This quarter's results were in line with expectations but on the weaker side, primarily dragged down by Middle East geopolitical tensions and pricing pressures.

Organic growth of 3%, adjusted operating margin of 22.3% (+70bps), adjusted EPS of $3.72 (+19%).

HWC grew 6% health, Wealth grew 4%, Career declined 3% due to the Middle East; R&B grew 2%, with new business below expectations. AI and Newfront integration accelerated, with the launch of Rewards AI, Neuron operating system, etc., achieving a 90% reduction in endorsement processing time.

Management maintained mid-single-digit growth for HWC but narrowed R&B and ICT guidance to mid-single digits. It reiterated R&B's annual average margin expansion of 100bps over the next two years.

Highlights: New business returned to normal growth in April, with AI tools boosting productivity; Risks: Ongoing Middle East uncertainty and intensifying pricing competition.