builders' risk placement. The client chose us for the breadth and depth of our expertise in construction, energy, technology and other specialties as well as our global capabilities in connectivity. As that win shows, our specialization strategy underpins our ability to support clients across the full data center life cycle from planning to operation.

最近，我們在競爭激烈的 RFP 流程中，為他們的主要建築商風險安排增加了 5 個項目中的 1 個。客戶選擇我們是因為我們擁有建築、能源、技術和其他專業領域的廣度和深度，以及我們在互聯互通方面的全球能力。正如這場勝利所表明的那樣，我們的專業化策略支撐著我們為客戶提供從規劃到營運的整個資料中心生命週期支援的能力。

We have a track record of supporting the largest developers with our industry-leading analytics. This, along with our deep subject matter expertise across cyber, contracts, environmental and property risks, allows us to deliver comprehensive risk management solutions for every aspect of data center development and operation.

我們擁有為大型開發商提供行業領先的分析支援的成功經驗。憑藉我們在網路安全、合約、環境和財產風險方面的深厚專業知識，我們能夠為資料中心開發和營運的各個方面提供全面的風險管理解決方案。

Our Construction Specialty business is seeing strong results in CRB North America. Recently, WTW was selected as the commercial insurance broker for two major US bank headquarter renovation projects collectively valued at well over $1 billion. These high-profile wins underscore our team's strong expertise in technical proficiency and construction and our unified and highly analytical approach to helping solve our clients' challenges.

我們的建築特種產品業務在CRB北美地區取得了強勁的業績。最近，WTW 被選為兩家美國大型銀行總部翻新項目的商業保險經紀人，這兩個項目的總價值超過 10 億美元。這些備受矚目的勝利凸顯了我們團隊在技術能力和施工方面的強大實力，以及我們統一且高度分析性的方法，以幫助客戶解決挑戰。

I also want to mention a large win across both RMB and HWC from a leading Nordic industrial company, supporting insurance, benefits and pension programs the company had previously handled in-house. This success reflects our ability to make smart connections across segments and leverage our relationships and expertise to devise solutions that clients cannot achieve on their own.

我還想提及我們在 RMB 和 HWC 領域取得的一項重大勝利，我們與一家領先的北歐工業公司合作，為其提供保險、福利和養老金計劃方面的支持，這些計劃此前一直由該公司內部處理。這一成功體現了我們能夠跨領域建立巧妙聯繫，並利用我們的人脈和專業知識，為客戶制定他們自己無法實現的解決方案。

In HWC, our commitment to smart connections, technical depth and product innovation continues to drive growth across our businesses. For example, our health and benefits and retirement teams connected to (inaudible) of a UK-headquartered global engineering company to win a comprehensive benefits project to ensure competitive and cost-effective coverage for private medical insurance and other employee benefits and pensions.

在 HWC，我們對智慧連結、技術深度和產品創新的承諾將繼續推動我們各項業務的成長。例如，我們的健康福利和退休團隊與一家總部位於英國的全球工程公司（聽不清楚）聯繫，贏得了一項綜合福利項目，以確保為私人醫療保險和其他員工福利和退休金提供具有競爭力和成本效益的保障。

In another example, a leading financial services company with employees in all the EU member states chose us to procure them for the EU Pay transparency directive. Our sophisticated pay equity analysis that incorporates the value of benefits, our proven career framework and our communication and change management approach were the differentiators that helped us secure the business.

再舉一個例子，一家在所有歐盟成員國都有員工的領先金融服務公司選擇我們來為他們購買符合歐盟薪酬透明度指令的產品和服務。我們完善的薪酬公平性分析（包括福利價值）、成熟的職業發展框架以及溝通和變革管理方法，是我們贏得這項業務的關鍵。

Finally, our new products and solutions like LifeSight continue to gain market share. In a notable example, a Fortune 50 technology company chose LifeSight as its Master Trust pension program in the UK due to their confidence in our investment proposition and our differentiated member experience. This appointment added GBP400 billion of assets under management to LifeSight.

最後，我們的新產品和解決方案（例如 LifeSight）繼續擴大市場份額。一個值得注意的例子是，財富 50 強科技公司選擇 LifeSight 作為其在英國的主信託退休金計劃，因為他們對我們的投資方案和我們差異化的會員體驗充滿信心。這項任命為 LifeSight 增加了 4000 億英鎊的管理資產。

As you see in our fourth quarter and full year results, we delivered margin expansion along with our growth. We do continues to be a major driver of our growing profitability. In particular, we do enabled AI and automation are central to enhancing our efficiency across the company, maintaining operational discipline and creating lasting cost savings. These capabilities are already embedded in our enterprise operating model and global delivery centers, enabling teams to solve real business challenges, accelerate priority initiatives and unlock new sources of value.

正如您在我們第四季和全年業績中所看到的，我們在實現成長的同時，也實現了利潤率的提升。我們確實一直是公司獲利能力不斷增長的主要驅動力。具體來說，我們認為人工智慧和自動化對於提高公司整體效率、維持營運紀律和創造持久的成本節約至關重要。這些能力已經融入我們的企業營運模式和全球交付中心中，使團隊能夠解決實際的業務挑戰，加速優先計劃，並釋放新的價值來源。

Building on this momentum, we're advancing smarter, more efficient solutions that enhance client service, including partnerships with leading Agentic AI innovators to explore high-impact use cases. Our approach is focused on solutions that complement human expertise, boost productivity and simplify operations, all while maintaining robust governance and alignment with WTW standards. We do was a critical driver of our operating margin expansion in 2025, and we expect to see continued benefits as we scale automation, expand our delivery centers and further embed these capabilities across WTW.

以此動能為動力，我們正在推動更智慧、更有效率的解決方案，以增強客戶服務，包括與領先的智慧人工智慧創新者合作，探索具有高影響力的應用案例。我們的方法著重於提供能夠補充人類專業知識、提高生產力、簡化操作的解決方案，同時保持強大的治理能力並符合 WTW 標準。我們認為，自動化是 2025 年我們營運利潤率擴張的關鍵驅動因素，隨著自動化規模的擴大、交付中心的擴展以及這些能力在 WTW 的進一步普及，我們將繼續從中受益。

Finally, I'd like to highlight our progress in optimizing our portfolio. We've shared our inorganic priorities, improving our business mix, expanding our reach across the value chain and enhancing our growth, margin and free cash flow profile. We advanced these priorities in 2025, which was highlighted by our recent acquisition announcements and the divestiture of TRANZACT. Going forward, we'll continue to evaluate potential opportunities to optimize our portfolio.

最後，我想重點介紹一下我們在優化投資組合方面的進展。我們已經分享了我們的非有機成長優先事項，包括改善業務組合、擴大價值鏈覆蓋範圍以及提升成長、利潤率和自由現金流狀況。我們在 2025 年推進了這些優先事項，最近我們宣布的收購和剝離 TRANZACT 就突顯了這一點。展望未來，我們將繼續評估優化投資組合的潛在機會。

As we announced last week, we closed the Newfront acquisition on January 27, and the business is now operating as part of WTW. Newfront brings a modern technology-enabled approach to middle market broking, combining deep specialty expertise with a proprietary digital and AI-driven platform. Their approach aligns closely with our focus on specialization, innovation and efficiency, and we're proud to welcome the Newfront team to WTW.

正如我們上週宣布的那樣，我們於 1 月 27 日完成了對 Newfront 的收購，該業務現在作為 WTW 的一部分運營。Newfront 將現代技術賦能的方法引入中端市場經紀業務，將深厚的專業知識與專有的數位化和人工智慧驅動平台相結合。他們的方法與我們注重專業化、創新和效率的理念非常契合，我們很榮幸歡迎 Newfront 團隊加入 WTW。

During 2026, we'll be laser-focused on seamlessly integrating Newfront's team and technology into WTW, retaining and empowering talent, bringing our resources, scale and global footprint to Newfront clients and combining our highly complementary technology and capabilities to deliver an integrated end-to-end technology platform that will drive growth, enhance efficiency and better serve our clients. Spike Lipkin, Newfront's CEO and Co-Founder, will be focused on integration, client development, talent acquisition and technology.

2026 年，我們將全力以赴，將 Newfront 的團隊和技術無縫整合到 WTW 中，留住並賦能人才，將我們的資源、規模和全球影響力帶給 Newfront 的客戶，並將我們高度互補的技術和能力結合起來，提供一個集成的端到端技術平台，從而推動增長，提高效率，更好地服務我們的客戶。Newfront 的執行長兼聯合創辦人 Spike Lipkin 將專注於整合、客戶開發、人才招募和技術。

We're taking a deliberate and thoughtful approach to ensure we maintain continuity for Newfront clients and minimize disruption. We've established a dedicated integration management office to oversee the transition and to carry out a disciplined and phased approach to integration. We continue to see meaningful opportunities to generate synergies over the next three years.

我們採取審慎周全的方法，以確保為 Newfront 客戶提供持續的服務，並將幹擾降至最低。我們設立了專門的整合管理辦公室，負責監督過渡工作，並採取有條不紊、分階段的方式進行整合。我們預計未來三年仍將有許多產生綜效的重要機會。

I also want to highlight other transactions that will further optimize our portfolio and reinforce our capabilities in high-growth markets. During the fourth quarter, we announced the acquisition of Cushon, a cutting-edge UK fintech pensions and savings provider, which will strengthen our position in the fast-growing UK defined contribution master trust market. Cushon's innovative technology-led solutions complement LifeSight and enhance our Master Trust offerings. We expect to complete the acquisition of Cushon in the first half of 2026.

我還想重點介紹其他一些交易，這些交易將進一步優化我們的投資組合，並增強我們在高成長市場的能力。第四季度，我們宣布收購了英國領先的金融科技退休金和儲蓄提供者 Cushon，這將加強我們在快速成長的英國固定繳款主信託市場的地位。Cushon 的創新技術解決方案是 LifeSight 的補充，並增強了我們的主信託產品。我們預計將於 2026 年上半年完成 Cushon 的收購。

We also agreed to acquire FlowStone Partners, a private equity secondary specialist that will expand access to private markets for individual and institutional investors. We expect to complete the FlowStone acquisition later this quarter. Taken together, these transactions reflect a disciplined and deliberate approach to portfolio optimization, aligned with the strategic priorities and financial framework we laid out at our 2024 Investor Day.

我們也同意收購 FlowStone Partners，這是一家私募股權二級市場專家，這將擴大個人和機構投資者進入私募市場的管道。我們預計將在本季稍後完成對FlowStone的收購。總的來說，這些交易體現了我們在投資組合優化方面採取的嚴謹而審慎的方法，與我們在 2024 年投資者日上提出的戰略重點和財務框架相一致。

As I look at the year ahead, I feel confident in our position and our positive outlook for 2026. This outlook aligns with our long-term guidance of mid-single-digit organic growth, adjusted operating margin expansion and free cash flow margin expansion and is supported by the same core tailwinds that contributed to our success in 2025.

展望未來一年，我對我們的現狀和2026年的正面前景充滿信心。這項展望與我們長期的中等個位數有機成長、調整後營業利潤率擴張和自由現金流利潤率擴張的指導方針相一致，並得到了與我們在 2025 年取得成功相同的核心利好因素的支持。

We have strong momentum in the market. We continue to make steady progress executing our strategy and the political and regulatory environment worldwide remains highly dynamic, driving clients to seek our advice and solutions to protect and strengthen their businesses.

我們在市場上擁有強勁的發展勢頭。我們繼續穩步推動策略實施，但全球政治和監管環境仍然高度動態，促使客戶尋求我們的建議和解決方案，以保護和加強他們的業務。

While we remain positive about current macroeconomic and market conditions, of course, we're closely monitoring potential headwinds to our business in the year ahead so that we can respond appropriately. That said, given our competitive advantages and momentum across the business, I'm confident in our ability to deliver on our goals.

儘管我們對當前的宏觀經濟和市場狀況保持樂觀，但當然，我們也在密切關注未來一年可能對我們業務造成的不利影響，以便我們能夠做出適當的應對。儘管如此，鑑於我們在整個業務領域擁有的競爭優勢和發展勢頭，我對我們實現目標的能力充滿信心。

With that, I'll pass it to Andrew for a more detailed discussion of the financials and 2026 outlook.

接下來，我將把話題交給安德魯，讓他對財務狀況和 2026 年的展望進行更詳細的討論。

Thanks, Carl. Good morning, and thanks, everyone, for joining us today. In the fourth quarter, we delivered solid organic revenue growth of 6% and expanded adjusted operating margin by 80 basis points year-over-year to 36.9% or 30 basis points of year-over-year improvement when excluding TRANZACT. Adjusted diluted earnings per share were $8.12, which is an increase of 13% over the prior year when excluding TRANZACT.

謝謝你，卡爾。早安，感謝各位今天收看我們的節目。第四季度，我們實現了6%的穩健有機收入成長，調整後營業利潤率年增80個基點至36.9%，若不計入TRANZACT，則較去年同期成長30個基點。調整後的稀釋每股收益為 8.12 美元，不計 TRANZACT 的影響，比上年增長 13%。

For the full year, our strong results were in line with our long-term financial framework. We delivered organic revenue growth of 5%. Adjusted operating margin expanded 130 basis points to 25.2%, reflecting 80 basis points of year-over-year improvement, excluding TRANZACT. Adjusted diluted earnings per share were $17.08, up 13% over the prior year when excluding TRANZACT.

全年來看，我們的強勁業績與我們的長期財務框架相符。我們實現了5%的有機收入成長。調整後的營業利潤率成長 130 個基點至 25.2%，較去年同期改善 80 個基點（不包括 TRANZACT）。調整後的稀釋每股收益為 17.08 美元，不計 TRANZACT 的影響，比上年增長 13%。

Our fourth quarter results reflect the benefits of our investments in talent and technology as well as the commitment and diligence of our colleagues. Our strategy continues to resonate despite ongoing macro uncertainty, and we remain focused on executing our strategic objectives and creating long-term shareholder value.

我們第四季的業績反映了我們在人才和技術方面的投資所帶來的益處，以及我們同事們的奉獻和勤奮。儘管宏觀經濟情勢持續不明朗，但我們的策略依然有效，我們將繼續專注於實現我們的策略目標，創造長期股東價值。

Turning to our segment results. Health, Wealth & Career revenue grew 6% compared to the fourth quarter of last year. For the full year, HWC revenue grew 4%, in line with our outlook of mid-single-digit organic growth.

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四季成長了 6%。全年來看，HWC 收入成長了 4%，符合我們先前預期的中等個位數有機成長。

Our Health business achieved solid growth of 4% this quarter. This was on top of the 18% growth rate achieved in the prior year quarter. Excluding book of business settlement activity and interest income headwinds, growth was 6% for the quarter and 7% for the full year, primarily driven by double-digit increases in international and strong performance in Europe.

本季我們的健康業務實現了4%的穩健成長。這是在上一季實現 18% 成長率的基礎上實現的。剔除帳簿結算活動和利息收入的不利因素，本季成長 6%，全年成長 7%，主要得益於國際業務兩位數成長和歐洲業務強勁表現。

Results in International were driven by new business acquisition, successful renewals, health care inflation and market expansion. In Europe, the strength of new business and renewals generated growth. In North America, growth was offset by a book of business sale in the prior year fourth quarter.

國際業務的業績主要得益於新業務拓展、成功續約、醫療保健產業通膨以及市場擴張。在歐洲，新業務和續約業務的強勁勢頭推動了成長。在北美，成長被上年第四季的一筆業務出售所抵銷。

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. As a result, we expect Health to deliver high single-digit growth in 2026.

我們預計全球業務需求依然強勁，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。因此，我們預計醫療保健產業在 2026 年將實現高個位數成長。

Wealth had strong growth of 5% in the fourth quarter, primarily from increased levels of retirement work globally. Demand for our core defined benefit work, including new client appointments and support for regulatory changes and data projects remains strong. We also saw growth from project work to support pension surplus utilization and workforce management. New solutions in Europe, including an innovative pension risk transfer solution in Germany and early retirement services in Spain also contributed to growth.

第四季財富實現了5%的強勁成長，主要得益於全球退休工作水準的提升。市場對我們核心的固定收益服務（包括新客戶任命、監管變更支援和數據項目支援）的需求仍然強勁。我們也看到，在支持退休金盈餘利用和勞動力管理的專案工作方面取得了成長。歐洲的新解決方案，包括德國的創新退休金風險轉移方案和西班牙的提前退休服務，也促進了成長。

Our investments business grew due to new products alongside enhanced capital market conditions and client wins. With good momentum in the wealth business, we expect growth at the high end of the low single-digit range in 2026.

由於新產品的推出、資本市場環境的改善以及客戶的贏得，我們的投資業務實現了成長。鑑於財富管理業務的良好發展勢頭，我們預計 2026 年的成長將達到個位數低段的高端水準。

Career growth was 10% in the fourth quarter, primarily driven by robust demand for broad-based advisory services, compensation benchmarking survey work and the impact of a change in survey delivery patterns, which we highlighted on the Q3 call. This dynamic shifted some revenue from last quarter into this quarter. In addition, a book of business sale contributed to Career's revenue growth this quarter.

第四季職涯成長率為 10%，主要得益於對廣泛諮詢服務、薪酬基準調查工作的強勁需求，以及我們在第三季電話會議上重點提到的調查交付模式變化的影響。這種動態導致上季的部分收入轉移到了本季。此外，一筆業務出售也促進了 Career 本季的營收成長。

For 2026, we expect mid-single-digit growth for career based on our continued focus on product and technology offerings, recurring services and increased demand for a wide range of advisory services, including those related to implementation of the EU Pay Transparency Directive.

2026 年，我們預計職業發展將實現中等個位數成長，這得益於我們持續專注於產品和技術供應、經常性服務以及對各種諮詢服務（包括與歐盟薪酬透明指令實施相關的服務）日益增長的需求。

Benefits Delivery and Outsourcing, or BD&O, grew 5% versus last year's fourth quarter, primarily driven by increased commission revenue in our Individual Marketplace business. As we had indicated on our prior calls, this was expected as BD&O generates almost half its revenue during the fourth quarter, primarily due to the timing of commissions and onboarding of new clients. Global Outsourcing also grew revenue this quarter from core administration engagements and expanded project work.

福利交付和外包（BD&O）業務較去年第四季成長了 5%，主要得益於個人市場業務佣金收入的增加。正如我們在先前的電話會議中指出的那樣，這是意料之中的，因為 BD&O 幾乎一半的收入是在第四季度產生的，這主要是由於佣金和新客戶入職的時間安排。全球外包業務本季也透過核心行政管理和擴大專案工作實現了收入成長。

While we expect BD&O to achieve mid-single-digit growth over the long term, we are projecting low single-digit growth in 2026 as we absorb the impact of changes in the Medicare market. In line with the revenue pattern I mentioned, growth will be concentrated in the fourth quarter and rates in the first three quarters could fluctuate considerably.

雖然我們預計 BD&O 長期將實現中等個位數的成長，但由於我們將吸收醫療保險市場變化的影響，我們預計 2026 年的成長將降至低個位數。根據我之前提到的收入模式，成長將集中在第四季度，前三個季度的成長速度可能會有相當大的波動。

HWC's operating margin in the fourth quarter was 44.3%, an increase of 240 basis points compared to the prior year or an increase of 30 basis points, excluding the impact of the TRANZACT divestiture. For the full year, HWC's operating margin grew 230 basis points or 60 basis points, excluding the impact of the TRANZACT divestiture compared to the prior year. This result demonstrates our ability to consistently deliver incremental margin expansion regardless of cyclical macro conditions and supports our expectation of continued margin expansion in HWC in 2026.

HWC 第四季的營業利潤率為 44.3%，比上年同期增長 240 個基點，如果排除 TRANZACT 資產剝離的影響，則增長 30 個基點。全年來看，HWC 的營業利潤率成長了 230 個基點，如果排除 TRANZACT 資產剝離的影響，則比上一年增長了 60 個基點。這一結果表明，無論宏觀經濟週期如何，我們都能持續實現利潤率的穩定成長，並支持我們對 2026 年 HWC 利潤率持續成長的預期。

Moving to Risk & Broking. The strong revenue growth of 7% in the fourth quarter reflects the continued momentum in the business. Our specialization strategy and investments in talent, data and technology continue to drive sustainable growth. For the full year, R&D revenue grew 6% -- excluding the impact of book of business settlement activity and interest income, growth was 7% for the full year.

轉至風險與經紀業務。第四季強勁的營收成長（7%）反映了公司業務的持續成長動能。我們的專業化策略以及對人才、數據和技術的投資將繼續推動永續成長。全年研發收入成長 6%－若不計入業務結算活動及利息收入的影響，全年成長率為 7%。

Corporate Risk & Broking grew 8% for the quarter. For the full year, CRB revenue grew 7%. Excluding the impact of book of business settlement activity and interest income, growth was 8% for the full year. This was on top of the 9% growth rate CRB achieved in the prior year.

企業風險與經紀業務本季成長了 8%。全年來看，CRB 的營收成長了 7%。剔除帳款結算活動和利息收入的影響，全年成長率為 8%。這是在CRB前一年實現9%成長率的基礎上實現的。

CRB's growth this quarter was primarily driven by our global specialization strategy, which continued to support new business wins and client renewals despite more challenging rate environment. We recorded significant new business activity across all regions this quarter with notable contributions from construction, surety, marine and credit risk solutions.

CRB本季的成長主要得益於我們的全球專業化策略，儘管利率環境更具挑戰性，但該策略仍繼續支持我們贏得新業務和續約客戶合約。本季我們在所有地區都取得了顯著的新業務成長，其中建築、擔保、海事和信用風險解決方案領域的貢獻尤為突出。

As expected, we continue to see a challenging growth environment with rates softening across various lines. Nonetheless, our specialization strategy is resonating in the market, and we are pleased by the results. We continue to expect mid- to high single-digit growth in CRB for 2026.

正如預期的那樣，我們繼續看到充滿挑戰的成長環境，各行各業的利率都在走軟。儘管如此，我們的專業化策略在市場上引起了共鳴，我們對結果感到滿意。我們繼續預計 2026 年 CRB 將保持中高個位數成長。

In our Insurance Consulting and Technology business, revenue declined 1% versus last year's fourth quarter when ICT delivered 11% growth. Full year growth was 1% compared to 4% last year. Our combined approach of consulting and technology continues to add value. However, the trends we've highlighted in the last three quarters still persist with continued weakness as expected in the consulting environment and clients remaining cautious about making large multiyear technology implementation decisions.

在我們的保險諮詢和技術業務中，收入比去年第四季度下降了 1%，而去年第四季 ICT 業務實現了 11% 的成長。全年成長率為1%，而去年為4%。我們結合諮詢和技術的方法持續創造價值。然而，我們在過去三個季度中強調的趨勢依然存在，諮詢環境如預期般持續疲軟，客戶在做出多年期大型技術實施決策方面仍然保持謹慎。

We continue to shift the balance of our business from consulting to technology over time. We are encouraged by our pipeline on the technology sales side and do not expect to see a meaningful pickup in consulting activity in the short term. For 2026, we continue to expect low to mid-single-digit growth in the business.

隨著時間的推移，我們將繼續把業務重心從諮詢轉向技術。我們對技術銷售方面的業務前景感到鼓舞，預計短期內諮詢業務不會出現實質成長。2026年，我們仍然預期業務將保持低至中等個位數的成長。

Turning back to RMB's results overall. We are pleased with our momentum entering 2026, 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 34.7% for the fourth quarter, a 120-basis point improvement over the prior year. This was primarily driven by operating leverage from strong organic revenue growth, coupled with continued expense discipline. Foreign exchange rates were a tailwind of 10 basis points to operating margin in the fourth quarter due to the weakening US dollar.

再來看看RMB的整體業績。我們對進入 2026 年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的成長。R&B 第四季的營業利潤率為 34.7%，比上年同期提高了 120 個基點。這主要得益於強勁的內生性收入成長所帶來的營運槓桿效應，以及持續的成本控制。由於美元走軟，外匯匯率對第四季的營業利潤率起到了10個基點的利好作用。

For the full year 2025, we achieved 100 basis points of operating margin improvement in RMB or 120 basis points, excluding the impact of foreign currency. We remain committed to delivering 100 basis points of average annual adjusted operating margin expansion over the next two years. As Carl highlighted earlier, the investments we've made in our technology and our WE DO capabilities continue to create value and provide a strong platform for us to deliver ongoing operating leverage and efficiencies across the business.

2025 年全年，我們實現了人民幣營業利潤率提高 100 個基點，若不計外匯影響，則可提高 120 個基點。我們仍致力於在未來兩年內實現平均每年調整後營業利潤率成長100個基點。正如卡爾之前所強調的那樣，我們對技術和「我們做事」能力的投資不斷創造價值，並為我們提供了一個強大的平台，使我們能夠在整個業務中持續提高營運效率和效益。

Lastly, let me provide some additional color on our enterprise level results. Adjusted operating margin for the fourth quarter was 36.9%, an 80-basis point improvement over the prior year, reflecting strong margin expansion in the segment. This result includes a 50-basis point tailwind from the TRANZACT divestiture.

最後，讓我再補充一些關於我們企業層面績效的細節。第四季調整後營業利潤率為 36.9%，比上年同期提高了 80 個基點，反映出該業務板塊利潤率的強勁增長。這項結果包含了 TRANZACT 資產剝離帶來的 50 個基點的利好。

As we enter the first quarter of the full year, all our businesses will continue operating with discipline and rigor, giving us confidence in our ability to continue to expand margins. Foreign exchange was a tailwind to adjusted EPS of $0.18 for the quarter. Based on our current outlook and at current spot rates, we expect foreign exchange to be a tailwind of approximately $0.30 to adjusted EPS for 2026. The impact is primarily expected to occur in the first quarter due to the seasonality of our euro-denominated revenue.

隨著我們進入全年第一季度，我們所有業務將繼續以嚴謹自律的態度運營，這使我們有信心繼續擴大利潤率。外匯匯率對本季調整後每股收益0.18美元起到了積極作用。根據我們目前的展望和目前的即期匯率，我們預計外匯波動將為 2026 年調整後的每股盈餘帶來約 0.30 美元的利多。由於歐元計價收入的季節性因素，預計影響主要發生在第一季。

Our US GAAP tax rate for the quarter was 20.8% versus 26% in the prior year. Our adjusted tax rate for the quarter was 20.8% compared to 21.1% for the fourth quarter of 2024. For 2026, we expect the full year adjusted tax rate to be relatively consistent with 2025.

本季我們的美國通用會計準則稅率為 20.8%，而去年同期為 26%。本季調整後的稅率為 20.8%，而 2024 年第四季的稅率為 21.1%。我們預計 2026 年全年調整後的稅率將與 2025 年基本保持一致。

We generated free cash flow of $1.5 billion for the 12 months ending December 31, 2025, an increase of $279 million from the prior year, bringing our free cash flow margin to 15.9% compared to 12.8% in the prior year. This was driven primarily by reduced transformation program cash costs and operating margin expansion. We expect to continue expanding our free cash flow margin in 2026 from operating margin expansion and the absence of transformation program cash costs with partial offsets from transaction and integration expense related to our recently announced acquisitions.

截至 2025 年 12 月 31 日的 12 個月內，我們產生了 15 億美元的自由現金流，比前一年增加了 2.79 億美元，使我們的自由現金流利潤率從上一年的 12.8% 提高到 15.9%。這主要得益於轉型計畫現金成本的降低和營業利益率的提高。我們預計，2026 年，由於營業利潤率的提高以及轉型計劃現金成本的取消，我們的自由現金流利潤率將繼續擴大，但部分將被近期宣布的收購相關的交易和整合費用所抵消。

During the quarter, we returned $439 million to our shareholders via share repurchases of $350 million and dividends of $89 million. For the full year, we returned $2 billion in capital to shareholders. 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，我們透過股票回購（3.5億美元）和股利（8,900萬美元）向股東返還了4.39億美元。全年共向股東返還了 20 億美元的資本。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。

Looking ahead, we expect to allocate at least $1 billion to share repurchases in 2026, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities. 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.

展望未來，我們預計在 2026 年至少撥出 10 億美元用於股票回購，具體金額取決於市場狀況以及有機和非有機投資機會的潛在資本配置。我們相信，我們均衡且嚴謹的資本配置方式將為股東創造長期價值。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。

As part of our investment program, we will continue to make investments in our reinsurance JV as it scales its newly launched commercial operations. We expect this to be a headwind of about $0.30 to adjusted EPS this year.

作為我們投資計劃的一部分，我們將繼續投資我們的再保險合資企業，以擴大其新推出的商業營運規模。我們預計這將使今年的調整後每股收益減少約 0.30 美元。

In closing, we are pleased by our strong performance in 2025. We are increasingly seeing the execution of our strategy yielding tangible results and generating strong momentum as we enter 2026.

最後，我們對2025年的強勁表現感到滿意。隨著我們進入 2026 年，我們越來越看到我們的策略執行正在產生實際成果並產生強勁勢頭。

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

接下來，我們進入問答環節。

(Operator Instructions) Elyse Greenspan, Wells Fargo.

（操作員說明）伊莉絲‧格林斯潘，富國銀行。

Thanks. Good morning. I was hoping to spend more time on the drivers of organic growth within R&D in the quarter and just to get more sense of the revenue growth by line and geography. And in particular, I'm looking for a broad-based answer, but also just in particular, some color on North America, right, which I believe went from something around 1% in the Q3, right, to high single digits in the fourth quarter.

謝謝。早安.我原本希望在本季花更多時間研究研發領域有機成長的驅動因素，並更了解各產品線和地區的收入成長。我尤其希望得到一個全面的答案，但同時也特別想了解一下北美的情況，對吧？我相信北美的成長率從第三季的 1% 左右成長到了第四季的個位數高點。

Yes, sure. Good morning, Elyse. It's Carl, and thanks for the question. Let me begin with that broad-based answer and then let Lucy zoom in. R&D delivered strong 7% organic growth in the quarter. That's on top of a 7% in the prior year, and that reflects continued momentum we see in the business.

當然可以。早安，伊莉絲。我是卡爾，謝謝你的提問。讓我先給這個概括性的答案，然後再讓露西來詳細分析。本季研發投入實現了強勁的7%內生成長。這是在前一年 7% 的成長基礎上實現的，這反映了我們看到的業務持續成長勢頭。

CRB delivered 8% organic revenue growth and 8% when excluding both book of business activity and interest income this quarter. Our specialization strategy, our investments in talent, data and technology continue to drive sustainable growth.

CRB本季實現了8%的有機收入成長，若不計入業務活動和利息收入，則有機收入成長也為8%。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。

Yes, sure. Thanks, Carl. Thanks, Elyse. Yes, we were really happy with another good quarter overall. In CRB, we generated significant new business in every global market, notable contributions from Construction and surety, credit, marine and natural resources. In CRB North America, specifically, like you mentioned, we were really happy with the high single-digit organic growth. And I would call out growth in several specialty lines there, including M&A.

當然可以。謝謝你，卡爾。謝謝你，伊莉絲。是的，我們對又一個表現良好的季度感到非常滿意。在 CRB，我們在全球各個市場都創造了顯著的新業務，其中建築和擔保、信貸、海事和自然資源領域的貢獻尤為突出。具體來說，正如您所提到的，CRB 北美地區的有機成長率非常高，我們對此感到非常滿意。我還要特別指出，該公司在幾個專業領域實現了成長，包括併購。

And just if we look at the full year, I do want to say how proud we all are of the 2025 performance with 6% organic growth or 7% excluding book of business and interest income, which reflects the ongoing success of our specialization strategy and in particular, the commitment of our people. Particularly CRB, good year with full growth of 7% or 8%, excluding both book of business activity and interest income. And for the full year, I would call out significant contributions from D&S. So that's our Specialty Property and Casualty and fact team, construction and surety, credit and natural resources.

如果我們縱觀全年，我想說，我們所有人都為 2025 年的業績感到自豪，實現了 6% 的有機增長，如果排除業務和利息收入，則增長了 7%，這反映了我們專業化戰略的持續成功，尤其反映了我們員工的奉獻精神。特別是 CRB，今年表現良好，全面成長 7% 或 8%，不包括帳面業務活動和利息收入。就全年而言，我要特別表揚D&S的重大貢獻。以上就是我們的專業財產和意外保險及事實團隊、建築和擔保、信貸和自然資源團隊。

We're really happy with the performance in the quarter, the performance in the full year and the momentum we have coming into this year. Our specialization strategy continues to resonate, positioning us to help clients manage persistent trade and geopolitical volatility, while disciplined investments in revenue-producing talent continues to support sustainable organic growth. We are well positioned for the current environment and are confident we can continue to deliver mid- to high single-digit organic growth in R&D during 2026.

我們對本季的業績、全年的業績以及今年的發展動能都非常滿意。我們的專業化策略持續奏效，使我們能夠幫助客戶應對持續的貿易和地緣政治波動，同時對創收人才的嚴格投資也繼續支持可持續的內生成長。我們已做好充分準備應對當前環境，並有信心在 2026 年繼續實現研發領域中高個位數的有機成長。

Thanks. And I guess I'm going to keep my follow-up, sticking with the topic of organic and maybe, Lucy, where you ended, right, the mid- to high single-digit guide for R&D in '26. Last quarter, you guys sounded a little bit more cautious saying if the competitive pricing environment persisted, it might make the high single digit harder. But then it sounds like your pricing commentary this quarter is the same as last quarter, but some new growth opportunities, be it on the specialty side with M&A, et cetera, is offsetting that, which enables you to keep the guidance for '26 of mid- to high single digits. But can you just expand on that a little bit more? Thank you.

謝謝。我想我會繼續跟進，繼續討論有機農業的話題，也許，露西，你剛才說到的，對吧，2026 年研發投入的指導方針是中高個位數。上個季度，你們的語氣似乎比較謹慎，認為如果競爭激烈的價格環境持續下去，實現個位數高位成長可能會更加困難。但聽起來你本季的定價評論與上個季度相同，但一些新的成長機會，無論是專業領域的併購等，都抵消了這一點，這使你能夠將 2026 年的業績指引維持在個位數中高段位。能否再詳細闡述？謝謝。

Yeah, sure. Of course, we do expect pricing to continue to improve for our clients. that could be a factor in our ability to reach high single digits. But like you mentioned, our growth is driven by high retention rates, new business, the impact of all of those hiring investments and the success of the specialty strategy.

當然可以。當然，我們預期客戶的定價將繼續改善。這可能是我們能夠實現接近兩位數成長的因素。但正如您所提到的，我們的成長是由高留存率、新業務、所有招聘投資的影響以及專業化策略的成功所驅動的。

Carl talked a little bit about the opportunity in digital infrastructure, including the build-out of data centers, which is a big opportunity for us. But I think really that concentration on specialty allows us to focus on a number of opportunities. And I would call out electrification, which is one of our big strategies. And we've highlighted that where there's a real need for global specialty capabilities is where we can really perform.

卡爾簡要地談到了數位基礎設施領域的機遇，包括資料中心的建設，這對我們來說是一個巨大的機會。但我認為，專注於專業領域確實能讓我們專注於許多機會。我還要特別提一下電氣化，這是我們的重要策略。我們已經強調，在真正需要全球專業能力的地方，正是我們能夠真正發揮作用的地方。

And we have been investing meaningfully in our capabilities across the power sector. This is a significant area of growth for us, and we've already demonstrated our commitment by combining some of our specialist capabilities and announcing a single unified proposition covering both construction and operational needs as our clients increasingly require coordinated support across development, construction, financing, operations and resilience.

我們一直在電力產業的各個方面進行大量投資，以提升自身能力。這對我們來說是一個重要的成長領域，我們已經透過整合一些專業能力並宣布一項涵蓋建設和營運需求的統一方案來證明我們的承諾，因為我們的客戶越來越需要在開發、建設、融資、營運和韌性方面獲得協調的支持。

This is already having an impact. We recently completed one of the largest insurance placements to date for a significant electrification initiative that was testament to the collaboration of our teams across Australia, Spain and London. The team was able to secure comprehensive coverage under exceptionally demanding market conditions, reinforcing our reputation for outstanding client service in large-scale infrastructure projects and just one example of the opportunity we see ahead. So yeah, absolutely, we expect pricing to continue to improve for clients, but we think the opportunity outweighs that.

這已經產生了影響。我們最近完成了迄今為止最大的保險安排之一，用於一項重要的電氣化計劃，證明了我們在澳洲、西班牙和倫敦團隊的合作。在異常嚴峻的市場環境下，團隊成功獲得了全面的保障，鞏固了我們在大型基礎設施項目中提供卓越客戶服務的聲譽，而這僅僅是我們看到的未來​​機會的一個例子。所以，沒錯，我們當然希望顧客的價格能夠持續改善，但我們認為機會大於價格。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Thanks. Good morning. I wanted to stick with the RMB organic growth outlook. And maybe actually just zooming in a little bit on this quarter. Just seeing if you guys could size the benefit of some of those tailwinds that you called out, including the digital infrastructure and M&A activity? And then maybe if you guys have a rough sense for your market share within the digital infrastructure market.

謝謝。早安.我原本想繼續看好人民幣的有機成長前景。或許我們應該稍微聚焦一下本季的情況。我想問各位能否評估你們提到的那些利多因素帶來的益處，包括數位基礎設施和併購活動？然後，你們或許可以大致了解自己在數位基礎設施市場的市場佔有率。

I mean -- Andrew, thanks for the question. Again, we're seeing the business firing on a lot of cylinders, including some of those you enable. But as we pointed out during our response to Elyse, right, we're seeing good growth across the portfolio, including North America. And so this isn't just a data center story.

我的意思是——安德魯，謝謝你的提問。再次，我們看到業務各個環節都在高效運轉，包括你們支持的一些環節。但正如我們在回覆 Elyse 時所指出的那樣，我們看到整個投資組合都實現了良好的成長，包括北美地區。所以這不僅僅是一個數據中心的故事。

While we're very happy with our profile in that sector and some other places that Lucy has been talking about, we think that the hiring strategy and the specialization strategy in general is what's been paying off for us. So I think we look forward to seeing that momentum continuing into 2026.

雖然我們對在該領域以及露西提到的其他一些領域的形象非常滿意，但我們認為，總體而言，招募策略和專業化策略才是我們成功的關鍵。所以我認為我們期待這種勢頭能夠延續到2026年。

Got it. Thanks. And then maybe just a question for Andrew. On the 80 basis points of margin improvement in 2025, excluding TRANZACT. Just wondering if you could walk us through some of the puts and takes that you think about heading into 2026, I guess, not only for margin, but also as we think about for adjusted EPS because I think there are a few puts and takes there, too.

知道了。謝謝。然後，或許我想問安德魯一個問題。2025 年利潤率提高 80 個基點，不包括 TRANZACT。我想請您為我們介紹一下您在展望 2026 年時考慮的一些買賣策略，不僅是為了保證金，也是為了調整後的每股收益，因為我認為這方面也有一些買賣策略需要考慮。

Why don't I just start with the margin at a high level. That was primarily driven by strong margin expansion within the segment, coupled with prudent expense management across the enterprise, really enabling us to drive greater operating leverage.

我為什麼不直接從較高的利潤率開始呢？這主要得益於該業務板塊的強勁利潤成長，以及整個企業審慎的費用管理，從而真正使我們能夠實現更大的營運槓桿。

I think as Carl mentioned in his prepared remarks, we do continue to be a significant contributor to that margin expansion as we leverage generative analytical technologies to drive efficiencies and things of that nature. As we look ahead as it relates to margin, we've talked about the 100 basis points within Broking, the incremental margin for HWC translating into margin expansion at the enterprise level.

我認為正如卡爾在準備好的演講稿中提到的那樣，我們利用生成式分析技術來提高效率等等，因此我們仍然是利潤率擴張的重要貢獻者。展望未來與利潤率相關的問題，我們已經討論過經紀業務中 100 個基點的利潤率成長，以及 HWC 的增量利潤率轉化為企業層面的利潤率擴張。

In terms of the sort of puts and takes related to EPS, first, we expect to deliver mid-single-digit organic growth at the enterprise level. That's mid-single-digit organic growth in HWC, mid- to high within R&D, plus we'll have the revenue from Newfront. In terms of the operating margin, it is consistent with what I just said between the segment's contributions.

就與每股盈餘相關的各種利弊而言，首先，我們預期企業層級將實現中等個位數的內生成長。HWC 的有機成長率為個位數中段，研發方面的有機成長率為中高段段，此外，我們還將獲得 Newfront 的收入。就營業利益率而言，這與我剛才所說的各業務板塊的貢獻是一致的。

And then interest expense, that's going to increase compared to 2025 due to the recent financing activities, which primarily relate to the Newfront acquisition. With that additional debt, we expect annual interest expense to be roughly $320 million in 2026.

此外，由於最近的融資活動（主要與收購 Newfront 有關），利息支出將比 2025 年增加。加上這筆額外的債務，我們預計到 2026 年，年度利息支出將約為 3.2 億美元。

The tax rate for 2026 should be relatively consistent with 2025. That's about 21.1%. The Willis Re joint venture is projected to be a headwind of about $0.30 as results appear in the interest and earnings of associate's line. We expect no significant impact from the other activity reported in this line.

2026年的稅率應該與2025年基本保持一致。那大約是 21.1%。預計 Willis Re 合資企業將對聯營公司的利息和收益造成約 0.30 美元的負面影響。我們預計該行報告的其他活動不會產生重大影響。

Share repurchases of $1 billion or greater will factor into that. And of course, we'll have some foreign exchange tailwinds there, approximately $0.30 on adjusted EPS in 2026, most of that coming in Q1. So when we look through all of that and put all that together, we expect some healthy year-over-year EPS in 2026.

10億美元或以上的股票回購將計入其中。當然，我們也會有一些外匯的利多因素，預計到 2026 年調整後的每股盈餘將增加約 0.30 美元，其中大部分將在第一季實現。因此，當我們把所有這些因素綜合起來考慮時，我們預計 2026 年每股收益將實現健康的同比增長。

Robert Cox, Goldman Sachs.

羅伯特‧考克斯，高盛集團。

Thanks. You guys mentioned talent or hiring has been a contributor to the success this year. I'm curious, if we look at 2026, how do you expect talent benefits to materialize in organic growth versus 2025? And then also, how do you expect the level of talent investment in 2026 to trend compared to 2025?

謝謝。你們提到人才招募是今年成功的因素。我很好奇，如果我們展望 2026 年，您認為人才優勢在自然成長中與 2025 年相比會有怎樣的體現？此外，您預期 2026 年的人才投資水準與 2025 年相比會有怎樣的變化趨勢？

Thanks for the question, Rob. We remain focused on executing our strategy, and that means ensuring we have the right talent across our businesses, and it's key in supporting that. So, so far, we've been really pleased by the attractive returns on our prior talent investments. So we're going to continue to look for opportunities to invest strategically in talent. Alongside our investments in innovation, talent has remained a key driver of our ability to drive sustainable and profitable growth and create value for the business.

謝謝你的提問，羅布。我們將繼續專注於執行我們的策略，這意味著確保我們在各個業務部門擁有合適的人才，而這對於支持這項策略至關重要。所以，到目前為止，我們對先前人才投資所獲得的豐厚回報感到非常滿意。因此，我們將繼續尋找機會，對人才進行策略性投資。除了對創新的投入，人才一直是推動我們實現永續獲利成長和為企業創造價值的關鍵驅動力。

Lucy, do you care to add any color on what you might see from our talent investments in the segment?

露西，你能否就我們在該領域的人才投資有何看法？

Yeah, sure. Thanks, Carl. Yeah, Rob, I mean, as you know, our business is really all about the people. And this focus for us has been a real key driver of our organic growth and particularly new business over the last few years. Those strategic hires that we've made continue to perform at or above expectations. And of course, they're now important embedded members of our existing team.

當然可以。謝謝你，卡爾。是的，羅布，我的意思是，正如你所知，我們這個行業的一切都與人有關。而這種專註一直是我們在過去幾年中實現有機成長，特別是新業務成長的關鍵驅動力。我們所做的那些策略性招聘，其表現持續達到或超過預期。當然，他們現在也是我們現有團隊的重要成員。

We're planning to continue to complement our existing talent by making strategic hires in the areas where we think they'll be most impactful within both geography and specialty, proven to be a successful strategy for us, and so we're going to continue to execute on that.

我們計劃繼續透過在我們認為最能發揮地域和專業影響力的領域進行策略性招募來補充我們現有的人才隊伍，這已被證明是我們成功的策略，因此我們將繼續執行這項策略。

Thank you. And just a follow-up on the reinsurance business. I just wanted to ask if there's any insights learned from the progress on the reinsurance JV at 1/1. And just as a follow-up to that, I'm just curious if a fully operational reinsurance business would make you incrementally competitive in winning some of this digital infrastructure business or at least allow Willis to capture more of the economics over time?

謝謝。最後再補充一點再保險業務的情況。我只是想問一下，從 1 月 1 日的再保險合資企業進度來看，有沒有什麼值得借鏡的經驗。另外，我很好奇，全面運營的再保險業務是否會讓你們在贏得一些數位基礎設施業務方面更具競爭力，或者至少讓威利斯隨著時間的推移獲得更多的財務利益？

Yeah, sure. It's Andrew. Why don't I start with the first part? So we're very happy with the trajectory of the build-out of Willis Re. It is going according to plan. And the business was able to participate in the 1/1 renewal cycle, and we're very happy with how that went from a business and operational perspective.

當然可以。是安德魯。我為什麼不從第一部分開始呢？因此，我們對 Willis Re 的發展軌跡非常滿意。一切都在按計劃進行。公司能夠參與 1/1 續約週期，從業務和營運角度來看，我們對續約的進展非常滿意。

I'll hand it over to Lucy to maybe address the second part of your question.

我會把這個問題交給露西，讓她來回答你問題的第二部分。

Yeah, sure. I'm just going to touch on the digital infrastructure part of the question. And in terms of will the reinsurance business be supportive? Sure. But I mean, we already have a ton of work in that segment and really using the work that we've done with some of our largest global owners and developers plus many of the top data center construction companies the guys have just announced that they've developed an integrated global risk framework to respond to this sector's risk profile, one that is increasingly systemic, interconnected and difficult to address through traditional insurance solutions by themselves.

當然可以。我只想簡單談談問題中的數位基礎設施部分。那麼，再保險業務是否會提供支援呢？當然。但我的意思是，我們在這個領域已經有很多工作要做，而且我們與一些最大的全球業主和開發商以及許多頂級資料中心建設公司合作的經驗也得到了充分的利用。他們剛剛宣布，他們已經開發了一個綜合的全球風險框架來應對該行業的風險狀況，這種風險狀況日益系統化、相互關聯，並且僅靠傳統的保險解決方案難以應對。

Their framework is designed to address the full spectrum of risk facing data center owners, operators and investors across the entire life cycle of the project from development and construction through steady-state operations. The framework really gives a holistic view of both current and emerging risks, including those that are systemic, difficult to model or still evolving. So we continue to see high demand for our offering from new business, of course, but also from the strong pipelines that are developed by our existing clients.

他們的框架旨在解決資料中心所有者、營運商和投資者在專案整個生命週期（從開發和建造到穩定營運）中面臨的各種風險。該框架真正全面地展現了當前和新興風險，包括系統性風險、難以建模的風險以及仍在演變的風險。因此，我們繼續看到來自新業務的高需求，當然也來自我們現有客戶建立的強大業務管道。

Mark Hughes, Truist Securities.

馬克·休斯，Truist Securities。

Thank you very much. Good morning. In BDO, you talked about changes in Medicare influencing the organic growth outlook, low single digits because of the changes. Is that just a 1-year phenomenon? Do you think that will extend into 2027? Could you maybe just give a little more detail on that?

非常感謝。早安.在 BDO，您談到了醫療保險的變化影響了有機成長前景，由於這些變化，有機成長前景為個位數。這只是一年的現象嗎？你認為這種情況會持續到2027年嗎？能否再詳細解釋一下？

Yeah, sure. It's Julie, Mark. I'll take that up. As we said, BD&O grew 5% in the fourth quarter, and that was primarily due to increased commission revenue in our individual marketplace business, the Medicare business, but also new clients and expanded work in benefits outsourcing. We also had a modest uplift from our ICRA solution, which is an individual marketplace solution for active employees.

當然可以。是朱莉，馬克。我會接受這個請求。正如我們所說，第四季度 BD&O 成長了 5%，這主要是由於個人市場業務和醫療保險業務的佣金收入增加，以及新客戶的加入和福利外包業務的拓展。我們的 ICRA 解決方案也帶來了一定的成長，這是一個針對在職員工的個人市場解決方案。

Growth was somewhat lower than expected due to changes in Medicare, but also due to lower headcount for some clients. For the full year, it was -- growth was 3%. That just missed our mid-single-digit long-term organic growth range. For 2026, we expect these headwinds to be modest, but we expect it to carry over just for the short term.

由於醫療保險政策的變化，以及部分客戶員工人數減少，成長速度略低於預期。全年成長率為 3%。這剛好低於我們預期的中等個位數長期有機成長目標。對於 2026 年，我們預計這些不利因素將比較溫和，但預計只會持續一段時間。

Counterbalancing that, we see strong and growing demand for our retiree marketplace. We see an opportunity to gain share in what is currently a dynamic outsourcing market, and that's because of our strong financial position and our leading AI technology.

同時，我們看到市場對退休人員的需求強勁且不斷成長。我們看到了在當前充滿活力的外包市場中獲得份額的機會，這是因為我們擁有雄厚的財務實力和領先的人工智慧技術。

So overall, as we said, we're expecting BD&O to grow low single digit in 2026. Beyond '26, we expect the challenges to dissipate and the momentum from the new Medicare marketplace and IPRA clients to pick up and support mid-single-digit growth.

所以總的來說，正如我們所說，我們預計 2026 年 BD&O 將實現個位數低成長。2026 年後，我們預計挑戰將會消散，新的醫療保險市場和 IPRA 客戶的勢頭將會增強，並支持中等個位數的成長。

Thank you for that, Julie. And then the Newfront acquisition, you talked about their AI capabilities. Anything you can call out in terms of how they're doing things differently on the expense side and how you might be able to leverage that across your broader platform?

謝謝你，朱莉。然後是收購 Newfront，你談到了他們的 AI 能力。就費用方面而言，他們有哪些不同的做法？您能否指出這些做法如何能應用在您更廣泛的平台上？

Yeah, sure. I think at a very high level, there's two ways we think about that. One, the technology can enhance the productivity of people in the front office, so they're able to focus on the right activities. And the second piece is the ability because of the technology to get more flow-through on operating leverage because you may require less people for volumes of business, et cetera. So that helps with process and operating efficiencies.

當然可以。我認為從宏觀層面來說，我們可以從兩個方面來思考這個問題。第一，這項技術可以提高前台人員的工作效率，使他們能夠專注於正確的活動。第二點是，由於技術進步，營運槓桿效應得以增強，因為處理大量業務可能需要更少的人力等等。這樣有助於提高流程和營運效率。

Andrew Anderson, Jefferies.

Andrew Anderson，傑富瑞集團。

Good morning. Within Health, you did 6% organic for the full year, and you're talking about high single digit next year. Can we kind of break apart how much you're expecting to come from health care inflation versus new business wins or improving retention?

早安.在健康領域，你們全年的有機銷售額佔比為 6%，而明年你們的目標是接近兩位數。我們能否分別分析一下，您預期醫療通膨帶來的收益有多少，新業務拓展帶來的收益有多少，以及提高客戶留存率帶來的收益有多少？

Yeah, thanks. Correct. Our health business continued to achieve solid growth. When you exclude book settlement activity, interest income, 6% for the quarter, 7% for the year, and that's on top of some strong comps, especially for Q4.

嗯，謝謝。正確的。我們的健康業務持續保持穩健成長。如果排除帳面結算活動、利息收入，本季成長 6%，全年成長 7%，而且這還是在一些強勁的同店銷售額的基礎上實現的，尤其是第四季度。

Overall, our strategy is yielding meaningful results. We see strong new business and client renewals, and we expect to see strong demand across the global business driven by an existing strong pipeline and support of external trends, which Julie is going to elaborate a bit. We delivered high single-digit underlying growth in '25. We expect to do the same for 2026.

整體而言，我們的策略正在取得顯著成效。我們看到新業務和客戶續約情況強勁，預計在全球業務方面，在現有強勁的業務管道和外部趨勢的支持下，需求將保持強勁，朱莉將對此進行更詳細的闡述。2025年，我們實現了接近兩位數的基本面成長。我們預計2026年也將如此。

Yes. Just to pick up on your point about new business and strong client retention, we grew our market share for global benefits management. We had a very high win rate in the middle market with some recently enhanced solutions for that market segment. We expanded work for existing clients with new specialty solutions and additional forecasting and analytical work.

是的。關於您提到的新業務和強大的客戶留存率，我們在全球福利管理領域的市場份額有所增長。我們在中端市場取得了非常高的成交率，這得益於我們最近針對該細分市場推出的一些增強解決方案。我們透過新的專業解決方案以及額外的預測和分析工作，擴大了對現有客戶的服務範圍。

And then to build on some of the comments about the external environment, we've got high health care inflation basically everywhere around the world, and that's projected to continue. We're projecting a global average of over 10% for 2026.

此外，關於外部環境的一些評論也值得關注，目前世界各地醫療保健通膨率居高不下，而且預計這種情況還會持續下去。我們預計到 2026 年全球平均成長率將超過 10%。

And as I mentioned on our call last quarter, we don't expect that to drop quickly because of the high cost of new technology, new prescription drugs, gene therapies, plus the fact that people are using health care systems a lot more. So that means planning for managing those cost increases is a top priority for employers virtually everywhere. And we are very well positioned to help with that given our core consulting and brokerage offerings.

正如我在上個季度的電話會議上提到的那樣，我們預計這種情況不會很快下降，因為新技術、新處方藥、基因療法的成本很高，再加上人們更多地使用醫療保健系統。因此，對於幾乎所有地方的雇主來說，制定計劃來應對這些成本增長都是首要任務。鑑於我們核心的諮詢和經紀服務，我們完全有能力在這方面提供幫助。

We've also introduced new solutions like an Rx direct access offering that helps employers reduce prescription drug costs without shifting cost to their employees. So for 2026, we're expecting more of what we saw in '25, commission increases, more revenue with existing clients, new client appointments and that makes us confident in delivering high single-digit growth for '26.

我們也推出了新的解決方案，例如 Rx 直接取得服務，幫助雇主降低處方藥成本，而無需將成本轉嫁給員工。因此，對於 2026 年，我們預計將延續 2025 年的良好勢頭，佣金增加，現有客戶的收入增加，新客戶預約增加，這讓我們有信心在 2026 年實現接近兩位數的增長。

Thanks. And then just on career, it's bounced around a little bit, and it has been a little bit lighter. But how are you thinking about the macro and the demand for project work in the first half of '26 against some easier first half '25 comps for career?

謝謝。至於職業生涯方面，也經歷了一些波折，最近稍微輕鬆了一些。但是，您如何看待 2026 年上半年宏觀經濟狀況以及專案工作的需求，並與 2025 年上半年相對輕鬆的職業發展情況進行比較？

Thanks. I mean, Career's 10% growth this quarter was principally driven by robust demand for broad-based projects. That demand has been building throughout the year as well as compensation benchmarking survey work. Growth also reflected the favorable impact of a change in survey delivery patterns as we called out on the third quarter call as well as the book of business sale.

謝謝。我的意思是，Career 本季 10% 的成長主要得益於市場對廣泛專案的強勁需求。這項需求在過去一年中不斷增長，同時薪酬基準調查工作也在進行中。成長也反映了調查交付模式變化的有利影響，正如我們在第三季電話會議上提到的那樣，以及業務出售的正面影響。

Excluding that book of business sale, Career's growth was still a strong 8% in the quarter. In 2026, we expect our continuous focus on our product and technology offerings, recurring services and in-demand advisory services like an M&A to drive mid-single-digit growth for Career.

不計入這筆業務出售，Career 在本季仍實現了 8% 的強勁成長。2026 年，我們預計，我們持續專注於產品和技術、經常性服務以及併購等熱門諮詢服務，將推動 Career 實現中等個位數的成長。

Julie, can you dive into what you're seeing a bit more there?

朱莉，你能更詳細地談談你在那裡看到的情況嗎？

Yeah, sure. I first want to start out by pointing out that our career businesses grew every quarter of 2025. And that mid-single-digit growth that we achieved for the year is consistent with what we have done for the last five years, and that's been across a range of macroeconomic environment. And these results are due to the focus that we have in this business. It's a focus on digital solutions, recurring revenue and project work that's strategically important to organizations.

當然可以。首先我想指出的是，我們的職業業務在 2025 年的每個季度都實現了成長。我們今年實現的個位數中段成長與我們過去五年所取得的成績一致，而且這項成績是在各種宏觀經濟環境下取得的。這些成果歸功於我們在這個行業中的專注。它專注於數位化解決方案、經常性收入和對組織具有戰略意義的專案工作。

Our core work was solid. We had a net increase in compensation committee appointments, EMBARK portal implementation and comp survey participation. We did a lot of work to help with EU pay transparency requirements and M&A activity. And these are the primary factors that drove our strong growth, though we did have that benefit that Carl mentioned from the change in survey delivery timing and the book of business sales.

我們的核心工作很紮實。我們在薪酬委員會任命、EMBARK入口網站實施和薪酬調查參與方面均實現了淨增長。我們做了很多工作來幫助滿足歐盟薪資透明度要求和併購活動。這些是推動我們強勁成長的主要因素，儘管我們也受益於卡爾提到的調查交付時間的變化和業務銷售的成長。

Looking forward, we are focused on all of these and other areas where we see emerging demand, like there's a lot of interest right now in work redesign to related to AI implementation. With all of these, we've got strong pipelines across our geographies and expect that mid-single-digit growth again in '26.

展望未來，我們將專注於所有這些領域以及其他我們看到新興需求的領域，例如目前人們對與人工智慧實施相關的工作重新設計非常感興趣。憑藉所有這些優勢，我們在各個地區都擁有強大的產品線，預計 2026 年將再次實現個位數中段的成長。

Brian Meredith, UBS.

Brian Meredith，瑞銀集團。

Thank you. First question, I guess, for Julie. Can you maybe talk a little bit about what the impact of any PRT work was in the fourth quarter? And what your outlook is for 2026, particularly in light of some of these lawsuits have been going on, on fiduciaries?

謝謝。我想，第一個問題應該要問朱莉。您能否談談第四季度 PRT 工作的影響？鑑於目前針對受託人的一些訴訟，您對 2026 年有何展望？

Yeah, sure. Look, our wealth businesses did well in the fourth quarter. Overall, we -- from a pension risk transfer perspective, we saw an increase in activity. And in the US, based on published information, we placed about 35% of the transactions. We're also seeing an increase in derisking readiness work like data cleanup, also workforce management projects and work to support adoption of new legislation, and we expect these trends to continue for wealth overall.

當然可以。你看，我們的財富管理業務在第四季表現良好。總體而言，從退休金風險轉移的角度來看，我們看到了活動的增加。在美國，根據已公佈的信息，我們完成了大約 35% 的交易。我們也看到，降低風險的準備工作（如資料清理）、勞動力管理專案以及支持新立法實施的工作都在增加，我們預計這些趨勢將持續到財富管理領域。

And I just might take the opportunity to mention that in the defined contribution area, which is also under the wealth area, we are now live with LifeSight solutions in 12 countries. We're continuing to add clients there and assets under management.

我還要藉此機會提一下，在固定繳款退休金領域（該領域也屬於財富管理領域），我們現在已經在 12 個國家推出了 LifeSight 解決方案。我們正在持續增加那裡的客戶數量和管理資產。

Over 2025, our assets under management across our Master Trust arrangements increased from $36 billion at the beginning of the year to over $46 billion at the end of the year. And we've got another $3 billion lined up to be added in the coming quarters with clients that we've already contracted. And Carl mentioned in his opening remarks, we've announced the acquisition of Cushon, and that sets us up to grow even more in the GP market because it's perfect for the fast-growing mid-market where we don't yet have a big presence.

到 2025 年，我們透過主信託安排管理的資產規模從年初的 360 億美元增加到年底的 460 億美元以上。我們也計劃在未來幾季向已簽約的客戶追加 30 億美元的投資。卡爾在開場白中提到，我們已經宣布收購了 Cushon，這將使我們能夠在全科醫生市場取得更大的發展，因為它非常適合我們尚未佔據重要地位的快速成長的中端市場。

Great. Thanks. And a follow-up question. I'm just curious, there's been a lot of talk about the impact of AI on kind of routine type consulting services. I know you've talked about the benefits you're seeing just as far as productivity and stuff. But I'm curious, do you anticipate any headwinds in any of your businesses as a result of AI?

偉大的。謝謝。還有一個後續問題。我只是好奇，最近有很多關於人工智慧對常規諮詢服務的影響的討論。我知道你已經談到了你在生產力等方面所看到的好處。但我很好奇，您是否預期人工智慧會對您的任何業務造成不利影響？

No, I think we see AI as an opportunity for the organization. Some of the well-publicized headlines around consulting, I think, have been on the more management consulting type activities. And if you look across what we do, a lot of it is driven by regulatory requirements and results of recurring services that are extremely robust and there's demand for them. And we've taken steps over prior years to make sure we focus activity in our businesses around the places we see the most long-term demand growing. So I feel like this is an opportunity for (inaudible)

不，我認為我們把人工智慧視為組織的機會。我認為，一些廣為人知的顧問業新聞標題，都集中在管理顧問類型的活動。如果你縱觀我們所做的一切，你會發現很多都是由監管要求和經常性服務的成果所驅動的，這些服務非常可靠，而且有市場需求。與往年相比，我們採取了一系列措施，確保將業務活動集中在那些我們認為長期需求成長最快的地區。所以我覺得這是一個機會…（聽不清楚）

Yaron Kinar, Mizuho.

Yaron Kinar，瑞穗銀行。

Thank you. Good morning. First question, just looking at the capital deployment guide for '26 with $1 billion plus in repurchases expected. I think that would suggest that the lion's share of generated free cash flow in '26 will be deployed towards buybacks. And I'm just curious as to your thoughts on M&A and why that would not be a greater priority.

謝謝。早安.第一個問題，我查看了 2026 年的資本部署指南，預計回購金額將超過 10 億美元。我認為這表明，2026 年產生的大部分自由現金流將用於股票回購。我很好奇您對併購的看法，以及為什麼併購不應該是更重要的優先事項。

Yeah, hi, Andrew, I'll start and then maybe if Carl wants to add anything. So we've been, I think, very clear that the capital allocation approach that we're looking to take is balanced. So we are targeting $1 billion of share repurchases throughout the year. That could change, as we've noted, depending on inorganic opportunities that we might decide to pursue. In addition to that, we also have additional financial flexibility, right, on top of just free cash flow that we can deploy into inorganic opportunities from where we sit from a leverage perspective.

嗨，安德魯，我先開始，然後卡爾可能會補充一些內容。所以，我認為我們已經非常明確地表明，我們正在採取的資本配置方法是平衡的。因此，我們的目標是在年內回購10億美元的股票。正如我們所指出的，這種情況可能會改變，這取決於我們可能決定追求的非有機成長機會。除此之外，我們還擁有額外的財務彈性，對吧？除了自由現金流之外，從我們目前的槓桿水平來看，我們可以將資金投入非有機成長機會。

Let me -- thanks, Andrew. Let me talk a little bit about appetite. The store has not closed. Our M&A strategy has not changed. We're continuing to evaluate opportunities. We are going to remain thoughtful and patient in our approach. And let me drill a little bit down, right?

讓我來——謝謝你，安德魯。讓我簡單談談食慾。這家商店沒有關門。我們的併購策略沒有改變。我們正在持續評估各種機會。我們將繼續採取深思熟慮、耐心細緻的方法。讓我再深入探討一下，好嗎？

We're interested in bolt-on acquisitions that nicely fit our specialty strategy in CRB. In the wealth space, we see the market being fast. It's expanding. So we're particularly interested in wealth management and defined contribution capabilities in growing markets. And we're going to continue to evaluate larger opportunities to enhance our presence in select geographies or market segments. I mean, ultimately, right, we have leading data and technology. Our platform is bolstered by our acquisition of Newfront, and we have a unique culture that those assets should make sense for any business that's looking to join us.

我們對能夠很好地契合我們在 CRB 專業化策略的補充性收購很感興趣。在財富管理領域，我們看到市場變化很快。它正在擴張。因此，我們對新興市場的財富管理和固定繳款能力特別感興趣。我們將繼續評估更大的機遇，以增強我們在特定地區或細分市場的影響力。我的意思是，歸根結底，我們擁有領先的數據和技術。在收購 Newfront 後，我們的平台實力得到增強，我們擁有獨特的企業文化，這些優勢對於任何想要加入我們的企業來說都意義非凡。

So to be a little more specific, we're aiming to increase our business mix in broking and wealth through M&A. We see it as a key opportunity expanding into high-growth, high-margin areas of our core business. Secondarily, we see opportunities to play across the insurance value chain like the reinsurance JV with [Bain] to accelerate growth. And third, a combination with WTW needs to have a compelling financial story enhancing our margins and our free cash flow profile, making Andrew (inaudible).

更具體地說，我們的目標是透過併購來增加我們在經紀和財富管理領域的業務組合。我們認為這是一個關鍵機遇，可以拓展到我們核心業務中高成長、高利潤的領域。其次，我們看到了在整個保險價值鏈中開展業務的機會，例如與貝恩公司成立再保險合資企業，以加速成長。第三，與WTW的合併需要有令人信服的財務前景，能夠提升我們的利潤率和自由現金流狀況，這使得Andrew成為可能。（聽不清楚）

Thank you. That's helpful. And then for my follow-up, I just wanted to dig a little bit deeper into talent, just given the headlines we're seeing for the industry. Can you talk about retention rates that you're seeing for your own workforce on the one hand? And then maybe also touch on new hires, are those picking up or steady state? And maybe you could also quantify the impact to organic growth coming from new hires?

謝謝。那很有幫助。然後，在我的後續問題中，鑑於我們目前看到的行業新聞，我想更深入地探討人才問題。一方面，您能否談談貴公司員工的留任率狀況？然後或許還可以談談新進員工的狀況，他們的業績是在好轉還是穩定？或許你還可以量化新進員工招募對有機成長的影響？

So with regard to retention, it remains towards the low end of the range we're aiming for. So we're very happy with our ability to keep in the organization. We continue to hire strategically with a focus on bringing in accretive talent and specifically with our specialty lines and geographies. And more broadly, we continue to invest in the fastest growing areas of business that have the most growth potential. And so that is helping us realize significant opportunities to accelerate profitable growth and enhance margin.

因此，就用戶留存率而言，它仍然處於我們目標範圍的低端。所以，我們對能夠留在組織內感到非常滿意。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。更廣泛地說，我們將繼續投資於成長最快、最具成長潛力的業務領域。因此，這有助於我們抓住重大機遇，加速獲利成長並提高利潤率。

Katie Sakys, Autonomous Research.

凱蒂·薩克斯，自主研究。

Thanks. A quick one for me. I was wondering if you guys could give us a little bit more color on how much of the new business that your specialty operations saw in the quarter came from recurring revenues versus like onetime revenues?

謝謝。我這題很快就能完成。我想請教各位，能否詳細說明一下，貴公司專業業務部門在本季獲得的新業務中，經常性收入和一次性收入分別佔多少比例？

I think last quarter, you had talked about shifting into more recurring new business contributions in CRB. And I'm curious how that dynamic played out this quarter? And then more broadly, how you guys are expecting that to continue in 2026 and ultimately support the mid- to high single-digit organic growth guide?

我認為上個季度，您曾談到要將 CRB 的經常性新業務貢獻轉向更多。我很想知道這種動態在本季是如何演變的？更廣泛地說，你們預計這種情況將在 2026 年如何持續，並最終支撐中高個位數的有機成長目標？

Andrew, why don't I start and then maybe you can add some more color? With regard to recurring versus nonrecurring, as we said last quarter, the nature of our work is always a combination of recurring and one-off work. One-off project work is not a key driver of organic growth in the fourth quarter.

安德魯，不如我先開始，然後你再添加一些顏色吧？關於經常性工作與非經常性工作，正如我們上個季度所說，我們的工作性質始終是經常性工作和一次性工作相結合。第四季度，一次性專案工作並非有機成長的主要驅動力。

Maybe, Lucy, want to comment on some other trends there?

露西，或許你想對那裡的其他一些趨勢發表一下看法？

I think just picking up on Andrew's comment, we called it out last quarter because we had a significant amount. There's nothing to call out this quarter. All across our business, we have one-off and recurring revenues. So nothing particular to call out this quarter, Katie.

我覺得就像 Andrew 的評論一樣，我們上個季度就指出了這個問題，因為我們當時的數量相當可觀。本季沒有什麼特別值得一提的。我們公司各個業務領域都有一次性收入和經常性收入。凱蒂，所以這季沒什麼特別值得一提的。

Meyer Shields, Keefe, Bruyette, & Woods.

Meyer Shields、Keefe、Bruyette 和 Woods。

Great. Thanks. Two quick questions, hopefully. First, if you go back to like the Medicare concerns, obviously, we've seen a lot of, I guess, we would call bad news recently. I was hoping you could frame sort of the uncertainty in the low single-digit forecast. Are there things that you still need to find out in terms of which products carry commissions, commission rates and so on?

偉大的。謝謝。希望是兩個簡短的問題。首先，如果回到醫療保險問題上來，顯然，我們最近看到了許多壞消息。我希望你能解釋一下個位數低位預測的不確定性。關於哪些產品有佣金、佣金率等等，還需要了解些什麼嗎？

I'm going to start with just a comment on some of the announcements we've heard recently, just highlighting that the final Medicare terms that we end up living with are often more favorable than the advanced proposals that are released. So for example, last year, when the final increase landed at 5% and the advanced proposal was 2%. And I think probably more importantly, the level of reimbursement doesn't have a direct impact on our revenue. So overall, we expect the latest proposal to be relatively neutral for us.

首先，我想對我們最近聽到的一些公告發表一些評論，重點是，我們最終接受的醫療保險條款通常比事先公佈的提案更有利。例如，去年最終漲幅為 5%，而提前提出的漲幅為 2%。而且我認為更重要的是，報銷水準對我們的收入沒有直接影響。所以總的來說，我們預計最新的提案對我們來說相對中立。

The modest drag is from underlying changes in coverage and cost. The reason for the neutrality of the proposal is, first of all, the majority of our existing customers on our retiree marketplace are covered by what we call Medicare supplement policies, and those are not impacted by the recent announcement at all.

輕微的拖累來自保險範圍和成本方面的基本變化。該提案保持中立的原因首先在於，我們退休人員市場上的大多數現有客戶都享有我們稱之為「醫療保險補充計劃」的保障，而這些保障完全不受最近公告的影響。

Secondly, while there were prices for Medicare Advantage policies that are likely to go up because of that announcement, our marketplace has dozens of options for retirees so they can find the right policy at the price they can afford. And that switching of policies is actually helpful to us in terms of being able to place new insurance. And then we expect this position to drive significant price increases for group Medicare plans. So employers that are still offering the group plans will likely want to consider an individual marketplace as what we think is a more affordable alternative that doesn't just shift cost to their retirees. And we expect this last point to be a positive impact for us beyond 2026.

其次，雖然由於該公告，Medicare Advantage 保險的價格可能會上漲，但我們的市場為退休人員提供了數十種選擇，因此他們可以找到價格合適的保險。而這種保單的轉變其實對我們投保新保險是有幫助的。我們預計這一立場將導致團體醫療保險計劃的價格大幅上漲。因此，那些仍然提供團體保險計劃的雇主可能會考慮個人保險市場，我們認為這是一個更經濟實惠的選擇，不會只是將成本轉嫁給退休人員。我們預計最後一點將在 2026 年以後對我們產生積極影響。

Okay. Thank you. That was very helpful. And then just final question, I guess, for Andrew. I was hoping we could get sort of annual revenues for Cushon and FlowStone for modeling purposes.

好的。謝謝。那很有幫助。最後，我想問安德魯最後一個問題。我希望我們能獲得 Cushon 和 FlowStone 的年度收入數據，以便進行建模。

Yes. So we expect those to depend for the year depending on when the closing dates are. So that's something that we can share, I think, on the next update. But in aggregate, somewhere around 300 for those.

是的。因此，我們預計這些數字將取決於當年的交易截止日期。所以，我想我們可以在下次更新中分享這個資訊。但總的來說，這些數字大約在 300 左右。

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。現在我謹將發言權交還給卡爾·赫斯，請他作總結發言。

So thank you, everybody, for joining us this morning. I once again want to extend my thanks and appreciation to all our WTW colleagues globally. Their dedication and commitment made '25 such a success. I look forward to their maintaining that momentum into 2026 with that same focus on execution and discipline that's guided us to date. In the meantime, have a great day, everyone.

謝謝大家今天早上收看我們的節目。我再次向全球所有 WTW 的同事們表示衷心的感謝和讚賞。他們的奉獻和投入成就了「25」的巨大成功。我期待他們能將這種勢頭保持到 2026 年，並繼續秉持迄今為止指導我們前進的執行力和紀律性。同時，祝大家今天過得愉快。

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了。