Q2 2024 Aon PLC Earnings Call

Operator: Good morning, and thank you for holding. Welcome to Aon PLC's second quarter 2024 conference. At this time, all parties will be in a listen-only mode until the question-and-answer portion of today's call.

Operator: Good morning, and thank you for holding. Welcome to Aon PLC's second quarter 2024 conference call. At this time, all parties will be in a listen-only mode until the question of today's call. I would also like to remind all parties that this call is being recorded. If anyone has an objection, you may disconnect your line at this time.

Good morning, and thank you for holding welcome to Aon Plc's second quarter 2024 conference call.

At this time all parties will be in a listen only mode until the question and answer portion of today's call.

Operator: I would also like to remind all parties that this call is being recorded. If anyone has an objection, you may disconnect your line now. It is important to note that some of the comments in today's call may constitute certain, that are for looking in nature as defined by the private security reform act. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those for those and

I would also like to remind all parties that this call is being equally if anyone has an objection you may disconnect. Your lines at this time.

Operator: It is important to note that some of the comments in today's call may compensate certain statements that are for looking in nature as defined by the Private Security Forum Act of 1995. Test statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated.

Speaker Change: It is important to note that some of the comments in today's call may constitute certain statements that are forward looking in nature as defined by the private Securities Reform Act of 90 95.

Speaker Change: And thus are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated information concerning risk factors that could cause such differences are described in the press release, covering our first quarter 'twenty four results as well as having been posted on our website.

Operator: Information concerning risk factors that could cause such differences are described in the press release, covering our first quarter 2020 flow results, as well as having been posted on our website.

Gregory Case: Now, it is my pleasure to turn the call over to Greg Kate, CEO of Aon plc. Good morning, everyone. Welcome to our second quarter conference call. I'm joined by Christa Davies, our CFO, and Eric Anderson, our president.

Operator: .. .. .. .. .. .. .. .. .. .. .. .. .. Information concerning risk factors that could cause such differences are described in the press release covering our first quarter 2024 results, as well as having been posted on our, Now, it is my pleasure to turn the call over to Greg Case, CEO of Aon PLC. Good morning, everyone.

Speaker Change: Now it is my pleasure to turn the call over to Greg case, Neil N P. S.

Gregory Clarence Case: Welcome to our second quarter conference call. I'm joined by Christa Davies, our CFO, and Eric Andersen, our president. Additionally, we're delighted to be joined by Edmund Rees, who will succeed Christa as CFO on July 29th.

Speaker Change: Good morning, everyone welcome to our second quarter Conference call I'm joined by Christa Davies, our CFO and Eric Anderson, our President. Additionally, we're delighted to be joined by Edmund Reese, who will succeed Christophe CFO on July 29.

Gregory Case: Additionally, we're delighted to be joined by Edmund Ries, who will succeed Christa as CFO on July 29th. On our call today, Christa and I will provide our usual prepared remarks, and Edmund will highlight a few initial observations before he officially steps in through 4Q3. As in previous quarters, we posted a detailed financial presentation on our website.

Gregory Clarence Case: On our call today, Chris and I will provide our usual prepared remarks, and Edmund will highlight a few initial observations before he officially steps in to report Q3. As in previous quarters, we posted a detailed financial presentation on our website. We begin by thanking our colleagues around the world, including the 7,700 colleagues who have been welcomed from NFP, for the great work they do to deliver for clients on each of the three pillars of our 3x3 plan, delivering risk capital and human capital solutions through our Aon client leadership model, scaled by the Aon business services platform.

Gregory Clarence Case: On our call today Christian I will provide our usual prepared remarks, and edman will highlight a few initial observations before he officially steps in to report Q3.

Gregory Clarence Case: As in previous quarters, we posted a detailed financial presentation on our website.

Gregory Case: We begin by thanking our colleagues around the world, including the 7,700 colleagues who welcomed from NFP for the great work they do to deliver for clients on each of the three colors of our three by three plans, delivering risk capital and human capital solutions through our Aon client leadership model scaled by the Aon business services platform.

Speaker Change: We begin by thanking our colleagues around the world, including the 7700 colleagues welcomed from N. S. T. The great work they do to deliver for clients on each of the three pillars of our three by three plan.

Delivering risk capital and human capital solutions through our Aon client leadership model scale by the Aon business services platform.

Edmund Ries: What's now turned to Edmund? Edmund, on behalf of Global Aon, we're thrilled to have you on our team and your first Aon Augusta call as you officially stepped into the CFO role on Monday. Welcome. Thank you, Greg, and good morning, everyone. I'm incredibly excited to be here.

Gregory Clarence Case: Let's now turn to Ed. Edmund, on behalf of Global Aon, we're thrilled to have you on our team in your first Aon Investor Call as you officially step into the CFO role on Monday. Welcome. Thank you, Greg. And good morning, everyone.

Edmond Edmund: Let's now turn to Edmond Edmund.

Edmund: On behalf of global Aon, we're thrilled to have you on our team and your first day on Investor call. As you officially stepped into the CFO role on Monday welcome.

Edmund Rees: I'm incredibly excited to be, First, I want to start by thanking my Aon colleagues for their very warm welcome. I've connected with literally hundreds of colleagues over the last month, and it's been great to meet everyone and really experience the energy and the enthusiasm of AON and the commitment to deliver on our plan. What was most exciting for me was seeing firsthand the investment and the corresponding growth opportunity for our clients, colleagues, and shareholders as we deliver on a three-by-three plan over 2024, 25, and 26. And I have to say that with the three-by-three fully in place in 26, we are in building momentum.

Edmund: Thank you, Greg and good morning, everyone I'm incredibly excited to be here.

Edmund Ries: First, I want to start by thanking my Aon colleagues for their very warm welcome. I've connected with literally hundreds of colleagues over the last month. And it's been great to meet everyone and really experience the energy in the enthusiasm of Aon and the commitment to deliver on our plans. Which was most exciting for me is seeing firsthand the investment in the corresponding growth opportunity for our clients, colleagues and shareholders as we deliver on a three by three plan over 2024, 25 and 26. And I have to say that with the three by three fully in place in 26, in the building momentum, equally compelling as the significant opportunity that will deliver value creation beyond 26 and over the long term.

Edmond Edmund: First I'm going to start my thinking my Aon colleagues for their very warm welcome.

Speaker Change: Connected with literally hundreds of colleagues over the last months and it's been great to meet everyone and really experienced the energy and the enthusiasm of Aon and the commitment to deliver on our plans.

Speaker Change: What's been the most exciting for me is seeing firsthand the investment and the corresponding growth opportunity for our clients colleagues and shareholders as we deliver on the three by three plan over 2024, 25 and 26.

Speaker Change: I have to say that with the three by three fully in place in 'twenty six.

Speaker Change: And the building momentum.

Edmund Rees: Equally compelling is the significant opportunity that will deliver value creation beyond 26 and over the long term. Finally, the financial model is strong, and the company is performing well-positioned to continue to deliver long-term double-digit free cash flow growth. I also want to add that I'm looking forward to meeting investors and the sales side and talking through how we will deliver on our guidance and continue to allocate and invest their capital with a focus on high-return investments and capital return, and of course, reporting our third-quarter results and fielding questions at that time. So Greg, back to you.

Speaker Change: It will be compelling as a significant opportunity that will deliver value creation beyond 'twenty six and over the long term.

Edmund Ries: Finally, the financial model is strong, and the company is performing in a well position to continue to deliver long-term double-digit free cash flow growth.

Speaker Change: Finally, the financial model is strong and the company is performing and well positioned to continue to deliver long term double digit free cash flow growth.

Gregory Case: I also want to add that I'm looking forward to meeting investors and the sell side and talking through how we will deliver on our guidance and continue to allocate and invest their capital with discipline, focused on high return investment and capital return. And of course, reporting our third quarter results and fielding questions at that time.

Speaker Change: I also wanted to add that I'm looking forward to meeting investors and the sell side and talking through how we will deliver on our guidance and continue to allocate and invest their capital with discipline.

Speaker Change: Focus on high return on investment and capital return.

Speaker Change: And of course reporting our third quarter results and fielding questions at that time.

Gregory Case: Joseph, so Greg, back to you. Thanks, Adam, and we're very excited to have you here. Before speaking to the results in detail, we want to highlight a great example of the power of a united firm to deliver solutions where they're needed greatly. In Ukraine, until last month, there was no functioning war risk insurance market because carriers couldn't get re-insurance coverage through to standing war exclusions. Working with the U.S. and Ukrainian governments, we created a solution that provides insurance and re-insurance capital to Ukrainian insurers, which has already brought in 350 million in Mink capital, encompassing a first-of-its-kind structure that facilitates new investments and economic recovery.

Speaker Change: So Greg back to you.

Gregory Clarence Case: Thanks Edmund, and we're very excited to have you. Before speaking about results in detail, we want to highlight a great example of the power of a united firm to deliver solutions where they're needed. OK. In Ukraine, until last month, there was no functioning war risk insurance market because carriers couldn't get reinsurance coverage due to the standing war.

Gregory Clarence Case: Thanks, guys and then we're very excited to have you here.

Gregory Clarence Case: Before speaking to the results in detail, we want to highlight a great example of the power of a United firm to deliver solutions, where they're needed greatly.

Speaker Change: In Ukraine until last month, there was no functioning more risk insurance market because carriers couldn't get reinsurance coverage due to standing war exclusions working with the U S and Ukrainian governments, we created a solution that provides insurance and reinsurance capital Ukrainian insurers, which has already brought in $350 million of new capital.

Gregory Clarence Case: Working with the U.S. and Ukrainian governments, we created a solution that provides insurance and reinsurance capital to Ukrainian insurers, which has already brought in $350 million in new capital. Encompassing a first of its kind structure that facilitates new investments and economic recovery, this structure enables rebuilding and economic activity during the war and much more rapid investment in reconstruction and resilience in the longer term.

Speaker Change: Encompassing a first of its kind structure that facilitates new investments and economic recovery.

Gregory Case: This structure enables rebuilding and economic activity during the war, and much more rapid investment in reconstruction and resilience longer term. This product couldn't have been created without global connectivity, expertise, data analytics, on-the-ground relationships, and local market knowledge, and our proven ability to match risk in capital across private and public sectors. This innovative structure helps protect and grow the economy and helps the people of Ukraine recover and rebuild.

Speaker Change: This structure enables rebuilding and economic activity during the war and much more rapid investment in reconstruction and resilience longer term.

Gregory Clarence Case: This product couldn't have been created without global connectivity, expertise, data, and analytics, on the ground relationships, and local market knowledge, and our proven ability to match risk and capital across private and public sectors. This innovative structure helps protect and grow the economy and helps the people of Ukraine recover and rebuild. It's a compelling example of the positive impact that our industry can have on addressing major challenges in the global economy. Turning now to the current quarter results.

Speaker Change: This product couldn't have been created without global connectivity expertise data and analytics on the ground relationships and local market knowledge, and our proven ability to match risk and capital across private and public sectors.

Speaker Change: This innovative structure helps protect and grow the economy and helps the people of Ukraine recover and rebuild.

Gregory Case: It's a compelling example of the positive impact that our industry can have in addressing major challenges in the global economy.

Speaker Change: It's a compelling example of the positive impact that our industry can have in addressing the major challenges in the global economy.

Gregory Case: Turning now to current quarter results. In Q2, our team delivered 6% total organic revenue growth, with all solution lines at 6% or greater, and both Aeon and NFP delivering mid-single digit organic revenue growth. For clarification and transparency, the 6% organic performance for Aeon is 6% without NFP. With this organic growth in addition of NFP, we delivered 18% total revenue growth, 19% adjusted operating income growth, and margins of 27.4%. An increase of 10 basis points a year over a year, and 60 basis points from our combined 2023 margin baseline, including only two months of NFP.

Gregory Clarence Case: In Q2, our team delivered 6% total organic revenue growth with all solution lines at 6% or greater, and both Aon and NFP delivering mid-single-digit organic revenue. For clarification and transparency, the 6% organic performance for Aon is 6% without NFA.

Speaker Change: Turning now to current quarter results and Q2, our team delivered 6% total organic revenue growth with all solution lines at 6% or greater and both Aon and NSP delivering mid single digit organic revenue growth.

Speaker Change: For clarification and transparency, the 6% organic performance for Aon is 6% without NFC.

Gregory Clarence Case: With this organic growth in addition to NFP, we delivered 18% total revenue growth and 19% adjusted operating income growth and margins of 27.4%, an increase of 10 basis points year over year and 60 basis points from our combined 2023 margin baseline, including only two months of NFP. Year to date, we've delivered 5% organic revenue growth, 11% total revenue growth, and adjusted operating margin expansion, contributing to 12% adjusted operating income growth and 70% growth in earnings per share. Now, turning to our solution.

Speaker Change: With this organic growth and the addition of NXP, we delivered 18% total revenue growth, 19% adjusted operating income growth and margins of 27, 4% an increase of 10 basis points year over year, and 60 basis points from our combined 2023 margin baseline, including only two months of NSP.

Gregory Case: Year to date, we delivered 5% organic revenue growth, 11% total revenue growth, and adjusted operating margin expansion, protruding to 12% adjusted operating income growth, and 7% growth in or needs for share.

Year to date, we delivered 5% organic revenue growth, 11% total revenue growth and adjusted operating margin expansion contributed to 12% adjusted operating income growth and 7% growth in earnings per share.

Gregory Case: Turning to our solution lines. In commercial risk, organic revenue growth of 6% reflects double-digit growth in AMIA and Latin, the strong growth in North America, driven by net new business growth and strong retention. On average, we saw growth in exposures and generally flat pricing, resulting in moderately positive market impact. And while we're starting to see the turnaround in external capital markets, our M&A services business had modest positive impact in the quarter, although the available pipeline remained strong and growing. For NFP growth for the two months was consistent with our North American business; overall, a strong result.

Speaker Change: Turning to our solution lines in commercial risk organic revenue growth of 6% reflects double digit growth in EMEA and Latam the strong growth in North America, driven by net new business growth and strong retention.

Gregory Clarence Case: In commercial risk, organic revenue growth of 6% reflects double-digit growth in EMEA and LATAM for strong growth in North America, driven by net new business growth and strong retail. On average, we saw growth in exposures and generally flat pricing, resulting in a moderately positive market impact. And while we're starting to see the turnaround in external capital markets, our M&A services business had a modest positive impact in the quarter, although the available pipeline remains strong and growing. For NLP, growth for the two months was consistent with our North American business.

Speaker Change: On average we saw a growth in exposures and generally flat pricing, resulting moderately positive market impact and while we're starting to see the turnaround in external capital markets or M&A services business had modest positive impact in the quarter, although the available pipeline remains strong and growing.

Speaker Change: For MLP growth for the two months was consistent with our North American business overall, a strong result.

Gregory Clarence Case: Overall, a strong result. Finally, we're making great progress on priority talent acquisitions, with continuing focus in this area, and expect these new colleagues to contribute to further growth in the future. 7% organic growth in Q2 reflects strong growth in the telecom business with strength internationally in LATAM, NMEA, and APEC.

Gregory Case: Finally, we're making great progress on priority talent acquisitions, with continuing focus in this area and expect these new colleagues to contribute to further growth over time.

Speaker Change: Finally, we're making great progress on priority talent acquisitions with continuing focus in this area and expect these new colleagues to contribute to further growth over time.

Gregory Case: Turning to reinsurance. 7% organic revenue growth in Q2 reflects strong growth in treaty, with strength internationally in Latin and AMIA and APA. We saw increased capacity in the U.S.

Speaker Change: Turning to reinsurance.

10% organic revenue growth in Q2 reflects strong growth in treaty with strength internationally in Latam EMEA and APAC.

Gregory Clarence Case: We saw increased capacity in the US property cat space, which provides ongoing opportunity for our clients to increase and optimize their coverage, supported by our team's leading expertise, data analytics, and Health Solutions delivered 6% organic revenue growth with high single-digit growth globally in core health and benefits and real strength in consumer facing and executive benefits, driven by new business. The market environment reflects an increased health care cost trend and a positive impact from enrollment.

We saw increased capacity in the U S property cat space, which provides ongoing opportunity for our clients to increase and optimize their coverage supported by our teams leading expertise data analytics and insights.

Gregory Case: property cat space, which provides ongoing opportunity for our clients to increase and optimize their coverage supported by our team's leading expertise, data analytics, and in.

Gregory Case: Health Solutions delivered 6% organic revenue growth with high single-digit growth globally in core health and benefits and real strength in consumer facing and executive benefits driven by new business wins.

Speaker Change: Health solutions delivered 6% organic revenue growth with high single digit growth globally, and core health and benefits and real strength in consumer facing and executive benefits driven by new business wins.

Gregory Case: The market environment reflects an increased healthcare cost trend and positive impact from enrollment levels.

Speaker Change: The market environment reflects an increased health care cost trend.

Speaker Change: And positive impact from enrollment levels.

Gregory Case: And if peace contribution was consistent with Aon's performance, an impressive result in the midst of the clothing.

Gregory Clarence Case: NFP's contribution was consistent with Aon's performance, an impressive result in the midst of the closing. And finally, Wealth Solutions Organic Robonut Growth with 9%. An outstanding result reflects ongoing strength in pension de-risking and core retirement, and it also delivered strong growth driven by asset inflows and market performance. Overall, we're pleased with both the top and bottom line growth in the quarter as we continue to deliver against our three by three plan on all fronts.

Speaker Change: And if piece contribution was consistent with Aon to performance and impressive result in the midst of the closing.

Gregory Case: And finally, wealth solutions organic revenue growth with 9% and outstanding results reflecting ongoing strength and pension be risking and core retirement and have also delivered strong growth through and by asset inflows and market performance. Overall, we're pleased with both the top and bottom line growth in the quarter as we continue to deliver against our three by three plan on all fronts.

Speaker Change: And finally wealth solutions organic revenue growth was 9% and outstanding results, reflecting ongoing strength in pension derisking and core retirement.

<unk> also delivered strong growth driven by asset inflows and market performance.

Speaker Change: Overall, we're pleased with both the top and bottom line growth in the quarter as we continued to deliver against our three by three plan on all fronts.

Gregory Case: Further, after only two months with NFP, early progress is fully on track or ahead of expectations. 4T growth and value creation opportunities highlight the strong start. First, on independent and connected, outlining how we're bringing NFP into Aon, our teams are coming together for the shared vision and client-first mindset and their building connectivity across Aon and NFD. Our early close is increasing momentum as we look together to deliver wins and bring the best from Aon and NFD to our clients.

Gregory Clarence Case: Further, after only two months with NFP, early progress is fully on track or ahead of expectation, quality growth, and value creation opportunities highlight this strong First on Independence and Connection, outlining how we're bringing NFP into Aon.

Speaker Change: Further after only two months with NSP early progress is fully on track or ahead of expectations.

Speaker Change: Four key growth and value creation opportunities highlight the strong start.

Speaker Change: First on independent and connected outlining how we are bringing in FP into Aon. Our teams are coming together with a shared vision and client first mindset and are building connectivity across Aon and NSP.

Gregory Clarence Case: Our teams are coming together with a shared vision and a client-first mindset, and they're building connectivity across Aon and NFP. Our early close is increasing momentum as we work together to deliver wins and bring the best from Aon and NFP to our clients. Second, top line growth. We're seeing strong organic revenue growth from NFP. And though early, we're on track to deliver our revenue synergy commitments, noting that we modeled zero net impact in 2024 and have seen strong client and colleague returns. Third, NFP's M&A engine is. We've completed 14 deals so far in 2024 at attractive multiples weighted toward commercial risk and health. And we're finding that our independent and connected value proposition is distinctive and highly attractive.

Speaker Change: Our early close is increasing momentum as we work together to deliver wins and bringing the best from Aon and NFC to our clients.

Gregory Case: Second, top line growth. We're seeing strong organic revenue growth from NFP, and though early, we're on track to deliver our revenue synergy commitments, noting that we modeled zero net impact in 2024 and have seen strong clients in colleague retention. Third, NFP's MNA engine is leading exceptionally well, and the pipeline remains very strong. We've completed 14 deals so far in 2024 at attractive multiples weighted toward commercial risks and health, and we're finding that our independent and connected value proposition is distinctive and highly attractive.

Gregory Clarence Case: And fourth, bottom line growth. We're on track to fully deliver in line with guidance on all aspects, through efficiencies, cost synergies, and free cash flow impact, leveraging operational best practices from AI business services this summer. Our Q2 and year-to-date results demonstrate progress against our financial guidance and our three-by-three, which will deliver superior content and capability across risk capital and human capital through Aon client leadership, ensuring we bring relevant client solutions all the time, all enabled through Aon Business Service.

Speaker Change: Top line growth, we're seeing strong organic revenue growth from an IP and they'll early we're on track to deliver our revenue synergy commitments, noting the remodeled zero net impact in 2024 and received strong client and colleague retention.

Speaker Change: <unk> and <unk>.

Speaker Change: If these M&A engine.

Speaker Change: Going exceptionally well and the pipeline remains very strong we've completed 14 deals so far in 2024 at attractive multiples weighted toward commercial risks can help and we're finding that our independent and connected value proposition is distinctive and highly attractive.

Gregory Case: And fourth, bottom line growth. We're on track to fully deliver in line with guidance on all aspects of the combination through efficiency, cost synergies, and free cash flow impact, leveraging operational best practices from Aon doesn't services.

Speaker Change: And fourth Bottomline growth, we're on track to fully deliver in line with guidance on all aspects of the combination through.

Speaker Change: Through efficiencies cost synergies and free cash flow impact leveraging operational best practices from Aon business services.

Gregory Case: In summary, our Q2 and your date results demonstrate progress against our financial guidance and our three by three plan, which will deliver superior content and capability across risk capital and human capital. Through Aon client leadership, ensuring we bring relevant client solutions all the time, all enabled through Aon business services. This performance will deliver compelling long-term value creation for clients, colleagues, and shareholders.

Speaker Change: In summary.

Speaker Change: Our Q2 and year to date results demonstrate progress against our financial guidance and our three by three plan, which will deliver superior content and capability across risk capital and human capital through Aon client leadership, ensuring we bring relevant client solutions. All the time all enabled through Aon business services.

Gregory Clarence Case: This performance will deliver compelling long-term value creation for clients, colleagues, and shareholders. Before I turn to Christa for one final time, I want to take a moment to thank her again for a great partnership, leadership, and friendship, and for inspiring and invaluable commitment to building our. Now, Christa, over to you for your thoughts on our financial results and long-term strategy. Thank you so much, Greg, and thank you so much for the partnership. My time at Aon was and will continue to be the highlight of my career.

Speaker Change: This performance will deliver compelling long term value creation for clients colleagues and shareholders.

Gregory Case: Before I turn to Christo for one final time, I want to take a moment to thank her again for a great partnership, leadership, and friendship. And for her inspiring and invaluable commitment to building our firm.

Speaker Change: Before I turn to Krista for one final time I wanted to take a moment to thank her again for a great partnership.

Speaker Change: Leadership and.

Krista: And friendship.

Krista: For inspiring and invaluable commitment to building our firm.

Christa Davies: Christo, over to you for your thoughts on our financial results and long-term outlook. Thank you so much, Greg, and thank you so much for the partnership. My time at Aon was and will continue to be the highlight of my career. I remain incredibly excited about the value creation potential we have ahead of us through the three by three plan.

Krista: Chris over to you for your thoughts on our financial results and long term outlook.

Krista: Thank you so much Greg and thank you so much for the partnership.

Am: My time at Am was and will continue to be the highlight of my career.

Christa Davies: I remain incredibly excited about the value creation potential we have ahead of us through the three by three plan. I'm thrilled to welcome Edmund, and I look forward to serving as an advisor to the team to support and ensure a smooth transition. Turning now to the quarter.

Chris: I'm incredibly excited about the value creation potential we have ahead of us through the three by three plants.

Christa Davies: I'm thrilled to welcome Edmund, and I look forward to serving as an advisor to the team to support and ensure a smooth transition.

I'm thrilled to welcome Edmund I look forward to serving as an advisor to the team support and ensure a smooth transition.

Christa Davies: Action. Turning now to the quarter, as Greg highlighted, we delivered exceptional results in the second quarter, with 6% organic revenue growth, highlighted by 7% in wealth and 9% in wealth and 7% in reinsurance. Our overall organic revenue growth does not include the impact, does include the impact of NFP, beginning from April 25 when we closed the acquisition.

Speaker Change: Turning now to the quarter as Greg highlighted we delivered exceptional results in the second quarter with 6% organic revenue growth highlighted by 7% and wealth and 7% in Rand, I'm, sorry, 90% and wealth and 7% in reinsurance.

Christa Davies: As Greg highlighted, we delivered exceptional results in the second quarter with 6% organic revenue growth highlighted by 7% in wealth and 7% in, sorry, 9% in wealth and 7% in reinsurance. Our overall organic revenue growth does not include the impact of NFP beginning from April 25, when we close the acquisition. Though we only had two months' performance, NFP's Q2 performance was in line with the business case as it delivered mid-single-digit organic revenue growth.

Our overall organic revenue growth does not include the impact.

Speaker Change: It does include the impact of NSP beginning from April 25, when we closed the acquisition.

Christa Davies: So we only had two months' performance. NFP's Q2 performance was in line with the business case, as it delivered mid-single-digit organic revenue growth. NFP also contributed to the 18% total revenue growth in the quarter, which translated into 19% adjusted operating income growth, margins of 27.4%, and 6% adjusted to a share, earnings per share growth.

Speaker Change: We only had two months' performance in F. Q2 performance was in line with the business case as it delivered mid single digit organic revenue growth.

Christa Davies: NFP also contributed to the 18% total revenue growth in the quarter, which translated into 19% adjusted operating income growth, margins of 27.4%, and 6% adjusted per share earnings per share growth. These results position us well to drive progress against all elements of the 3x3 plan, driving results in 2024 and over the long term. As I reflect on our performance through the first half of the year, as Greg noted, organic revenue growth was 6% in Q2, driven by net new business generation and ongoing strong retention.

Speaker Change: <unk> also contributed to the 18% total revenue growth in the quarter, which translated into 19% adjusted operating income growth margins of 27, 4% and 6% adjusted.

Speaker Change: Earnings per shack right.

Christa Davies: These results positioned us well to drive progress against all elements of the three by three plan, drive them results in 2024 and over the long term. As I reflect on our performance through the first half of the year, as Greg noted, organic revenue growth with 6% in Q2, driven by net new business generation and ongoing strong retention. We continue to expect mid single-digit or greater organic revenue growth for the full year 2024 and over the long term. As Greg described, we're making excellent progress with NFP. We continue to expect that NFP will contribute to the firm's overall revenue growth through organic revenue growth, including 175 million of net revenue synergies by 2026 and an organic growth from ongoing M&A.

Speaker Change: These results position us well to drive progress against all elements of the three by three plan driving results in 2024 and over the long term.

Speaker Change: As I reflect on almost all of that through the first half of the year as Greg noted organic revenue growth was 6% in Q2, driven by net new business generation and ongoing strong retention.

Christa Davies: We continue to expect mid-single digit or greater organic revenue growth for the full year 2024 and over the long term. As Greg described, we're making excellent progress with NFP. We continue to expect that NFP will contribute to the firm's overall revenue growth through organic revenue growth, including $175 million of net revenue synergies by 2026 and inorganic growth from ongoing M&A. While it's early, we're on track to achieve deal synergy, with no net impact in 2024 from cost and revenue synergies and positive impact in 2025 and 2026. This is exactly in line with the guidance we gave when we announced the deal. It's also worth noting that voluntary colleague attrition at NFP is down almost everywhere.

We continue to expect mid single digit or greater organic revenue growth for the full year 2024 and over the long term.

Speaker Change: As Greg described we're making excellent progress with NSP. We continue to expect the NFPA will contribute to defense overall revenue growth through organic revenue growth, including 175 million of net revenue synergies by 2026, and then organic growth from ongoing M&A.

Christa Davies: While it's early, we're on track to achieve yield synergies with no net impact in 2024 from cost and revenue synergies and a positive impact in 2025 and 2026.

Speaker Change: While it's early we're on track to achieve scale synergies with no net impact in 2020 from cost and revenue synergies and positive impact in 2025 and 2026.

Christa Davies: This is exactly in line with the guidance we gave when we announced the deal. It's also worth noting that voluntary colleague attrition at NFP is down the year over the year. Moving to operating performance, we delivered strong operational improvement with adjusted operating margins of 33.8% in the first half, an increase of 20 basis points driven by revenue growth portfolio, mixed shift, efficiency from a business services and restructuring savings, overcoming expense growth, including investments in colleagues and technology to drive long-term growth. If we consider the combined historic margin profile of Aeon and NFP, including two thirds of NFP's results from the second quarter of 2023, adjusted operating margins expanded 60 basis points in Q2 and AC basis points year to date, which is how we think about ongoing margin expansion.

Speaker Change: It is exactly in line with the guidance, we gave when we announced the deal.

Speaker Change: It's also worth noting that voluntary colleague attrition at NSP is down year over year.

Christa Davies: Moving to Operating Performance. We delivered strong operational improvement with adjusted operating margins of 33.8% in the first half, an increase of 20 basis points, driven by revenue growth, portfolio mix shift, efficiencies from Aon Business Services, and restructuring savings, overcoming expense growth, including investments in colleagues and technology to drive long-term growth. If we consider the combined historic margin profile of Aon and NFPE, including two-thirds of NFPE's results from the second quarter of 2023, Adjusted Operating Margins expanded by 60 basis points in Q2 and 80 basis points year-to-date, which is how we think about ongoing margin expansion.

Speaker Change: Moving to operating performance, we delivered strong operational improvement with adjusted operating margins of 33, 8% in the first half an increase of 20 basis points driven by revenue growth portfolio mix shift efficiencies from Aon business services and restructuring savings overcoming expense growth, including.

Speaker Change: <unk> investments and colleagues and technology to drive long term growth.

Speaker Change: If we consider the combined historic margin profile of Aon, and then FTE, including <unk> results from the second quarter of 2023.

Speaker Change: Adjusted operating margins expanded 60 basis points in Q2.

Speaker Change: AC basis points year to date, which is how we think about ongoing margin expansion.

Christa Davies: We're making meaningful progress on our Amazon services strategy, including through our restructuring program, which helps to accelerate our three by three plan and contributes from margin expansion through net savings. We continue to streamline and improve operational processes, moving work to the best locations and enhancing colleague and client experience with powerful new tools such as our property, casualty, DNO, cyber, and help risk analyzed. Restructuring savings in the second quarter were $25 million, resulting in $45 million of restructuring savings year to date, and 60 basis points of contribution to adjusted operating margin year to date. Restructuring actions completed so far are expected to generate 95 million of savings in 2024.

Christa Davies: We're making meaningful progress on our Airbus and services strategy, including through our restructuring program, which helps to accelerate our three by three plan and contributes to margin expansion through net savings. We continue to streamline and improve operational processes, moving work to the best locations, and enhancing colleague and client experiences with powerful new tools, such as our Property, Casualty, DNO, Cyber, and Health Risk Analyzers. Restructuring savings in the second quarter were $25 million, resulting in $45 million of restructuring savings year-to-date and 60 basis points of contribution to adjusted operating margin year-to-date.

Speaker Change: We're making meaningful progress on our Amazon services strategy, including through our restructuring program, which helps to accelerate our three by three flat I'm contributes to margin expansion through net savings.

We continue to streamline and improve operational processes moving work to the best locations and Hudson colleague and client experience with powerful new tools, such as our property casualty DNI Ciba and health risk analyses.

Speaker Change: Restructuring savings in the second quarter with $25 million.

Speaker Change: Salt against $45 million of restructuring savings year to date, and 60 basis points of contribution to adjusted operating margin year to date.

Christa Davies: Restructuring actions completed so far are expected to generate 95 million of savings in 2024. We expect the restructuring savings will fall to the bottom line. At this time, we continue to expect 100 million of realized savings in 2024, as we continue to accelerate our plans for our business services and other as we think about adjusted operating margins moving forward. We continue to expect to drive adjusted operating margin expansion over the full year on a combined firm basis and in the long term through ongoing revenue growth, portfolio mix shift to higher revenue growth, higher margin areas of the portfolio, and efficiencies from our business services.

Speaker Change: Restructuring actions completed so far are expected to generate $95 million of savings in 2020 full we expect restructuring savings will fall to the bottom line.

Christa Davies: We expect restructuring savings will fall to the bottom line. At this time, we continue to expect 100 million of realized savings in 2024, as we continue to accelerate our plans for Aon Business Services and our business. As we think about adjusted operating margins moving forward, we continue to expect to drive adjusted operating margin expansion over the full year on a combined firm basis and will end the long term through ongoing revenue growth portfolio, mixed shifts to higher revenue growth, higher marginaries of the portfolio, and efficiencies from Aon business services.

Speaker Change: At this time, we continue to expect $100 million of realized savings in 2024, as we continue to accelerate our plans for ambulance services and our business.

Speaker Change: As we think about adjusted operating margins moving forward.

Speaker Change: We continue to expect to drive adjusted operating margin expansion over the phone yeah on a combined basis and well under long time through ongoing revenue growth portfolio mix shift to high revenue growth high margin areas of the portfolio and efficiency Samantha services.

Christa Davies: As we previously communicated, we think the right baseline from which to measure 2025 adjusted operating margin growth is 30.6%. Calculators are 31.6% from 2023, less 100 basis point drag from NFP for the period from the 2020 from the April 25th close through the end of 2024. We also expect additional investment income to be relatively flat year over year based on current interest rate expectations. So they expect the tailwind we've seen in the first half of the year will be reduced in the back half. So we remain committed to driving full year adjusted operating margin expansion in 2024 and over the long term against the adjusted baseline of 30.6%.

Christa Davies: As we previously communicated, we think the right baseline from which to measure 2025 adjusted operating margin growth is 30.6%. Calculated as of now, 31.6% from 2023, less a 100 basis point drag from NFP for the period from the April 25th close through the end of 2024. We also expect fiduciary investment income to be relatively flat year-over-year based on current interest rate expectations.

Speaker Change: As we previously communicated we think the right baseline from which to measure 2025, adjusted operating margin growth is 36%.

Samantha: Calculate isn't all 31.

Samantha: 6% from 2023.

Samantha: 100 basis point drag from N F. P for the period from the 'twenty 'twenty from the April 25th close through the end of 2024.

Samantha: We also expect additional investment income to be relatively flat year over year.

Speaker Change: Just on current interest rate expectations.

Christa Davies: So we expect the tailwind we've seen in the first half of the year will be reduced in the back half. And we remain committed to driving full year adjusted operating margin expansion in 2024 and over the long term against this adjusted baseline of 30.6 percent. Turning to EPS.

Speaker Change: The tailwind we've seen in the first half of the year it will be reduced in the back half.

Justin: We remain committed to driving strong adjusted operating margin expansion in 2024 and over the long term I guess isn't Justin baseline of 36%.

Christa Davies: Turning to EPX, a JAPPS grew 6% in Q2 and 7% year to date, reflecting double-digit adjusted operating income growth and ongoing share buyback. Partially offset by higher interest expense, the issuance of 19 million shares to fund the acquisition of NFP, and a higher tax rate.

Christa Davies: EPS grew 6% in Q2 and 7% year-to-date, reflecting double-digit adjusted operating income growth and ongoing share buyback, partially offset by higher interest expense, the issuance of 19 million shares to fund the acquisition of NFP, and a higher tax rate. Turning now to free cash flow, we generated $721 million of free cash flow year-to-date, reflecting strong operating income growth and lower capex, offset by payments related to NFP transaction integration charges, legal settlement expenses, restructuring, and higher cash tax payments, as we've previously communicated.

Speaker Change: Turning to EPS.

Speaker Change: P. S grew 6% in Q2, and 7% yesterday, reflecting double digit adjusted operating income growth and ongoing share buyback part.

Speaker Change: Its really offset by higher interest expense the issuance of 19 million shares to fund the acquisition of NFC and a higher tax rate.

Christa Davies: Turning now to free cash loan, we generated 721 million of free cash loan year to date, reflecting strong operating income growth and lower capital. Offset by payments related to NFP transaction and integration charges, legal settlement expense, restructuring, and higher cash tax payments, as we previously communicated. As we look forward, our free cash flow outlook remains strong based on our strong expected operating income growth and a 500 million long-term opportunity in working capital. We've communicated that in the near term free cash flow will be impacted by restructuring, higher interest expense, and NFP deal and integration costs.

Speaker Change: Turning now to free cash flow, we generated $721 million of free cash flow year to date, reflecting strong operating income growth and lower capex.

Speaker Change: Offset by payments related to NSA transaction and integration charges legal settlement expense restructuring and higher cash tax payments as we previously communicated.

Christa Davies: As we look forward, our free cash flow outlook remains strong, based on our strong expected operating income growth and a $500 million long-term opportunity in working capital. We've communicated that in the near term, free cash will be impacted by restructuring, higher interest expense, and NFP deal and integration costs. In 2025 and 2026, NFP is expected to add $300 million and $600 million of incremental free cash flow, respectively, contributing to our overall expectation of double-digit free cash flow growth.

Speaker Change: As we look forward our free cash flow outlook remains strong based on our strong expected operating income growth.

Speaker Change: And a 500 million long term opportunity in working capital.

Speaker Change: We've communicated that in the near term free cash flow will be impacted by restructuring higher interest expense and NFPA deal and integration costs.

Christa Davies: In 2025 and 2026, NFP is expected to add 300 million and 600 million of incremental free cash flow, respectively, contributing to our overall expectation of long-term double-digit free cash flow growth. We allocate capital based on ROIC and long-term value creation, which we've done through time through core business investment, share buyback, and M&A. As we look historically, we have a successful track record of balancing organic investment, acquisitions, investitures, and share buyback as we continue to optimize our portfolio against our priority investment areas on an ROIC basis. Given the very strong long-term free cash flow outlook for the firm, we expect share approaches will remain our highest ROIC opportunity.

Speaker Change: In 2025, and 2026, NFA is expected to add $300 million and $600 million of incremental free cash flow, respectively contributing to our overall expectation of long term double digit free cash flow growth.

Christa Davies: We allocate capital based on ROIC and long-term value creation, which we've done over time through core business investment, share buyback, and M&A. As we look historically, we have a successful track record of balancing organic investment, acquisitions, divestitures, and share buyback as we continue to optimize our portfolio against our priority investment areas on an ROIC-based basis. Given the very strong, long-term free cash flow outlook for the firm, we expect share repurchase will remain our highest ROIC opportunity.

Speaker Change: We allocate capital based on ROI and long term value creation, which we've done it three times through core business investment share buyback and M&A.

Speaker Change: As we look historically, we have a successful track record of balancing organic investment acquisitions divestitures out of share buyback as we continue to optimize our portfolio I guess top priority investment areas on an ROIC basis.

Speaker Change: Given the very strong longtime free cash flow outlook for the fun, we expect share repurchases will remain our highest rois say opportunity.

Christa Davies: We completed 500 million a buyback in the first half and continued to expect share buyback to be substantial at a billion dollars or more in 2024 based on our current MNA expectations for the rest of the year. We also expect to continue to invest organically and inorganically in contenting capabilities that we can scale to address on that client needs. Including the mid-market and attractive geographies that will bring scalable solutions to our clients' growing and evolving challenges, known that we close an acquisition in throughout this quarter, bringing new specialist capabilities and health and benefits into AR.

Christa Davies: We completed $500 million of buyback in the first half and continue to expect share buybacks to be substantial at a billion dollars or more in 2024 based on our current M&A expectations for the rest of the year.

We completed 500 million of buyback in the first half and continue to expect share buyback to be substantial.

A $1 billion or more in 2024 based on our current M&A expectations for the rest of it.

Christa Davies: We also expect to continue to invest organically and inorganically in content and capabilities that we can scale to address unmet client needs. Regarding M&A, our M&A pipeline continues to be focused on our high-priority areas, including the mid-market and attractive geographies that will bring scalable solutions to our clients' growing and evolving challenges. We know that we closed an acquisition in France this quarter, bringing new specialist capabilities and health and benefits into A We are also continuing to see success from NFP's impressive M&A engine. Since the beginning of 2024, NSP has completed 14 acquisitions at attractive multiples weighted towards commercial risk and health, representing $36 million in annualized revenue.

Speaker Change: We also expect to continue to invest organically and inorganically and content capabilities. So we can scale to address unmet client needs.

Speaker Change: Regarding M&A.

Speaker Change: Our M&A pipeline continues to be focused on our high priority areas, including the mid market and attractive geographies that will bring scalable solutions to our clients growing and evolving challenges knowing that we close an acquisition in France, this quarter, bringing new specialist capabilities and help them benefit into al.

Christa Davies: We are also continuing to see success from NFP's impressive MNA engine. Since the beginning of 2024, NFPs completed 14 acquisitions at attractive multiples weighted towards commercial risk and health. Representing 36 million in annualized revenue. As we previously communicated, we expect NFP to do MNA comprises of 45 to 60 million dollars of EBITR per year, and they are on track for the full year 2024. We look forward to building on their established track record and execute computing against their strong pipeline to drive future growth in the space and value creation within our ROIC framework.

We are often continuing say successful N F. P is impressive M&A engine.

Speaker Change: Since the beginning of 'twenty 'twenty, four and FDA has completed 14 acquisitions at attractive multiples weighted towards commercial risk and health representing $36 million in annualized revenue.

Christa Davies: As we previously communicated, we expect NFP to do M&A comprised of $45-$60 million of EBITDA per year, and they are on track for the full year 2024. We look forward to building on their established track record and executing against their strong pipeline to drive future growth in the space and value creation within our ROIC framework. Going forward, we'll continue to actively manage the portfolio and assess all capital allocation decisions on an ROIC-based basis. Considerating buyback, M&A, and delivery. Turning now to our balance sheet and debt capacity, we remain confident in the strength of our balance sheet.

Speaker Change: As we previously communicated we expect <unk> to do M&A comprised of $45 million to $60 million of EBITDA per year and they are on track for the full year 2024.

Speaker Change: We look forward to building on their established track record and execute kitting against a strong pipeline to drive future growth in this space and value creation within our ROIC framework.

Christa Davies: Going forward, we will continue to actively manage the portfolio and assess all capital allocation decisions on an ROIC basis, contemplating buyback, MNA, and delivering. Turning down to our balance sheet and debt capacity, we remain confident in the strength of our balance sheet. As previously communicated, we expect our credit ratios to be elevated over the next 12 to 18 months. As we bring our leverage ratios back in line with levels consistent with our credit profile driven by substantial free cash flow generation and incremental debt capacity from EBITR growth, noting our track record of effectively managing leverage within our current ratings.

Going forward, we will continue to actively manage the portfolio and assessed all capital allocation decisions on an ROIC basis, contemplating buyback M&A and Delever.

Speaker Change: Turning now to our balance sheet and debt capacity, we remain confident in the strength of our balance sheet.

Operator: As previously communicated, we expect our credit ratios to be elevated over the next 12 to 18 months as we bring our leverage ratios back in line with levels consistent with our credit profile, driven by substantial free cash flow generation and incremental debt capacity from EBITDA growth, noting our track record of effectively managing leverage within our current ratings. In summary, our strong financial results in the quarter and year-to-date position us well to continue driving progress against all elements of our 3x3 plan and driving results in 2024 and over the long term.

Speaker Change: As previously communicated we expect our credit ratios to be elevated over the next 12 to 18 months as.

Speaker Change: As we bring our leverage ratios back in line with levels consistent with our credit profile driven by substantial free cash flow generation and incremental debt capacity from EBITDA growth.

Speaker Change: Putting our track record of effectively managing leverage within our current ratings.

Christa Davies: In summary, our strong financial results in the quarter and near today's position as well to continue driving progress against all elements of our three by three plan and driving results in 2024 and over the long term. We look forward to building on this momentum.

Speaker Change: In summary, our strong financial results for the quarter and Yesterdays positioned us well to continue driving progress against all elements of all three by three plan and driving results in 'twenty to 'twenty four and over the long term.

Speaker Change: We look forward to building on this adventure.

Operator: We look forward to building on this momentum. With that, I'll turn the call back over to the operator, and Greg, Eric, and I would be delighted to take your questions. Thank you. At this time, we will be conducting a question and answer session, and if you would like to ask a question, please press star 1 on your remote control. A confirmation tone will indicate your line is in the question. You may press star 2 if you would like to remove your question.

Operator: With that, I'll turn the call back over to the operator, and Greg, Eric, and I'd be delighted to take your questions. Thank you.

Speaker Change: With that I'll turn the call back over to the operator, and Greg Eric and I'd be delighted to take your questions.

Thank you at this time, we'll be conducting a question and answer session.

Operator: At this time, we will be conducting an question and answer session. If you would like to ask a question, please press start one on your telephone feedback. A confirmation toll will indicate your line is in the question key. You may press start to if you would like to remove your questions from the key participants using speaker equipment. It may be necessary to pick up your handset before questions start. One moment, please, while we pull for questions.

If you would like to ask a question. Please press star one on your telephone keypad.

Speaker Change: A confirmation tone will indicate your line is in the question queue. You May Press Star two if you would like to remove your question from the queue.

Operator: For participants using speaker equipment, it may be necessary to pick up your handset before, One moment, please, while we poll for questions. And our first question comes from the line of Elyse Greenspan with Wells Fargo. Please proceed with, Hi, thanks. Good morning.

Speaker Change: Dissipated using speaker equipment, it may be necessary to pick up your handset before question sorry.

Speaker Change: One moment, please pull for questions.

Elyse Greenspan: And our first question comes from the line of Elise Greenspan with World Fargo. Please proceed with your question. Hi, thanks. Good morning.

Speaker Change: And our first question comes from the line of.

Elyse Beth Greenspan: Elyse Greenspan.

Elyse Beth Greenspan: Greenspan with Wells Fargo.

Speaker Change: Please proceed with your question.

Elyse Beth Greenspan: You know, before I get into the questions, I just also want to extend my congratulations to Christa on your, you know, successful career at Aon. Thank you so much, everybody. Bye.

Elyse Beth Greenspan: Hi, Thanks, good morning.

Elyse Greenspan: You know, before I get into the questions, I just also want to extend my congrats to Christa, just, you know, on your successful career at AOS. Yeah, thanks, Christa.

Speaker Change: Before I get into the questions I. Just also just wanted to extend my congrats to Christa just.

Speaker Change: On your successful career at <unk>.

Christa Davies: Yeah, thanks, Christa. My first question is on commercial risk. You know, I guess it's two parts. Maybe, Greg, you said that overall organic growth wasn't impacted by NFP. Would that statement also hold true for commercial risk?

Elyse Beth Greenspan: Yeah. Thanks, Chris My first question is on commercial risk.

Gregory Case: My first question is on commercial risk. You know, I guess it's two parts, maybe. Greg, you said the overall organic growth was impacted by NFP. With that statement, also, hold true for commercial risk. And then can you also just expand on what turned in the quarter? You guys went from, you know, 3% to 6%. You saw a doubling of growth within that segment in the quarter.

Speaker Change: It's two parts, maybe Greg you said the overall organic growth was impacted by NSP well that statement also hold true for commercial risk and then can you also just expand on what turned in the quarter. You guys went from 3% to 6%. So you saw a doubling of growth within that segment in the quarter.

Gregory Case: Yeah, maybe I'll start at least for them. You know, it's important to get Eric's input, and Chris is here, too. Listen, first of all, to your first question. Yes, we want to be really clear about, you know, NFP has been two months. So you take NFP out completely, the 6% and all the solution line of results would have been exactly the same without NFP. So that's exactly correct. And even think about commercial risk, maybe put it in contact a little bit, you know, what we're seeing, the commercial risk is exactly consistent with what you're seeing really across the firm.

Gregory Clarence Case: And then, can you also just expand on what turned in the quarter you guys went from, you know, 3% to 6%? You saw a doubling of growth within that segment in the quarter. Yeah, maybe I'll start, Elyse, but then, you know, it's important to get Eric's input, and Chris is here, too. Listen, first of all, to your first question: yes, we want to be really clear about, you know, NFP has been two months. So you take NFP out completely, the 6%, and all the solution line results would have been exactly the same without NFP.

Greg: Yeah, maybe I'll start at least important to get Ericsson put in Christmas here too.

Speaker Change: Listen first of all to your first question, Yes, we will.

Speaker Change: Let me be really clear about it.

Speaker Change: It's been two months, so you take <unk> out completely the 6% and all of the solution line. Our results would have been exactly the same without NSP. So that's exactly correct.

Speaker Change:

Speaker Change: You would think about commercial risk maybe put it in context, a little bit what we're seeing in commercial risk is exactly consistent with what youre seeing really across the firm and you should expect and we expect that we're going to continue to make progress and build momentum in 'twenty four 'twenty five and 26 on the three by three plan and again. This all starts with better understanding our client need and then taking some very specific.

Gregory Clarence Case: So that's exactly correct. And, you know, think about commercial risk, maybe put it in context a little bit. What we're seeing in commercial risk is exactly consistent with what you're seeing really across the firm. And you should expect, and we expect, that we're going to continue to make progress and build momentum in 24, 25, and 26 on the three by three plan. And again, this all starts with a better understanding of client needs and then taking some very specific, hard steps to put Aon in a position to address this demand in a way that we think, Elyse, is going to be a better set of solutions and really distinctive. And that's really the three by three plan. And you know what the elements of that are.

Gregory Case: And you should expect, and we expect we're going to continue to make progress and build momentum in 24, 25, and 26 on the 3 by 3 plan. And again, this all starts with better understanding the client need and then taking some very specific hard steps to put an end in the position to address this demand in a way that we think, at least, is going to be a better set of solutions. And really distinctive and naturally the 3 by 3 plan, and you know what the elements are that are. And that's what delivered the 6% organic, the margin expansion, the I grow in commercial risk specifically.

Speaker Change: Vic hard steps to go down in a position to address this demand in a way that we think at least is going to be a better set of solutions and really distinctive and that's really the three by three plant and you know what the elements of that are and that's what delivered the 6% organic the margin expansion the oi growth and commercial risks specifically.

Gregory Clarence Case: And that's what delivered the 6% organic, the margin expansion, and the OI growth. In commercial risk, specifically, again, even without NFP, 6% growth was driven by real strength in that new business generation and strong retention. And really, the strong performance held across all major geographies. And we wouldn't probably get into quarter to quarter because the quarters are different, and the mix is different between them.

Gregory Case: Again, even without NFP, 6% growth was driven by real strength and that new business generation and strong retention. And really this strong performance held across all major geographies. And we wouldn't probably get into quarter to quarter because the quarters are different mixes different between them. As we said in Q1, there were some external factors we saw last quarter that we didn't expect wherever going to repeat, and they likely won't repeat, and they didn't repeat. And on average, you know, step back; you see growth in exposures, generally flat pricing, resulting in modestly positive market impact. As we said, M&A services, we're starting to see the turnaround in external capital markets, but really M&A services really had modest positive impact in the quarter.

Speaker Change: Again, even even without NFPA, 6% growth was driven by real strength in net new business generation and strong retention.

Speaker Change: And really the strong performance across all major geographies and well, we wouldn't probably get into quarter to quarter, because the quarters are different and the mix is different between them. As we said in Q1. There were some external factors. We saw last quarter that we didn't expect wherever going to repeat and they likely won't repeat and they didn't really.

Gregory Clarence Case: As we said, in Q1, there were some external factors we saw last quarter that we didn't expect were ever going to repeat, and they likely wouldn't repeat. And they did. And on average, you know, step back, you see growth in exposures, generally flat pricing, resulting in a modestly positive market impact. As we said, M&A services, we're starting to see the turnaround in external capital markets. But really, M&A services really had a modest positive impact in the quarter.

Speaker Change: And on average you know step back you see growth in exposure is generally flat pricing, resulting in modestly positive market impact as we said M&A services, we're starting to see the turnaround in external capital markets, but but really M&A services really had modest positive impact in the quarter.

Gregory Clarence Case: But our team, you know, look, with the investments we've made and the caliber of that team, the capability is incredibly well positioned to take advantage of the growing and what is available pipeline out there now. And then again, with that said, NFP growth for the two months was consistent.

Eric Andersen: But our team, you know, look, with the investments we've made in the caliber of that team and the capability, are incredibly well positioned to take advantage of the growing and what is available pipeline out there now. And then again, with that said, NFP growth for the two months was consistent, and that went into the overall as Christa described. And I would also say we're making great progress on our priority higher pipeline, you know, areas like energy and construction, and expect these new colleagues to contribute to further growth over time. But really, at least what we're trying to highlight is Q2 is just a continuation of what we're doing with three by three planning.

Speaker Change: But our team worked with the investments we've made in the caliber that team the capability are incredibly well positioned to take advantage of the growing and what is available pipeline out there now and then again with that said in a P. <unk> growth for the two months with consistent and that went into the overall as Christa described and I would also say, we're making great progress on our pro.

Eric Andersen: And that went into the overall picture, as Christa described. And I would also say we're making great progress on our priority hire pipeline, you know, in areas like energy and construction, and expect these new colleagues to contribute to further growth over time. But really, Elyse, what we're trying to highlight is Q2 is just a continuation of what we're doing with the three by three plan, and you're starting to see that really play out. And we expect it's going to continue for the rest of the year and then the 25 and 26 and beyond. But Eric, what would you add to that? Yeah, Greg.

Speaker Change: Already higher pipeline in areas like energy and construction and expect these new colleagues to contribute to further growth over time, but really at least what we're trying to highlight is Q2 is just a continuation of what we're doing with the three by three plan and you're starting to see that really play out and we expect it's going to continue for the rest of the year and then the 25 and 26 and beyond but what would you add to that.

Gregory Case: You're starting to see that really play out.

Eric Andersen: And we expect it's going to continue for the rest of the year and in the 25 and 26 and beyond. But what would you add to that? Yeah, Greg. So first of all, I would say that strong retention and strongly business really are an outcome of the work that's been going on in the quarter. But just to touch a little bit on the priority hires, if I could for a second, as you mentioned in the key specialty areas: construction, energy, other industry areas. You know, we're looking at those investments in people like we do any other investment.

Eric Andersen: So first of all, I would say that strong retention and strong new business really are an outcome of the work that's been going on in the quarter. But just to touch a little bit on the priority hires, if I could, for a second, as you mentioned, in the key specialty areas, construction, energy, other industry areas, you know, we're looking at those investments in people like we do any other investment, we want to bring in the best talent that is out there, support them with the best tools and analytics, whether it's the new analyzers that Christa talked about some of the broker led analytics, new tools like automated certificates of insurance to make sure we're providing the right colleague and client experience.

Speaker Change: Yeah, Greg So first of all I would say that strong retention and strong new business really are an outcome of the work that's been going on in the quarter, but just to touch a little bit on the priority hires if I could for a second as you mentioned into key specialty areas construction energy other industry areas.

Speaker Change: We're looking at those investments and people like we do any other investment we want to bring in the best talent that is out there support them with the best tools and analytics, whether it's the new analyzers that Christa talked about some of the broker led analytics.

Eric Andersen: We want to bring in the best talent that is out there, supporting with the best tools and analytics, whether it's the new analyzers that Christa talked about, some of the broker let analytics. New tools like automated certificates of insurance to make sure we're providing the right colleague and client experience. But I would also say that the analyzers fit into what we've been doing around the billion-dollar investment in ABS and those tools. And when you match that talent, that new talent and existing talent or the great talent that's already here today on with those new tools, you begin to provide a different experience for our colleagues who can actually serve their clients better, but also to the clients themselves who get better insight from us. We really begin to unlock the analytics that we've been talking about.

Speaker Change: New tools like automated certificates of insurance to make sure we're providing the right colleague and client experience.

Eric Andersen: But I would also say that the analyzers fit into what we've been doing around the billion-dollar investment in ABS and those tools. And when you match that talent, that new talent and existing talent, right, the great talent that's already here today with those new tools, you begin to provide a different experience for our colleagues who can actually serve their clients better, but also for the clients themselves, who get better insight from us and really begin to unlock the analytics that we've been talking about, match that with the global broken capability, the access to reinsurance capital, really the whole strategy around how we And you have a different experience.

Speaker Change: But I would also say that the analyzers fit into what we've been doing around $1 billion investment in ABS and those tools and when you match that talent that new talent and existing talent or the great talent. That's already here at Aon with those new tools you begin to provide a different experience for our colleagues who can actually serve their clients better.

Speaker Change: But also to the clients themselves, who would get better insight from us really begin to unlock the analytics that we've been talking about match that with the global broken capability. The access to the reinsurance capital really the whole strategy around how we're bringing capital to clients and you see a different experience and we've seen it in client events, whether it's at.

Eric Andersen: Now match that with the global broken capability, the access to reinsurance capital, really the whole strategy around how we're bringing capital to clients. And you see a different experience, and we've seen it in client events, whether it's that rims or our property symposium or other client events that have been going on in the first half of the year. You really see the excitement from the clients who are starting to really understand what we're trying to give to them in the whole ecosystem of tools and talent and people. You know, I could I could share experience stories and tell you some client wins and things, but really the new news are these risk analyzers and you see it also on the health side, the ability to show a client where their risks are, how they structure a program around it, and then how they access global capital with a client leader who fully understands their business is actually helping us drive better, stronger retention and better net new business.

Eric Andersen: And we've seen it at client events, whether it's at RIMS, or our property symposium, or other client events that have been going on in the first half of the year. You really see the excitement from the clients who are starting to really understand what we're trying to give them in the whole ecosystem of tools, talent, and people. You know, I could share my experience, you know, stories and tell you some client wins and things.

Speaker Change: Rems or our property symposium or other client events that have been going on in the first half of the year you really see the excitement from the clients who are starting to really understand what we're trying to give it to them in the whole ecosystem of tools and talent and people.

Speaker Change: I could I could share experience stories, and tell you some client wins and things, but really the new news or these risk analyzers and you see it also on the health side the ability to show a client where their risks are how they structure a program around it and then how they access global capital with a client leader who fully understand their business.

Eric Andersen: But really, the new news is these risk analyzers. And you see it also on the health side; the ability to show a client where their risks are, how they structure a program around them, and then how they access global capital with a client leader who fully understands their business is actually helping us drive better, stronger retention, and better net new business. Thanks.

Speaker Change: <unk> is actually helping us drive better stronger retention and better net new business wins.

Christa Davies: Thanks, and then, you know, my follow-up question, the tax rate in the quarter, you know, went to, you know, above 22%. I know you guys have typically guided, right, 18 and a half, which is like the five-year average. Is there something, is your tax rate structurally higher with NSP, or is there something went off that we should think about when thinking about the run rate tax rate?

Christa Davies: And then, you know, my follow-up question, the tax rate in the quarter went to, you know, above 22%. I know you guys have typically guided right to 18 and a half, which is like the five-year average. Is there something structurally different about your tax rate structurally higher with NFP? Or is there something one-off that we should think about when thinking about the run rate tax rate?

Speaker Change: Thanks, and then my follow.

Speaker Change: Question the tax rate in the quarter.

Speaker Change: I went to above 22% I know you guys have typically guided by <unk> 18, and a half which is like the five year average is there something is your tax rate structurally higher with NSP or is there something one off that we should think about when thinking about the run rate tax rate.

Christa Davies: Thanks so much for the question, Alive. In Q2, similar to Q1, the tax rate was driven by a geographic mix of income and the impact of unfavorable screech. I would know that the Screech can be favorable or unfavorable in any one quarter, and therefore the rate can be lumpy quarter to quarter. We really do think about it over the full year. And, as you said, at least, we don't give guidance going forward, but that is a historically accurate rate going backwards.

Christa Davies: Thanks so much for the question, Elyse. In Q2, similar to Q1, the tax rate was driven by a geographic mix of income and the impact of unfavorable discretes. I would note that discretes can be favorable or unfavorable in any one quarter, and therefore the rate can be lumpy quarter to quarter. But we really do think about it over the full year. And as you said, Elyse, we don't give guidance going forward, but that is an accurate historical rate going backwards. And then, one more quick one, Christa.

Speaker Change: Thanks, So much for the question Ali AR in Q2 similar to Q1.

Speaker Change: The tax rate was driven by a geographic mix of income and the impact of unfavorable discreet I would note that discrete is can be favorable or unfavorable in any one quarter and therefore the rate can be lumpy quarter to quarter, we really do think about it over the full year.

Speaker Change: And as you said at least we don't give guidance going forward, but that is a historical accurate right going backwards.

Christa Davies: And then one more quick one question. I think you said, NSP expected 45 to 60 million of EBITDA in M&A, and you're on track this year, but I think there was 36 million of revenue so far. So is it just that you guys are, you know, see a pipeline that would probably be more back after the first half waited in terms of transactions. That is exactly right, Elise. And what we've really seen is the path, the acquisition activity for NSP slowed down a little as they were negotiating with us for obvious reasons, but the pipeline looks incredibly strong in the back after the end. We think they are fully on track to deliver that 45 to 60 million of EBITDA in 2024.

Christa Davies: I think you said NFP expected 45 to 60 million of EBITDA in M&A, and you're on track this year. But I think there was 36 million of revenue so far. So is it just that you guys are seeing a pipeline that would probably be more back half weighted in terms of transactions? That is exactly right, Elyse.

Speaker Change: And then one more quick one question I think you said NSP expected $45 million to $60 million of EBITDA in M&A and Youre on track this year, but I think there was $36 million of revenue. So far so is it just that you guys are.

Speaker Change: See a pipeline that would probably be more back half than first half weighted in terms of transaction.

Christa Davies: And what we've really seen is the acquisition activity for NFP slowed down a little as they were negotiating with us, for obvious reasons. But the pipeline looks incredibly strong in the back half of the year, and we think they are fully on track to deliver that 45 to 60 million euros of EBITDA in 2024. Thank you.

Speaker Change: That is exactly right at least and what we've really seen is the.

Speaker Change: But the acquisition activities and if they slow down a little as they were negotiating with us for obvious reasons, but the pipeline looks incredibly strong in the back off and we think they are fully on track to deliver that $45 to $60 billion of EBITDA in 2024.

Speaker Change: Thank you.

Speaker Change: Yeah.

Operator: Our next question comes from the line of Andrew Kligerman with TD Securities. Please proceed with your question. Hey, good morning.

Speaker Change: Thank you.

Andrew Kligerman: Our next question comes from the line of Andrew Acclagerman with TD Securities. Please proceed with your question. Hey, good morning.

Andrew Scott Kligerman: Our next question comes from the line of Andrew claims.

Speaker Change: Women with TD Securities. Please proceed with your question.

Andrew Scott Kligerman: And also just a congratulations to Christa on the next phase of her career. What an awesome run you've had it. Aon, just exceptional leadership operationally, technologically, I mean, unparalleled as a CFO. So we'll miss watching you in action. But congratulations on the next phase. Thank you very much.

Speaker Change: Hey.

Andrew Scott Kligerman: Good morning, and also just a congratulations to Christa on the net.

Andrew Kligerman: And also I just a congratulations to Christa on the next phase of our career. What an awesome run you've had at Aeon; just exceptional leadership, operationally, technologically. I mean, unparalleled as a CFO. So we'll miss watching you in action, but congrats on the next phase.

Christa: The next phase of her career.

Speaker Change: Awesome run you've had at Aon logistics exceptional leadership operationally technologically.

Speaker Change: Unparallel events as CFO, So we'll miss watching you in action, but congrats on the next page.

Gregory Case: Thank you very much.

Thank you very much.

Christa Davies: Sure. And, and then, I guess moving back to commercial risk solutions. And Greg, you mentioned, and Eric mentioned new hires in the energy area. Could you elaborate a little bit on where they are, and actually, let me take a step back.

Speaker Change: Sure.

Gregory Case: And then I guess moving back to commercial risk solutions, and Greg you mentioned and Eric mentioned new hires in the energy area. Could you elaborate a little bit on where and actually let me take a step back. I mean, there was a lot of maybe concern out there that net hires were negative. And so could you talk about to cue was you know net producer staffing positive or negative was that a big influence on the to cue. And how do you see that playing out in the second half of the year? Do you think you'll be net hiring positive.

Speaker Change: And then.

I guess moving back to commercial risk solutions, and Greg you mentioned and Eric mentioned, new hires in the energy area, yet could you elaborate a little bit on where.

Speaker Change: Actually let me take a step back I mean, there was a lot of maybe.

Gregory Clarence Case: I mean, there was a lot of maybe concern out there that net hires were negative. And so could you talk about 2Q? Was, you know, net producer staffing positive or negative? Was that a big influence on 2Q?

Gregory Clarence Case: And how do you see that playing out in the second half of the year? Do you think you'll be net hiring positive? Thank you, Andrew.

Speaker Change: Concern out there that.

Speaker Change: Net hires were negative and so could you talk about <unk> was net producer staffing positive or negative was that a big influence on the <unk> and how do you see that playing out in the second half of the year do you think you'll be net hiring positive.

Gregory Case: Yeah, so thank you and are appreciated and really appreciate your perspectives. You can first take a step back overall. You just remind we have currently the highest engagement. We've had, you know, in basically almost forever. It's a really positive story that continues to evolve and build. And it really is a function of our colleagues' understanding and really contributing to and meeting the ability for us to support and help clients. And if you think about the example we started off with today, it's a powerful example. We can do in the impact our firm can have, and that's really that generates a lot of energy around our firm.

Gregory Clarence Case: I appreciate it and really appreciate your perspectives. First, take a step back overall. You know, just to remind you, we currently have the highest engagement we've had, you know, in basically almost forever. It's a really positive story that continues to evolve and build. And it really is a function of our colleagues understanding and really contributing to and leading the ability for us to support and help clients. And if you think about the example we started off with today, it's a powerful example of what we can do and the impact our firm can have, and that generates a lot of energy around our firm.

Speaker Change: Thank you Andrew I appreciate it and really appreciate your perspectives first take a step back overall.

Speaker Change: Just to remind we have currently the highest engagement.

Speaker Change: We've had.

Speaker Change: And basically almost forever.

Speaker Change: It really positive story that continues to evolve and build and it really is a function of our colleagues understanding and really contributing to and really the ability for us to support and help clients. I mean, if you think about the example, we started off with today. It's a powerful example of what we can do impact our firm can have and that's really generates a lot of energy around our firm and that's why our engagements so high.

Gregory Clarence Case: That's why our engagement is so high. That's reflected in our attrition, and our voluntary attrition continues to be very low, lower than pre-, you know, back to pre-pandemic. So, very, very positive from that standpoint. It's really against that context.

Gregory Case: That's why engagement is so high; that's reflected in our attrition, and our voluntary tradition continues to be, you know, very low, lower than pretty, you know, back to pre-pandemic. So very, very positive from that standpoint. It's really against that context. We also said, listen, there are some areas where we think there are some priority opportunities: constructions one, energies one, etc. And there were a few others around the firm, and we've had great fortune in bringing colleagues in to drive that. But I think Eric's point that we're not just this isn't about numbers. This is about capability.

Speaker Change: That's reflected in our attrition and voluntary attrition continues to be very low.

Speaker Change: Lower than pre DAC pre pandemic, so very very positive from that standpoint, it's really against that context. We also though said listen there are some areas, where we think there are some priority opportunities construction's, one energy's, one et cetera, and there were a few others around the firm and we've had great fortune and bringing colleagues into drive that but I think.

Gregory Clarence Case: We also, though, said, listen, there are some areas where we think there are some priority opportunities, construction, energy, etc. And there are a few others around the firm. And we've had great fortune in bringing colleagues in to drive that. But I think Eric's point that we're not just numbers, this isn't about numbers; this is about capability. So it's bringing in great practitioners and then arming them with our colleagues with these capabilities, this set of analytics. And make no mistake about it; what we've done with the analyzers, we think is unique.

Speaker Change: Eric's point that we're not just this isn't about numbers. This is about capability. So it's bringing in great practitioners and arming them with our colleagues with these kittens capabilities set of analytics and make no mistake about it what we've done with the analyzers, we think is unique and.

Gregory Case: So it's bringing in great practitioners and then arming them with our colleagues with these capabilities, the set of analytics. And make no mistake about it, what we've done with the analyzers, we think, is unique. And it really is supported by any business services platform also unique. And then you remember, we also made the unpopular decision to ask a billion dollars to accelerate that capability. And you're starting to see that show up the beginnings of that you saw in the second quarter; you'll see it in the third and the fourth quarter and in the 2025 and 2026.

Speaker Change: And it really is supported by an Aon business services platform also unique.

Speaker Change: And then remember we also.

Speaker Change: The unknown.

Speaker Change: Unpopular decision to invest a $1 billion to accelerate that capability and you're starting to see that show up.

Gregory Clarence Case: And it really is supported by a unique business services platform. And remember, we also made the unpopular decision to invest a billion dollars to accelerate that capability. And you're starting to see that show up.

Speaker Change: The beginnings of that you saw in the second quarter, you'll see it in the third and fourth quarter and into 2025 and 2026. So that's really what's going on in terms of where we are and you'll see us continue to make that investment.

Gregory Case: So that's really what's going on in terms of where we are. And you'll see us continue to make that investment as it strengthens the firm in our client-serving capability.

Speaker Change: As it does it strengthens the firm and our client serving capability, but Erik what else would you add to them.

Eric Andersen: But Eric, what else would you do? You know I would also I would broaden the aperture a little bit around just thinking about producers. Great, you talked about the tools, which are absolutely right, but when you think about what we do for clients, it's more than just production. It's does the client manager or client executive understand the client industry? Does the broker, if it's an energy broker, be able to talk about the risks of a client? Or the claims people? Are the risk analytics people being able to sort of match that to the industry expertise? So when we know we talk about investments in areas like construction or energy or life sciences and pharmaceuticals, it really is broader than just a producer. You actually have to have that skill set to be able to serve that client all the way through the chain on the risk side and more and more or so on the talent and health and wealth side as well. So we are investing in those areas, whatever we see growth, and we plan to continue to make those investments as the year progresses.

Eric Andersen: The beginnings of that, you saw it in the second quarter; you'll see it in the third and the fourth quarters and in 2025 and 2026. So that's really what's going on in terms of where we are. And you'll see us continue to make that investment as it strengthens the firm and our client service capability. But Eric, what else would you do? I would also broaden the aperture a little bit around just thinking about producers. Greg, you talked about the tools, which are absolutely right.

Eric Andersen: But when you think about what we do for clients, it's more than just production. Does the client manager or client executive understand the client industry? Does the broker, if it's an energy broker, know how to talk about the risks of a client? Are the claims people there?

Erik: I would also I would broaden the aperture a little bit around just thinking about producers Greg you talked about the tools, which are absolutely right, but when you think about what we do for clients, it's more than just production it's.

Speaker Change: Does the client manager client executive understand the clients industry does the broker if it's an energy broker or be able to talk about the risks of our clients are the claims people are the risk analytics people being able to sort of match that to the industry expertise. So when we talk about investments in areas like construction or energy or life Sciences and pharmaceuticals.

Eric Andersen: Are the risk analytics people being able to sort of match that to industry expertise? So when we talk about investments in areas like construction, or energy, or life sciences, and pharmaceuticals, it really is broader than just a producer; you actually have to have that skill set to be able to serve that client all the way through the chain on the risk side, and more and more so on the talent, health, and wealth side as well.

Speaker Change: It really is broader than just a producer you actually have to have that skill set to be able to serve that client all the way through the chain on the risk side and more and more so on the talent and health and wealth side as well. So we are investing in those areas, where we see growth.

Speaker Change: We plan to continue to make those investments as the year progresses.

Gregory Case: So I guess just kind of putting the framing it a little bit, this 6% organic revenue growth fits in with your mid single digit or higher objective, and it really shouldn't come as a surprise, right? It kind of fits with this strategy that you're describing. Yeah, Andrew, just step back, think about what we were, you know. I know everyone tends to look at the quarter to quarter; we look at the overall trend over time in a particular just great pure core skill and our ability to make a difference with clients. And what we're describing is, you know, with a 3x3 plan, this is not conceptual; this is a serious double down on an organization around risk capital, which means we're connecting the insurance and commercial risk capability in a way that's never been connected to our industry before.

Eric Andersen: So we are investing in those areas where we see growth, and we plan to continue to make those investments as the year progresses. So I guess just kind of framing it a little bit, this 6% organic revenue growth fits in with your mid single-digit or higher objective. And it really shouldn't come as a surprise, right?

Speaker Change: So I guess, just kind of putting a framing it a little bit this 6% organic revenue growth.

Speaker Change: Fits in with your mid single digit or higher objectives, and it really shouldn't come as a surprise right it kind of fits with this.

Gregory Clarence Case: It kind of fits with this strategy that you're describing. Yeah, Andrew, if you step back and think about where we were, you know, I know everyone tends to look at the quarter to quarter, we'd look at the overall trend over time. And in particular, just great, pure core skill and our ability to make a difference with clients. And what we're describing is, you know, with a three by three plan; this is not conceptual.

Speaker Change: Strategy that you're describing.

Gregory Clarence Case: This is a serious double down on an organization around risk capital, which means we're connecting reinsurance and commercial risk capability in a way that's never been connected in our industry before. On the human capital side, as Eric talked about talent, health, and retirement, that combination that has then been reinforced, and supported and driven by Aon Business Services. And if you think about the talent question you raised, we brought in a very unique set of talent skills and Aon Business Services from our industry, but, candidly, well outside of our industry, you know, from firms like ConAgra, and, you know, Walmart, and, you know, Google, and like Accenture, and they've come together to do some things that have never been done. So that, to us, is the foundation that's been set down.

Speaker Change: Yeah, Andrew if you step back and think about where we were you know I know everyone tends to look at the quarter to quarter. We look at the overall trend over time and in particular, just great pure core skill and our ability to make a difference with clients and what we're describing is with a three by three plan. This is not conceptually. This is a serious double down on.

Speaker Change: An organization around risk capital, which means we're connecting reinsurance and commercial risk capability in a way that's ever been conducted at our industry before.

Gregory Case: On the human capital side, as Eric talked about with talent health and retirement, that combination has been reinforced and supported and driven by a business services. And if you think about the talent, back to the talent question you raised, we brought a very unique set of talent skills, and they have business services from our industry, but candidly well outside of our industry and from firms, you know, like Connagra and like, you know, what like Walmart and like Google and like Accenture, and they've come together. There's been some things that have never been done so that to us is the foundation that's been set down and all you're seeing in the second quarter is just is just, you know, a manifestation of, you know, as that happens that then get amplified when you bring in capability is Eric is described and we're and we're doing that, you know, and continuing to focus on that. So that's the story and our view is again it's 24, 25, and 26 it's a three commitment so the next three years that we think put us in a unique position to not only succeed with clients but to build momentum.

Speaker Change: On the human capital side, as Eric talked about with talent health and retirement that combination that has been reinforced and supported and driven by Aon business services and if you think about the talent and depth of the talent question. You raised we brought a very unique set of talent skills in Aon business services.

Speaker Change: From our industry, but candidly well outside of our industry and for.

Mike: And firms like Conagra and Mike.

Speaker Change: What you like Walmart and like Google and Mike Accenture and they've come together to do some things that have never been done so that to US is the foundation that's been shut down and all you're seeing in the second quarter is just it's just a manifestation of a you know as that happens that then gets amplified when you bring in capability as Eric as prescribed.

Gregory Clarence Case: And all you're seeing in the second quarter is just, you know, a manifestation of, you know, as that happens, that then gets amplified when you bring in capability, as Eric has described. And we're, and we're doing that, you know, and continuing to focus on that. So that's the story.

Speaker Change: And we're doing that.

Speaker Change: Continuing to focus on that so that's the story in our view is again, it's 24 25 and 26 three.

Eric: Three commitments over the next three years that we think put us in a unique position to not only succeed with clients, but to build momentum even Edmonton alluded to this and see if he came in the build momentum beyond 2026. So that's exactly what we're on track to do and you can expect continuation in the second half of the year to see that play out.

Gregory Case: Even Edmond alluded to this as he came in the build momentum beyond 2026, so that's exactly what we're on track to do, and you can expect continuation in the second half of the year to see that play out about it. And then just real quickly on NFP, Chris mentioned 45 to 60 million of EBITDA acquired year in each year.

Gregory Clarence Case: And our view is, again, it's 24, 25, and 26. It's three commitments over the next three years that we think put us in a unique position to not only succeed with clients but to build momentum. Even Edmund alluded to this.

Gregory Clarence Case: He came in to build momentum beyond 2026. So that's exactly what we're on track to do. And you can expect continuation in the second half of the year to see that play out. And then just real quickly on NFP, Chris mentioned 45 to 60 million of EBITDA acquired each year. How about a more sizable middle market acquisition? You know, is that something in the cards?

Speaker Change: Got it and then just real quickly on the NSP, Chris mentioned $45 million to $60 million of EBITDA acquired.

Speaker Change: Each year.

Gregory Case: How about a more sizable middle market acquisition? You know what you know; is that something in the cards, or is it something that maybe you need to digest NFP, and maybe a year or two or three down the road you start thinking about that. Listen, first of all, yours step back as as Kristen described, and as always, down around our ROIC return of us to capital framework, and we're trying to do to maximize outcome and for our clients, but also for our shareholders. So everything's on the construct of that listen we love this platform. This has been fantastic. We had very high expectation of NFP coming in, and if they've been exceeded, now it's only too much. But Doug and the team have been fantastic working with Eric, absolutely fantastic. We love this platform with this platform can do, so that's really what we're going to concentrate. We're going to focus on that.

Speaker Change: Got it.

Speaker Change: More sizable middle market acquisition, you know what.

Speaker Change: Is that something in the cards or is it something that maybe you need to digest, NSP and maybe a year or two or three down the road you start thinking about that.

Gregory Clarence Case: Or is it something that maybe you need to digest NFP, and maybe a year or two or three down the road, you start thinking about that? Listen, first of all, you always step back, as Christa described and has always done around our ROIC, return on investment capital framework, and what we're trying to do to sort of maximize outcomes for our clients, but also for our shareholders. So everything's on the construct of that. Listen, we love this platform. This has been fantastic. We had very high expectations of NFP coming in, and they've been exceeded. Now, it's only been two months.

Speaker Change: Listen first of all you always step back.

Speaker Change: As Christa described and as always done around our ROIC return on invested capital framework and we're trying to do to sort of maximize outcomes for our clients, but also for our shareholders. So everything is on the construct of that listen we love. This platform. This has been fantastic. We had very high expectations are going to be coming in and if they have been exceeded now it's only two months.

But Doug Emma and her team have been fantastic working with Eric absolutely Fantastic. We love. This platform with this platform can do so that's really what we're going to concentrate we're going to focus on that end.

Gregory Clarence Case: But Doug Hammond and the team have been fantastic working with Eric, absolutely fantastic. We love this platform, and what it can do. It's that really where we're going to concentrate. We're going to focus on that and reinforce the M&A plan that Christa talked about and really bring capability Aon Business Services into the middle market in a unique way as well. Think about it, we want our colleagues in NFP to understand, had a great franchising capability before; now, with additional capability from Aon, wow, even more for that producer group.

Gregory Case: And reinforce the you know the M&A plan that Chris to talk about and really bring capability and businesses into the middle market in an equal way as well. You think about it we want our our our colleagues and NFP to understand had a great franchise and capability before now with additional capability for mayon wow even more for that producer group so this is really going to be our focal point in every way shape or form and what we're finding is that's absolutely true. And also NFPS capability that actually resonates across global a so it really is going both ways sort of in the context of it. So look for us to focus on that to get that right.

Speaker Change: And reinforce the M&A plan that Christa talked about.

Speaker Change: And really bringing capability Aon business services into the middle market in a unique way as well.

Speaker Change: Think about it we want to we want our colleagues and enter Pete understand had a great franchise and capability before now with additional capability for me on Wow, even more for that for that producer groups. So this is really going to be our focal point in every way shape or form and what we're finding is that's absolutely true and also NFC capability that actually resonates across.

Gregory Clarence Case: So this is really going to be our focal point in every way, shape, or form. And what we're finding is that's absolutely true. And also, NFP has capability that actually resonates across global Aon. So it really is going both ways sort of in the context of it.

Gregory Clarence Case: So look for us to focus on that and to get that right. And that's going to be our mission and really our obsession as we sort of complete 24 into 24.

Speaker Change: Global Aon. So it really is going both ways sort of in the context of it so look for us to focus on that and to get that right.

Gregory Case: And that's going to be our mission and really our obsession as we sort of complete 24 and into 20. 25.

Speaker Change: And that's going to be our mission and really are our obsession is we sort of complete 24 and into 2025.

Gregory Case: Awesome.

Gregory Case: Thanks, Greg. Thank you.

Speaker Change: Awesome. Thanks, Greg.

Operator: Thanks, Greg. Thank you. Our next question comes from the line of Mike Zaremski with BMO Capital Markets. Hey, good morning.

Speaker Change: Thank you.

Michael Zaremski: Our next question comes from the line of Mike Zaremski with BMO Capital Markets. Please proceed with your question. Hey, good morning.

Speaker Change: Our next question comes from the line of Mike Zaremski with BMO capital markets. Please proceed with your question.

Michael David Zaremski: Um, you know, back to the math. You know, when you say the share of purchases is the highest ROIC opportunity, am I, am I wrong? I would like to assume that M&A now on the NFP platform would be a higher ROIC opportunity, but you know, of course, given just the size of Aon and the amount of M&A you can do that, you can't spend spend it all in the near term. Or am I thinking about the math incorrectly, assuming a reasonable market multiple paid for for M&A and, you know, smaller, smaller acquisitions? Yeah, hey, thanks so much for the question.

Michael David Zaremski: Hey, good morning.

Michael Zaremski: You know, back to the, so I'm the, just curious with the math, you know, when you say chair purchases is the highest ROIC opportunity, am I, am I wrong to assume that M&A now on the NFP platform would be a higher ROIC opportunity, but you know, of course, given just the size of Aon and the, you know, the amount of M&A you can do that, that you can't spend, spend it all in the near term. Um, for my thinking about the math incorrectly, assuming you're for recently a market multiple paid for, for M&A and, you know, smaller, smaller acquisitions.

Speaker Change: Back to you so <unk>.

Michael David Zaremski: Just curious what the math when you say, it's share repurchases as the highest ROIC opportunity.

Speaker Change: My wrong too.

Speaker Change: You have to assume that M&A now on the NFPA platform would be a higher rois ROIC opportunity but.

Speaker Change: Of course, given just the size of a van and and you.

Speaker Change: You know the amount of M&A you can do that you can't spend spend it all in the near term.

Speaker Change: Or am I thinking about the math incorrectly assuming a recently a market multiples paid for for M&A and smaller the smaller acquisitions.

Christa Davies: Yeah.

Christa Davies: Hey, thanks so much for the question. The first thing I'd say is, if you model the free cash flow growth of Aon, which is substantial and accelerating as a result of the free by three plan and the investment related restructuring and the return on that and NFP, the highest return on capital across Aon Remainshare buyback, it is a phenomenal return. It's a phenomenal return at today's price, as it's a phenomenal return at our all-time highs. And so we will disproportionately allocate capital to share buyback, which is what you've seen us do despite, you know, commitments we've got in 2024 on paying down debt and delivering, and, you know, the NFP transaction costs and some other, you know, uses of cash in 2024.

Speaker Change: Yeah, Hi, thanks, so much for the question. The first thing I'd say is if you can let all the free cash flow growth of Aon, which is substantial and accelerating as a result of.

Christa Davies: The first thing I'd say is, if you model the free cash flow growth of Aon, which is substantial and accelerating as a result of the 3x3 plan and the investment we've made in restructuring and the return on that and NFP, the highest return on capital across Aon remains the share buyback. It is a phenomenal return, even at today's prices.

Speaker Change: The three by three plan and the investment we made a restructuring of the return on that and then F. T. The highest return on capital across Aon remains share buyback. It is a phenomenon where it's at it's a phenomenal overtime that today's prices. It's a phenomenal return at all time highs and so we will disproportionately allocate capital to share buyback, which is what you see now.

Christa Davies: It's a phenomenal return at our all-time highs, and so we will disproportionately allocate capital to share buybacks, which is what you've seen us do, despite commitments we've got in 2024 on paying down debt and de-levering and the NFP transaction costs and some other uses of cash in 2024. And we'll commit to do over a billion dollars of buybacks in 2024 and over the long term because that's really driving amazing free cash flow growth and, therefore, amazing free cash flow per share growth for shareholders. Okay, interesting. You know, some of your peers.

Speaker Change: Despite commitments, we've got in 2024 on paying down debt and Delevering and the NFPA transaction costs and some other you know.

Speaker Change: The cash in 2024.

Christa Davies: And we'll, we'll commit to do over a billion dollars of buyback in 2024 and over the long term because that's really driving amazing free cash flow growth and therefore amazing free cash flow to share growth for shareholders.

We will commit to do over $1 billion buyback in 2024 and over the long term because that's really driving amazing free cash flow growth and therefore amazing free cash flow per share growth to shareholders.

Eric Andersen: Okay, interesting. You know, some of your peers, yeah, maybe you're probably more optimistic on the margins that I'm modeling out. So just switching gears a bit to the overall market environment in organic growth, you know, great to see an improvement in risk solutions in organic. You know, would it be, you know, I know you characterize the M&A environment as picking up a bit. I mean, would it be fair to say, I know you've given us a bit in the past that, you know, financial lines cyber where, where, and is, you know, one of the leaders is still kind of a drag, but less sort of a drag and, you know, the extent those, those lines eventually kind of pricing normalizes that we, you know, that this is just a kind of a pricing impact that's going on.

Michael David Zaremski: Yeah, maybe even probably more optimistic on the margins than I'm modeling out. But I'm switching gears a bit to just the overall market environment for organic growth, you know, great to see an improvement in risk solutions and organic. Now, would it be fair to say, I know you've given us tidbits in the past that, you know, financial lines, cyber, where Aon is, you know, one of the leaders, is still kind of a drag, but less of a drag?

Speaker Change: Okay.

Speaker Change: And I'll start with some of your peers.

Speaker Change: I guess, maybe even probably more optimistic on the margins, but I'm modeling out.

Speaker Change: So just switching gears a bit too.

Speaker Change: That's the overall market environment and organic growth you know great to see an improvement in risk solutions and organic would it be like I know you characterize the M&A environment picking up a bit I mean would it be fair to say I know you've given us in the past that you know financial line side.

Michael David Zaremski: And, you know, to the extent those, those lines eventually kind of pricing normalizes, that we, you know, this is just a kind of a pricing impact that's going on. Any other color you want to kind of provide on some of the macro that's going on?

Speaker Change: Ciber.

Speaker Change: And as you know one of the lead or is it still kind of a drag, but that's sort of a drag in the extent those those lines eventually.

Speaker Change: Pricing normalizes that we you know.

Speaker Change: This is just is just a kind of a pricing.

Speaker Change: The impact that.

Speaker Change: What's going on and any.

Eric Andersen: And the other color you want to kind of provide on some of the macro that you're showing. Sure. This is Eric.

Speaker Change: Any other color you want to kind of provide on some of the macro that doesn't.

Speaker Change: Sure sure.

Eric Andersen: One on I take this one. I think we're describing it as a transitioning market where, you know, you look at it across the global platform of Aeon. You'd see essentially pricing is, we call it flat, but within that there's, you know, a hundred mini markets. You've got property; you've got casually specialty lines, et cetera. Overall, you're still seeing, as you asked around cyber and D&O. You're seeing pricing very much in favor of a buyer, a buyer's market, but that pricing is moderating, so it's not as steep as it was earlier on the transaction services. Great, great, mentioned it, but I would just say that we're seeing an appropriate share of the pipeline of things that are happening, so we feel pretty good about that.

Speaker Change: Sure. This is Eric why don't I take this one I think what we're describing it as a transitioning market where you look at it across the global platform of Aon you'd see essentially pricing is as we call it flat, but within that there's 100, many markets you've got property, you've got casualty specialty lines et cetera.

Greg: Overall, you're still seeing as you asked around cyber and DNO youre seeing pricing very much in favor of a buyer a buyer's market, but that pricing is moderating so it's not as steep as it was earlier on the transaction services, Greg Greg mentioned, it but I would just say that we're seeing an appropriate share of the pipeline of things that are happening. So we feel.

Speaker Change: Pretty good about that.

Eric Andersen: Property is, I would say, heading towards flat for, on average, but with better risks, maybe there's an opportunity for a price decrease for more challenging risks, maybe it's still up a little bit. Casualty is probably the area that's getting the most attention right now, especially based on sort of coming out of the pandemic. Was the pricing right and the bin reserve needs? So there's questions around casualty, especially around auto and anything with wheels, I would say, but that'll develop. But that is, that is actually still an increasing market from a pricing standpoint. But I would also say, when you get into a scenario like this, clients' behavior actually changes.

Speaker Change #100: Property is I would say heading towards flat four on average, but with better risk maybe there is an opportunity for a price decrease for more challenging risks, maybe it's still up a little bit casualty is probably the area that is getting the most attention right now, especially based on sort of coming out of the pandemic, what's the pricing right there been reserve need.

Speaker Change #100: So there's questions around casualty, especially around auto and anything with wheels. So I would say, but that will develop but that is that is actually still an increasing market from a pricing standpoint, I would also say when you get into a scenario like this client's behavior actually changes they make different decisions. So as they are able to potentially save in certain areas. They will invest.

Eric Andersen: They make different decisions. So, as they're able to potentially save in certain areas, they will invest that premium elsewhere because, during the last five years of a challenging market, they made decisions going the other way, where they actually reduced some of the insurance to higher retention. Now recovered, that type of thing. And so they're able to revisit some of those decisions in this kind of a market. So our expectation is, as we go through the rest of the year, you're going to continue to see the market transition in the way that it is right now.

Speaker Change #100: Premium elsewhere, because during the last five years of a challenging market they made decisions going the other way.

Eric Andersen: Because during the last five years of a challenging market, they made decisions going the other way, where they actually reduced some of the insurance to higher retentions, narrower coverage, that type. And so they're able to revisit some of those decisions in this kind of market. So our expectation is that as we go through the rest of the year, you're going to continue to see the market transition in the way that it is right now. But ultimately, the client's behavior. Thank you. Thank you.

Speaker Change #100: Where they actually reduce some of the insurance took higher retentions in our coverage that type of thing and so theyre able to revisit some of those decisions and this kind of a market. So our expectation is as we go through the rest of the year Youre going to continue to see the market transition in a way that it is right now.

Eric Andersen: But ultimately, clients' behavior. It changes, and it's one of actually just to go back to the analyzer comment. It's one of the beauties of this risk analyzer on the insurance side that it actually compares their existing programs and allows them to make different risk trading decisions as to where to deploy new capital to protect themselves and change structures. So it is a great opportunity for clients to reevaluate where they are today and how they build the right financial protection for them going forward.

Speaker Change #100: But ultimately client behavior changes.

Speaker Change #101: Changes and it's one of the actually just to go back to the analyzer comment. It's one of the beauties of this risk analyzer on the insurance side that it actually compares their existing programs and allows them to make different risk trading decisions as to where to deploy new capital to protect themselves and changed structure. So it is a great opportunity.

Speaker Change #101: For clients to reevaluate, where they are today and how they build the right.

Speaker Change #101: <unk> protection for them going forward.

Speaker Change #101: Thank you.

Operator: Our next question comes from the line of Jamie Bhullar with J.P. Morgan. Please proceed with your question. Hi, good morning.

Jami bizarre: Thank you. Our next question comes from the line of Jami bizarre with Jpmorgan. Please proceed with your question.

Jamie Bullar: Our next question comes from the line of Jamie Bullar with David Morgan. Please proceed with your question. Hi, good morning. So first, this had a question on organic growth and commercial risk. This was, I think, the best quarter you've had in over a year. So if you were to point to maybe two or three items that might have, like, what are the few large items that are available to you? And might have driven the uptake horses, what do you've seen the last several quarters that I'm going to what extent it was hiring or capital market activity, but any color that you could give on the drivers that pick up.

Jamminder Singh Bhullar: So first, this had a question on organic growth and commercial risk. This was, I think, the best quarter you've had in over a year. So if you were to point to maybe two or three items that might have, like, what are the few large items that might have driven the uptick versus what you've seen the last several quarters? I don't know to what extent it was hiring or capital markets activity, but any color that you could give on the drivers of the pickup.

Jami bizarre: Hi, Good morning. So first just had a question on organic growth in commercial.

Jami bizarre: Commercial risk. This was I think the best quarter, you've had in over a year. So if you were to point to maybe two or three items that might have like what are the few large items that might have driven the uptick versus what <unk> seen in the last several quarters that I'm gonna to what extent it was hiring or capital markets activity, but any color that you could.

Speaker Change #103: Give on the drivers of that pick up.

Gregory Case: So to make sure the question, I'll start at additional color in the client standpoint, as we talked about Jimmy, this is really net new business generation is strong retention, those are the two macro macro pieces sort of drive this would causes that would causes that is literally what we're doing at the call face with clients. And you know, what we put in place last year on risk capital and human capital really reinforces that. You know, Eric just talked about the examples on the risk analysis. These investments, Jimmy, are unique; I mean, they are literally putting us in a position where we can help clients see the risk market a bit differently and make different choices. You know, the prior question was about unit price.

Jamminder Singh Bhullar: So, Jimmy, thanks for the question. I'll start, and Eric, add additional color from the client standpoint. As we talked about, Jimmy, this is really net new business generation and strong retention. Those are the two macro pieces that sort of drive this. What causes that?

Speaker Change #103: So Jamie Thanks for the question I'll start and Eric add additional color.

Speaker Change #104: Client standpoint, as we talked about give me. This is really net new business generation strong retention and those are the two macro macro pieces sort of what drives us what causes that what causes that is literally what we do.

Eric: Doing at the cool face with clients and what we put in place last year on risk capital and human capital really reinforces that.

Eric: Eric just talked about the examples on the risk analyzers. These investments Jimmy are unique I mean, there are literally putting us in a position where we can help clients see the risk market a bit differently and make different choices. The prior question was about unit price.

Gregory Clarence Case: What causes that is literally what we're doing at the coalface with clients. And, you know, what we put in place last year on risk capital and human capital really reinforces that. You know, Eric just talked about the examples on the risk analyzers. These investments, Jimmy, are unique. I mean, they're literally putting us in a position where we can help clients see the risk market a bit differently and make different choices. You know, the prior question was about unit price. This isn't about unit price.

Gregory Clarence Case: This is about overall volatility and how you think about it across the coverage line. We have a chance to sort of talk to clients about that. That's why you win new logos. That's why you do more with clients. That's why you keep them longer.

Gregory Case: This isn't about unit price; this is overall about overall volatility and how you think about it across the coverage line. We have a chance to sort of talk to clients about that. That's why you win new logos, that's why you do more with clients, that's why you keep them longer. All those things are beginning to show up, and what we've highlighted is, you know, you can expect that, you know, continue to progress. You know, the back after the year in the 25 and 26, so this is really what's driving what we're doing. This is a baseline; then you add on top of that the investments we're making in capability and some of these priority areas that we see great demand. You know, we've name-checked construction and energy; there are a few others, but those are the big pieces.

Speaker Change #105: This isn't about unit price. This is overall about overall volatility and how you think about it across the coverage lives. We have a chance to sort of talk to clients about that that's that's why you win new logos. That's why you do more with clients. That's why do you keep them longer all those things are beginning to show up and what we've highlighted is you can expect that to continue to progress.

Speaker Change #105: You know from the back half of the year and then the 25 and 26. So this is really what's driving what we're doing this is the baseline when you add on top of that the investments, we're making in capability and in some of these priority areas that we see great demand, we've named check the construction and energy there are a few others, but those are the big pieces.

Gregory Clarence Case: All those things are beginning to show up, and what we've highlighted is, you know, you can expect that, you know, continue to progress in the back half of the year and in the 25 and 26. So this is really what's driving what we're doing. This is the baseline.

Gregory Clarence Case: Then you add on top of that the investments we're making in capability and some of these priority areas that we see great demand for. You know, we've name checked construction and energy. There are a few others, but those are the big pieces. And that's really the overall set of drivers. Eric, anything else you can throw in there?

Gregory Case: And that's really the overall set of drivers; everything else you throw in there, you know, maybe I'll let me take it up a little bit of a level. We put out a report recently around a better decisions report that focused in on these four major trends that are happening around tech, trade, workforce, and weather, and how business leaders feel like they're not prepared to deal with all this. And this cyber attack or system outage that happened this week is just one example that brings it to mind. And so clients are really looking hard at their risk exposures. That gives us an opportunity as a connected firm globally with the right analytics to be able to help them navigate some of these topics.

Speaker Change #105: And that's really the overall set of drivers Eric anything else you can throw in there.

Christa Davies: You know, Greg, maybe I can pick it up a little bit on a better decisions report that focused in on these four major trends that are happening around tech, trade, workforce, and weather and how business leaders feel like they're not prepared to deal with all this. And this cyber attack or system outage that happened this week is just one example that brings it to mind. And so clients are really looking hard at their risk exposures, which gives us an opportunity as a connected firm globally with the right analytics to be able to help them navigate some of these topics.

Eric: Maybe I'll, let me pick it up a little bit of a level, we put out a report recently around a better decisions reported that focused in on these four major trends that are happening around check trade workforce, and whether and how business leaders feel like they are not prepared to deal with all these new cyber attack or system outage that happened. This week is just one example.

Speaker Change #106: That brings us to mine.

Speaker Change #107: Clients are really looking hard at their risk exposures that give us some opportunity as a connected firm globally with the right analytics to be able to help them navigate some of these topics and so we've been seeing this building in terms of client need and.

Christa Davies: And so we've been seeing this building in terms of client need and, you know, strong growth in Europe, strong growth in Latin America connected around client opportunities everywhere in the world. So a lot of the underpinnings that have been our Aon United strategy have really begun to take effect in a period when clients feel significant need. Okay, and then maybe on the tax item, how much of the uptick in the tax rate versus last year was because of just the geographic and the product mix versus maybe some discrete items just to get an idea of where it would have been otherwise?

Christa Davies: And so we've been seeing this building in terms of client need and you know strong growth in Europe, strong with Latin America connected around client opportunities everywhere in the world, so a lot of the underpinnings that have been our an United strategy have really begun to take effect. In a period where clients feel significant need. Okay, and then maybe on the tax item, how much of the uptick in the tax rate versus last year was because of just the geographic and the product mix versus maybe some discrete items just to get an idea on where it would have been otherwise.

Speaker Change #107: Strong growth in Europe strong growth in Latin America connected around client opportunities everywhere in the world. So a lot of the underpinnings that have been our aon United strategy have really begun to take effect.

Speaker Change #107: In a period, where clients feel significant need.

Speaker Change #108: Okay, and then maybe on the tax item how much of the uptick in the tax rate versus last year.

Speaker Change #109: Was because of just the geographic and product mix versus maybe some discrete items just to get an idea on where it would have been otherwise.

Christa Davies: Yes, thanks for the question. We haven't actually given that detail in terms of the split, but it is consistent with Qon in that the two things drive it really are the mix of geographic income and unfavorable discreet, and I would say discreet can be favorable or unfavorable in any one quarter, which makes the tax rate lumpy by quarter. And I would go back to saying the way we think about it is over the course of a full year.

Christa Davies: Yeah, thanks for the question. We haven't actually given that detail in terms of the split, but it is consistent with Q1 in that the two things driving it really are the mix of geographic income and unfavorable discreets. And I would say, discreets can be favorable or unfavorable in any one quarter, which makes the tax rate lumpy by quarter.

Speaker Change #110: Yes. Thanks for the question, we haven't actually given that detail in terms of the split.

Speaker Change #111: But it is consistent with Q1 in that the two things driving it really all the mix of geographic.

Speaker Change #111: Income and unfavorable discrete and I would say the scripts can be favorable or unfavorable in any one quarter.

Speaker Change #111: Which makes the tax rate in lumpy by quarter and I would go back to saying the way, we think about it as of the close of a food yet.

Operator: Thank you.

Speaker Change #112: Thank you.

Speaker Change #112: Yeah.

Operator: And I would go back to saying the way we think about it is over the course of a full year. Thank you. Thank you. Our next question comes from Rob Cox with Goldman Sachs. Please proceed with your, Hey, thanks.

Speaker Change #113: Thank you. Our next question comes from the line of Rob Cox with Goldman Sachs. Please proceed with your question.

Rob Cox: Our next question comes on the line of Rob Cox with Goldman Sachs. Please proceed with your question. Hey, thanks. So yeah, there's been a couple of questions here on commercial risk organic, but I don't think specifically on net new business in the US, which I think you guys were a little bit more cautious on last quarter. It looks like, you know, North America turned around a bit and I don't think net new business would have necessarily been one of those things that were kind of non-recurring last quarter. So, any additional color on how. So that net new business trends in the US, and if it improved meaningfully, you know, what would have driven that quarter of a quarter.

Robert Cox: So yeah, there's been a couple of questions here on commercial risk organic, but I don't think specifically on net new business in the US, which I think you guys were a little bit more cautious on last quarter. It looks like, You know, North America turned around a bit, and I don't think net new business would necessarily have been one of those things that were, you know, kind of non-recurring last quarter.

Robert Cox: Hey, thanks.

Speaker Change #115: So yeah, there's been a couple of questions here on the commercial risk organic I don't think specifically on net new business in the U S, which I think you guys were a little bit more cautious on last quarter it looks like.

Speaker Change #115: North America turned around a bit and I don't think net new business for them necessarily been one of those things that were kind.

Speaker Change #116: Kind of nonrecurring last quarter, so any additional color on how that net new business trends in the U S and if it improved meaningfully what would have driven that quarter over quarter.

Robert Cox: So, any additional color on how that net new business trend is in the U.S., and if it improved meaningfully, you know, what would have driven that quarter over the last quarter? Yeah, Rob, thanks for the question. Step back for a second.

Gregory Case: Yeah, Rob, thanks for the question. Step back for a second. Be careful with quarter to quarter, you know, the sort of compare where we are, you know, think about sort of commercial risk versus two, 23 or six here, five last quarter. So it's a progression over kind of a comparable quarter. And really, the fundamentals are exactly what they are. It really is net new business. It's better; it's stronger retention across the board. And also, by the way, the connectivity of our firm means we're doing things in human capital that diverges off of risk capital and then risk capital levels off of human capital in ways that sort of actually we're doing more with clients and you're seeing that as well.

Yes, Robert Thanks for the question.

Gregory Clarence Case: Be careful with quarter to quarter, you know, think about sort of commercial risk versus Q2, Q23; we're six here, five last quarter, so it's a progression over kind of a comparable quarter. And really, the fundamentals are exactly what we said they were, it really is net new business, it's better, it's stronger retention across the board. And also, by the way, the connectivity of our firm means we're doing things in human capital that leverages off of risk capital, and then risk capital leverages off of human capital in ways that sort of actually, we're doing more with clients, and you're seeing that as well. And so that's the progression.

Speaker Change #117: Step back for a second be careful with quarter to quarter, you sort of compare where we are think about sort of commercial risk versus Q2, 'twenty three where six year five last quarter. So it's a progression over kind of a comparable quarter and really the fundamentals are exactly what we said they are it really is not new business, it's better it's stronger retention across the board.

Speaker Change #118: And also by the way the connectivity of our Permian, we're doing things and human capital.

Speaker Change #119: <unk> leverages off of risk capital and risk capital Leverages off of human capital in ways that sort of actually we're doing more with clients and you're seeing that as well.

Gregory Clarence Case: And, you know, as we really dug into the three by three plan, as we closed last year and began this year, you're starting to see the momentum around that. You didn't see as much of that in Q1, as you now see in Q2, and we think it's going to continue to pick up, introduce the analyzers and all the capability and the service enhancements that Eric's talked about. So that really is the driver.

Gregory Case: And so that's the progression. And you know, as we really dug into the three-by-three plan. As we close last year and began this year, you're starting to see the momentum around that. You didn't see as much as that in Q1. As you now see in Q2, and we think it's going to continue to pick up as we continue to introduce the analyzers and all the capability and the service enhancements that Eric talked about. So that really is the driver. This is really global, though, you know, think about it. All of our solution lines were at 6% or greater.

Speaker Change #119: That's the progression and as we've really dug into the three by three plan.

Speaker Change #119: As we closed last year and begun this year youre starting to see the momentum around that you didn't see as much of that in Q1 as you now see in Q2, and we think it's going to continue to pick up as we continue to introduce the analyzers and all the capability and the service enhancements that Eric talked about so that really is the driver. This is really global though.

Gregory Clarence Case: This is really global, though, you know, think about it, all of our solution lines were at 6% or greater, all of our solution lines, and the geographic strength was really global, you know, even more so outside the US than even inside the US. And so that'll continue to progress. And that's really not it's not complicated.

Eric: Think about it all of our solution lines were at 6% or greater all of our solution lines and the geographic strength.

Gregory Case: All of our solution lines and the geographic strength was really global, you know, even more so outside the US than even inside the US. So that'll continue to progress. And but that's really it's not it's not complicated. It's just execution, and we continue to execute, and then amplified by, you know, by priority capability. We're bringing in from our. Okay, got it. Thank you.

Speaker Change #120: What is really global even more so outside the U S and even inside the U S.

Speaker Change #120: So that will continue to progress and that's really it's not it's not complicated it's just execution and we continue to execute and then amplified.

Eric Andersen: It's just execution, and we continue to execute and then amplify it by, you know, the priority capability we're bringing in from hiring. Okay, got it. Thank you. And then, beyond this priority hiring pipeline, I think energy and construction are two areas with strong current growth. I guess you see growth in those areas continuing to be strong, and maybe you could help us size and maybe the margin impact from this priority hiring pipeline. Sure.

Speaker Change #120: Bye bye priority capability, we're bringing in from a hiring standpoint.

Okay got it thank you and then.

Gregory Case: And then the on this priority hiring pipeline. I think energy and construction are two areas with strong current growth. I guess you see growth in those areas continuing to be strong, and maybe you could help us size.

Speaker Change #120: Yeah on this.

Speaker Change #120: Priority hiring pipeline.

I think energy and construction are two areas with strong current growth.

Speaker Change #121: I guess do you see growth in those areas continuing to be strong and maybe you can help us size.

Gregory Case: Thank you. You know, maybe the margin impact from this priority hiring pipeline? Sure, and I would say, listen, if you go back to what I just said about those four trends and you think about trade and the reshoring. So that's usually manifest in our industry as construction as, you know, global supply chains become sort of nearer to home basis. You see a significant amount of construction. Our enterprise client strategy where we are connecting with clients around the world, as they build into North America. Or they build into Mexico or other areas. We're there to capture and work with those clients on those exposures.

Speaker Change #122: Maybe the margin impact from this priority.

Speaker Change #122: <unk> pipeline.

Eric Andersen: And I would say, listen, if you go back to what I just said about those four trends and think about trade and reshoring, so that's usually manifested in our industry as construction. As global supply chains become nearer to home bases, you see a significant amount of construction. Our enterprise client strategy, where we are connecting with clients around the world, as they build into North America or they build into Mexico or other areas, we're there to capture and work with those clients on those exposures. Certainly energy, not just traditional energy, but renewable energy, is a very specific expertise, both in client management but also in a brokerage capability to be able to draw capital.

Speaker Change #123: Sure and I would say listen if you go back to what I, just said about those four trends when you think about trade and the re shoring. So that's usually manifest in our industry is construction.

Global global supply chains become sort of nearer to home basis, you see a significant amount of construction our enterprise client strategy, where we are connecting with clients around the world as they build into North America, or the Gulf into Mexico, or other areas, where there to capture and work with those clients on those exposures certainly energy not just traditional.

Gregory Case: Certainly, energy, not just traditional energy, but renewable energy, is a very specific expertise, both on a client management, but also a sort of brokerage capability to be able to draw capital. Our ability to invest there is important. Don't forget the analytic investment that's needed as well to be able to provide the insight around how to strategically manage those risks and ultimately match capital to that risk. So we are investing across the spectrum of capability within that industry framework. You could put financial institutions; you could perform a suitable. We highlight construction and energy because they're so tangible and people can see what's happening, but there are certainly other areas where we are investing as well.

Speaker Change #123: Energy, but renewable energy is a very specific expertise both on our client management, but also a sort of brokerage capability to be able to draw capital our ability to invest there as important don't forget the analytic investment that's needed as well to be able to provide the insight around how to strategically manage those risks and ultimately match capital to.

Eric Andersen: Our ability to invest there is important. Don't forget the analytic investment that's needed as well to be able to provide the insight around how to strategically manage those risks and ultimately match capital to that risk. So we are investing across the spectrum of capability within that industry framework. You could put financial institutions, you could put pharmaceuticals.

Speaker Change #123: That risk. So we are investing across the spectrum of capability within that industry framework, you could put financial institutions, you could put pharmaceutical we highlight construction and energy because theyre, so tangible and people can see what's happening, but there are certainly other areas, where we're investing as well, but it goes across not just production but through.

Eric Andersen: We highlight construction and energy because they're so tangible, and people can see what's happening. But there are certainly other areas where we're investing as well. But it goes across not just production but capability all the way through analytics. Okay, that makes a lot of sense. Thank you. And if I could sneak in one more, just wanted to ask if the timeline for NFP to be created to adjust the DPS is still 2026. And if you could provide any updated color there,

Gregory Case: But it goes across not just production, but through capability all the way through analytics. Okay, that makes a lot of sense.

Speaker Change #123: <unk> all the way through analytics.

Speaker Change #124: Okay that makes a lot of sense. Thank you and if I could sneak in one more just wanted to ask if the timeline for NSP to be accretive to adjusted EPS is still 2026, and if you could provide any updated color there.

Gregory Case: Thank you.

Gregory Case: And if I could sneak in one more, just wanted to ask if the timeline for NFP to be accreted to adjust the DPS is still 2026. And if you could provide any update color there.

Christa Davies: Yeah, so we are exactly on track with all deal financials and returns on the deal, including EPS accretion dilute of in 24 break even 25 and accretive in 26. And I would note that free cash flow per share follows that same trajectory. And so we are super excited.

Christa Davies: Yeah, so we are exactly on track with all deal financials and returns on the deal, including EPS accretion, dilutive in 24, breakeven in 25, and accretive in 26. And I would note that free cash flow per share follows that same trajectory. And so we are super excited, albeit early days, two months in, on delivering on the revenue synergies, the cost synergies, and the free cash flow of $300 million in 2025 and $600 million in 2026. Thank you. Thank you.

Speaker Change #125: Yeah. So we are exactly on track with all deal financials and returns on the deal.

Speaker Change #126: <unk> EPS accretion dilutive in 'twenty fall break even in 'twenty, five and accretive in 'twenty six.

Speaker Change #127: And I would note that free cash flow per share follows that same trajectory in play we are super excited, albeit early days came out saying I'm on delivering on the revenue synergies the cost synergies on the free cash flow of $300 million in 2025, and 600 million in 2026.

Christa Davies: I'll be at early days, two months in on delivering on the revenue synergies, the cost energies, and the free cash flow. Of 300 million in 2025 and 600 million in 2026.

Speaker Change #128: Thank you.

Operator: Our next question comes from the line of David Motemaden with Evercore ISI. Please proceed with your question. Hey, thanks. Good morning.

Speaker Change #129: Thank you. Our next question comes from the line of David Motivating with Evercore ISI. Please proceed with your question.

David Motemaden: Our next question comes from the line of David Multimaden with Evercore ISI. Please proceed with your question. Hey, thanks.

David Kenneth Motemaden: Also, I wanted to extend my congratulations to Christa and wish you good luck on the next chapter. Thanks so much, David. So I had a question just, so, Greg, when I, it's a, it's a bigger picture question, just sort of looking back over the last 7-8 Years as the Drivers of Organic Growth at Aon. And if I look historically, we've seen most of the organic growth really coming from productivity improvement as opposed to adding headcount.

David Kenneth Motemaden: Hey, Thanks. Good morning also I wanted to extend my congratulations to Christa and wish you. Good luck on the on the next chapter.

David Motemaden: Good morning.

Christa Davies: Also, I wanted to extend my congratulations to Christa and wish you good luck on the next chapter. Thanks so much, David.

David Kenneth Motemaden: Thanks, so much David.

Gregory Case: So I had a question just so Greg, when I it's a bigger picture question is sort of looking back over the last, you know, 70 years at the drivers of organic growth at a on. And if I look historically, we've seen most of the organic growth really coming from productivity improvement, as opposed to adding head count. You know, over this call, in the last call it's mentioned just hiring more than in the past, which I think is a welcome change.

Speaker Change #129: So.

Speaker Change #130: I had a question just so.

Speaker Change #132: So Greg when I, it's a bigger picture question, just sort of looking back over the last seven eight years at the drivers of organic growth at Aon and if I look historically, we've seen most of the organic growth really coming from productivity improvement as opposed to adding head count.

David Kenneth Motemaden: You know, on this call and on the last call, it was mentioned just hiring more than in the past, which I think is a welcome change. I just wanted to sort of level set my expectations here and how you guys are thinking about the balance between maybe adding headcount now as well as productivity improvement going forward. Yeah, I really appreciate the question, David, listening to step back. Again, this thesis we've talked about is consistent, and it will continue forever with this team.

Speaker Change #133: Yes over the this call in the last call. It's mentioned just hiring more than in the past, which I think is a welcome change I just wanted to.

Gregory Case: I just wanted to sort of level set my expectations here and how you guys are thinking about the balance between maybe adding head count now as well as productivity productivity improvement going forward. Yeah, we'll really appreciate the question, David. Listen to a step back. Again, this piece, as we've talked about, is consistent and it will continue forever with this team, and it really is around capability and delivering, you know, one client at a time and how you create the maximum leverage to do that for that client. And that means that that means, you know, what do you call a productivity effectiveness.

Speaker Change #134: Sort of level set my expectations here and how you guys are thinking about the balance between maybe adding head count now as well as productivity productivity improvement going forward.

Speaker Change #134: Yeah.

Speaker Change #135: Really appreciate the question David listen to step back.

Speaker Change #136: Because this thesis we've talked about is consistent and it will continue forever with this team and it really is around capability and delivering.

Gregory Clarence Case: And it really is around capability and delivering, you know, one client at a time and how you create the maximum leverage to do that for that client. And that means, you know, what do you call productivity and effectiveness? We need better solutions and better content to support these clients. Although if you haven't seen this megatrend analysis Eric talked about, we'd love to send you a copy. You have to take a look at this.

Speaker Change #136: One client at a time and how you create the maximum leverage to do that for that client and that means that.

Speaker Change #136: What do you call it productivity effectiveness, we need better solutions better content to support these clients. Although if you haven't seen us this mega trend analysis and Eric talked about.

Gregory Case: We need better solutions, better content to support these clients. Although, if you haven't seen this, this mega trend analysis, Eric, you know, talked about, we love to send you a copy. You've got to take a look at this. And this is not, you know, our genius. This is looking around the world, and that's interesting. What are clients facing. And we don't really do the mega trends report. We actually did a survey on top of it, went on and talked to 800 C-suite executives around how they think about these mega trends. David, all four of these were kind of, you know, you know, Bible alarm fires; three of which they basically said, I need help on.

We love to send you a copy you got to take a look at this and this is not our genius. This is looking around the world and I was interested in what are client facing and we not only did the Megatrends report, we actually did a survey on top of it and went out and talked to 800 C suite executives around how they think about these mega trends.

Gregory Clarence Case: And this is not, you know, our genius; this is looking around the world, and it's interesting to see what clients are facing. And we not only did the megatrends report, but we actually did a survey on top of it, went out, and talked to 800 C-suite executives about how they think about these megatrends. David, all four of these were kind of, you know, five alarm fires, three of which they basically said, "I need help on."

David Kenneth Motemaden: David All four of these were kind of.

Speaker Change #137: Five alarm fires three of which they basically said I need help on.

Gregory Clarence Case: And so right now, I don't know exactly what to do. Against that, you need, again, whether you call it productivity, you need better capability. To be blunt, you have to give them better insight, and that's really the investment. And if you think about it, part of the investment is connected investment. We actually have to operate as a global firm. If someone's coming out of Europe to invest in the US and our colleagues aren't talking to each other, that means our clients are integrating for them. No, we're not going to do that.

Gregory Case: And so right now, I don't know exactly what to do against that. You need, again, what do you call a productivity. You need better capability to be blunt. You got to give them better insight. And that's really done the investment. And if you think about it, part of the investment is connected investment. We actually have to operate as a global firm. If someone's coming out of Europe and invest in the US and our colleagues aren't talking to each other. That means our clients integrating for no, we're not going to do that. We're going to serve in an integrated way on behalf of client meet.

Speaker Change #138: And so right now I don't know exactly what to do against that you need again, what do you call. It productivity you need better capability.

Speaker Change #138: You got to give them better insights and that's really been the investment I mean, if you think about it part of the investment is connected investment we actually have to operate as a global firm if someone's coming out of Europe to invest in the U S and our colleagues aren't talking to each other so that means our clients integrating four no. We're not going to do that we're going to serve in an integrated way on behalf of climate.

Gregory Clarence Case: We're going to serve in an integrated way on behalf of clients, and we have done that. And by the way, call that productivity. Over the last number of years, that's served us really well. And what you've seen us now do with the three by three is say, look. We're going to double down on. We see even more opportunity, again, coming out of this Megatrends report, and we're hearing from clients, and we are doubling down. This is Aon Business Services.

Gregory Case: And we've done that. And by the way, called our productivity over the last number of years, that's served us really well. And what you've seen us now do with the three by three is say, look, we're going to double down on that. We see even more opportunity again coming out of this mega trends report and more hearing from clients. And we are doubling down. This is a business services. This is talent capability in the risk analytics. This is a billion dollar that the really strengthen that. And then we said, with that capability. Our ability and then to bring in colleagues and to arm our current colleagues is now greater.

Speaker Change #138: We've done that and by the way called out productivity over the last number of years, that's served us really well and what you've seen US now do with the three by three is say look.

Speaker Change #138: We're going to double down on that we see even more opportunity again coming out of this mega trends reported in more hearing from clients and we are doubling down. This is aon business services. This is talent and capability in our risk analytics. This is a $1 billion that they're really strengthen that and then we said with that capability, our ability then to bring and colleagues and through.

Gregory Clarence Case: This is talent capability and risk analytics. This is a billion-dollar bet to really strengthen that. And then we said, with that capability, our ability then to bring in colleagues and to arm our current colleagues is now greater. And so the reason we see opportunity to bring additional talent in is the need is high. And when they come in, it isn't just more bodies; it's more individuals, no doubt.

Speaker Change #138: <unk> current colleagues is now greater.

Gregory Case: And so the reason we see opportunity to bring additional talent is the need is high. And when they come in, it isn't just more bodies. It's more, it's more individuals, no doubt. But it's actually more individuals at, you know, each of whom have greater capability, both in analytics, but also in the way in which we are really delivering on their behalf. So this is what you see us doing right now. And it really cuts across all of our solution. So it really is, it really is a, you know, a nice combination sort of in terms of where we are.

Speaker Change #138: And so the reason we see opportunity to bring additional talent is the need is high and when they come in or is it just more bodies.

Gregory Clarence Case: But it's actually more individuals, you know, each of whom has greater capability, both in analytics but also in the way in which we are really, really delivering on their behalf. So this is what you see us doing right now, and it really cuts across all of our solution lines.

Speaker Change #139: It's more it's more individuals' no doubt, but it's actually more individuals at each.

Speaker Change #139: Each of whom have greater capability, both in analytics, but also in the way in which we are really.

Speaker Change #139: Are really delivering on their behalf. So this is what you see us doing right now and it really cuts across all of our solution. So it really is it really is a nice combination sort of in terms of where we are and we're going to be able to do this without backing up on our commitments mid single digit or greater improved margins and free cash flow and just to be clear.

Gregory Clarence Case: So it really is, it really is a nice combination sort of in terms of where we are. And we're going to be able to do this without backing up on our commitment. Mid-Circle Digital Grader, Improved Margins, and FreeCash.

Gregory Case: And we're going to be able to do this without backing up on our commitments.

Gregory Case: Michigan Digital Greater improved margins and free cash flow. And just to be clear. What's happening on free cash flow is an opportunity for us, which we think is quite unique for us and for you. And it really is the translation of revenue into free cash flow. The three by three is going to take what has been a decade-plus double-digit free cash flow growth. And it's going to strengthen it. And so that's with additional capability, magnified by, you know, additional individuals. And so really, you know, there really isn't one over the other day, but it's both.

Gregory Clarence Case: And just to be clear, what's happening with free cashflow is an opportunity for us, which we think is quite unique for us and for you. And it really is the translation of revenue into free cashflow. The three by three is going to take what has been a decade plus double-digit free cashflow growth, and it's going to strengthen it. And so that's with additional capability magnified by additional individuals. And so it really, there really isn't one over the other David; it's both.

Speaker Change #139: What's happening on free cash flow is an opportunity for us, which we think is quite unique for us and for you and it really is the translation of revenue into free cash flow for the three by three is going to take what has been a decade, plus double digit free cash flow growth and its going to strengthen it and so that's where the additional capability magnified by additional individual.

Speaker Change #139: And so it really there really isn't one over the other David its both and we're doubling down on capability and in doing so it creates the opportunity. It's also why in a P was so so attractive for US we can bring this capability now not just at the large corporate arena.

Gregory Case: And we're doubling down on capability, and in doing so, it creates the opportunity. It's also why NFP was so, so attractive for us. We can bring this capability now, not just at the large corporate arena, but into the middle market. And we can do so with this incredible platform called NFP. So that really, that's the combination.

Gregory Clarence Case: And we're doubling down on capability, and in doing so, it creates opportunities. It's also why NFP was so attractive for us. We can bring this capability now, not just to the large corporate arena but to the middle market. And we can do so with this incredible platform called NFP. So that really is the combination. Now that's easy to say and really hard to do, and almost impossible to duplicate, but that's the mission.

Speaker Change #139: But into the middle market and we can do so with this incredible platform called N F. P. So not really that's the combination now that's easy to say and really hard to do and almost impossible to duplicate but that's the mission and that's what we love and that's what you're starting to see now in Q2 and you'll see throughout the year.

Gregory Case: Now, that's easy to say and really hard to do. And almost impossible to duplicate, but that's the mission. That's what we love. And that's where you're starting to see. You know, in Q2 and you'll see throughout the year. Great, thanks. That's helpful.

David Kenneth Motemaden: That's what we love, and that's what you're starting to see in Q2, and you'll see throughout the year. Great, thanks. That's helpful.

Gregory Clarence Case: And then maybe just a quick follow up on that. You mentioned the middle market business. I guess, could you just now, with NSP, tell me how much of the commercial risk business is middle market, as you guys would define it? I think there's still a significant amount of room for us to grow in the middle market. It's one of the reasons why we're so excited about this independent and connected philosophy that we're bringing to the NFP team. Independentism; we want their 900 salespeople to continue to do what they've been doing historically for NFP.

Speaker Change #140: Great. Thanks, that's helpful. And then maybe just a quick follow up on that you mentioned the middle market business I guess could you just now.

Gregory Case: And then maybe just a quick follow-up on that. You mentioned the middle market business.

Gregory Case: I guess, could you just now with NSP, how much of the commercial risk business is middle market as you guys would define it? I think there's still a significant amount of room for us to grow as a middle market. It's one of the reasons why we're so excited about this independent and connected philosophy that we're bringing to the NSP team. Independent is in, we want their 900 salespeople, certainly continuing to do what they've been doing historically for NFP, but they're seeing challenges to their client base around some of these risks that we've been talking about, whether it's cyber, et cetera, that are actually getting closer to the middle market as a real risk.

Speaker Change #141: Now with NSP, how much of the commercial risk business is middle market as you guys would define it.

Speaker Change #142: Look I think there is still a significant amount of room for us to grow in the middle market. It's one of the reasons why we're so excited about this independent and connected philosophy that we're bringing to the NFPA team independent of us and we want their 900 salespeople certainly continuing to do what they've been doing historically.

Eric Andersen: But they're seeing challenges to their client base around some of these risks that we've been talking about, whether it's cyber, etc., that are actually getting closer to the middle market as a real risk. And their ability to use Aon content, or Aon producers and client leaders being able to use some of the NFP content for the middle market business that sits within Aon, is such a great opportunity to drive more activity and more opportunities for us to serve that middle market client base.

Speaker Change #142: But they are seeing challenges to their client base around some of these risks that we've been talking about whether it's fiber et cetera that are actually getting closer to the middle market is a real risk and their ability to be used and content or <unk> producers and client with just being able to use some of the MLP content for the middle market business that fits within Aon.

Gregory Case: And their ability to use Aon content or Aon producers and clients, we're just being able to use some of the NSP content for the middle market business that fits within Aon. It's such a great opportunity to drive more activity and more opportunity for us to serve that middle market client base, but we're still, we still see a lot of runway in front of us on what you would call a $31 billion market. We're still relatively underweight in that space, and so there's a lot of good room to run here.

Speaker Change #143: Is such a great opportunity to drive more activity and more opportunity for us to serve that middle market client base, but we're still we still see a lot of runway in front of us honest, but what you would call it $31 billion market.

Eric Andersen: But we're still, you know, we still see a lot of runway in front of us on what you would call a $31 billion market. We're still relatively underweight in that space, and so there's a lot of good room to run.

Speaker Change #143: We're still relatively underweight in that space and so there's a lot of good room to run here.

Gregory Clarence Case: Great, thank you. Thank you. Our next question comes from the line of Mayor Shields with KVW.

Speaker Change #144: Alright, thank you.

Grace Carter: Thank you.

Operator: Please proceed with the, Great, thanks so much. I also want to congratulate Christa on never having to take another question from me, except for this one. Thank you, Meyer. My pleasure. Is it safe to say that the geographic footprint of earnings, including NSP, with regard to taxes, is different than legacy Aon over the last decade? We are definitely more U.S. wasted, that is true, because, you know, NFP is more U

Speaker Change #144: Thank you. Our next question comes from the line of Mayor Shields with GW. Please proceed.

Meyer Shields: Our next question comes from the line of Mayor Seales with KVW. Please go see what you're doing. Great, thanks so much.

Meyer Shields: Great. Thanks for myself I want to congratulate Chris on never having to take another question from me except for this one.

Meyer Shields: I also want to congratulate Krista on never having to take another question from me, except for this one. Is it?

Christa Davies: Thank you, Mayor. It's a shame to say that the geographic footprint of earnings, including NSP, with regard to taxes, is different than legacy Aon over the last decade. We are definitely more US wasted, that is true, because, you know, NFP is more US wasted.

Meyer Shields: Is it.

Matt: Thank you Matt.

Matt: My pleasure.

Meyer Shields: Is it safe to say that the geographic footprint of earnings, including NSP with regard to taxes is different than legacy aon over the last decade.

Speaker Change #147: We are definitely more U S waste that is true.

Speaker Change #148: NFPA small slice it.

Christa Davies: Okay, perfect. That's what I wanted to know, or confirm.

Meyer Shields: Okay, perfect. That's what I wanted to know or confirm. And with regard to the investments in talent that you've been talking about, do you get the sense of the timeline in terms of how much of this unusual effort has already been done, and how does the hiring timeline compare to productivity? Listen, I would say when we launched the three by three strategy back at the middle of the end of last year, we outlined for ourselves the priority investments that we wanted to make where we thought there was a real need for us to serve clients. And so it is not something we started last week, if that's your question.

Speaker Change #149: Okay perfect, that's what I wanted to know.

Speaker Change #149: Or confirm.

Gregory Case: And what's regard to the investments in talent that you've been talking about, you have a sense of the timeline in terms of like how much of this unusual effort has already been done, and how does the hiring timeline compare to the productivity timeline? Listen, I would say, when we launched the three by three strategy back at the middle of the end of last year, we outlined for ourselves the priority investments that we wanted to make where we thought there was real need for us to serve clients. And so it is not something we started last week, if that's your question.

Speaker Change #149: And with regard to the.

Speaker Change #150: The investment in talent that you've been talking about.

Speaker Change #151: Can you give us a sense of the timeline in terms of like how much of this unusual effort has already been done.

Speaker Change #152: And how does the hiring timeline compared to the productivity timeline.

Eric Andersen: We've been looking at it, essentially, over the last 12 months, how you actually build that pipeline of talent, how you actually get them into the firm, how you onboard them, how you take existing Aon clients and deploy them into those growth areas as well. It's been something that's been going on, you know, parallel to bringing in outside talent. So it's not just an outside talent discussion.

Speaker Change #153: Listen I would say when we launched the three by three strategy back at the middle or.

At the end of last year, we outlined for ourselves the priority investments that we wanted to make where we thought there was a real need for us to serve clients and so it is not something we started last week. If that's your question we've been looking at it essentially over the last 12 months. How are you actually build that pipeline of talent, how you actually get them into the firm how you onboard them.

Gregory Case: We've been looking at it essentially over the last 12 months, how you actually build that pipeline of talent, how you actually get them into the firm, how you onboard them, how you take existing Aon clients and deploy them into those growth areas as well. There's been something that's been going on, you know, parallel to bringing in outside talent. So it's not just an outside talent discussion. So it's something that we identified as we laid out the three-by-three plan.

Speaker Change #154: How're, you take existing aon clients and deploy them into those growth areas as well there has been something that's been going on.

Eric Andersen: So it's something that we identified as we laid out the three by three plan. It's something we see over the next two to three years, as well as a real opportunity for the firm to invest in growth. And Marge, your question on productivity, listen. Productivity evolves over time. It doesn't happen immediately, as you know. You ask yourself, "How much of the hiring shows up in Q2 of 2024?" Limited, right?

Speaker Change #154: Parallel to bringing in outside talent. So it's not just been outside Alan discussion. So it's something that we identified as we laid out the three by three plan, it's something we see over the next two to three years as well as a real opportunity for the firm to invest in growth.

Gregory Case: It's something we see over the next two to three years, as well as a real opportunity for the firm to invest in growth. In my or your question on productivity, listen, productivity evolves over time, doesn't happen immediately as you know, you ask yourself, you know, how much is the hiring shows up in Q2 of 2024 limited, right? These at these folks are just coming in. But by the way, they ramp a lot faster when you get in the content capability errors describing because they have skills and capability, and it's not going to their existing clients, it's going to new clients, which they love to be able to do and come in and build their portfolio.

Gregory Clarence Case: These folks are just coming in. But by the way, they ramp up a lot faster when you give them the content capability Eric's describing because they have skills and capability. And it's not going to their existing clients; it's going to new clients, which they love to be able to do and come in and build their portfolio. So for us, this amplification is going to really play out in 25 and 26 in a powerful way. But in the meantime, the capability we have across our current field is what's driving results. Okay, perfect. That's what I needed right now.

Speaker Change #155: And my answer to your question on productivity listened productivity evolves over time it doesn't happen immediately as you know.

Speaker Change #155: You ask yourself, how much of the hiring shows up in Q2 of 2024 limited right. These are these folks are just coming in.

Eric: But by the way they ramp a lot faster when you get into content and capability Eric's, describing because they have skills and capability and it's not going to their existing clients, it's going to new clients, which they love to be able to do and come in and build a portfolio. So for US. This is this amplification is going to really play out in 'twenty, five and 26 in a powerful way, but in the meantime.

Gregory Case: So for us, this is a simplification is going to really play out in 25 and 26 in a powerful way. But in the meantime, the capability we have across our current field is what's driving results.

Eric: The capability, we have across our current field is what's driving results.

Speaker Change #156: Okay perfect. That's it that's what I need it now.

Grace Carter: Thank you. Our next question comes to the line of Grace Carter with Bank of America. Please proceed with your question. Hi, thanks for taking my question. I have one more on, I guess, talent acquisition. I think you all mentioned maybe some talent acquisition in FTP. So, how have you found, I guess, competition?

Speaker Change #157: Thank you.

Operator: Thank you. Our next question comes from the line of Grace Carter: Hi, thanks for taking my question. I have one more on, I guess, talent acquisition.

Speaker Change #157: Our next question comes from the line of Bruce Carter with Bank of America. Please proceed with your question.

Bruce Carter: Hi, Thanks for taking my question.

Speaker Change #159: One more on I guess, a talent acquisition I think.

Grace Helen Carter: You all mentioned maybe some talent acquisition and NFP. Just how have you found, I guess, competition for talent in the middle market versus where you've historically played so far, and I guess how receptive are people that have historically worked in the middle market to joining a larger organization, and how might your capabilities be an advantage when you're looking to hire in that market? So thanks for the question. I would say there is a war for talent where there is good talent everywhere.

Bruce Carter: You had mentioned maybe some talent acquisition.

Speaker Change #160: F P M.

Speaker Change #161: Just how have you found I guess competition for talent in the middle market versus where you have historically played so far and I guess, how receptive are people.

Grace Carter: And I guess, how receptive are people that have historically worked in the middle market to joining a larger organization, and how might your, your capabilities be in advantage when you're, when you're looking to hire in that market. So, thanks for the question. I would say there is, there is a war for talent where there is good talent everywhere. So, whether it's the large segment, whether it's the small segment, the bin market segment, whether it's in health and wealth or risk. So, I think you can safely assume that whether there are good people, there are people chasing those good people.

Speaker Change #162: That have historically worked in the middle market to joining a larger organization and how might your capabilities be an advantage when you're when you're looking to hire in that in that market.

Eric Andersen: So whether it's the large segment, whether it's the small segment, the mid-market segment, whether it's health and wealth or risk, I think you can safely assume that where there are good people, there are people chasing them. And so when we laid out the premise for the NFP integration with Aon around independent and connected, we did that under the guise of understanding that what would be valuable to the individual colleague at NFP is to And so early on in the process, the content piece, we are connecting very quickly, which can be connecting them to our broking centers, giving them access to our programs, our facilities, showing, you know, beginning to map out how you deliver analytics at scale through ABS to the middle market client base. On the health side, how do you actually, with complementary client sets, begin to aggregate the data to be able to give better insight to that client?

Speaker Change #163: So thanks for the question I would say there is there is a war for talent, where there is good talent everywhere. So whether it's the large segment, whether it's the small segment the mid market segment, whether it's in health and wealth or risk. So I think you can safely assume that where there are good people there are people chasing those good people.

Eric Andersen: And so, when we laid out the premise for the NFP integration with Aon around independent and connected, we did that under the guise of understanding that would be valuable to the individual colleague at NFP is to be able to serve their client in the same format that they used to serve them in terms of that strong personal relationship, but give them better content and give them better tools over time. And so, early on in the process, the content piece, we are connecting very quickly, which can be connecting them to our broken centers, giving them access to our programs, our facilities, showing beginning to map out how do you deliver analytic scale for ABS into the middle market client base on the health side.

Speaker Change #164: So when we laid out the premise for the NSP integration with Aon around independent and connected we did that under the guise of understanding that would be valuable to the individual colleague at NSP used to be able to serve their clients in the same format that they used to serve them in terms of that strong personal relationship but give them better.

Speaker Change #164: Content and give them better tools over time and so early on in the process. The content piece, we are connecting very quickly, which can be connecting them through our broking centers, giving them access to our programs our facilities showing beginning to map out how do you deliver analytics at scale through ABS into the middle market client base on the health.

Eric Andersen: How do you actually, with complimentary client sets, how do you begin to aggregate the data to be able to give better insight to that client. So, really what we're trying to do with the NFP colleague, it makes them better in terms of the tools that they have. They already have great relationships. It's how do we make them better in the areas that they want to serve those clients. We think that ultimately will allow us to draw more individual people in. We're already seeing that the pipeline on M&A is a better quality pipeline for the NFP team because this independent connected capability is really resonating with these firms who are seeing that their clients are looking for more; they don't want to give up that relationship piece.

Speaker Change #164: Side, how do you actually with complementary client sets, how do you begin to aggregate the data to be able to give better insight to that client. So really what we're trying to do with the NLP colleague it makes them better in terms of the tools that they have they already have great relationships. It's how do we make them better in the areas that they want to serve those clients, we think that ultimately will.

Eric Andersen: So really, what we're trying to do with the NFP colleagues is make them better in terms of the tools that they have. They already have great relationships; it's how do we make them better in the areas that they want to serve those clients? We think that ultimately will allow us to draw more individual people in. We're already seeing that the pipeline on M&A is a better quality pipeline for the NFP team because this independent and connected capability is really resonating with these firms, who are seeing that their clients are looking for more. They don't want to give up that relationship.

Speaker Change #164: Allow us to draw more individual people in we're already seeing that the pipeline on M&A is a better quality pipeline for the NXP team because this independent and connected capability is really resonating with these firms who are seeing that their clients are looking for more they don't want to give up that relationship piece and so I.

Eric Andersen: And so, I think we're finding the best of, you know, a big firm with a lot of capabilities and a mid market firm that's strong in relationships and finding that connection, being able to use the analytics, being able to use the technology and be able to use the content, but in a way that drives for them better outcomes, lost still maintaining those relationships.

Eric Andersen: So I think we're finding the best of, you know, a big firm with a lot of capabilities and a mid-market firm that's strong in relationships and finding that connection, being able to use the analytics, being able to use the technology, and be able to use the content, but in a way that drives better outcomes for them while still maintaining those relationships. So that's the goal. And that's what we're, as Christa said, two months in the early days, but we feel pretty good about how we've. Thank you. I also wanted to ask about the wealth of organic growth. It's quite a bit higher than how it's historically trended, maybe kind of in the mid-single digits, maybe low-single digits.

We're finding the best of.

Speaker Change #164: A big firm with a lot of capabilities.

Speaker Change #164: Mid market firm that strong and relationships and finding that connection being able to use the analytics being able to use the technology and be able to use the content, but in a way that drives for them better outcomes, while still maintaining those relationships. So that's the goal and that's what we're up to as Christie said two months in early days, but we feel pretty good about how we've.

Eric Andersen: So, that's the goal, and that's what we're, as Chris said, two months in. Early days, but we feel pretty good about how we've started.

Speaker Change #164: Started.

Operator: Thank you.

Speaker Change #166: Thank you and I also wanted to ask about the wealth organic growth, there's quite a bit higher than how it has historically trended maybe kind of in the mid single digits, maybe low single digits.

Christa Davies: And I also wanted to ask about the wealth organic growth is quite a bit higher than how it's historically trended, maybe kind of in the middle digits, maybe low single digits. Is there anything in there that would be an usual discord or to what extent do you like these results are sustainable going forward and you just remind us that there's anything in the NFP acquisition that might change the mix of that business going forward. Thank you. Appreciate the question.

Grace Helen Carter: Is there anything in there that would be unusual this quarter, or to what extent do you feel like these results are sustainable going forward? Can you just remind us if there's anything in the NFP acquisition that might change the mix of that business going forward? I appreciate the question. And just to be brief, we can go to any detail offline; it's helpful, as soon as you think about it. But listen, this has been, and is just a terrific business.

Is there anything in there that would be unusual this quarter or to what extent do you feel like these results are sustainable going forward and can you just remind us if theres anything in the N F. P acquisition that might change the mix of that business going forward. Thank you.

Grace Helen Carter: And the team's done an amazing job. The pension risk transfer is a big, big part of the world these days, particularly in the US and UK. We have an incredibly strong leading position in that, and you're seeing that play out through the regulatory challenges and changes. So all these things sort of fit. And NFP has an incredibly strong capability in this arena, too. And we're seeing that as well.

Speaker Change #165: I appreciate the question.

Christa Davies: And just to be brief, we can go to any detail offline at a total of wishes to think about it. Listen, this has been, it's just a terrific business and teams done an amazing job. The pension risk transfer is a big, big part of the world these days, particularly in the US and the UK. We have an incredibly strong leading position in that you're seeing that play through the regulatory challenges and changes, so all these things sort of fit. And NFP has an incredibly strong capability in the Serena too, and we're seeing that as well.

Speaker Change #167: Just to be brief when you go into any detail offline if it's helpful.

Speaker Change #171: Especially if you think about it but listen this has been just a terrific business and our team has done an amazing job the pension risk transfer is a big big part of the World. These days, particularly in the U S and the U K, we have an incredibly strong leading position in that you're seeing that play through the regulatory challenges and changes. So all these things sort of fit and NFC is an incredibly strong capability in this arena to and were.

Christa Davies: So, but again, to emphasize what you see in the, you know, the 9% is the a on results overall, you know, even without NFP, and that's what you see playing out just an exceptionally strong team and the current in the current. Thank you.

Speaker Change #165: Seeing that as well so.

Speaker Change #170: Going to emphasize what you see in the 9% is the Aon results overall.

Speaker Change #165: Even without MFP and that's what you see playing out just an exceptionally strong team and a current in the current environment.

Speaker Change #165: Yes.

Gregory Clarence Case: So, but again, to emphasize what you see in the, you know, the 9% is the Aon results overall, you know, even without NFP. And that's, that's what you see playing out just an exceptionally strong team in the current situation. Thank you. And our next question comes from the line of Cave Montessori with Deutsche Bank. Please proceed with your, Yeah, I just want to follow up on the comments you just made in the last question: the NFPs, the legacy NFP producers, are they already using the new tools from Aon? Or is that something that's going to take a bit longer to get them access to?

Speaker Change #168: Thank you.

Cave Montazeri: And our next question comes from the line of Cave Montazeri with Doja Bank. Please proceed with your question. Yeah, just want to follow up on the comments you just made in the last question. The NFC, the legacy NFC producers, are they already using the tools from Aon, or is that something that's going to take a bit longer to give them access to? So in the planning process leading up to the close and then the 90 days since we've closed, we've put a significant amount of work to connect them first with products and capabilities because I think that's the easiest thing to get started with.

Cave area: And our next question comes from the line of Cave area with Deutsche Bank. Please proceed with your question.

Cave area: Yes, just one follow up on the comments you just made my last question.

Speaker Change #175: D N S T. The legacy NFC producers.

They're already using the new tools from Aon or that's something that's going to take a bit longer to give them access to.

Operator: So in the planning process leading up to the close and then in the 90 days since we've closed, we've put a significant amount of work into connecting them first with products and capabilities because I think that's the easiest thing to get started with. And then we're laying the track to be able to provide analytic capabilities in both health and wealth and in risk, which will take a little bit of time as we go through the year.

Speaker Change #172: So in the planning process, leading up to the close and then in the 90 days since we closed we've we've put a significant amount of work to connect them first with products and capabilities because I think that's the easiest thing to get started with and then we are laying the track to be able to provide the analytic capabilities both in health wealth and <unk>.

Eric Andersen: And then we're laying the track to be able to provide the analytic capabilities, both in health, wealth, and in risk, which we'll take a little bit of time as we go through the year, but we've started with opening access to our broken center, opening products that we're going to be able to do. We have an affinity or programs we have in risk and health to be able to offer them to their client base.

Speaker Change #172: Risk, which will take a little bit of time as we go through the year, but we've started with opening access to our broking center opening products that we have an affinity or programs, we have in risk and health to be able to offer them to their client base. So we started with the things that are easier to connect and we're laying the plans to do some of the more.

Operator: But we started with opening access to our broking center, opening products that we have an affinity for programs we have in risk and health to be able to offer them to their client base. So we've started with the things that are easier to connect, and we're laying the plans to do some of the more, sort of the more structural things around analytics. Makes sense.

Eric Andersen: So we've started with the things that are easier to connect, and we're laying the plans to do some of the more sort of the more structural things around analytics. Makes sense.

Speaker Change #172: So it was a more structural things around analytics.

Cave Mohaghegh Montazeri: My second question is on cyber. In light of last week's CrowdStrike outage, and the fact that it's unlikely to be the last time we see this given how interconnected the digital world is, on a group-wide basis, do you think your clients who already have cyber insurance, do you think they have the right amount of insurance and the right type of cyber protection in place in case their business comes to a halt due to systemic outage, driven by a software glitch from the third party or something of the like?

Speaker Change #173: Makes sense.

Eric Andersen: And my second question is on cyber in light of last week's cross-try outage. And the fact that it's unlikely to be the last time we see this given how it's connected to the dual world is. On the first basis, do you think your clients who already have cyber insurance, do you think they have the right amount of insurance and the right type of cyber protection in place in case of the business comes to a halt due to systemic outage. So software glitch from the third party or something of the likes. Sure, listen, I think that's hard to answer that question out of macro basis in terms of what is each client have.

Speaker Change #174: My second question is on cyber.

Speaker Change #176: In light of last week's Crossrail outage and the fact that it's unlikely to be the last time, we see this given how interconnected digital world is.

Speaker Change #179: Basically if you think of clients, who already have sub reinsurance do you think.

Speaker Change #177: They have the right amount of insurance and the like.

Typo cyber protection in place in case that business comes to a halt.

Speaker Change #177: Systemic outage.

Speaker Change #177: A software glitch from a third party or something else like.

Cave Mohaghegh Montazeri: Sure. Listen, I think it's hard to answer that question on a macro basis in terms of what each client has. Certainly, the focus has historically been on kind of malicious intent in a cyber hack, but certainly, a system outage not driven by a cyber assault does create a new form of risk exposure that's always been there, honestly, but maybe now is at the forefront of mind as people look to see the type of cover that they have.

Speaker Change #177: Sure.

Speaker Change #178: That's hard to answer that question out of macro basis in terms of what is each client has.

Eric Andersen: Certainly, the focus has starkly been on kind of malicious intent on a cyber hack, but certainly a system outage not driven by a cyber assault does create a new form of risk exposure. That's always been there, honestly, but maybe now is at the front of mind as people look to see the type of cover that they have. I think the insurance part of the risk taker part is certainly going to look at that from a scope of cover price for the coverage. All that's healthy and a growing marketplace. But certainly, you know, technology overall, whether it's AI or cyber or what have you, is certainly a front of mind of our clients, as we know Greg and I both mentioned in that survey we just put out.

Speaker Change #180: Certainly the focus has historically been on kind of malicious intent on our side of our hack could certainly a system outage not driven by our cyber assault does create a new form of risk exposure. That's always been there honestly, but maybe now is at the front of mind as people look to see the type of cover that they have I think the insurance part of the risk taker.

Eric Andersen: I think the insurance part of the risk taker part is certainly going to look at that from a scope of cover, price for the coverage, all that healthy in a growing marketplace, but certainly technology overall, whether it's AI or cyber or what have you, is certainly front and center of mind for our clients, as Greg and I both mentioned in that survey we just put out. And so I do think it'll be an area where we continue to invest and want to be able to provide that capability and understanding to our clients with the cyber analyzer that we're launching.

Greg: Part of it is certainly going to look at that from a scope of cover price for the coverage all that's healthy in a growing marketplace, but certainly you know technology overall, whether it's AI or cyber or what have you is certainly in front of mind of our clients because we know Greg and I. Both mentioned in that survey, we just put out and so I do think it'll be an area where.

Eric Andersen: And so I do think it'll be an area where we continue to invest and want to be able to provide that capability and understanding to our clients with the cyber analyzer that we're launching. But certainly when items, when things like this happen, it certainly raises the profile and causes each of our clients to look pretty carefully at their own risk risk platform to understand it.

Greg: We continue to invest and want to be able to provide that capability and understanding to our clients with the cyber analyzer that we're launching.

Eric Andersen: But certainly, when things like this happen, it certainly raises the profile and causes each of our clients to look pretty carefully at their own risk, platform to understand. Thank you. Thank you. I would now like to turn the call back over to Greg Case for a closing. I just wanted to do two things.

Greg: But certainly what items when things like this happen it certainly raises the profile.

Speaker Change #181: Causes each of our clients to look pretty carefully at their own risk risk platform to understand it.

Speaker Change #181: Thank you.

Speaker Change #181: Thank you.

Gregory Case: I would like to turn the call back over to the great case for closing remarks. Just wanted to do two things.

Speaker Change #181: I would now like to turn the call back over to Greg case for closing remarks.

Gregory Clarence Case: First, again, recognize and welcome Edmund. Edmund, it's so awesome to have you around the leadership table and just looking forward to our work and our mission together. And Edmund will be teed up and ready to go for Q3 to lead the call. So thanks for that, Edmund. And then, of course, to Christa.

Greg: Just wanted to do two things first again recognize and welcome Edmund So awesome to have you around the leadership table and just looking forward to our our work and our mission together and will be teed up and ready to go for Q3 to lead the call. So thanks for that Edmond.

Gregory Case: First, again, recognize and welcome Edmund Edmund so often to have you around the leadership table and just looking forward to our work and our mission together. Edmund will be teed up and ready to go for Q3 to lead the call. So thanks for that, Edmund.

Gregory Case: And then, of course, to Krista: Krista, you are an extraordinary leader and an even more compelling individual. Thank you, thank you so much on behalf of Global A on for 16 years of true, true excellence. Dr. Saloncourt, Clarkson, Everyone.

Gregory Clarence Case: Christa, you are an extraordinary leader and an even more compelling individual. And thank you. Thank you so much on behalf of Global Aeon for 16 years of true, true excellence. Talk soon, everyone. And this concludes today's conference, and you may disconnect your lines. Thank you for your participation.

Speaker Change #182: And then of course to Crystal Christa you are an extraordinary leader.

Speaker Change #183: And an even more compelling individual and thank.

Christa Davies: Thank you. Thank you so much on behalf of global Aon for 16 years of true true excellence. Thanks, so much.

Christa Davies: Talk soon everyone.

Operator: And this concludes today's conference, and you made that's going to get you learned at this time. Thank you for your part.

Speaker Change #185: And this concludes today's conference and you may disconnect. Your lines at this time. Thank you for your participation.

Yeah.