Summary Conclusion This quarter's results met expectations, primarily driven by productivity improvements from AI and the ABS platform, as well as strong growth in the Commercial Risk business. New business contributed 9 organic growth points.

Key Data Total revenue of $5.0 billion, up 6% year-over-year; adjusted EPS of $6.48, up 14% year-over-year; adjusted operating margin of 39.1%, expanding 70 basis points year-over-year.

Business Progress Commercial Risk saw organic growth of 7% (above 6% for the fourth consecutive quarter), benefiting from a data center insurance program expansion to $3.5 billion and AI tools (Broker Copilot) improving client retention by 50 basis points. Reinsurance grew 4%, offsetting pricing pressure in the reinsurance market. Health grew 4%, with core operations remaining steady. AI-driven process efficiencies improved significantly (e.g., invoice processing time reduced by 50%), freeing up talent to focus on high-value client services.

Guidance & Outlook Management reiterated the full-year 2026 guidance: mid-single-digit or higher organic growth, margin expansion of 70–80 basis points, and double-digit free cash flow growth.

Risk / Signal Highlights Positive: Management's tone was upbeat, emphasizing that AI investments have formed a "growth-efficiency-reinvestment" flywheel; data center business pipeline grew threefold year-over-year. Negative: The Middle East conflict and reinsurance pricing pressure (U.S. and Japan renewal rates down 15–20%) pose uncertainties, but management believes they will not affect the full-year targets.