Elyse Greenspan

Can you just talk through within casualty, where you're currently seeing the best growth opportunities?

I was just hoping to get some of your expectations for the midyear renewals? And then if you expect declines in the book to continue, would you expect your cat load to come down after the mid-years?

can you just remind us of the the expectations for the the reunderwriting in terms of the premium impact?

Can you just expand, I guess, on the opportunities that you saw and just how you expect, I guess, growth in in property cat re during 2026?

how should we think about the level trending from here, right, $350 million, right? And a little bit over a month, right, is is a pretty pretty big level.

how do we think about the level of buybacks going forward just given the strong earnings this year? And then, I know last year, you guys had gone the route of a pretty substantial special dividend.

how do you guys see the premium growth outlook for your insurance book from here?

There's a hurricane out there right now with the potential to impact the Caribbean. I don't think there is a lot of insurance or even reinsurance exposure there.

Was there any adverse development in the quarter from the U.K., Russia aviation ruling? And if it was even small, if you could just let us know the number?

Can you take us through like should we start to see some improvement relative to MidCorp and serving as like a tailwind to that insurance segment underlying loss ratio next year and then it picks u...

If we back out MCE, right, growth was around 2% in the quarter. It feels like based on commentary, the market was stable. So maybe that's about where you guys are running in the short term.

capital return, share repurchase picked up in July. Just kind of looking for current thoughts just around excess capital levels and just willingness, I guess, to lean in to buyback as we go through...

are you guys expecting that price is probably down but that -- there could be some growth opportunities just with demand.

In insurance, if I kind of ex out MidCorp, is that I think, around like a 56.7% underlying loss ratio that was slightly below the Q4.

the 7% adjusted growth in Reinsurance that you were talking about, in the quarter. Is that excluding reinstatements and the structured deals?

Now the PML went back up, right, but it's flat. You know, one one twenty five with one one twenty four. Did you see conditions get incrementally better

you said post integration, right, it would run at a low nineties combined ratio. It sounds like from everything you were saying, it's running in track with Plan

That does include the fire. So then would would that also be the cat load for twenty six

Do you see that know, being able to impact other cat renewal seasons in twenty five. Some of it, I guess, might bleed one one twenty six.

My first question is on the insurance underlying loss ratio. I mean, I recognize, right, Francois, you highlighted

Is there a certain time period that you guys would look to take that down, whether that's organic, inorganic growth as well as repurchases?

expenses are somewhat typically higher in the back half. So just how are you thinking about that ratio trending from here over the course of the year?

there was, you know, a data sharing issue with Japan Post. Not related to Aflac, I believe. Right? But in general, you could just comment on that

Does that $750 million, you know, feel like a good run rate level, or, you know, how should we think about share repurchase in 2025?

Should we think of that as the improvement split between the next two years?

that's the the baseline. And then if the Corbridge stake is monetized, that would come on top of the $1 billion in 2026?

I might have assumed just given the casualty makeup of the book that loss trend would have been above 6%. So maybe if you could just help by kind of parsing it out

has there been any significant change in price that you guys have seen in July relative to the Q2

organic growth, right, in brokerage, you're looking 4.5% in the Q1, 5% you're looking for in the second quarter

The core commission and fee organic growth, the 4% in the quarter. In your minds, does that represent a floor

is it right to think that just from a forward modeling perspective beyond that, that we kind of be back into the thinking of, right, like, 4% plus organic and kind of, you know, that 50 basis point...

the two pieces, right, the life and revenue assumption changes probably would have been a negative three. In the fourth quarter, which feels large

I think in the past you guys have said that next year, right, feels a lot like this year. You just said that the full year is going to be, I think, just more than 6%. Based on how you guys are seei...

When you guys talk about the pipeline, I'm assuming that's now like a combined Gallagher and AP pipeline

what was the date that you guys sent the information, the HSR information to the DOJ and responded to that request

are you assuming a continuation of just pricing trends that we saw in Q2 and just the slowdown in property in June

Is that something, I guess, you guys would expect to respond? I think there’s like a 30-day clock once that happens

you mentioned that there was, I guess, some timing that impacted on the first quarter, some kind of – was it a pull forward from other quarters

I wanted to start with the pretty impressive 20% growth that you guys saw in reinsurance. Can you just try to break that down

in terms of the AP pipeline, I know when you guys announced the deal, you highlighted the fact that there was very little overlap on pipelines

I think when we last spoke in October, you said, maybe benefits is a five. Reinsurance is a nine. I want to confirm that's where you still see it

is the priority now just to take, you know, excess capital and use it for share repurchase

how it's trended for just active brands and when we should think about retention inflecting up

Were there perhaps cars being purchased in advance of tariffs? And did that impact any of the numbers in March

are you going to either absorb it with potentially absorb it in your margins, Or would you look to take additional price to offset any increase

provide a little bit more color on just the contributions from data centers to organic growth in the quarter

you left the target for the year at $1 billion plus. You obviously could have raised it

from a timing perspective, do you guys have line of sight on a deal or potentially deals for the first half of the year that will consume a lot of that $7 billion?

How much of a contributor were data centers to organic growth in Q4? And how would you expect, I guess, the tailwind from that opportunity to benefit your organic growth in 2026?

I was hoping you could spend a little bit more time on what drove the pretty strong free cash flow growth in the quarter?

is it overweight any geography, or industry vertical? Or is it pretty diversified? And then directionally, is the margin better or worse than the core P&C margin

confirm, right, that it's double-digit growth rate on I think it's on the reported $2.8 billion from 2024

I know, Edmund, you mentioned a multiyear extension that I think had a negative impact in the quarter. I was hoping to get more details and quantification there

Is the $45 million to $60 million of EBITDA from M&A from NFP that you mentioned, Edmund, is that included within your 2025 guidance?

We've had a couple of brokers, right, that have flagged, I guess, seasonally softer Q1s in their retail brokerage businesses. But I would think for you guys, some of the items you mentioned, Edmund...

should we expect that maybe we could see a step-up in share repurchase in '26, just given right that you'll be done with leverage management actions post NFP?

if you look at your contingents over the past, year, what percentage is volume-based versus profit-based?

Does that, I guess, adjust out the impact of the Howden departures?

what was the impact of the government shutdown on both Retail and Specialty Distribution?

just relative to just the revenue and synergies and just accretion that you guys had outlined that it's all in line with prior expectations

Is that stable with the reported 2.7% or the adjusted 3.7% adjusting for the incentive comp impact?

you called off some one-off impact on margins in the slides. Can you just provide a little bit more detail

how do you guys see, I guess, the full year relative to that prior guide based on your expectations for continued deceleration in property rates

what's your current view for your full year margin and how that might have changed over the last 3 months?

it sounds like you guys still think right, the full year could be around 5%, maybe a little bit above

Do the other segments, I guess, feel clean from just thinking about organic relative to margin expectations?

can you just help us think about triangulating that 5, maybe even just to the Q1 given this 1% headwind

can you guys provide, I guess, what the current excess capital drag on your ROE is

I just wanted to get a sense of your thoughts there and just how you're thinking about Everest's risk exposure

Would you highlight anything one-off in the quarter, just when we think about the margin profile of that segment from here?

you guys had mentioned that it's $2 billion in premium, the specialty book with an attritional loss ratio in the mid-80s

price was down 10%. But your book, I believe, you said was down 1%. Can you just comment, I guess, what enabled you

what you're seeing in the comp market in California. I know another insurer had flagged a huge uptick

What percent of your cedents have notified you of their losses at this point?

I was hoping to get a sense of the industry loss. And then what kind of premium did you guys write

ex the aviation losses, are those the levels that we should think about

what would be like the discrepancy between your insured loss estimate and others

would you expect, I guess, the sales guidance in life to be more back-end weighted?

It feels like, I guess, M&A is still less likely, but I was just hoping to get some updated thoughts there.

I guess my first question is just on some of the recent headlines we've seen from just Centene and some others just on the medical trends that have been making the news it doesn't seem like there h...

is this kind of a good kind of run rate level to think about going forward?

Is there any kind of update on just like relative to the DOJ and just the ongoing investigation?

The Q1 buyback, right, was I guess, a bit elevated relative to what the annual guide would imply on a quarterly basis

Just any updates there relative to what's going on this quarter? And I know you guys have been talking about that more being something that's beneficial in '26 and into 2027?

health utilization, you know, did trend up in the second half of last year. Can you just provide some, you know, kind of color on your thoughts for 2025

Should we just think about, you know, that kind of, you know, being evenly spread the guide throughout the four quarters of the year?

does it feel like you can maintain premium growth within small commercial kind of in this 8-ish percent range just based on forward views on pricing

given, right, that the expense ratio was higher this Q1, just trying to get a sense of like the trajectory from here

given overall, you know, pricing as well as, you know, loss trend, I would, you know, assume you might see, you know, some, you know, deterioration

the dividends out of PNC, right, are going up by $500 million. So is it just to have extra whole co flexibility? Or when you finish the authorization, maybe then the PACE could go higher

Buyback, right, has been kind of within this $400 million quarterly level, right, for more than a year. As you know, earnings growth are strong

I just curious if you guys saw any impact of tariffs on results in the quarter? And then is there any expectation that you'll see an impact going forward

Can you just expand on what drove the strong results in the quarter? And I'm particularly interested just in more color on what you're seeing with mortality

Halfway through, we're looking right 30 basis points deceleration. We can perhaps call that consistent. So I guess I just want to get a sense of where we sit halfway through the year

Can you just give provide some color just on where loss trend is across your book. I'm particularly interested if you saw if, you know, you made any changes to your loss trend assumptions in the fi...

Is that a decision that you've made, you know, that you go try to take price? Or, you know, any color that you could provide there. As you think about the potential tariff impacts

you assuming that, that normalizes like and reverses in your outlook for flat margins in 2025

The loss ratio kicked up by three points from last year. I was hoping to get a sense how much of that was driven by paid family and medical leave versus higher LTD

we've seen some recent deals on transacted within the long-term care space. Just wanted to get some updated thoughts on whether Met would potentially consider transacting with its block?

if there is upside or, you know, even downside risk to some of the international earnings, you know, currency moves during 2025

Could you give us a sense of how much earnings MIM contributed in 2024? And the growth that you're expecting in MIM in 2025

could this be a year, I guess, where you continue to front-load I guess, more buybacks, even a little bit more independent of what's going on, on the M&A side

are you trying to drive, you know, more cross-sell, say, between Marsh and Mercer

the organic revenue target for next year just feels like it should it would probably be similar to this year

I was hoping that maybe you'd be willing to disclose the revenue growth McGriff saw in the quarter

I was just trying to get a better sense of what's driving that. I know you guys are talking about pricing demand

how do you think, like just policies in force relative to seasonal factors and just overall growth views will trend

written premium per policy. You know, it, you know, continued, right, to go down in agency, kind of flat in direct

just comment just on the competitive environment in general and what you observed in the Q3

It seems like from the Q commentary that you guys really have not seen an impact yet.

you mentioned -- there were some comments on capital and just obviously holding capital as a detriment to your return.

how do you expect, I guess, policies in force growth to trend given these trends

If there's a state that's operating in a mid- to high 80s combined ratio -- and like we're assuming right tariffs

do you guys expect to get back or to get within that 5% to 8% EPS target that you guys laid out next year

are you still within the 180% to 200%? And I know the disclosure will start to come next year

Through the first half of the year on a core basis, right, you guys are at around like 3%

if that continues, I guess, to stay high, will that have an impact on forward capital return

are you still kind of gearing folks to think about capital return as a percent of net income as opposed to operating

should we think about that some of that coming back in '26 of the 3% to 4% and then more in '27

do you guys expect to do additional transactions with Prismic there

going into 2025, your expectations there relative to the 5% to 8% target

would your assumption be, I guess, that competition on the direct side just continues to intensify from here when we think about the rest of 2026?

is the expectation that you guys will start buying back your shares? Or is this just to give you flexibility at some point if you decide you want to?

what are you thinking could potentially happen to frequency and severity from here?

I'm not sure if you have a sense of what the contribution to growth was there

how do you guys see yourselves in terms of remaining profitable over the balance of the year?

Is your expectation that you guys will need to take rates to offset some of the tariff impact?

have we seen it in inflection and could you give us any sense of where you would expect earnings to trend in 2025?

How are you thinking about the impact of tariffs?

where would you expect the loss ratio to settle out based on expectations right for some rate declines

as we start to think about gas prices being elevated, given what is going on overseas—and I guess the offset could be potential supply chain issues, which would impact severity

Given that things are starting to soften from a market and premium perspective, or continuing to soften, was hoping to get your current views on M&A

Have you guys did you guys see any impact of tariffs at all in the quarter, whether it was September relative to

just specifically at the underlying loss ratio that was stable year over year in the Q3. So I'm not sure if there

coming back to just, you know, medical inflation. Now are there any considerations from the OBB legislation?

You guys marked part of the proceeds, right, to be used for buyback, but that leaves some extra capital.

think you'll start to see the impact of the tariffs and that higher loss trend in May and June

if the fire is a large event, this does earmark your cats to a certain degree, right, for the full-year

is that a Q2 comment? Is that more maybe Q3, Q4, just based on how you see that today

how are you thinking about just the level of pickup of growth that we could see

I think you also said, right, that there is probably perhaps less of a need to continue to push for the same amount of price.

I know last quarter, you said we're kind of in this 8% to 10% growth world. This was a little bit lighter.

I know I think in the prepared remarks you guys said

you guys in the last couple of calls, right, have been willing to kind of provide the reserve breakdown

it sounds like your pricing commentary this quarter is the same as last quarter, but you know, more you know, some new growth opportunities, be it, you know, on the specialty side with M&A, etceter...

I'm looking for a broad-based answer, also just in particular, some color on North America, right, which I believe went from something around 1% in Q3 to high single digits in the fourth quarter

If you can just provide more expectations for the year and the fourth quarter. I think in your prepared remarks, you commented about how the favorable second half began to play out this quarter

I was just hoping you guys could provide what the insurance pricing headwind was in the third quarter? And also, was that similar to the second quarter or worse?

I saw you guys lowered the cost for the Bain and Willis joint venture. I think it's now expected to be $0.20 for the year, right? And I think prior was $0.25 to $0.35

can you just walk us through like the drivers that you see to achieve that improvement? And then I'm assuming that you guys also at the enterprise level, reaffirmed the overall margin improvement

I think in the fourth quarter, you guys had alluded to some timing, right? Revenue being pushed from Q4 to Q1. In Career

talk about your expectations for the full year and just walk us through any puts and takes. I know you mentioned, Andrew, some of the TRANZACT

just kind of thoughts on overall margin improvement. I know you said 100 basis points in R&B