Marsh & McLennan Companies, Inc.

Strong Q3 performance + continued margin/EPS expansion (good): - Consolidated revenue +$6.9B (+8% YoY); underlying revenue +5%. - Adjusted operating income +6%; adjusted EPS +10% to $2.03 (reported GAAP EPS $1.69). - Segment mix: RIS revenue +7% (3% underlying); Consulting revenue +9% (8% underlying); within Consulting, Management Consulting revenue +14% (reported/underlying) driven by strong demand including AI-related work. - First 9 months: underlying revenue +5%, adjusted operating income +$7% to $6.1B, adjusted EPS +$9% to $8.29.

RIS “rate headwind” but risk business growing (mixed / partly bad): - Risk (within RIS) revenue +10% (+5% underlying) despite soft pricing environment; growth supported by digital infrastructure and transactional risk demand. - International RIS underlying growth +6% (EMEA +7%, APAC +4%, LatAm flat); US/Canada underlying +4%. - Reinsurance revenue $374M (-6%), though this is a small quarter; down more due to property reinsurance rate softness and tough YoY comparison (some prior-year non-recurring items). Through 9 months, reinsurance is -1% underlying. - Management expects competitive/soft market conditions persist through the Jan 1 renewal cycle.

Guidance/outlook: steady growth and margin expansion, but dependent on environment (good + risk): - For 2026, company reiterates expectation of underlying revenue growth “similar to 2025”, another year of margin expansion, and solid adjusted EPS growth. - Based on current market conditions; they explicitly flag economic/geopolitical environment could change materially. - Q4 earnings drivers: management expects management consulting to be roughly flat top line in Q4 due to timing of success fees (Q3 benefited from favorable timing/pull-forward).