Marsh & Mclennan Companies, Inc
Management Discussion synthesis.

Consolidated Operating Expenses Consolidated operating expenses increased $592 million, or 13%, to $5.2 billion for the three months ended September 30, 2025, compared to $4.6 billion for the three months ended September 30, 2024. Expenses also reflect an increase of 7% from acquisitions and 1% from the impact of foreign currency translation. Consolidated operating expenses increased $1.7 billion, or 12%, to $15.4 billion for the nine months ended September 30, 2025, compared to $13.7 billion for the nine months ended September 30, 2024. Expenses also reflect an 8% increase from acquisitions. Consolidated operating expenses for the three and nine months ended September 30, 2025 increased due to acquisitions, primarily in Risk and Insurance Services, resulting in higher compensation and benefits and amortization of identified intangibles. In the third quarter of 2025, the Company launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The Company also announced the formation of Business Client Services ("BCS"), to accelerate innovation and centralize investments in operational excellence, data, AI and other analytics. BCS brings together operations and technology teams across the Company to improve client service through enhancing our technology and effective deployment of resources.

The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings. 47 Risk and Insurance Services In the Risk and Insurance Services segment, the Company's subsidiaries and other affiliated entities act as brokers, agents or consultants for insureds, insurance underwriters and other brokers in the areas of risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services, primarily under the brand of Marsh, and engage in specialized reinsurance broking expertise, strategic advisory services and analytics solutions, primarily under the brand of Guy Carpenter.

Income and Other Taxes The Company's effective tax rate for the three months ended September 30, 2025 was 25.1%, compared with 27.3% for the corresponding quarter of 2024. The effective tax rates for the nine months ended September 30, 2025 and 2024 were 24.2% and 25.8%, respectively. The tax rate in each period reflects the impact of discrete tax items such as excess tax benefits related to share-based compensation, enacted tax legislation, changes in uncertain tax positions, deferred tax adjustments, non-taxable adjustments related to contingent consideration for acquisitions, and valuation allowances for certain tax credits and attributes. The excess tax benefit related to share-based payments is the most significant discrete item in both periods, reducing the effective tax rate by 0.3% for the three months ended September 30, 2025 and 2024, and by 1.0% and 1.3% for the nine months ended September 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. 51 On July 4, 2025, 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 enactment of the OBBBA does not have a material impact on the results from operations for the current year or future years. 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. 52

Dividends The Company paid dividends on its common stock shares of $1.3 billion ($2.53 per share) for the nine months ended September 30, 2025, as compared with $1.1 billion ($2.235 per share) for the first nine 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, which was paid in August 2025. In September 2025, the Board of Directors of the Company declared a quarterly dividend of $0.900 per share on outstanding common stock, payable in November 2025.

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

Consolidated Results of Operations Three Months Ended June 30,Six Months Ended June 30, (In millions, except per share data)2025202420252024 Revenue$6,974 $6,221 $14,035 $12,694

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.

Average number of shares outstanding: - Basic491 492 492 492 - Diluted494 496 495 496 Shares outstanding at September 30,490 491 490 491 Consolidated operating income increased $62 million, or 6% to $1.2 billion for the three months ended September 30, 2025, compared to $1.1 billion for the corresponding quarter in the prior year, reflecting an 11% increase in revenue and a 13% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 9%, respectively. Consolidated operating income increased $329 million, or 7% to $5.0 billion for the nine months ended September 30, 2025, compared to $4.7 billion for the corresponding period in the prior year, reflecting an 11% increase in revenue and a 12% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 7%, respectively. The Company's revenue and expenses for the three and nine months ended September 30, 2025 include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment. Diluted earnings per share for the three months ended September 30, 2025 was $1.51, consistent with the prior year, reflecting an increase in operating income, offset by higher interest expense. For the nine months ended September 30, 2025, diluted earnings per share increased to $6.75 from $6.59, or 2% from the prior year, reflecting an increase in operating income, partially offset by higher interest expense. 42

Total Consulting2,465 2,262 9 %2,365 2,255 5 % Corporate Eliminations(21)(18)(21)(18) Total Revenue$6,351 $5,697 11 %$5,895 $5,685 4 % The following table provides more detailed revenue information for certain of the components presented in the previous table: Three Months Ended September 30,

Non-GAAP measures The Company reports its financial results in accordance with accounting principles generally accepted in the United States (U.S.), referred to as in accordance with "GAAP" or "reported" results. The Company also refers to and presents a non-GAAP financial measure in non-GAAP revenue, within the meaning of Regulation G and Item 10(e) of Regulation S-K in accordance with the Securities Exchange Act of 1934. The Company has included a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP as part of the consolidated revenue and expense discussion. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue. The Company believes this non-GAAP financial measure provides useful supplemental information that enables investors to better compare the Company's performance across periods. Management also uses this measure internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider this non-GAAP measure in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measure 40

(In millions, except percentages) GAAP Revenue% Change GAAP Revenue*Non-GAAP RevenueNon-GAAP Underlying Revenue* 2025202420252024 Marsh: EMEA$2,878 $2,684 7 %$2,858 $2,680 7 %

Total Mercer$4,573 $4,256 7 %$4,367 $4,226 3 % (*) Rounded to whole percentages. 44 Revenue - Reconciliation of Non-GAAP Measures The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and nine months ended September 30, 2025 and 2024:

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

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

Financial Highlights •Consolidated revenue for the three months ended September 30, 2025 was $6.4 billion, an increase of 11%, or 4% on an underlying basis. For the nine months ended September 30, 2025, consolidated revenue was $20.4 billion, an increase of 11%, or 4% on an underlying basis. •Consolidated operating income increased $62 million, or 6% to $1.2 billion for the three months ended September 30, 2025, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $747 million. Earnings per share on a diluted basis was $1.51, consistent with the corresponding quarter in the prior year. For the nine months ended September 30, 2025, consolidated operating income increased $329 million, or 7% to $5.0 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $3.3 billion. Earnings per share on a diluted basis increased to $6.75 from $6.59, or 2%, compared to the corresponding period in the prior year. •Risk and Insurance Services revenue for the three months ended September 30, 2025 was $3.9 billion, an increase of 13%, or 3% on an underlying basis. Operating income was $750 million, compared with $733 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2025, Risk and Insurance Services revenue was $13.3 billion, an increase of 13%, or 4% on an underlying basis. Operating income was $3.8 billion, compared with $3.6 billion for the corresponding period in the prior year. •Marsh's revenue for the three months ended September 30, 2025 was $3.4 billion, an increase of 16%, or 4% on an underlying basis. For the nine months ended September 30, 2025, Marsh's revenue was $10.7 billion, an increase of 16%, or 5% on an underlying basis. Guy Carpenter's revenue for the three months ended September 30, 2025 was $398 million, an increase of 5% on both a reported and an underlying basis. For the nine months ended September 30, 2025, Guy Carpenter's revenue was $2.3 billion, an increase of 6%, or 5% on an underlying basis. •Consulting revenue for the three months ended September 30, 2025 was $2.5 billion, an increase of 9%, or 5% on an underlying basis. Operating income was $501 million, compared with $462 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2025, Consulting revenue was $7.2 billion, an increase of 7%, or 4% on an underlying basis. Operating income was $1.4 billion, compared with $1.3 billion for the corresponding period in the prior year. •Mercer's revenue for the three months ended September 30, 2025 was $1.6 billion, an increase of 9%, or 3% on an underlying basis. For the nine months ended September 30, 2025, Mercer's revenue was $4.6 billion, an increase of 7%, or 3% on an underlying basis. Oliver Wyman Group's revenue for the three months ended September 30, 2025 was $886 million, an increase of 9%, or 8% on an underlying basis. For the nine months ended September 30, 2025, Oliver Wyman Group's revenue was $2.6 billion, an increase of 6%, or 5% on an underlying basis. •In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency.

Total Revenue$20,386 $(5)$(1,343)$19,038 $18,391 $(61)$18,330 The following table provides more detailed revenue information for certain of the components presented in the previous table:

Health (b) 1,757 5 (11)1,751 1,605 42 1,647 Career756 (3)(26)727 742 - 742 Total Mercer$4,573 $(5)$(201)$4,367 $4,256 $(30)$4,226 (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.

Note: Amounts in the tables above are rounded to whole numbers. 46 Consolidated Revenue Consolidated revenue increased $654 million, or 11%, to $6.4 billion for the three months ended September 30, 2025, compared to $5.7 billion for the three months ended September 30, 2024. Consolidated revenue increased 4% on an underlying basis, 7% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 3% and 5% for the three months ended September 30, 2025, in the Risk and Insurance Services and Consulting segments, respectively. Consolidated revenue increased $2.0 billion, or 11%, to $20.4 billion for the nine months ended September 30, 2025, compared to $18.4 billion for the nine months ended September 30, 2024. Consolidated revenue increased 4% on an underlying basis and 7% from acquisitions. On an underlying basis, revenue increased 4% for the nine months ended September 30, 2025, in both the Risk and Insurance Services and Consulting segments.

7336252,1511,832 Operating expenses3,1572,7209,4888,153 Operating income$750$733$3,806$3,595 Operating income margin19.2%21.2%28.6%30.6% Revenue Revenue in the Risk and Insurance Services segment increased $454 million, or 13%, to $3.9 billion for the three months ended September 30, 2025, compared to $3.5 billion for the three months ended September 30, 2024. Revenue increased 3% on an underlying basis, 9% from acquisitions, and 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $29 million to $109 million for the three months ended September 30, 2025, compared to $138 million for the three months ended September 30, 2024. The decrease is due to lower average interest rates compared to the corresponding quarter in the prior year. Revenue in the Risk and Insurance Services segment increased $1.5 billion, or 13%, to $13.3 billion for the nine months ended September 30, 2025, compared to $11.7 billion for the nine months ended September 30, 2024. Revenue increased 4% on an underlying basis and 9% from acquisitions. Interest earned on fiduciary funds decreased $74 million to $311 million for the nine months ended September 30, 2025, compared to $385 million for the nine months ended September 30, 2024. The decrease is due to lower average interest rates compared to the corresponding period in the prior year. In Risk and Insurance Services, underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth in new business and renewal revenue at Marsh and Guy Carpenter, partially offset by declining insurance and reinsurance rates. Marsh's revenue increased $466 million, or 16%, to $3.4 billion for the three months ended September 30, 2025, compared to $2.9 billion for the three months ended September 30, 2024. This reflects an increase of 4% on an underlying basis, 11% from acquisitions, and 1% from the impact of foreign currency translation. U.S./Canada rose 3% on an underlying basis. Total International operations produced underlying revenue growth of 5%, reflecting growth of 6% in Asia Pacific, 5% in EMEA, and 3% in Latin America. Marsh's revenue increased $1.5 billion, or 16%, to $10.7 billion for the nine months ended September 30, 2025, compared to $9.2 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 12% from acquisitions. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 6%, reflecting growth of 7% in EMEA, and 5% in each of Latin America and Asia Pacific. Guy Carpenter's revenue increased $17 million, or 5%, to $398 million for the three months ended September 30, 2025, compared to $381 million for the three months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from the impact of foreign currency translation. Guy Carpenter's revenue increased $120 million, or 6%, to $2.3 billion for the nine months ended September 30, 2025, compared to $2.2 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions. 48

Operating Expenses Expenses in the Risk and Insurances Services segment increased $437 million, or 16%, to $3.2 billion for the three months ended September 30, 2025, compared to $2.7 billion for the three months ended September 30, 2024. Expenses also reflect an increase of 10% from acquisitions and 1% from the impact of foreign currency translation. Expenses in the Risk and Insurances Services segment increased $1.3 billion, or 16%, to $9.5 billion for the nine months ended September 30, 2025, compared to $8.2 billion for the nine months ended September 30, 2024. Expenses also reflect an increase of 11% from acquisitions. Expenses for the three and nine months ended September 30, 2025 increased due to acquisitions, resulting in higher compensation and benefits and amortization of identified intangibles. Expenses for the three and nine months ended September 30, 2025 included integration and retention related costs of $50 million and $164 million, respectively, related to the acquisition of McGriff. Expenses for the three and nine months ended September 30, 2025 also included higher intangible amortization cost of $39 million and $124 million, respectively, compared to the corresponding periods in the prior year, primarily related to the acquisition of McGriff.

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

Operating income$501$462$1,413$1,304 Operating income margin20.3%20.4%19.8%19.5% Revenue Consulting revenue increased $203 million, or 9%, to $2.5 billion for the three months ended September 30, 2025, compared to $2.3 billion for the three months ended September 30, 2024. This reflects an increase of 5% on an underlying basis, 3% from acquisitions, and 2% from the impact of foreign currency translation. Consulting revenue increased $458 million, or 7%, to $7.2 billion for the nine months ended September 30, 2025, compared to $6.7 billion for the nine months ended September 30, 2024. This reflects an increase of 4% on an underlying basis and 3% from acquisitions. In Consulting, underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth in both Mercer and Oliver Wyman Group. Mercer's revenue increased $127 million, or 9%, to $1.6 billion for the three months ended September 30, 2025, compared to $1.5 billion for the three months ended September 30, 2024. This reflects an increase of 3% on an underlying basis, 4% from acquisitions, and 1% from the impact of foreign currency translation. 49 On an underlying basis, revenue for Health and Wealth increased 6% and 3%, respectively, and remained flat in Career, as compared to the corresponding quarter in the prior year. Mercer's revenue increased $317 million, or 7%, to $4.6 billion for the nine months ended September 30, 2025, compared to $4.3 billion for the nine months ended September 30, 2024. This reflects an increase of 3% on an underlying basis and 4% from acquisitions. On an underlying basis, revenue for Health and Wealth increased 6% and 3%, respectively, and decreased 2% in Career, as compared to the corresponding period in the prior year. Underlying revenue growth at Mercer was driven by continued solid growth in Health and stable growth at Wealth. Revenue for the nine months ended September 30, 2025 was offset by a contraction in Career. Health reflected strong growth across all regions. Wealth growth was driven by investment management, primarily reflecting positive net flows and the impact of capital markets. Career reflected continued softness in project-related work in the U.S. and Canada, offset by growth in workforce products. Revenue for the nine months ended September 30, 2024 includes a net gain of $21 million from the sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses. Oliver Wyman Group's revenue increased $76 million, or 9%, to $886 million for the three months ended September 30, 2025, compared to $810 million for the three months ended September 30, 2024. This reflects an increase of 8% on an underlying basis and 2% from the impact of foreign currency translation. Oliver Wyman Group's revenue increased $141 million, or 6%, to $2.6 billion for the nine months ended September 30, 2025, compared to $2.4 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from the impact of foreign currency translation. The increase in underlying revenue growth at Oliver Wyman Group for the three months ended September 30, 2025 was driven by growth in each of the regions. Underlying revenue growth for the nine months ended September 30, 2025 was driven by growth in the Americas and the Middle East. The Consulting segment completed 4 acquisitions for the nine months ended September 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.

Operating Expenses Expenses in the Consulting segment increased $164 million, or 9%, to $2.0 billion for the three months ended September 30, 2025, compared to $1.8 billion for the three months ended September 30, 2024. Expenses reflect a 2% increase from acquisitions and 1% from the impact of foreign currency translation. Expenses in the Consulting segment increased $349 million, or 6%, to $5.7 billion for the nine months ended September 30, 2025, compared to $5.4 billion for the nine months ended September 30, 2024. Expenses reflect a 3% increase from acquisitions. Expenses for the three and nine months ended September 30, 2025 increased due to compensation and benefits driven by higher base salaries and incentive compensation. Expenses also increased due to acquisitions. For the nine months ended September 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.

Corporate and Other Corporate expenses decreased $6 million, or 6%, to $81 million for the three months ended September 30, 2025, compared to $87 million for the three months ended September 30, 2024. Corporate expenses decreased $9 million, or 4%, to $215 million for the nine months ended September 30, 2025, compared to $224 million for the nine months ended September 30, 2024.

Interest Income Interest income for the three months ended September 30, 2025 was $10 million, compared to $12 million for the three months ended September 30, 2024. Interest income for the nine months ended September 30, 2025 was $34 million, compared to $61 million for the nine months ended September 30, 2024. Interest income decreased $2 million and $27 million for the three and nine months ended September 30, 2025, respectively, due to lower average interest rates compared to the corresponding periods in the prior year. 50

Interest Expense Interest expense for the three months ended September 30, 2025 was $237 million, compared to $154 million for the three months ended September 30, 2024. Interest expense for the nine months ended September 30, 2025 was $725 million, compared to $469 million for the nine months ended September 30, 2024. Interest expense increased $83 million and $256 million for the three and nine months ended September 30, 2025, respectively, due to debt raised to fund the McGriff acquisition.

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 the Company's 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 $15 million and $27 million for the three and nine months ended September 30, 2025, compared to net investment income of $1 million and $3 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.

Operating Cash Flows The Company provided $3.1 billion of cash from operations for the nine months ended September 30, 2025, compared to $2.3 billion for the first nine 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 $138 million and $195 million related to its restructuring activities for the nine months ended September 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 nine months ended September 30, 2025, the Company contributed $9 million and $29 million, respectively, to its U.S. defined benefit pension plans and $12 million and $27 million to its non-U.S. defined benefit pension plans, respectively. For the three and nine months ended September 30, 2024, the Company contributed $8 million and $25 million to its U.S. defined benefit pension plans, respectively, and $8 million and $42 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 nine months ended September 30, 2025, the Company made contributions of $9 million and $27 million, respectively, to its non-qualified plans. The Company also made $2 million of required contributions to its U.S. qualified plans for the nine months ended September 30, 2025. The Company expects to make approximately $8 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. 53 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 the fourth quarter of 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 the fourth quarter of 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 $603 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 $16 million to its non-U.S. defined benefit plans over the remainder of 2025, mainly to plans outside of the U.K.

Financing Cash Flows Net cash used for financing activities was $2.6 billion for the nine months ended September 30, 2025, compared with $1.8 billion 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 September 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 $122 million and $123 million at September 30, 2025 and December 31, 2024. There were no outstanding borrowings under these facilities at September 30, 2025 and December 31, 2024. The Company also has outstanding guarantees and letters of credit with various banks aggregating $158 million and $163 million at September 30, 2025 and December 31, 2024, respectively.

Share Repurchases For the nine months ended September 30, 2025, the Company repurchased 4.6 million shares of its common stock for $1 billion. At September 30, 2025, the Company remained authorized by the Board of Directors to repurchase up to approximately $1.3 billion in shares of its common stock. There is no time limit on the authorization. For the nine months ended September 30, 2024, the Company repurchased 4.3 million shares of its common stock for $900 million.

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

(In millions)20252024 Operating: Contingent consideration payments for prior year acquisitions$(27)$(90) Acquisition/disposition related net charges for adjustments4521

Adjustments and payments related to contingent consideration$18 $(69) Financing: Contingent consideration for prior year acquisitions$(11)$(73) Deferred consideration for prior year acquisitions (53)(18)

Payments of deferred and contingent consideration for acquisitions$(64)$(91) Receipt of contingent consideration for dispositions $- $1 55 For acquisitions completed during the first nine months of 2025 and in prior years, remaining estimated future contingent payments of $230 million and deferred consideration payments of $140 million, are recorded in accounts payable and accrued liabilities or other liabilities in the consolidated balance sheet at September 30, 2025.

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 increases of $231 million and $916 million for the nine months ended September 30, 2025 and 2024, respectively, related to fiduciary liabilities.

Investing Cash Flows Net cash used for investing activities amounted to $322 million for the first nine months of 2025, compared with $1.2 billion used for investing activities for the corresponding period in 2024. The Company paid $224 million and $1.0 billion, net of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity acquired, for acquisitions it made in the first nine months of 2025 and 2024, respectively. The outflow of funds in 2024 relates primarily to the acquisitions of Horton Group, Inc. and Fischer Brown Bottrell Insurance Inc., for $705 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 received $76 million of deferred consideration during the third quarter of 2024. The Company's additions to fixed assets and capitalized software for the nine months ended September 30, 2025 and 2024, amounted to $186 million and $240 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 nine months ended September 30, 2025 is primarily due to the disposal of an investment in a unit trust fund. Cash used for long-term investments for the nine months ended September 30, 2025 is due to investments in private equity funds. At September 30, 2025, the Company has commitments for potential future investments of approximately $101 million in private equity funds that invest primarily in financial services companies. 56

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

458 200 205 52 1 Total$35,699 $2,912 $3,953 $5,173 $23,661 (a)Primarily reflects the future payments of deferred and contingent purchase consideration. The table does not include the liability for unrecognized tax benefits of $113 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.

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,

(In millions, except percentages) GAAP Revenue% Change GAAP Revenue*Non-GAAP RevenueNon-GAAP Underlying Revenue* 2025202420252024 Marsh: EMEA$2,065 $1,937 7 %$2,073 $1,934 7 %

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.

Financial Highlights •Consolidated revenue for the three months ended September 30, 2024 was $5.7 billion, an increase of 6%, or 5% on an underlying basis. For the nine months ended September 30, 2024, consolidated revenue was $18.4 billion, an increase of 7%, on both a reported and underlying basis compared to the corresponding period in the prior year. •Consolidated operating income increased $112 million, or 11% to $1.1 billion for the three months ended September 30, 2024, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $747 million. Earnings per share on a diluted basis increased to $1.51 from $1.47, or 3%, compared to the corresponding quarter in the prior year. For the nine months ended September 30, 2024, consolidated operating income increased $496 million, or 12% to $4.7 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $3.3 billion. Earnings per share on a diluted basis increased to $6.59 from $6.01, or 10%, compared to the corresponding period in the prior year. •Risk and Insurance Services revenue for the three months ended September 30, 2024 was $3.5 billion, an increase of 8%, or 6% on an underlying basis. Operating income was $733 million, compared with $640 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2024, Risk and Insurance Services revenue was $11.7 billion, an increase of 9%, or 8% on an underlying basis. Operating income was $3.6 billion, compared with $3.2 billion for the corresponding period in the prior year. •Marsh's revenue for the three months ended September 30, 2024 was $2.9 billion, an increase of 9%, or 7% on an underlying basis. For the nine months ended September 30, 2024, Marsh revenue was $9.2 billion, an increase of 8%, or 7% on an underlying basis. •Guy Carpenter's revenue for the three months ended September 30, 2024 was $381 million, an increase of 6%, or 7% on an underlying basis. For the nine months ended September 30, 2024, Guy Carpenter revenue was $2.2 billion, an increase of 8%, on both a reported and underlying basis. •Consulting revenue for the three months ended September 30, 2024 was $2.3 billion, an increase of 3%, or 4% on an underlying basis. Operating income was $462 million, compared with $424 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2024, Consulting revenue was $6.7 billion, an increase of 4%, or 5% on an underlying basis. Operating income was $1.3 billion, compared with $1.2 billion for the corresponding period in the prior year. •Mercer's revenue for the three months ended September 30, 2024 was $1.5 billion, an increase of 2%, or 5% on an underlying basis. For the nine months ended September 30, 2024, Mercer revenue was $4.3 billion, an increase of 3%, or 6% on an underlying basis. •Oliver Wyman Group's revenue for the three months ended September 30, 2024 was $810 million, an increase of 4%, or 1% on an underlying basis. For the nine months ended September 30, 2024, Oliver Wyman Group revenue was $2.4 billion, an increase of 8%, or 5% on an underlying basis. •The Company completed 4 acquisitions in the third quarter of 2024, the largest being the acquisition of The Horton Group Inc., by Marsh McLennan Agency ("MMA") in Risk and Insurance Services. •The Company repurchased 1.4 million shares for $300 million in the third quarter of 2024. For the nine months ended September 30, 2024, the Company repurchased 4.3 million shares for $900 million. •In September 2024, the Board of Directors of the Company declared a quarterly dividend of $0.815 per share on outstanding common stock, payable in November 2024. 39

Restructuring Activities The Company incurred a total of $54 million and $140 million for restructuring activities for the three and nine months ended September 30, 2024, compared to $52 million and $170 million for the corresponding periods in the prior year. In the fourth quarter of 2022, the Company initiated activities focused on workforce actions, rationalization of technology and functional services, and reductions in real estate. In the third quarter of 2024, the Company finalized its detailed plans and anticipates total charges related to these activities to be approximately $650 million. The Company has incurred approximately $540 million of these restructuring costs through September 30, 2024, primarily severance and lease exit charges, of which $36 million and $96 million were incurred for the three and nine months ended September 30, 2024, respectively. The Company is expected to complete these activities by the end of 2024. Related estimated savings are now expected to be over $500 million, with approximately $400 million realized by the end of 2024. The remaining savings are expected to be realized in 2025.

6256121,8321,792 Operating expenses2,7202,5508,1537,626 Operating income$733$640$3,595$3,192 Operating income margin21.2 %20.0 %30.6 %29.5 % (a)The Company reclassified certain prior period amounts between Compensation and benefits and Other operating expenses for each reporting segment for comparability purposes. The reclassification had no impact on consolidated or reporting segment total expenses. 46

Corporate and Other Corporate expenses increased $19 million, or 26% to $87 million for the three months ended September 30, 2024, compared to $68 million for the three months ended September 30, 2023. Corporate expenses decreased $12 million, or 5% to $224 million for the nine months ended September 30, 2024, compared to $236 million for the nine months ended September 30, 2023. Corporate expenses reflect primarily lower restructuring costs for the nine months ended September 30, 2024, partially offset by higher restructuring costs for the three months ended September 30, 2024, compared to the corresponding periods in the prior year.

Income and Other Taxes The Company's effective tax rate for the three months ended September 30, 2024 was 27.3%, compared with 20.6% for the corresponding quarter of 2023. The effective tax rates for the nine months ended September 30, 2024 and 2023 were 25.8% and 23.7%, respectively. The tax rate in each period reflects the impact of discrete tax items such as excess tax benefits related to share-based compensation, enacted tax legislation, changes in uncertain tax positions, deferred tax adjustments, non-taxable adjustments related to contingent consideration for acquisitions, and valuation allowances for certain tax credits and attributes. The rate for the three and nine months ended September 30, 2024 reflects the previously enacted change in the United Kingdom (U.K.) corporate income tax rate from 19% to 25%, which was effective April 1, 2023. The blended U.K. statutory tax rate for 2023 was 23.5%. The excess tax benefit related to share-based payments is the most significant discrete item for the nine months ended September 30, 2024 and 2023, reducing the effective tax rate by 1.3% and 1.2%, respectively. The reduction to the effective tax rate for the three months ended September 30, 2024 and 2023 is 0.3% and 1.0%, respectively. During the third quarter of 2023, the Company released a valuation allowance related to the realizability of deferred tax assets for its non-U.S. operations of $48 million as a discrete tax benefit, primarily due to the sustained profitability of its operations. This was the most significant discrete item for the three months ended September 30, 2023, reducing the effective tax rate by 4.8%. For the nine months ended September 30, 2023, the reduction to the effective tax rate was 1.1%. 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 the third quarter of 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 $66 million within the next twelve months due to settlement of audits and expiration of statutes of limitations. 50 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. 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. This minimum tax is treated as a period cost beginning in 2024 and does not have a material impact on the Company's financial results of operations for the current period. The Company is monitoring legislative developments, as well as additional guidance from countries that have enacted legislation. We anticipate further legislative activity and administrative guidance in 2024. 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

Credit Facilities In October 2023, the Company increased its multi-currency unsecured five-year revolving credit facility (the "Credit Facility") capacity to $3.5 billion from $2.8 billion and extended the expiration to October 2028. The interest rate on the Credit Facility was initially based on LIBOR plus a fixed margin which varied with the Company's credit rating. In the second quarter of 2023, the Credit Facility was amended so that borrowings under the Credit Facility bear interest at a rate per annum, equal, at the Company's option, either at (a) 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 September 30, 2024 and December 31, 2023, the Company had no borrowings under this facility. In October 2023, the Company terminated its one-year uncommitted revolving credit facility ("Uncommitted Credit Facility"). In the third quarter of 2023, the Company repaid $200 million of borrowings outstanding under this facility with a weighted average interest rate of 5.50%. There were no borrowings outstanding under the Uncommitted Credit Facility at September 30, 2023. The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $124 million and $113 million, at September 30, 2024 and December 31, 2023, respectively. There were no outstanding borrowings under these facilities at September 30, 2024 and December 31, 2023. The Company also has outstanding guarantees and letters of credit with various banks aggregating $153 million and $139 million, at September 30, 2024 and December 31, 2023, respectively.

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. 53 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 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)2024202320242023

Interest expense was $315 million for the six months ended June 30, 2024, compared to $282 million for the six months ended June 30, 2023. Interest expense for the three and six months ended June 30, 2024, increased $10 million and $33 million, respectively, reflecting higher levels of debt and higher interest rates, compared to the corresponding periods in the prior year.

Consolidated Results of Operations Three Months Ended June 30,Six Months Ended June 30, (In millions, except per share data)2024202320242023 Revenue$6,221 $5,876 $12,694 $11,800

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, 2024, the Company contributed $9 million and $17 million, respectively, to its U.S. defined benefit pension plans and $18 million and $34 million to its non-U.S. defined benefit pension plans, respectively. For the three and six months ended June 30, 2023, the Company contributed $7 million and $15 million to its U.S. defined benefit pension plans, respectively, and $19 million and $32 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, 2024, the Company made contributions of $9 million and $17 million, respectively, to its non-qualified plans, and expects to contribute approximately an additional $14 million over the remainder of 2024. The Company is also required to make $2 million of contributions to its U.S. qualified plans in 2024. 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 79% of non-U.S. plan assets at December 31, 2023. 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. 48 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"). For the first six months of 2024, the Company made deficit contributions of $21 million to the JLT section of its U.K. plans, and does not expect to make any additional contributions for the remainder of 2024. 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 $568 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 $27 million to its non-U.S. defined benefit plans over the remainder of 2024, comprising approximately $1 million to the U.K. plans and $26 million to plans outside of the U.K.

(In millions) TotalWithin1 Year1-3 Years4-5 YearsAfter5 Years Commercial paper$749 $749 $- $- $- Current portion of long-term debt519 519 - - - Long-term debt12,384 - 1,227 1,544 9,613

Average number of shares outstanding: - Basic492 494 492 494 - Diluted496 499 496 499 Shares outstanding at September 30,491 493 491 493 Consolidated operating income increased $112 million, or 11% to $1.1 billion for the three months ended September 30, 2024, compared to $996 million for the corresponding quarter in the prior year, reflecting a 6% increase in revenue and a 5% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 8% and 3%, respectively. Consolidated operating income increased $496 million, or 12% to $4.7 billion for the nine months ended September 30, 2024, compared to $4.2 billion in the corresponding period in the prior year, reflecting a 7% increase in revenue and a 5% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 9% and 4%, respectively. 41

Total Consulting2,262 2,206 3 %2,221 2,139 4 % Corporate Eliminations(18)(14)(18)(14) Total Revenue$5,697 $5,382 6 %$5,599 $5,314 5 % The following table provides more detailed revenue information for certain of the components presented in the previous table: Three Months Ended September 30,

(*) Rounded to whole percentages. 42 Nine Months Ended September 30, (In millions, except percentages) GAAP Revenue% Change GAAP Revenue*Non-GAAP RevenueNon-GAAP Underlying Revenue*

(In millions, except percentages) GAAP Revenue% Change GAAP Revenue*Non-GAAP RevenueNon-GAAP Underlying Revenue* 2024202320242023 Marsh: EMEA$2,684 $2,482 8 %$2,671 $2,480 8 %

Total Mercer$4,256 $4,143 3 %$4,209 $3,984 6 % (*) Rounded to whole percentages. 43 Revenue - Reconciliation of Non-GAAP Measures The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and nine months ended September 30, 2024 and 2023:

20242023 Three Months Ended September 30, (In millions) GAAP RevenueCurrency ImpactAcquisitions/Dispositions/Other ImpactNon-GAAP RevenueGAAP RevenueAcquisitions/Dispositions/Other ImpactNon-GAAP Revenue

The following table provides more detailed revenue information for certain of the components presented in the previous table: 20242023 Three Months Ended September 30,

Health (a) 1,605 14 11 1,630 1,559 (65)1,494 Career742 14 (5)751 731 - 731 Total Mercer$4,256 $30 $(77)$4,209 $4,143 $(159)$3,984 (a)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.

Note: Amounts in the tables above are rounded to whole numbers. Consolidated Revenue Consolidated revenue growth for the three and nine months ended September 30, 2024, reflects the continued demand for our advice and solutions. Revenue increased $315 million, or 6% to $5.7 billion for the three months ended September 30, 2024, compared to $5.4 billion for the three months ended September 30, 2023. Consolidated revenue increased 5% on an underlying basis and 1% from acquisitions. On an underlying basis, revenue increased 6% and 4% for the three months ended September 30, 2024 in the Risk and Insurance Services and Consulting segments, respectively. Revenue increased $1.2 billion, or 7% to $18.4 billion for the nine months ended September 30, 2024, compared to $17.2 billion for the nine months ended September 30, 2023. Consolidated revenue also increased 7% on an underlying basis and 1% from acquisitions. On an underlying basis, revenue increased 8% and 5% for the nine months ended September 30, 2024 in the Risk and Insurance Services and Consulting segments, respectively. 45

Consolidated Operating Expenses Consolidated operating expenses for the three and nine months ended September 30, 2024, increased primarily due to compensation and benefits, driven by higher base salary and incentive compensation. Expenses increased $203 million, or 5% to $4.6 billion for the three months ended September 30, 2024, compared to $4.4 billion for the three months ended September 30, 2023. Expenses reflect an increase of 1% from acquisitions. Expenses increased $713 million, or 5% to $13.7 billion for the nine months ended September 30, 2024, compared to $13.0 billion for the nine months ended September 30, 2023. Expenses reflect an increase of 1% from acquisitions.

Revenue Revenue in the Risk and Insurance Services segment increased $263 million, or 8% to $3.5 billion for the three months ended September 30, 2024, compared to $3.2 billion for the three months ended September 30, 2023. Revenue increased 6% on an underlying basis and 2% from acquisitions. Interest earned on fiduciary funds increased $7 million to $138 million for the three months ended September 30, 2024, compared to $131 million for the corresponding quarter in the prior year. Revenue in the Risk and Insurance Services segment increased $930 million, or 9% to $11.7 billion for the nine months ended September 30, 2024, compared to $10.8 billion for the nine months ended September 30, 2023. Revenue increased 8% on an underlying basis and 1% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. Interest earned on fiduciary funds increased by $55 million to $385 million for the nine months ended September 30, 2024, compared to $330 million for the corresponding period in the prior year. In Risk and Insurance Services, underlying revenue growth for the three and nine months ended September 30, 2024, was driven by solid retention and new business growth at Marsh and Guy Carpenter. Results also benefited from continued economic growth in most major markets and inflation. Marsh's revenue increased $234 million, or 9% to $2.9 billion for the three months ended September 30, 2024, compared to $2.7 billion for the three months ended September 30, 2023. This reflects an increase of 7% on an underlying basis and 2% from acquisitions. U.S./Canada rose 6% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in Latin America, 7% in EMEA and 5% in Asia Pacific. Marsh's revenue increased $720 million, or 8% to $9.2 billion for the nine months ended September 30, 2024, compared to $8.5 billion for the nine months ended September 30, 2023. This reflects an increase of 7% on an underlying basis and 2% from acquisitions, partially offset by a decrease of 1% from the impact of foreign currency translation. U.S./Canada rose 7% on an underlying basis. Total International operations produced underlying revenue growth of 7%, reflecting growth of 8% in both EMEA and Latin America, and 6% in Asia Pacific. Guy Carpenter's revenue increased $22 million, or 6% to $381 million for the three months ended September 30, 2024, compared to $359 million for the three months ended September 30, 2023. This reflects an increase of 7% on an underlying basis. Guy Carpenter's revenue increased $155 million, or 8% to $2.2 billion for the nine months ended September 30, 2024, compared to $2.0 billion for the nine months ended September 30, 2023. Revenue on an underlying basis also increased by 8%. At Guy Carpenter, underlying revenue growth for the three months ended September 30, 2024 was primarily driven by strong growth international, including global specialities. Underlying revenue growth for the nine months ended September 30, 2024, was driven by growth both in U.S./Canada and International. The Risk and Insurance Services segment completed 8 acquisitions for the nine months ended September 30, 2024. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.

The results of operations for the Consulting segment are as follows: Three Months Ended September 30,Nine Months Ended September 30, (In millions, except percentages)2024202320242023

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. 40

Interest income was $61 million for the nine months ended September 30, 2024, compared to $40 million for the nine months ended September 30, 2023. Interest income increased for the nine months ended September 30, 2024, due to higher average corporate funds compared to the corresponding period 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 $1 million and $3 million for the three and nine months ended September 30, 2024, compared to net investment income of $1 million and $6 million, respectively, for the corresponding periods in the prior year.

Liquidity and Capital Resources The Company is organized as a legal entity separate and distinct from its operating subsidiaries. As the Company does not have significant operations of its own, the Company is dependent upon dividends and other payments from its operating subsidiaries to pay principal and interest on its outstanding debt obligations, pay dividends to stockholders, repurchase its shares and pay corporate expenses. The Company can also provide financial support to its operating subsidiaries for acquisitions, investments and certain parts of their business that require liquidity, such as the capital markets business of Guy Carpenter. Other sources of liquidity include borrowing facilities discussed in the Financing Cash Flows section. The Company derives a significant portion of its revenue and operating profit from operating subsidiaries located outside of the U.S. Funds from those operating subsidiaries are regularly repatriated to the U.S. out of annual earnings. At September 30, 2024, the Company had approximately $1.7 billion of cash and cash equivalents in its foreign operations, which includes $482 million of operating funds required to be maintained for regulatory requirements or as collateral under certain captive insurance arrangements. The Company expects to continue its practice of repatriating available funds from its non-U.S. operating subsidiaries out of current annual earnings. Where appropriate, a portion of the current year earnings will continue to be permanently reinvested. For the nine months ended September 30, 2024, the Company recorded foreign currency translation adjustments which increased net equity by $291 million. Continued weakening of the U.S. dollar against foreign currencies would further increase the translated U.S. dollar value of the Company's net investments in its non-U.S. subsidiaries, as well as the translated U.S. dollar value of cash repatriations from those subsidiaries. Cash and cash equivalents on our consolidated balance sheets includes funds available for general corporate purposes. Fiduciary assets 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. Fiduciary assets cannot be used for general corporate purposes, and should not be considered as a source of liquidity for the Company.

Operating Cash Flows The Company provided $2.3 billion of cash from operations for the nine months ended September 30, 2024, compared to $2.5 billion provided by operations in the first nine months of 2023. These amounts reflect the net income of the Company during the 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 $195 million and $215 million related to its restructuring activities for the nine months ended September 30, 2024 and 2023, respectively.

Financing Cash Flows Net cash used for financing activities was $1.8 billion for the nine months ended September 30, 2024, compared with $1.2 billion provided by financing activities for the corresponding period in 2023.

Share Repurchases For the nine months ended September 30, 2024, the Company repurchased 4.3 million shares of its common stock for $900 million. At September 30, 2024, the Company remained authorized by the Board of Directors to repurchase up to approximately $2.3 billion in shares of its common stock. There is no time limit on the authorization. For the nine months ended September 30, 2023, the Company repurchased 5.1 million shares of its common stock for $900 million.

Dividends The Company paid dividends on its common stock shares of $1.1 billion ($2.235 per share) for the nine months ended September 30, 2024, as compared with $944 million ($1.89 per share) for the first nine months of 2023. In September 2024, the Board of Directors of the Company declared a quarterly dividend of $0.815 per share on outstanding common stock, payable in November 2024.

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

Acquisition/disposition related net charges for adjustments21 21 Adjustments and payments related to contingent consideration$(69)$(19) Financing: Contingent consideration for prior year acquisitions$(73)$(135)

Deferred consideration related to prior year acquisitions (18)(52) Payments of deferred and contingent consideration for acquisitions$(91)$(187) Receipt of contingent consideration for dispositions$1 $2 54 For acquisitions completed during the first nine months of 2024 and in prior years, remaining estimated future contingent payments of $168 million and deferred consideration payments of $189 million, are recorded in accounts payable and accrued liabilities or other liabilities in the consolidated balance sheet at September 30, 2024.

Derivatives - Net Investment Hedge The Company has investments in various subsidiaries with Euro functional currencies. As a result, the Company is exposed to the risk of fluctuations between the Euro and U.S. dollar exchange rates. As part of its risk management program, the Company issued €1.1 billion senior notes, and designated the debt instruments as a net investment hedge of its Euro denominated subsidiaries. The hedge is re-assessed each quarter to confirm that the designated equity balance at the beginning of each period continues to equal or exceed 80% of the outstanding balance of the Euro debt instrument and that all the critical terms of the hedging instrument and the hedged net investment continue to match. If the hedge is highly effective, the change in the debt balance related to foreign exchange fluctuations is recorded in accumulated other comprehensive loss in the consolidated balance sheets. The U.S. dollar value of the Euro notes increased by $8 million through September 30, 2024, related to the change in foreign exchange rates. The Company concluded that the hedge was highly effective and recorded an increase to accumulated other comprehensive loss for the nine months ended September 30, 2024.

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 an increase of $916 million and $1.2 billion for the nine months ended September 30, 2024 and 2023, respectively, related to fiduciary liabilities.

Investing Cash Flows Net cash used for investing activities amounted to $1.2 billion for the first nine months of 2024, compared with $943 million used for investing activities for the corresponding period in 2023. The Company paid $1 billion and $619 million, net of cash, cash equivalents and cash and cash equivalents held in a fiduciary capacity acquired, for acquisitions it made during the first nine months of 2024 and 2023, respectively. The outflow of funds in 2024 relates primarily to the acquisitions of the Horton Group, Inc. and Fischer Brown Bottrell Insurance Inc., for $705 million. The outflow of funds in 2023 primarily relates to the completion of the Westpac Transaction for $233 million and the Graham Company acquisition for $307 million. 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 received $76 million of deferred consideration during the third quarter of 2024. In connection with the disposition of Mercer's U.S. affinity business in 2022, the Company transferred to the buyer an additional $20 million of cash and cash equivalents held in a fiduciary capacity during the first quarter of 2023. The Company's additions to fixed assets and capitalized software, which amounted to $240 million for the nine months ended September 30, 2024, and $296 million for the nine months ended September 30, 2023, related primarily to software development costs, the refurbishing and modernizing of office facilities, and technology equipment purchases. Cash used for long-term investments for the nine months ended September 30, 2024 is due to investments in private equity funds. At September 30, 2024, the Company has commitments for potential future investments of approximately $120 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 September 30, 2024: Payment due by Period

436 123 285 27 1 Total$25,120 $1,753 $3,411 $3,056 $16,900 (a)Primarily reflects the future payments of deferred and contingent purchase consideration. The table does not include the liability for unrecognized tax benefits of $122 million as the Company is unable to reasonably predict the timing of settlement of these liabilities, other than approximately $54 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 $48 million, which will be paid in installments from 2025 through 2026.

Consolidated Revenue Consolidated revenue increased $536 million, or 8%, to $7.6 billion for the three months ended March 31, 2026, compared to $7.1 billion for the three months ended March 31, 2025. Consolidated revenue increased 4% on an underlying basis, 3% from the impact of foreign currency translation, and 1% from acquisitions. On an underlying basis, revenue increased 3% and 5% for the three months ended March 31, 2026, in the Risk and Insurance Services and Consulting segments, respectively.

Consolidated revenue growth for the three months ended March 31, 2026 reflects the continued demand for our advice and solutions. Consolidated Operating Expenses Consolidated operating expenses increased $787 million, or 16%, to $5.8 billion for the three months ended March 31, 2026, compared to $5.1 billion for the three months ended March 31, 2025. Expenses also reflect a 3% increase from the impact of foreign currency translation and 1% from acquisitions. Consolidated operating expenses for the three months ended March 31, 2026 reflect the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation. Consolidated operating expenses also reflect increased compensation and benefits, driven by higher base salaries and incentive compensation.

Operating income margin26.0%33.9% Revenue Revenue in the Risk and Insurance Services segment increased $289 million, or 6%, to $5.1 billion for the three months ended March 31, 2026, compared to $4.8 billion for the three months ended March 31, 2025. Revenue increased 3% on both an underlying basis and from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $18 million to $85 million for the three months ended March 31, 2026, compared to $103 million for the three months ended March 31, 2025, 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 months ended March 31, 2026 was driven by higher new business and renewal revenue at Marsh Risk, partially offset by declining insurance premium rates. Marsh Risk's revenue increased $273 million, or 8%, to $3.7 billion for the three months ended March 31, 2026, compared to $3.5 billion for the three months ended March 31, 2025. This reflects an increase of 4% on an underlying basis, 3% from the impact of foreign currency translation and 1% from acquisitions. U.S./Canada rose 3% on an underlying basis. Total International produced underlying revenue growth of 5%, reflecting growth of 6% in EMEA, 5% in Asia Pacific and 2% in Latin America. Guy Carpenter's revenue increased $34 million, or 3%, to $1.2 billion for the three months ended March 31, 2026, compared to the corresponding period in the prior year. This reflects an increase of 2% on both an underlying basis and from the impact of foreign currency translation, partially offset by a decrease of 1% from acquisitions. Guy Carpenter's underlying revenue growth for the three months ended March 31, 2026 was driven by new business growth across most regions and global specialties, partially offset by declining reinsurance premium rates. The Risk and Insurance Services segment completed one acquisition for the three months ended March 31, 2026. 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 Consulting segment increased $175 million, or 9%, to $2.0 billion for the three months ended March 31, 2026, compared to $1.9 billion for the three months ended March 31, 2025. Expenses reflect an increase of 4% from the impact of foreign currency translation and 1% from acquisitions.

Interest Income Interest income was $11 million for the three months ended March 31, 2026, compared to $19 million for the three months ended March 31, 2025. Interest income decreased $8 million for the three months ended March 31, 2026 due to lower average interest rates compared to the corresponding period in the prior year.

Operating Cash Flows The Company used $688 million of cash from operations for the three months ended March 31, 2026, compared to $622 million for the first three months of 2025. 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 $79 million and $57 million related to its restructuring activities for the three months ended March 31, 2026 and 2025, 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 $1.0 billion of commercial paper outstanding at March 31, 2026, at an average effective interest rate of 4.06%. The Company did not have any commercial paper outstanding at December 31, 2025.

For the three months ended March 31, 2025, the Company repurchased 1.3 million shares of its common stock for $300 million. Dividends The Company paid dividends on its common stock shares of $440 million ($0.900 per share) for the three months ended March 31, 2026, compared with $405 million ($0.815 per share) for the first three months of 2025. In February 2026, the Board of Directors of the Company declared a quarterly dividend of $0.900 per share on outstanding common stock, payable in May 2026. In February 2026, the Company also paid the quarterly dividend declared in January 2026 by the Company's Board of Directors of $0.900 per share on outstanding common stock.

Payments of deferred and contingent consideration for acquisitions$(31)$(32) Receipt of deferred and contingent consideration for dispositions$12 $- For acquisitions completed during the first three months of 2026 and in prior years, remaining estimated future contingent payments of $266 million and deferred consideration payments of $149 million, are recorded in accounts payable and accrued liabilities or other liabilities in the consolidated balance sheets at March 31, 2026.

The Program will generate savings from process and automation efficiencies and optimization of our global operating model. Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years. Costs will primarily relate to severance, technology and outside services. Total annualized savings are expected to be approximately $400 million. The Company expects savings realized and charges incurred to be evenly distributed over the Program period. In 2025, costs incurred in connection with the Program were $150 million, primarily related to severance. The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings. In 2024, the Company incurred $221 million of restructuring costs primarily related to severance and lease exit charges from a restructuring program completed in 2024.

Additional details are included in Note 14, Restructuring Costs, in the notes to the consolidated financial statements. 39 Risk and Insurance Services The Company conducts business in its Risk and Insurance Services segment through Marsh Risk and Guy Carpenter. Marsh Risk is an insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in over 130 countries. Guy Carpenter, the Company's reinsurance intermediary and advisor, provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions. Marsh Risk and Guy Carpenter are compensated for brokerage and consulting services through commissions and fees. Commission rates and fees vary in amount and can depend on a number of factors, including the type of insurance or reinsurance coverage provided, the particular insurer or reinsurer selected, and the capacity in which the broker acts and negotiates with clients. Revenues can be affected by premium rate levels in the insurance and reinsurance markets, the amount of risk retained by insurance and reinsurance clients, and by the value of the risks that have been insured since commission-based compensation is frequently related to the premiums paid by insureds and reinsureds. In many cases, fee compensation may be negotiated in advance, based on the type of risk, coverage required, and service provided by the Company and ultimately, the extent of the risk placed into the insurance market or retained by the client. The trends and comparisons of revenue from one period to the next can be affected by changes in premium rate levels, fluctuations in client risk retention and increases or decreases in the value of risks that have been insured, as well as new and lost business, and the volume of business from new and existing clients. In addition to compensation from its clients, Marsh Risk also receives other compensation, separate from retail fees and commissions, from insurance companies. This other compensation includes, among other things, payments for consulting and analytics services provided to insurers; compensation for administrative and other services (including fees for underwriting services and services provided to or on behalf of insurers relating to the administration and management of quota shares, panels and other facilities in which insurers participate), and contingent commissions, which are paid by insurers based on factors such as volume or profitability of Marsh Risk's placements, primarily driven by Marsh McLennan Agency ("MMA") and parts of Marsh Risk's international operations. Marsh Risk and Guy Carpenter receive interest income on certain funds (such as premiums and claims proceeds) held in a fiduciary capacity for others. The investment of fiduciary funds is regulated by state and other insurance authorities. These regulations typically require segregation of fiduciary funds and limit the types of investments that may be made. Interest income from these investments varies depending on the amount of funds invested and applicable interest rates, both of which vary from time to time. For presentation purposes, fiduciary interest income is segregated from the other revenues of Marsh Risk and Guy Carpenter and separately presented within the segment, as shown in the previous revenue by segments tables.

Investing Cash Flows Net cash used for investing activities amounted to $845 million in 2025, compared with $8.8 billion used for investing activities in 2024. The Company paid $652 million and $8.5 billion, net of cash, cash equivalents and cash and cash equivalents held in a fiduciary capacity acquired, for acquisitions in 2025 and 2024, respectively. The outflow of funds in 2025 related primarily to the acquisition of the three Hawaii-based insurance brokerages, Atlas Insurance Agency, Inc., Pyramid Insurance Centre, Ltd., and NMF Insurance, Inc., for $324 million. The outflow of funds in 2024 related primarily to the acquisition of McGriff, where the Company paid $7.0 billion in cash consideration. The remaining outflow of funds in 2024 related primarily to the acquisitions of Cardano, the Horton Group, and Fisher Brown Bottrell Insurance Inc., for $466 million, $384 million and $321 million, respectively. 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. In 2024, the Company received cash proceeds from dispositions of $135 million, partially offset by $46 million primarily related to cash and cash equivalents held in fiduciary capacity in the disposed businesses. The Company sold its Mercer U.K. pension administration and U.S. health and benefits administration businesses on January 1, 2024, for approximately $120 million, comprised of cash proceeds of $30 million and deferred consideration of $90 million. The Company received $78 million of deferred consideration in 2024. The Company's additions to fixed assets and capitalized software amounted to $291 million and $316 million in 2025 and 2024, 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 in 2025 is primarily due to the disposal of an investment in a unit trust fund, which was acquired in 2024. Cash used for long-term investments in 2025 is due to investments in private equity funds. At December 31, 2025, the Company has commitments for potential future investments of approximately $101 million in private equity funds that invest primarily in financial services companies.

New Accounting Pronouncements Note 1, Summary of Significant Accounting Policies, in the notes to the consolidated financial statements contains a summary of the Company's significant accounting policies, including a discussion of recently issued accounting pronouncements and their impact or potential future impact on the Company's financial results, if determinable, under the sub-heading "New Accounting Pronouncements."

Revenue - Non-GAAP Revenue and Components of Change The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP revenue measures the change in revenue from one period to the next by isolating these impacts on an underlying revenue basis. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue. The non-GAAP revenue measure is presented on a constant currency basis excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates. The percentage change for acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables. The following tables present the Company's non-GAAP revenue for the three months ended March 31, 2026 and 2025, and the related non-GAAP underlying revenue change: Three Months Ended March 31,

(In millions, except percentages) GAAP Revenue% Change GAAP Revenue*Non-GAAP RevenueNon-GAAP Underlying Revenue* 2026202520262025 Risk and Insurance Services

Total Consulting2,558 2,314 11 %2,432 2,312 5 % Corporate Eliminations(12)(15)(12)(15) Total Revenue$7,597 $7,061 8 %$7,300 $7,029 4 % The following table provides more detailed revenue information for certain of the components presented in the previous table: Three Months Ended March 31,

The Company conducts business through two segments: •Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter. •Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting. The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three months ended March 31, 2026, compared to the corresponding period in 2025, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments. We describe the primary sources of revenue and categories of expense for each reportable segment in the discussion of segment financial results. A reconciliation of segment operating income to total operating income is included in Note 18, Segment Information, in the notes to the consolidated financial statements included in Part I, Item 1, of this report. For information and comparability of the Company's results of operations and liquidity and capital resources for the three months ended March 31, 2025, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended March 31, 2025. This MD&A contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Refer to "Information Concerning Forward-Looking Statements" at the outset of this report.

(In millions, except percentages) GAAP Revenue% Change GAAP Revenue*Non-GAAP RevenueNon-GAAP Underlying Revenue* 2026202520262025 Marsh Risk: EMEA $1,208 $1,059 14 %$1,117 $1,057 6 %

Total Mercer$1,661 $1,496 11 %$1,562 $1,494 5 % (*) Rounded to whole percentages. 41 Revenue - Reconciliation of Non-GAAP Measures The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three months ended March 31, 2026 and 2025:

20262025 Three Months Ended March 31, (In millions) GAAP RevenueCurrency ImpactAcquisitions/Dispositions/Other ImpactNon-GAAP RevenueGAAP RevenueAcquisitions/Dispositions/Other ImpactNon-GAAP Revenue

Restructuring Activities The Company incurred a total of $45 million for restructuring costs for the three months ended March 31, 2026. In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The Company also announced the formation of Business Client Services ("BCS"), to accelerate innovation and centralize investments in operational excellence, data, artificial intelligence and other analytics. BCS brings together operations and technology teams across the Company to improve client service through enhancing our technology and effective deployment of resources.

In Consulting, underlying revenue growth for the three months ended March 31, 2026 was driven by growth in both Mercer and Marsh Management Consulting. Mercer's revenue increased $165 million, or 11%, to $1.7 billion for the three months ended March 31, 2026, compared to $1.5 billion for the three months ended March 31, 2025. This reflects an increase of 5% on an underlying basis, 5% from the impact of foreign currency translation, and 2% from acquisitions. On an underlying basis, revenue for Health and Wealth increased 6% and 5%, respectively, and decreased 2% in Career, as compared to the corresponding period in the prior year. Underlying revenue growth at Mercer was driven by solid growth in Health and Wealth, offset by a contraction in Career. Health reflected growth across all regions. Wealth growth was driven by investment management, primarily reflecting positive net flows and the impact of capital markets. Career reflected a decline in project-related work in the U.S. and Canada. Marsh Management Consulting's revenue increased $79 million, or 10%, to $897 million for the three months ended March 31, 2026, compared to $818 million for the three months ended March 31, 2025. This reflects an increase of 6% on an underlying basis and 3% from the impact of foreign currency translation.

The increase in underlying revenue growth at Marsh Management Consulting for the three months ended March 31, 2026 was driven by growth in most regions. The Consulting segment completed one acquisition for the three months ended March 31, 2026. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.

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 the Company's 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 $6 million for the three months ended March 31, 2026, compared to net investment income of $5 million for the three months ended March 31, 2025.

Income and Other Taxes The Company's effective tax rate for the three months ended March 31, 2026 was 25.0%, compared with 22.7% for the corresponding period of 2025. The tax rate in each period reflects the impact of discrete tax items such as excess tax benefits related to share-based compensation, enacted tax legislation, changes in uncertain tax positions, deferred tax adjustments, non-taxable adjustments related to contingent consideration for acquisitions, and valuation allowances for certain tax credits and attributes. Purchases of U.S. tax credits are the most significant discrete item for the three months ended March 31, 2026, reducing the effective tax rate by 0.3%. For the three months ended March 31, 2025, the most significant discrete item was the excess tax benefit related to share-based payments, which reduced the effective tax rate by 2.1%. The effective tax rate may vary significantly from period to period. The effective tax rate is sensitive to the geographic mix of earnings and the cost to repatriate 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. 46 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, U.S tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBBA") which made permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act. In addition, the OBBBA made changes to certain U.S. corporate tax provisions, which are effective beginning in 2026. The enactment of the OBBBA does not have a material impact on the results from operations for the current year or future years. The Organization for Economic Cooperation and Development ("OECD") provided 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 for 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 of operations for the current period. While the U.S. has negotiated a "side-by-side" arrangement for the existing U.S. minimum taxes with the intent to exempt U.S. multinational companies from certain of the Pillar Two provisions, uncertainty remains related to the implementation of this arrangement. 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. 47

Liquidity and Capital Resources The Company is organized as a legal entity separate and distinct from its operating subsidiaries. As the Company does not have significant operations of its own, the Company is dependent upon dividends and other payments from its operating subsidiaries to pay principal and interest on its outstanding debt obligations, pay dividends to stockholders, repurchase its shares and pay corporate expenses. The Company can also provide financial support to its operating subsidiaries for acquisitions, investments and certain parts of their business that require liquidity, such as the capital markets business of Guy Carpenter. Other sources of liquidity include borrowing facilities discussed in the Financing Cash Flows section. The Company derives a significant portion of its revenue and operating profit from operating subsidiaries located outside of the U.S. Funds from those operating subsidiaries are regularly repatriated to the U.S. out of annual earnings. At March 31, 2026, the Company had approximately $1.5 billion of cash and cash equivalents in its foreign operations, which includes $511 million of operating funds required to be maintained for regulatory requirements or as collateral under certain captive insurance arrangements. The Company expects to continue its practice of repatriating available funds from its non-U.S. operating subsidiaries out of current annual earnings. Where appropriate, a portion of the current year earnings will continue to be permanently reinvested. For the three months ended March 31, 2026, the Company recorded foreign currency translation adjustments which decreased net equity by $150 million. Continued strengthening of the U.S. dollar against foreign currencies would further decrease the translated U.S. dollar value of the Company's net investments in its non-U.S. subsidiaries, as well as the translated U.S. dollar value of cash repatriations from those subsidiaries. Cash and cash equivalents on the consolidated balance sheets includes funds available for general corporate purposes. Fiduciary assets 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. Fiduciary assets cannot be used for general corporate purposes, and should not be considered as a source of liquidity for the Company.

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 months ended March 31, 2026, the Company contributed $9 million to its U.S. defined benefit pension plans and $6 million to its non-U.S. defined benefit pension plans. For the three months ended March 31, 2025, the Company contributed $11 million to its U.S. defined benefit pension plans and $7 million to its non-U.S. defined benefit pension plans. 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 months ended March 31, 2026, the Company made contributions of $9 million to its non-qualified plans. The Company expects to contribute approximately $33 million to its U.S. qualified plan and an additional $25 million to its U.S. non-qualified plans over the remainder of 2026. 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, 2025. 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. 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 three 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. 48 The MMC U.K. Pension Fund has four segregated defined benefit sections, all in a surplus funding position at December 31, 2024. Based on that funding position, an agreement was reached with the trustee in the fourth quarter of 2025 that no deficit funding will be required to any of the defined benefit sections until 2029 at the earliest, following the completion in 2028 of the December 31, 2027 valuation. The Company's prior agreement to support certain annual deficit contributions that may have been required by U.K. operating companies under certain circumstances, expiring on December 31, 2025, was not renewed in January 2026 due to the improved surplus funding position. The Company expects to fund an additional $33 million to its non-U.S. defined benefit plans over the remainder of 2026, comprising approximately $1 million to the U.K. non-qualified plan and $32 million to plans outside of the U.K.

Credit Facilities The Company has a $3.5 billion multi-currency unsecured five-year revolving 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 Secured 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 March 31, 2026 and December 31, 2025, the Company had no borrowings under this facility. The Company maintains other credit and overdraft facilities with various financial institutions aggregating $121 million and $122 million at March 31, 2026 and December 31, 2025, respectively. There were no outstanding borrowings under these facilities at March 31, 2026 and December 31, 2025. The Company also has outstanding guarantees and letters of credit with various banks aggregating $155 million and $150 million at March 31, 2026 and December 31, 2025, respectively.

Share Repurchases The Company has a share repurchase program authorized by the Board of Directors. In November 2025, the Board of Directors authorized the Company to repurchase up to $6 billion of the Company's common stock, which superseded any prior authorizations. For the three months ended March 31, 2026, the Company repurchased 4.2 million shares of its common stock for $750 million. At March 31, 2026, the Company remained authorized by the Board of Directors to repurchase up to approximately $4.9 billion in shares of its common stock. There is no time limit on the authorization. 49

Contingent and Deferred Payments Related to Acquisitions The classification of contingent consideration in the consolidated statements of cash flows is dependent upon whether the receipt, payment, or adjustment was part of the initial liability established on the acquisition date (financing) or an adjustment to the acquisition date liability (operating).

The following amounts are included in the consolidated statements of cash flows as operating and financing activities: For the Three Months Ended March 31,

Derivatives - Net Investment Hedge The Company has investments in various subsidiaries with Euro functional currencies. As a result, the Company is exposed to the risk of fluctuations between the Euro and U.S. dollar exchange rates. As part of its risk management program, the Company designated its €1.1 billion senior note debt instruments ("Euro notes") as a net investment hedge (the "hedge") of its Euro denominated subsidiaries. The hedge is re-assessed each quarter to confirm that the designated equity balance at the beginning of each period continues to equal or exceed 80% of the outstanding balance of the Euro debt instrument and that all the critical terms of the hedging instrument and the hedged net investment continue to match. If the hedge is highly effective, the change in the debt balance related to foreign exchange fluctuations is recorded in accumulated other comprehensive loss in the consolidated balance sheets. The U.S. dollar value of the Euro notes decreased by $29 million through March 31, 2026, due to the change in foreign exchange rates. The Company concluded that the hedge was highly effective and recorded a decrease to accumulated other comprehensive loss for the three months ended March 31, 2026.

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 increases of $361 million and $86 million for the three months ended March 31, 2026 and 2025, respectively, related to fiduciary liabilities. 50

Commitments and Obligations The following sets forth the Company's future contractual obligations by the type at March 31, 2026: Payment due by Period

Other long-term obligations (a)504 237 202 65 - Total$36,910 $3,521 $5,564 $4,533 $23,292 (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 $63 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 April 2026.

* * * * * The macroeconomic and geopolitical environment including from the conflict in the Middle East and other wars and global conflicts, social unrest, 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, 2025.

- Basic492 492 - Diluted495 497 Shares outstanding at March 31,493 493 Consolidated operating income increased $80 million, or 4% to $2.0 billion for the three months ended March 31, 2025, compared to $1.9 billion for the corresponding period in the prior year, reflecting a 9% increase in revenue and an 11% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 11% and 5%, respectively. The Company's revenue and expenses for the three months ended March 31, 2025, include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment. For the three months ended March 31, 2025, operating income was impacted by foreign exchange movements across both segments due to the strengthening of the U.S. dollar, compared to the corresponding period in the prior year. Diluted earnings per share decreased to $2.79 from $2.82, or 1% from the prior year. The decrease is the result of lower income before taxes driven primarily by higher interest expense for the three months ended March 31, 2025, compared to the corresponding period in the prior year. 38