Marsh & Mclennan Companies, Inc,
Fiscal Year 2025 Q2.

Average number of shares outstanding: - Basic492 492 492 492 - Diluted495 496 495 497 Shares outstanding at June 30,492 492 492 492 Consolidated operating income increased $187 million, or 11% to $1.8 billion for the three months ended June 30, 2025, compared to $1.6 billion for the corresponding quarter in the prior year, reflecting a 12% increase in both revenue and expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 15% and 7%, respectively. Consolidated operating income increased $267 million, or 7% to $3.8 billion for the six months ended June 30, 2025, compared to $3.6 billion for the corresponding period in the prior year, reflecting an 11% increase in revenue and a 12% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 6%, respectively. The Company's revenue and expenses for the three and six months ended June 30, 2025 include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment. Diluted earnings per share for the three months ended June 30, 2025 increased to $2.45 from $2.27, or 8% from the prior year. For the six months ended June 30, 2025, diluted earnings per share increased to $5.23 from $5.08, or 3% from the prior year. The increase for the three and six months ended June 30, 2025, compared to the corresponding periods in the prior year, is primarily due to higher operating income, partially offset by higher interest expense. 42

Note: Amounts in the tables above are rounded to whole numbers. 45 20252024 Six Months Ended June 30, (In millions) GAAP RevenueCurrency ImpactAcquisitions/Dispositions/Other ImpactNon-GAAP RevenueGAAP RevenueAcquisitions/Dispositions/Other ImpactNon-GAAP Revenue

Note: Amounts in the tables above are rounded to whole numbers. 46 Consolidated Revenue Consolidated revenue increased $753 million, or 12%, to $7.0 billion for the three months ended June 30, 2025, compared to $6.2 billion for the three months ended June 30, 2024. Consolidated revenue increased 4% on an underlying basis, 8% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 4% and 3% for the three months ended June 30, 2025, in the Risk and Insurance Services and Consulting segments, respectively. Consolidated revenue increased $1.3 billion, or 11%, to $14.0 billion for the six months ended June 30, 2025, compared to $12.7 billion for the six months ended June 30, 2024. Consolidated revenue increased 4% on an underlying basis and 7% from acquisitions. On an underlying basis, revenue increased 4% for the six months ended June 30, 2025, in both the Risk and Insurance Services and Consulting segments.

The results of operations for the Risk and Insurance Services segment are as follows: Three Months Ended June 30,Six Months Ended June 30, (In millions, except percentages)2025202420252024

* * * * * The macroeconomic and geopolitical environment including multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see "Part I, Item 1A. Risk Factors" in our annual Report on Form 10-K for the year ended December 31, 2024. For additional details, refer to the Consolidated Results of Operations and Liquidity and Capital Resources sections in this MD&A. Acquisitions and dispositions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements. 41

Operating income$1,443$1,297$3,056$2,862 Operating income margin31.2 %32.2 %32.6 %34.5 % Revenue Revenue in the Risk and Insurance Services segment increased $603 million, or 15%, to $4.6 billion for the three months ended June 30, 2025, compared to $4.0 billion for the three months ended June 30, 2024. Revenue increased 4% on an underlying basis, 10% from acquisitions, and 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $26 million to $99 million for the three months ended June 30, 2025, compared to $125 million for the three months ended June 30, 2024. The decrease is due to lower average interest rates compared to the corresponding quarter in the prior year. Revenue in the Risk and Insurance Services segment increased $1.1 billion, or 13%, to $9.4 billion for the six months ended June 30, 2025, compared to $8.3 billion for the six months ended June 30, 2024. Revenue increased 4% on an underlying basis and 9% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $45 million to $202 million for 47 the six months ended June 30, 2025, compared to $247 million for the six months ended June 30, 2024. The decrease is due to lower average interest rates compared to the corresponding period in the prior year. In Risk and Insurance Services, underlying revenue growth for the three and six months ended June 30, 2025 was driven by renewals and new business growth at Marsh and Guy Carpenter. Marsh's revenue increased $584 million, or 18%, to $3.8 billion for the three months ended June 30, 2025, compared to $3.3 billion for the three months ended June 30, 2024. This reflects an increase of 5% on an underlying basis, 12% from acquisitions, and 1% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in EMEA, 4% in Asia Pacific and 3% in Latin America. Marsh's revenue increased $1.0 billion, or 16%, to $7.3 billion for the six months ended June 30, 2025, compared to $6.3 billion for the six months ended June 30, 2024. This reflects an increase of 5% on an underlying basis and 12% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 6%, reflecting growth of 7% in EMEA, 5% in Latin America, and 4% in Asia Pacific. Guy Carpenter's revenue increased $45 million, or 7%, to $677 million for the three months ended June 30, 2025, compared to $632 million for the three months ended June 30, 2024. This reflects an increase of 5% on an underlying basis, 1% from acquisitions, and 1% from the impact of foreign currency translation. Guy Carpenter's revenue increased $103 million, or 6%, to $1.9 billion for the six months ended June 30, 2025, compared to $1.8 billion for the six months ended June 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions. At Guy Carpenter, underlying revenue growth for the three and six months ended June 30, 2025 was driven by growth across all regions and global specialties. The Risk and Insurance Services segment completed 5 acquisitions for the six months ended June 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.

Operating Expenses Expenses in the Risk and Insurances Services segment increased $457 million, or 17%, to 3.2 billion for the three months ended June 30, 2025, compared to $2.7 billion for the three months ended June 30, 2024. Expenses also reflect an increase of 12% from acquisitions and 1% from the impact of foreign currency translation. Expenses in the Risk and Insurances Services segment increased $898 million, or 17%, to $6.3 billion for the six months ended June 30, 2025, compared to $5.4 billion for the six months ended June 30, 2024. Expenses also reflect an increase of 12% from acquisitions. Expenses for the three and six months ended June 30, 2025 increased due to acquisitions, resulting in higher compensation and benefits and amortization of identified intangibles. Expenses for the three and six months ended June 30, 2025 included integration and retention related costs of $45 million and $114 million, respectively, related to the acquisition of McGriff. Expenses for the three and six months ended June 30, 2025 also included higher intangible amortization cost of $44 million and $85 million, respectively, compared to the corresponding periods in the prior year, primarily related to the acquisition of McGriff. 48

Interest Income Interest income for the three months ended June 30, 2025 was $5 million, compared to $12 million for the three months ended June 30, 2024. Interest income for the six months ended June 30, 2025 was $24 million, compared to $49 million for the six months ended June 30, 2024. Interest income decreased $7 million and $25 million for the three and six months ended June 30, 2025, respectively, due to lower average corporate funds and average interest rates compared to the corresponding periods in the prior year.

Investment Income The caption "Investment income" in the consolidated statements of income comprises realized and unrealized gains and losses from investments. It includes, when applicable, other than temporary declines in the value of securities, mark-to-market increases or decreases in equity investments with readily determinable fair values and equity method gains or losses on its investments in private equity funds. The Company's investments may include direct investments in insurance, consulting or other strategically linked companies and investments in private equity funds. The Company recorded net investment income of $7 million and $12 million for the three and six months ended June 30, 2025, compared to net investment income of $1 million and $2 million, respectively, for the corresponding periods in the prior year. The increase in 2025 for both periods is primarily driven by higher mark-to-market gains from the Company's investments, compared to the prior year.

For the Floating Notes, interest is calculated based on a compounded SOFR benchmark rate plus 0.700%. The Company used the net proceeds from the November 2024 Notes offering to fund, in part, the McGriff acquisition, including the payment of related fees and expenses, as well as for general corporate purposes. In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity. In March 2024, the Company repaid $1 billion of 3.875% senior notes at maturity. In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054. The Company used the net proceeds from these issuances for general corporate purposes. The Company's senior debt is currently rated A- by Standard & Poor's ("S&P"), A3 by Moody's and A- by Fitch. The Company's short-term debt is currently rated A-2 by S&P, P-2 by Moody's and F-2 by Fitch. The Company carries a Stable outlook with S&P, Moody's and Fitch.

Total Consulting2,371 2,216 7 %2,274 2,206 3 % Corporate Eliminations(22)(17)(22)(17) Total Revenue$6,974 $6,221 12 %$6,439 $6,206 4 % The following table provides more detailed revenue information for certain of the components presented in the previous table: Three Months Ended June 30,

The following table provides more detailed revenue information for certain of the components presented in the previous table: 20252024 Three Months Ended June 30,

Health (b) 1,202 9 (8)1,203 1,085 43 1,128 Career437 2 (16)423 435 - 435 Total Mercer$2,994 $15 $(136)$2,873 $2,804 $(27)$2,777 a)Acquisitions, dispositions and other in 2025 includes the impact of McGriff. b)Acquisitions, dispositions and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health.

The results of operations for the Consulting segment are as follows: Three Months Ended June 30,Six Months Ended June 30, (In millions, except percentages)2025202420252024

Operating Expenses Expenses in the Consulting segment increased $109 million, or 6%, to $1.9 billion for the three months ended June 30, 2025, compared to $1.8 billion for the three months ended June 30, 2024. Expenses reflect a 3% increase from acquisitions and 1% from the impact of foreign currency translation. Expenses in the Consulting segment increased $185 million, or 5%, to $3.8 billion for the six months ended June 30, 2025, compared to $3.6 billion for the six months ended June 30, 2024. Expenses reflect a 4% increase from acquisitions. Expenses for the three and six months ended June 30, 2025 increased primarily due to compensation and benefits driven by higher base salaries and incentive compensation. For the six months ended June 30, 2024, expenses also reflected acquisition and disposition costs of $21 million, primarily related to exit costs for the disposition of the Mercer U.K. pension administration and U.S. health benefits administration businesses in 2024.

respectively, and by 1.2% and 1.6% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate may vary significantly from period to period. The effective tax rate is sensitive to the geographic mix and repatriation of the Company's earnings, which may result in higher or lower effective tax rates. Therefore, a shift in the mix of profits among jurisdictions, or changes in the Company's repatriation strategy to access offshore cash, can affect the effective tax rate. In addition, losses in certain jurisdictions cannot be offset by earnings from other operations and may require valuation allowances that affect the rate in a particular period, depending on estimates of the value of associated deferred tax assets which can be realized. A valuation allowance was recorded to reduce deferred tax assets to the amount that the Company believes is more likely than not to be realized. The effective tax rate is also sensitive to changes in unrecognized tax benefits, including the impact of settled tax audits and expired statutes of limitations. The Company has established liabilities for uncertain tax positions in relation to potential assessments in the jurisdictions in which it operates. In 2024, the Company received closure notices and assessments from the U.K. tax authority in relation to its 2016-2020 examinations which disallowed certain interest expense deductions. The Company has appealed the assessments and resolving this matter through litigation or alternative dispute resolution may take several years. The Company believes the resolution of tax matters will not have a material effect on the consolidated financial position of the Company. However, an adverse resolution of tax matters could have a material impact on the Company's net income or cash flows and on its effective tax rate in a particular future period. It is reasonably possible that the total amount of unrecognized tax benefits could decrease up to approximately $69 million within the next twelve months due to settlement of audits and expiration of statutes of limitations. Changes in tax laws, rulings, policies, or related legal and regulatory interpretations occur frequently and may have significant favorable or adverse impacts on our effective tax rate. On July 4, 2025, new U.S tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBBA") which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations. In 2021, the Organization for Economic Cooperation and Development ("OECD") released model rules for a 15% global minimum tax, known as Pillar Two. Pillar Two has now been enacted by most key non-U.S. jurisdictions where the Company operates, including the U.K. and Ireland. Parts of the minimum tax rules were applicable in 2024, with the remaining provisions becoming fully effective for 2025. This minimum tax is treated as a period cost and does not have a material impact on the Company's financial results from operations for the current period. The Company continues to monitor legislative developments, as well as additional guidance from countries that have enacted Pillar Two legislation, and will ensure it complies with any changes. As a U.S. domiciled parent holding company, the Company is the issuer of essentially all the Company's external indebtedness, and incurs the related interest expense in the U.S. The Company's interest expense deductions are not currently limited. However, the Company may not be able to fully deduct intercompany interest on loans used to finance the Company's foreign operations. Further, most senior executive and oversight functions are conducted in the U.S. and the associated costs are incurred primarily in the U.S. Some of these expenses may not be deductible in the U.S., which may impact the effective tax rate. Changes to the U.S. tax law in recent years have allowed the Company to repatriate foreign earnings without incurring additional U.S. federal income tax costs as foreign income is generally already taxed in the U.S. However, permanent reinvestment continues to be a component of the Company's global capital strategy. The Company continues to evaluate its global investment and repatriation strategy in light of our capital requirements and potential costs of repatriation, which are generally limited to local country withholding taxes. 51

Operating Cash Flows The Company provided $1.0 billion of cash from operations for the six months ended June 30, 2025, compared to $434 million for the first six months of 2024. These amounts reflect the net income of the Company during those periods, excluding gains or losses from investments, adjusted for non-cash charges and changes in working capital which relate primarily to the timing of payments of accrued liabilities, including incentive compensation, or receipts of receivables and pension plan contributions. The Company used cash of $90 million and $153 million related to its restructuring activities for the six months ended June 30, 2025 and 2024, respectively.

Pension Related Items Contributions The Company's policy for funding its tax-qualified defined benefit plans is to contribute amounts at least sufficient to meet the funding requirements set forth in accordance with applicable law. For the three and six months ended June 30, 2025, the Company contributed $9 million and $20 million, respectively, to its U.S. defined benefit pension plans and $8 million and $15 million to its non-U.S. defined benefit pension plans, respectively. For the three and six months ended June 30, 2024, the Company contributed $9 million and $17 million to its U.S. defined benefit pension plans, respectively and $18 million and $34 million to its non-U.S. defined benefit pension plans, respectively. In the U.S., contributions to the tax-qualified defined benefit plans are based on Employee Retirement Income Security Act ("ERISA") guidelines and the Company generally expects to maintain a funded status of 80% or more of the liability determined in accordance with the ERISA guidelines. For the three and six months ended June 30, 2025, the Company made contributions of $9 million and $18 million, respectively, to its non-qualified plans. The Company also made $2 million of required contributions to its U.S. qualified plans for the six months ended June 30, 2025. The Company expects to make approximately $17 million of additional contributions to it's U.S. non-qualified plans over the remainder of 2025. Outside the U.S., the Company has a large number of non-U.S. defined benefit pension plans, the largest of which are in the U.K., which comprise approximately 78% of non-U.S. plan assets at December 31, 2024. Contribution rates for non-U.S. plans are generally based on local funding practices and statutory requirements, which may differ significantly from measurements in accordance with U.S. GAAP. 52 In the U.K., the assumptions used to determine pension contributions are the result of legally-prescribed negotiations between the Company and the plans' trustee that typically occur every 3 years in conjunction with the actuarial valuation of the plans. Currently, this results in a lower funded status compared to U.S. GAAP and may result in contributions irrespective of the U.S. GAAP funded status. In 2021, the JLT Pension Scheme was merged into the MMC U.K. Pension Fund with a new segregated JLT section created (referred to as the "JLT section"). The Company is not required to make any deficit contributions to the JLT section in 2025. The funding level will be re-assessed during 2025 as part of the December 31, 2024 actuarial valuation to determine if contributions are required in 2026. For the MMC U.K. Pension Fund, excluding the JLT section, an agreement was reached with the trustee in the fourth quarter of 2022, based on the surplus funding position at December 31, 2021. In accordance with the agreement, no deficit funding is required at the earliest until 2026. The funding level will be re-assessed during 2025 as part of the December 31, 2024 actuarial valuation to determine if contributions are required in 2026. In December 2022, the Company renewed its agreement to support annual deficit contributions that may be required by the U.K. operating companies under certain circumstances, up to £450 million (or $618 million) over a seven year period. This is part of an agreement which gives the Company greater influence over asset allocation and overall investment decisions. The Company expects to fund an additional $28 million to its non-U.S. defined benefit plans over the remainder of 2025, comprising approximately $1 million to the U.K. plans and $27 million to plans outside of the U.K.

Financing Cash Flows Net cash used for financing activities was $1.8 billion for the six months ended June 30, 2025, compared with $384 million used for financing activities for the corresponding period in 2024.

Credit Facilities The Company has a $3.5 billion multi-currency unsecured five-year credit facility (the "Credit Facility") expiring October 2028. Borrowings under the Credit Facility bear interest at a rate per annum, equal, at the Company's option, either at (a) the Securities Overnight Financing Rate ("SOFR") benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are evaluated quarterly. The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available, or in certain other circumstances, in which an alternative rate may be required. At June 30, 2025 and December 31, 2024, the Company had no borrowings under this facility. The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $123 million at June 30, 2025 and December 31, 2024. There were no outstanding borrowings under these facilities at June 30, 2025 and December 31, 2024. The Company also has outstanding guarantees and letters of credit with various banks aggregating $161 million and $163 million, at June 30, 2025 and December 31, 2024, respectively.

Debt The Company has a $3.5 billion short-term debt financing program through the issuance of commercial paper. The proceeds from the issuance of commercial paper are used for general corporate purposes. The Company had $150 million of commercial paper outstanding at June 30, 2025, at an average effective interest rate of 4.60%. The Company did not have any commercial paper outstanding at December 31, 2024.

Share Repurchases For the six months ended June 30, 2025, the Company repurchased 2.7 million shares of its common stock for $600 million. At June 30, 2025, the Company remained authorized by the Board of Directors to repurchase up to approximately $1.7 billion in shares of its common stock. There is no time limit on the authorization. For the six months ended June 30, 2024, the Company repurchased 3.0 million shares of its common stock for $600 million.

Dividends The Company paid dividends on its common stock shares of $810 million ($1.63 per share) for the six months ended June 30, 2025, as compared with $706 million ($1.42 per share) for the first six months of 2024. In January and March of 2025, the Board of Directors of the Company declared quarterly dividends of $0.815 per share on outstanding common stock, which were paid in February and May 2025, respectively. In July 2025, the Board of Directors of the Company declared a quarterly dividend of $0.900 per share on outstanding common stock, payable in August 2025.

The following amounts are included in the consolidated statements of cash flows as operating and financing activities: For the Six Months Ended June 30,

(In millions)20252024 Operating: Contingent consideration payments for prior year acquisitions$(19)$(90) Acquisition/disposition related net charges for adjustments3015

Adjustments and payments related to contingent consideration$11 $(75) Financing: Contingent consideration for prior year acquisitions$(7)$(71) Deferred consideration related to prior year acquisitions (36)(10)

Payments of deferred and contingent consideration for acquisitions$(43)$(81) Receipt of contingent consideration for dispositions $- $1 For acquisitions completed during the first six months of 2025 and in prior years, remaining estimated future contingent payments of $207 million and deferred consideration payments of $154 million, are recorded in accounts payable and accrued liabilities or other liabilities in the consolidated balance sheet at June 30, 2025. 54

Fiduciary Liabilities Since fiduciary assets are not available for corporate use, they are shown separately in the consolidated balance sheets as cash and cash equivalents held in a fiduciary capacity, with a corresponding amount in current liabilities. Financing cash flows reflect a decrease of $19 million and an increase of $901 million for the six months ended June 30, 2025 and 2024, respectively, related to fiduciary liabilities.

Investing Cash Flows Net cash used for investing activities amounted to $95 million for the first six months of 2025, compared with $783 million used for investing activities for the corresponding period in 2024. The Company paid $62 million and $644 million, net of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity acquired, for acquisitions it made in the first six months of 2025 and 2024, respectively. The outflow of funds in 2024 relates primarily to the acquisitions of Vanguard's Institutional Advisory Services business unit ("Vanguard") and Fischer Brown Bottrell Insurance Inc., for $469 million. In the first quarter of 2025, the Company sold Marsh McLennan Agency's ("MMA") Technology Consulting and Administrative Solutions ("TCAS") business for approximately $25 million, and recorded a gain of $15 million, which is included in revenue in the consolidated statements of income. On January 1, 2024, the Company sold its Mercer U.K pension administration and U.S. health and benefits administration businesses for approximately $114 million, comprising of cash proceeds of $30 million and deferred consideration of $84 million. The Company's additions to fixed assets and capitalized software for the six months ended June 30, 2025 and 2024, amounted to $114 million and $167 million, respectively, related primarily to software development costs, the refurbishing and modernizing of office facilities, and technology equipment purchases. Cash from the sale of long-term investments for the six months ended June 30, 2025 is due to the disposal of an investment in a unit trust fund. Cash used for long-term investments for the six months ended June 30, 2025 is due to investments in private equity funds. At June 30, 2025, the Company has commitments for potential future investments of approximately $94 million in private equity funds that invest primarily in financial services companies. 55

Commitments and Obligations The following sets forth the Company's future contractual obligations by the type at June 30, 2025: Payment due by Period

(In millions) TotalWithin1 Year1-3 Years4-5 YearsAfter5 Years Commercial paper$150 $150 $- $- $- Current portion of long-term debt619 619 - - - Long-term debt19,126 - 1,935 3,189 14,002

453 93 294 64 2 Total$36,303 $2,381 $4,732 $5,260 $23,930 (a)Primarily reflects the future payments of deferred and contingent purchase consideration. The table does not include the liability for unrecognized tax benefits of $114 million as the Company is unable to reasonably predict the timing of settlement of these liabilities, other than approximately $59 million that may become payable within one year. The table also does not include the remaining transitional tax payments related to the Tax Cuts and Jobs Act (the "TCJA") of $13 million, which will be paid in 2026.