MARSH & MCLENNAN COMPANIES, INC.
For the period ended Sep 30, 2025. Filed Oct 16, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 16, 2025
MRSH$204.82-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-17.
0000062709-25-000069
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-16.
0000062709-25-000125
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 192 current paragraphs.
96 unchanged; 81 reworded; 12 added; 4 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
•In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency.
Current report
Diluted earnings per share for the three months ended September 30, 2025 was $1.51, consistent with the prior year, reflecting an increase in operating income, offset by higher interest expense.
Current report
In the third quarter of 2025, the Company launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The Company also announced the formation of Business Client Services ("BCS"), to accelerate innovation and centralize investments in operational excellence, data, AI and other analytics. BCS brings together operations and technology teams across the Company to improve client service through enhancing our technology and effective deployment of resources.
Current report
The Program will generate savings from process and automation efficiencies and optimization of our global operating model.
Current report
Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years. Costs will primarily relate to severance, technology and outside services. Annualized savings are expected to be approximately $400 million. The Company expects savings realized and charges incurred to be evenly distributed over the Program period.
Current report
For the three months ended September 30, 2025 costs incurred in connection with the Program were $38 million, related to severance and outside services.
Current report
The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings.
Current report
Guy Carpenter’s underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth across most regions.
Current report
Oliver Wyman Group's revenue increased $76 million, or 9%, to $886 million for the three months ended September 30, 2025, compared to $810 million for the three months ended September 30, 2024. This reflects an increase of 8% on an underlying basis and 2% from the impact of foreign currency translation.
Current report
Oliver Wyman Group's revenue increased $141 million, or 6%, to $2.6 billion for the nine months ended September 30, 2025, compared to $2.4 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from the impact of foreign currency translation.
Current report
Corporate expenses decreased $6 million, or 6%, to $81 million for the three months ended September 30, 2025, compared to $87 million for the three months ended September 30, 2024. Corporate expenses decreased $9 million, or 4%, to $215 million for the nine months ended September 30, 2025, compared to $224 million for the nine months ended September 30, 2024.
Current report
Interest expense increased $83 million and $256 million for the three and nine months ended September 30, 2025, respectively, due to debt raised to fund the McGriff acquisition.
Removed paragraphs (4)
Previous report
Guy Carpenter's revenue increased $45 million, or 7%, to $677 million for the three months ended June 30, 2025, compared to $632 million for the three months ended June 30, 2024. This reflects an increase of 5% on an underlying basis, 1% from acquisitions, and 1% from the impact of foreign currency translation.
Previous report
At Guy Carpenter, underlying revenue growth for the three and six months ended June 30, 2025 was driven by growth across all regions and global specialties.
Previous report
Corporate expenses increased $5 million, or 9%, to $70 million for the three months ended June 30, 2025, compared to $65 million for the three months ended June 30, 2024. Corporate expenses decreased $3 million, or 2%, to $134 million for the six months ended June 30, 2025, compared to $137 million for the six months ended June 30, 2024.
Previous report
respectively, and by 1.2% and 1.6% for the six months ended June 30, 2025 and 2024, respectively.
Reworded paragraphs (81)
Previous wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three and six months ended June 30, 2025, compared to the corresponding periods in 2024, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Current wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Previous wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three and six months ended June 30, 2024, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended June 30, 2024.
Current wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three and nine months ended September 30, 2024, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended September 30, 2024.
Previous wording
•Consolidated revenue for the three months ended June 30, 2025 was $7.0 billion, an increase of 12%, or 4% on an underlying basis. For the six months ended June 30, 2025, consolidated revenue was $14.0 billion, an increase of 11%, or 4% on an underlying basis.
Current wording
•Consolidated revenue for the three months ended September 30, 2025 was $6.4 billion, an increase of 11%, or 4% on an underlying basis. For the nine months ended September 30, 2025, consolidated revenue was $20.4 billion, an increase of 11%, or 4% on an underlying basis.
Previous wording
•Consolidated operating income increased $187 million, or 11% to $1.8 billion for the three months ended June 30, 2025, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $1.2 billion. Earnings per share on a diluted basis increased to $2.45 from $2.27, or 8%, compared to the corresponding quarter in the prior year. For the six months ended June 30, 2025, consolidated operating income increased $267 million, or 7% to $3.8 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $2.6 billion. Earnings per share on a diluted basis increased to $5.23 from $5.08, or 3%, compared to the corresponding period in the prior year.
Current wording
•Consolidated operating income increased $62 million, or 6% to $1.2 billion for the three months ended September 30, 2025, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $747 million. Earnings per share on a diluted basis was $1.51, consistent with the corresponding quarter in the prior year. For the nine months ended September 30, 2025, consolidated operating income increased $329 million, or 7% to $5.0 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $3.3 billion. Earnings per share on a diluted basis increased to $6.75 from $6.59, or 2%, compared to the corresponding period in the prior year.
Previous wording
•Risk and Insurance Services revenue for the three months ended June 30, 2025 was $4.6 billion, an increase of 15%, or 4% on an underlying basis. Operating income was $1.4 billion, compared with $1.3 billion for the corresponding quarter in the prior year. For the six months ended June 30, 2025, Risk and Insurance Services revenue was $9.4 billion, an increase of 13%, or 4% on an underlying basis. Operating income was $3.1 billion, compared with $2.9 billion for the corresponding period in the prior year.
Current wording
•Risk and Insurance Services revenue for the three months ended September 30, 2025 was $3.9 billion, an increase of 13%, or 3% on an underlying basis. Operating income was $750 million, compared with $733 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2025, Risk and Insurance Services revenue was $13.3 billion, an increase of 13%, or 4% on an underlying basis. Operating income was $3.8 billion, compared with $3.6 billion for the corresponding period in the prior year.
Previous wording
•Marsh's revenue for the three months ended June 30, 2025 was $3.8 billion, an increase of 18%, or 5% on an underlying basis. For the six months ended June 30, 2025, Marsh's revenue was $7.3 billion, an increase of 16%, or 5% on an underlying basis. Guy Carpenter's revenue for the three months ended June 30, 2025 was $677 million, an increase of 7%, or 5% on an underlying basis. For the six months ended June 30, 2025, Guy Carpenter's revenue was $1.9 billion, an increase of 6%, or 5% on an underlying basis.
Current wording
•Marsh's revenue for the three months ended September 30, 2025 was $3.4 billion, an increase of 16%, or 4% on an underlying basis. For the nine months ended September 30, 2025, Marsh's revenue was $10.7 billion, an increase of 16%, or 5% on an underlying basis. Guy Carpenter's revenue for the three months ended September 30, 2025 was $398 million, an increase of 5% on both a reported and an underlying basis. For the nine months ended September 30, 2025, Guy Carpenter's revenue was $2.3 billion, an increase of 6%, or 5% on an underlying basis.
Previous wording
•Consulting revenue for the three months ended June 30, 2025 was $2.4 billion, an increase of 7%, or 3% on an underlying basis. Operating income was $456 million, compared with $410 million for the corresponding quarter in the prior year. For the six months ended June 30, 2025, Consulting revenue was $4.7 billion, an increase of 6%, or 4% on an underlying basis. Operating income was $912 million, compared with $842 million for the corresponding period in the prior year.
Current wording
•Consulting revenue for the three months ended September 30, 2025 was $2.5 billion, an increase of 9%, or 5% on an underlying basis. Operating income was $501 million, compared with $462 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2025, Consulting revenue was $7.2 billion, an increase of 7%, or 4% on an underlying basis. Operating income was $1.4 billion, compared with $1.3 billion for the corresponding period in the prior year.
Previous wording
•Mercer's revenue for the three months ended June 30, 2025 was $1.5 billion, an increase of 9%, or 3% on an underlying basis. For the six months ended June 30, 2025, Mercer's revenue was $3.0 billion, an increase of 7%, or 3% on an underlying basis. Oliver Wyman Group's revenue for the three months ended June 30, 2025 was $873 million, an increase of 5%, or 3% on an underlying basis. For the six months ended June 30, 2025, Oliver Wyman Group's revenue was $1.7 billion, an increase of 4% on both a reported and an underlying basis.
Current wording
•Mercer's revenue for the three months ended September 30, 2025 was $1.6 billion, an increase of 9%, or 3% on an underlying basis. For the nine months ended September 30, 2025, Mercer's revenue was $4.6 billion, an increase of 7%, or 3% on an underlying basis. Oliver Wyman Group's revenue for the three months ended September 30, 2025 was $886 million, an increase of 9%, or 8% on an underlying basis. For the nine months ended September 30, 2025, Oliver Wyman Group's revenue was $2.6 billion, an increase of 6%, or 5% on an underlying basis.
Previous wording
•The Company completed 4 acquisitions in the second quarter of 2025 for a total purchase consideration of $86 million.
Current wording
•The Company completed 5 acquisitions in the third quarter of 2025 for a total purchase consideration of $189 million.
Previous wording
•The Company repurchased 1.4 million shares for $300 million in the second quarter of 2025. For the six months ended June 30, 2025, the Company repurchased 2.7 million shares for $600 million.
Current wording
•The Company repurchased approximately 1.9 million shares for $400 million in the third quarter of 2025. For the nine months ended September 30, 2025, the Company repurchased 4.6 million shares for $1 billion.
Previous wording
The macroeconomic and geopolitical environment including multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see "Part I, Item 1A. Risk Factors" in our annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The macroeconomic and geopolitical environment including multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows.
Previous wording
Consolidated operating income increased $187 million, or 11% to $1.8 billion for the three months ended June 30, 2025, compared to $1.6 billion for the corresponding quarter in the prior year, reflecting a 12% increase in both revenue and expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 15% and 7%, respectively.
Current wording
Consolidated operating income increased $62 million, or 6% to $1.2 billion for the three months ended September 30, 2025, compared to $1.1 billion for the corresponding quarter in the prior year, reflecting an 11% increase in revenue and a 13% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 9%, respectively.
Previous wording
Consolidated operating income increased $267 million, or 7% to $3.8 billion for the six months ended June 30, 2025, compared to $3.6 billion for the corresponding period in the prior year, reflecting an 11% increase in revenue and a 12% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 6%, respectively.
Current wording
Consolidated operating income increased $329 million, or 7% to $5.0 billion for the nine months ended September 30, 2025, compared to $4.7 billion for the corresponding period in the prior year, reflecting an 11% increase in revenue and a 12% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 7%, respectively.
Previous wording
The Company's revenue and expenses for the three and six months ended June 30, 2025 include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment.
Current wording
The Company's revenue and expenses for the three and nine months ended September 30, 2025 include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment.
Previous wording
Diluted earnings per share for the three months ended June 30, 2025 increased to $2.45 from $2.27, or 8% from the prior year. For the six months ended June 30, 2025, diluted earnings per share increased to $5.23 from $5.08, or 3% from the prior year. The increase for the three and six months ended June 30, 2025, compared to the corresponding periods in the prior year, is primarily due to higher operating income, partially offset by higher interest expense.
Current wording
For the nine months ended September 30, 2025, diluted earnings per share increased to $6.75 from $6.59, or 2% from the prior year, reflecting an increase in operating income, partially offset by higher interest expense.
Previous wording
The following tables present the Company's non-GAAP revenue for the three and six months ended June 30, 2025 and 2024, and the related non-GAAP underlying revenue change:
Current wording
The following tables present the Company's non-GAAP revenue for the three and nine months ended September 30, 2025 and 2024, and the related non-GAAP underlying revenue change:
Previous wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and six months ended June 30, 2025 and 2024:
Current wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and nine months ended September 30, 2025 and 2024:
Previous wording
Consolidated revenue increased $753 million, or 12%, to $7.0 billion for the three months ended June 30, 2025, compared to $6.2 billion for the three months ended June 30, 2024. Consolidated revenue increased 4% on an underlying basis, 8% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 4% and 3% for the three months ended June 30, 2025, in the Risk and Insurance Services and Consulting segments, respectively.
Current wording
Consolidated revenue increased $654 million, or 11%, to $6.4 billion for the three months ended September 30, 2025, compared to $5.7 billion for the three months ended September 30, 2024. Consolidated revenue increased 4% on an underlying basis, 7% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 3% and 5% for the three months ended September 30, 2025, in the Risk and Insurance Services and Consulting segments, respectively.
Previous wording
Consolidated revenue increased $1.3 billion, or 11%, to $14.0 billion for the six months ended June 30, 2025, compared to $12.7 billion for the six months ended June 30, 2024. Consolidated revenue increased 4% on an underlying basis and 7% from acquisitions. On an underlying basis, revenue increased 4% for the six months ended June 30, 2025, in both the Risk and Insurance Services and Consulting segments.
Current wording
Consolidated revenue increased $2.0 billion, or 11%, to $20.4 billion for the nine months ended September 30, 2025, compared to $18.4 billion for the nine months ended September 30, 2024. Consolidated revenue increased 4% on an underlying basis and 7% from acquisitions. On an underlying basis, revenue increased 4% for the nine months ended September 30, 2025, in both the Risk and Insurance Services and Consulting segments.
Previous wording
Consolidated operating expenses increased $566 million, or 12%, to $5.1 billion for the three months ended June 30, 2025, compared to $4.6 billion for the three months ended June 30, 2024. Expenses also reflect an increase of 8% from acquisitions and 1% from the impact of foreign currency translation.
Current wording
Consolidated operating expenses increased $592 million, or 13%, to $5.2 billion for the three months ended September 30, 2025, compared to $4.6 billion for the three months ended September 30, 2024. Expenses also reflect an increase of 7% from acquisitions and 1% from the impact of foreign currency translation.
Previous wording
Consolidated operating expenses increased $1.1 billion, or 12%, to $10.2 billion for the six months ended June 30, 2025, compared to $9.1 billion for the six months ended June 30, 2024. Expenses also reflect a 8% increase from acquisitions.
Current wording
Consolidated operating expenses increased $1.7 billion, or 12%, to $15.4 billion for the nine months ended September 30, 2025, compared to $13.7 billion for the nine months ended September 30, 2024. Expenses also reflect an 8% increase from acquisitions.
Previous wording
Consolidated operating expenses for the three and six months ended June 30, 2025 increased due to acquisitions, primarily in Risk and Insurance Services, resulting in higher compensation and benefits and amortization of identified intangibles.
Current wording
Consolidated operating expenses for the three and nine months ended September 30, 2025 increased due to acquisitions, primarily in Risk and Insurance Services, resulting in higher compensation and benefits and amortization of identified intangibles.
Previous wording
Revenue in the Risk and Insurance Services segment increased $603 million, or 15%, to $4.6 billion for the three months ended June 30, 2025, compared to $4.0 billion for the three months ended June 30, 2024. Revenue increased 4% on an underlying basis, 10% from acquisitions, and 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $26 million to $99 million for the three months ended June 30, 2025, compared to $125 million for the three months ended June 30, 2024. The decrease is due to lower average interest rates compared to the corresponding quarter in the prior year.
Current wording
Revenue in the Risk and Insurance Services segment increased $454 million, or 13%, to $3.9 billion for the three months ended September 30, 2025, compared to $3.5 billion for the three months ended September 30, 2024. Revenue increased 3% on an underlying basis, 9% from acquisitions, and 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $29 million to $109 million for the three months ended September 30, 2025, compared to $138 million for the three months ended September 30, 2024. The decrease is due to lower average interest rates compared to the corresponding quarter in the prior year.
Previous wording
Revenue in the Risk and Insurance Services segment increased $1.1 billion, or 13%, to $9.4 billion for the six months ended June 30, 2025, compared to $8.3 billion for the six months ended June 30, 2024. Revenue increased 4% on an underlying basis and 9% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $45 million to $202 million for the six months ended June 30, 2025, compared to $247 million for the six months ended June 30, 2024. The decrease is due to lower average interest rates compared to the corresponding period in the prior year.
Current wording
Revenue in the Risk and Insurance Services segment increased $1.5 billion, or 13%, to $13.3 billion for the nine months ended September 30, 2025, compared to $11.7 billion for the nine months ended September 30, 2024. Revenue increased 4% on an underlying basis and 9% from acquisitions. Interest earned on fiduciary funds decreased $74 million to $311 million for the nine months ended September 30, 2025, compared to $385 million for the nine months ended September 30, 2024. The decrease is due to lower average interest rates compared to the corresponding period in the prior year.
Previous wording
In Risk and Insurance Services, underlying revenue growth for the three and six months ended June 30, 2025 was driven by renewals and new business growth at Marsh and Guy Carpenter.
Current wording
In Risk and Insurance Services, underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth in new business and renewal revenue at Marsh and Guy Carpenter, partially offset by declining insurance and reinsurance rates.
Previous wording
Marsh's revenue increased $584 million, or 18%, to $3.8 billion for the three months ended June 30, 2025, compared to $3.3 billion for the three months ended June 30, 2024. This reflects an increase of 5% on an underlying basis, 12% from acquisitions, and 1% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in EMEA, 4% in Asia Pacific and 3% in Latin America.
Current wording
Marsh's revenue increased $466 million, or 16%, to $3.4 billion for the three months ended September 30, 2025, compared to $2.9 billion for the three months ended September 30, 2024. This reflects an increase of 4% on an underlying basis, 11% from acquisitions, and 1% from the impact of foreign currency translation. U.S./Canada rose 3% on an underlying basis. Total International operations produced underlying revenue growth of 5%, reflecting growth of 6% in Asia Pacific, 5% in EMEA, and 3% in Latin America.
Previous wording
Marsh's revenue increased $1.0 billion, or 16%, to $7.3 billion for the six months ended June 30, 2025, compared to $6.3 billion for the six months ended June 30, 2024. This reflects an increase of 5% on an underlying basis and 12% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 6%, reflecting growth of 7% in EMEA, 5% in Latin America, and 4% in Asia Pacific.
Current wording
Marsh's revenue increased $1.5 billion, or 16%, to $10.7 billion for the nine months ended September 30, 2025, compared to $9.2 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 12% from acquisitions. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 6%, reflecting growth of 7% in EMEA, and 5% in each of Latin America and Asia Pacific.
Previous wording
Oliver Wyman Group's revenue increased $36 million, or 5%, to $873 million for the three months ended June 30, 2025, compared to $837 million for the three months ended June 30, 2024. This reflects an increase of 3% on an underlying basis and 1% from the impact of foreign currency translation.
Current wording
Guy Carpenter's revenue increased $17 million, or 5%, to $398 million for the three months ended September 30, 2025, compared to $381 million for the three months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from the impact of foreign currency translation.
Previous wording
Guy Carpenter's revenue increased $103 million, or 6%, to $1.9 billion for the six months ended June 30, 2025, compared to $1.8 billion for the six months ended June 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions.
Current wording
Guy Carpenter's revenue increased $120 million, or 6%, to $2.3 billion for the nine months ended September 30, 2025, compared to $2.2 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions.
Previous wording
The Risk and Insurance Services segment completed 5 acquisitions for the six months ended June 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
The Risk and Insurance Services segment completed 8 acquisitions for the nine months ended September 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
Expenses in the Risk and Insurances Services segment increased $457 million, or 17%, to 3.2 billion for the three months ended June 30, 2025, compared to $2.7 billion for the three months ended June 30, 2024. Expenses also reflect an increase of 12% from acquisitions and 1% from the impact of foreign currency translation.
Current wording
Expenses in the Risk and Insurances Services segment increased $437 million, or 16%, to $3.2 billion for the three months ended September 30, 2025, compared to $2.7 billion for the three months ended September 30, 2024. Expenses also reflect an increase of 10% from acquisitions and 1% from the impact of foreign currency translation.
Previous wording
Expenses in the Risk and Insurances Services segment increased $898 million, or 17%, to $6.3 billion for the six months ended June 30, 2025, compared to $5.4 billion for the six months ended June 30, 2024. Expenses also reflect an increase of 12% from acquisitions.
Current wording
Expenses in the Risk and Insurances Services segment increased $1.3 billion, or 16%, to $9.5 billion for the nine months ended September 30, 2025, compared to $8.2 billion for the nine months ended September 30, 2024. Expenses also reflect an increase of 11% from acquisitions.
Previous wording
Expenses for the three and six months ended June 30, 2025 increased due to acquisitions, resulting in higher compensation and benefits and amortization of identified intangibles.
Current wording
Expenses for the three and nine months ended September 30, 2025 increased due to acquisitions, resulting in higher compensation and benefits and amortization of identified intangibles.
Previous wording
Expenses for the three and six months ended June 30, 2025 included integration and retention related costs of $45 million and $114 million, respectively, related to the acquisition of McGriff.
Current wording
Expenses for the three and nine months ended September 30, 2025 included integration and retention related costs of $50 million and $164 million, respectively, related to the acquisition of McGriff.
Previous wording
Expenses for the three and six months ended June 30, 2025 also included higher intangible amortization cost of $44 million and $85 million, respectively, compared to the corresponding periods in the prior year, primarily related to the acquisition of McGriff.
Current wording
Expenses for the three and nine months ended September 30, 2025 also included higher intangible amortization cost of $39 million and $124 million, respectively, compared to the corresponding periods in the prior year, primarily related to the acquisition of McGriff.
Previous wording
Consulting revenue increased $155 million, or 7%, to $2.4 billion for the three months ended June 30, 2025, compared to $2.2 billion for the three months ended June 30, 2024. This reflects an increase of 3% on an underlying basis, 3% from acquisitions, and 1% from the impact of foreign currency translation.
Current wording
Consulting revenue increased $203 million, or 9%, to $2.5 billion for the three months ended September 30, 2025, compared to $2.3 billion for the three months ended September 30, 2024. This reflects an increase of 5% on an underlying basis, 3% from acquisitions, and 2% from the impact of foreign currency translation.
Previous wording
Consulting revenue increased $255 million, or 6%, to $4.7 billion for the six months ended June 30, 2025, compared to $4.4 billion for the six months ended June 30, 2024. This reflects an increase of 4% on an underlying basis and 3% from acquisitions.
Current wording
Consulting revenue increased $458 million, or 7%, to $7.2 billion for the nine months ended September 30, 2025, compared to $6.7 billion for the nine months ended September 30, 2024. This reflects an increase of 4% on an underlying basis and 3% from acquisitions.
Previous wording
In Consulting, underlying revenue growth for the three and six months ended June 30, 2025 was driven by growth in both Mercer and Oliver Wyman Group.
Current wording
In Consulting, underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth in both Mercer and Oliver Wyman Group.
Previous wording
Oliver Wyman Group's revenue increased $65 million, or 4%, to $1.7 billion for the six months ended June 30, 2025, compared to $1.6 billion for the six months ended June 30, 2024. This reflects an increase of 4% on an underlying basis.
Current wording
Mercer's revenue increased $127 million, or 9%, to $1.6 billion for the three months ended September 30, 2025, compared to $1.5 billion for the three months ended September 30, 2024. This reflects an increase of 3% on an underlying basis, 4% from acquisitions, and 1% from the impact of foreign currency translation.
Previous wording
Mercer's revenue increased $190 million, or 7%, to $3.0 billion for the six months ended June 30, 2025, compared to $2.8 billion for the six months ended June 30, 2024. This reflects an increase of 3% on an underlying basis and 4% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. On an underlying basis, revenue for Health and Wealth increased 7% and 3%, respectively, and decreased 3% in Career, as compared to the corresponding period in the prior year.
Current wording
On an underlying basis, revenue for Health and Wealth increased 6% and 3%, respectively, and remained flat in Career, as compared to the corresponding quarter in the prior year.
Showing the first 40 of 81 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
For more information about these risks, please see "Part I, Item 1A. Risk Factors" in our annual Report on Form 10-K for the year ended December 31, 2024.
Current report — wording carried from elsewhere
Expenses for the three and nine months ended September 30, 2025 increased due to compensation and benefits driven by higher base salaries and incentive compensation. Expenses also increased due to acquisitions.
Current report — wording carried from elsewhere
In September 2025, the Board of Directors of the Company declared a quarterly dividend of $0.900 per share on outstanding common stock, payable in November 2025.