### At a GlanceWTW reported strong Q2 2026 results with organic growth of 5%, adjusted operating margin expanding 100 basis points to 19.5%, and adjusted EPS of $3.35 (+17% YoY). Management announced the "Propel" AI acceleration program, targeting an adjusted operating margin of approximately 30% by 2028.

Key Data: Organic revenue growth of 5%, with Risk & Broking (R&B) up 7% and Health, Wealth & Career (HWC) up 4%. Adjusted EPS increased 17% YoY to $3.35.

Business Progress: R&B growth was led by specialty lines and North America, with strong new business. HWC's health business grew 8%, while wealth remained stable. Management announced the Propel AI acceleration program, with an estimated investment of approximately $625 million, targeting run-rate cost savings of about $400 million by 2028, for net savings of $350 million. The program builds on existing AI applications, such as the Neuron platform, which reduced insurance placement generation time from 4 hours to 5 minutes.

Guidance & Outlook: Maintained guidance for mid-single-digit organic growth in 2026 and continued margin expansion. Updated medium-term targets, now expecting a corporate adjusted operating margin of approximately 30% by 2028 (HWC ~35%, R&B ~30%), above prior expectations.

Risk/Highlight Signals: Management noted that geopolitical tensions in the Middle East and a softening labor market led some clients to delay discretionary projects, with Career business revenue from Middle East projects declining nearly 50%. However, medical inflation, regulatory changes, and geopolitical risks drove strong demand for the company's advisory services.