Good morning, and welcome to Aon's 2025 Investor Day. As a courtesy, please take a moment now to silence your cell phone. Please welcome Nicole Hendry, Senior Director, Investor Relations, onto the stage. Good morning, everyone, and welcome to Aon's 2025 Investor Day. It is a pleasure to have you all with us, whether you're joining us here in the room or you're tuning in virtually from around the world. First, I want to take a moment to thank our investors, our analyst community, your insights, your questions, your continued engagement have truly been essential in shaping the agenda and content for today. Before we start, of course, I have a few housekeeping items that my legal colleagues would like for me to cover. First, we will be making forward-looking statements today regarding Aon that involve risks and uncertainties that could cause actual outcomes to differ materially from those we anticipated. A summary of these risks and uncertainties can be found in the presentation slides posted on the Investor Relations section of our website. Second, we will be referencing certain non-GAAP measures today, including but not limited to organic revenue growth, adjusted operating margin, adjusted earnings per share, and free cash flow. References to all financial metrics today refer to the non-GAAP counterparts unless stated otherwise, and an explanation of these non-GAAP measures and the reconciliations to their comparable GAAP measures can also be found in the presentation slides posted on our website. Now that my legal colleagues are happy, on to the exciting part of the day. We are thrilled to share with you all how our Aon United strategy is a unique and powerful asset, enabling us to address our clients' increasingly complex needs and drive sustainable, profitable growth and shareholder value creation. As you can see from the agenda here, we've got a terrific morning planned for you all with a full lineup of presentations from Aon's senior leaders. We are going to take a 20-minute break around 10:10 A.M., and after our second round of sessions, we will wrap with Q&A. During the break, we do invite you to step into our Better Decisions Lab, which some of you might have seen already, and it is located just outside here in the atrium. You are going to hear us reference this space throughout the day, and that is for good reason. This interactive space is a window into some of our most innovative capabilities, including our risk analyzers, which I know many of you have been eager to see. Each of these stations is hosted by an Aon senior leader who will demonstrate for you how these tools are helping us to deliver deeper insights and greater value to our clients. We really encourage you to explore, ask questions, and see these game-changing innovations in action. Finally, after the formal program concludes, we invite you to grab a takeaway lunch, also take an Aon gift bag, really great phone chargers in those, and take another opportunity to engage in the Better Decisions Lab. With that, I am so excited to turn the stage over to Greg Case, our President and CEO, who, after a short video, will kick off the day for us. We're talking about all the things we're doing to continue to strengthen our firm on behalf of our clients. I get a chance to kick us off. I will set the stage and go over the agenda a bit. I'd like to cover four points that I want you to hopefully take away from the day. Then you're going to hear from my colleagues. I'm really excited as they will take you through step by step what we're working on and what we're working on to deliver a next-generation client experience. We're incredibly excited about it. We are now midway through our three-by-three plan. Midway through, every part of that plan is on track, working as we thought it would work, and we're incredibly excited about the momentum that's being built around it. Don't just take it from us. You're going to hear from our clients today, too. We've got an incredible client panel who are going to talk specifically about what they're experiencing in terms of sort of what we're doing on their behalf and how it's different than what they've seen before. Our theme, Aon United, a powerful platform for growth. We hope you understand the level of conviction, deep conviction we have when you think about the importance of a connected global firm that permeates everything we do. A piece you, again, will hopefully take away from the day is in the 15 years we've worked to construct this platform, this track, the track we've laid down, in many respects, has created the ability to make the bold moves that we're going to describe today. Let's get started. I'd like to deliver four messages. Message one. Message one is we launched the three-by-three on an incredibly strong platform. We had an incredibly strong foundation, and it's a foundation built off of the industry we operate in, which is fantastic, and Aon's position in that, the work we've done in the industry. So we start the three-by-three, incredibly strong foundation. Second, the three-by-three. The three-by-three is fully about how we're operationalizing what we're doing, operationalizing Aon United. It's also given us tremendous capacity to invest back into the firm, as you've seen with the number of talent hires we've made, and in sector investments like NFP. Third, watch carefully. Every move we're making in the three-by-three is making us a more client-driven, client-centric firm. It draws from history and the producer world and the broker world, phenomenal, but it strengthens it substantially and goes well beyond it. Fourth message, important one. We're going to spend our time mostly on clients and colleagues today, how we're serving clients more effectively, how we're upping the game, changing the game, how we're supporting colleagues to do it. Make no mistake about it. The connection between great client service and superior value creation is a hard line from our standpoint. We've watched this over the years. We are absolutely believers, and you're going to see us connect the three-by-three directly to the drivers of long-term shareholder value, mid-single digit or greater organic growth, annual margin improvement, double-digit free cash flow. These are the four messages I'd like to start you with today. Let's go to the first one, the foundation. First, let's go to the industry. Think about our industry. This is a large, attractive, and growing industry. Whether you measure it in premiums, think about that in terms of commercial risk, reinsurance, health, you know, $4.6 trillion and growing. Measure it in assets and wealth, $56.5 trillion and growing. Equally compelling is not just the platform we've got, but the platform we can reach into. There's additional capacity and capability we can draw in to support our clients. It's not trivial. It's $250 trillion when you think about what we do with pension funds and sovereign funds and private equity. So the opportunity in a large industry that's growing is even larger when you think about client need we're going to talk about. In addition, think about some market realities which underpin demand in our business. There are many. I picked four. First one, $145 billion. When you think about the global insured loss from natural catastrophes, $145 billion. Health. Understand from a health standpoint, I'm going to pick U.S., pick it on the U.S. here. Health costs of% of U.S. GDP, 20%. Amazing. Think about overall compensation, all we do to bring employees in, cost of benefits in the context of that, 20%. And then retirement. Retirement. The world's thinking about how I retire, how I protect my family. 20% feels prepared. That means 80% is worried about what's going to happen from a retirement standpoint. These market realities underpin further demand in a strong industry. Maybe, though, the most interesting is resilience over time. We're going to go back 20 years. This is a 20-year picture. This 20-year picture essentially lays out looking at the S&P 500 and looking at the broker index. What you see is really almost every year over that 20-year period, broker index beats the S&P 500. Times of good, beats. Times of challenge, recessions, beats. High inflation, low inflation. High interest rates, low interest rates. The root cause is not that surprising. You think about what we do on behalf of clients. We are supporting them on the insurance side, the health side, the retirement side through regulatory challenges. These things are all required. This is a great privilege, puts us in an incredibly strong position. You see this resilience. This is an incredibly resilient industry. S&P 500, 650, 600, you know, and change. Broker index, twice that number, twice that number over a 20-year period. Now, you will have to forgive me. I did throw another little dot point on there for you to look at. That top line is another little company. It is a single company. We are going to talk more about it in a second when we get to the second part of the foundation on our performance. Obviously, Aon's done much better than even the broker index, which has done much better than the S&P 500. Final point on the industry is not only big, not only growing, not only great, more potential to do more in the industry, draw from other sources of capital, not only resilient, but it's massively underpenetrated. The $145 billion I described to you before was part of $368 billion, which means we're talking about share here of 40%. If you think about it, the reason our platform, our foundation was so strong is we start in an incredibly strong industry. Aon in that strong industry is a second part of that foundation. Aon, $15 billion-$16 billion in revenue. Think about where we are. We have worked our firm over the years, over 120 countries, incredibly strong and connected. We can stand and deliver in any environment, incredibly durable. Think about what we do across four solution lines that are in two reportable segments, risk capital and human capital. We are also a firm that is incredibly diversified. You know, a little over half of our revenue is outside the U.S. Risk capital. Risk capital is commercial risk and reinsurance, and risk capital is what we do when we help clients understand, measure, and mitigate risk. In the process of that, we move a little premium. Look at the number, $185 billion in premium across risk capital. Human capital. This is our health business and our wealth business, underpinned by all the things we do in talent and support. And this is a great business. This is a wonderful business. This is a business in which we help our clients protect maybe their most important asset, their people in all aspects. In this business, $190 billion in placed premium, $190 billion. We advise on $5 trillion in assets in the global economy, risk capital and human capital. That is Aon. How have we done? What does it look like in terms of performance? We want you to understand as you come away from the day, this is a team that is very focused on delivering long-term shareholder value and fully recognizes that is an interesting objective until you can actually execute year after year after year to make that happen. If you think about Aon, let us pick a 10-year time period. That is the left-hand side of the chart, shows a 10-year time period. What have we done? Organic revenue growth, 5%. Adjusted margin expansion, 1,300 basis points, 130 basis points a year. Adjusted EPS growth, 11%. Free cash flow per share growth, 12%. Total return to shareholders, 15%. We have also had a very balanced approach as we think about capital allocation. Tremendous discipline. Again, remember, investments back into the business during this period of time. I called out before, margin accretive investments in talent, more and more and more in the high priority areas. Of course, NFP, as we brought NFP into the Aon family. By the way, NFP has been tremendous. High expectations, exceeded everything we hoped it would be. It is fantastic, a great platform. This is how we have done in performance. I can stop here and say, you know, maybe we are done. We are good. We are just going to tell you how we are going to keep doing this. Great industry, performance, all set, all good. We are not going to do that. Now, we're not going to do that because of you, because we want to deliver for shareholders, but we're not going to do that because of our clients and how their demands and their needs are changing. It's so important. The topic of the day is about the future. Full stop. Now, the history matters. The history matters because it's an indication for you on our level of commitment around performance. So don't mistake that. What we're really talking about today, our entire focus today is how we're going to increase what we do on behalf of clients, win in the core business, and how we are uniquely and powerfully positioned to support our clients as their needs change and grow over time. That's what this is all about. The work of the three-by-three reflects this in every way, and it reflects a real understanding of client demand and how it's changed over time. It's fundamental. Our team would tell you the catalyst for today is, of course, you, critically important. The catalyst for the day, the cause for the day is really client demand change and how we've reacted to it. That's fundamentally what we're going to be talking about. I want to spend some time now on literally client demand and what's going on. I'm going to preface this by saying we did a report in May of 2024. If you don't have it, we'll make sure it's available to all of you. It's called the Megatrends Report. The Megatrends Report is an outcome from a tremendous amount of analysis, which is excellent, but a huge amount of time with clients listening, understanding around the world what's driving their business, what are they worried about, what are they concerned about. Four megatrends come: trade, technology, weather, workforce. Myriad of things are happening to our clients, but these four megatrends came through. The reason they're so compelling is it wasn't just in one place or one sector. It was every geography in the world. It was all sizes of clients, large, medium, and small across all areas. These four megatrends, huge. I'm just going to quickly touch on them. Remember, this was May in 2024, okay, before any elections and things like that. We're talking trade with our clients. By the way, it's a big deal. We're talking supply chain, supply chain volatility, resilience. Do I like my supply chain? What do we do? How do I reduce the volatility? Massive. You know, a little event happened on April 2nd. You might be aware of it. It involved something called tariffs. We are seriously having supply chain and trade conversations around all things tariff and what happens. I mean, I can stand up here and talk to you about the importance of it. I wish you could hear from our clients. I will tell you, we did a webinar on April 11th, just a few days after. I said to my colleague, it's a few days after. Nobody's going to come to this thing. Webinar, 6,000 show up, clients and participants, 6,000. This is a big deal. It is massive in terms of sort of this megatrend. Technology, equally provocative and compelling here. Pace of change, huge. Is it going to be helpful to me? Is it going to hurt? If it's going to hurt, how do I reduce the volatility? How expensive is it? This is a massive thing dealing with our clients on this in terms of where they're thinking about it. Weather, this is not about just enduring it anymore. This is about literally understanding it, predicting it, and doing something about it. You might change the way you shape your business around literally a projected view on climate change over the next 10 years or 15 years. How do I get my arms around it? Finally, on workforce. My gosh, has this changed? I mean, think about what we were during COVID, post-COVID, how that's evolved. This is about locating. It's about recruiting. It's about bringing in. It's about training. It's about development. It's about retention. Every aspect of this has been now a source of volatility. It's a source of opportunity, but it's a big source of volatility. I have to tell you, I spent a lot of time with this report, and really I could hear it in the clients' voices. I heard it someplace else too, and I was like, whoa. I participate in something called the Business Roundtable. If you haven't heard of it, it's a couple hundred CEOs who meet quarterly and talk about sort of the state of the world and what's happening. I kid you not, last Business Roundtable sounded like a risk management meeting, right? It was unbelievable. It was these megatrends permeating everything in terms of what they do and how they react to it. The questions were not trivial. They were, what do we do? When they turn your attention and say, what am I doing on this? What are we saying? What are we saying? I will tell you, just when you thought it was safe to go back in the water, we did another report, updating the megatrends. Megatrends 2024, updating 2025. Massively validated each of the megatrends, but something more insidious evolves, something more corrosive, something more challenging. That is the interconnectivity of these megatrends. Now the conversation with clients is very operational on something that is driving volatility in their business that they do not know how to react to, and it makes a massive difference. You know, just look at the right-hand side of the chart. I am going to pick a couple here around workforce. Let's do technology and workforce, and let's do weather and workforce. Technology and workforce. You're having a conversation, and you realize that 39%, call it 40% of the skills that exist are going to need to be upgraded by 2030. Let that sink in a second. 40%. That means we're all changing, reskilling, doing things we haven't done before, and we put our business reacts. What does that mean? Does that help productivity? Does that hurt productivity? Is that more costly? Less costly? Am I in business? Am I not in business? This is massive, this interconnectivity. Weather and workforce. Weather and workforce. Think about the idea that 2% of the workforce is lost due to extreme events over the course of a year. 2%. That's 80 million jobs. 80 million. I'm sitting with the CEO of a large contractor. You would know it well, one of the biggest in the world. We end up having a conversation around the bid process that is driving what they do. It makes perfect sense when you hear it, but it scares the living daylights out of you in terms of implications. How do we think about our bid process? I got a 10-year bid. It is multiple billions. By the way, if I change the way I put people on the field above 120 degrees, I cannot field workers. What does that mean for me? How do I change my bid process? Should I not bid there? Should I actually think about the globe differently and bid differently, completely reposition my business? Point being, interconnectivity of these megatrends and risk is massive. To be clear, we do not respond with a linear answer. It does not exist. If you respond with a silo answer, let me give you a product example. No, no. I need integrated understanding to address this integrated challenge. Big difference. This is a big difference. Now, last point on demand. How have we done? I'll take you back to the Business Roundtable. You're 200 CEOs sitting in the room, and I'm asking you, how did we do? Are we helping you do what you need to do, understand volatility, reduce volatility, help you grow? How did we do? I want to show you a 50-year view of how we did. What you see here is time across the bottom and on the vertical axis is the measure of risk as a% of GDP. Ways to think about this around premium losses, risk as a% of GDP. Think about it as literally how we impact the global economy. Look from the 1970s to the, you know, basically to the 1990s, early 1990s. It's an amazing two decades. It's two decades of increase. This means when the economy is getting bigger, our proportional share of that is actually going up. That's an amazing thing. Amazing. Look at the red line and look to the right of the red line. For three decades, three decades, this has gone down. That means risk as a% of GDP is going down. That means as the economy is becoming more complicated, you know, technology. As companies get bigger, literally trillion-dollar market cap companies, what we're doing as a% of the overall economy is going down. This is not a, it doesn't mean we're bad. We're doing great work. It's growing, but the footprint is less relative to what's going on in the world. This is a big deal. This is a big deal. Now, listen, there's a lot of stress over this. I've shown this in a couple of places. It creates lots of stress. You know, is this about relevance, Greg? Are you telling me we're not? No, no. We see this as opportunity. At a time of maybe the highest risk we've ever seen is now the highest opportunity we've ever seen. This is a serious call to action. It's a serious call to action. If you can react to this and make a difference in that group of 200 CEOs, you make a difference in the world. How do we do that? It turns out we know how to do it. We've seen it in a very bespoke way, one-off way. We know the capabilities required to do this. Seriously, we know. We know how to react to that CEO of the construction company. We know. You have to have data, but the data's got to be meaningful and comparable and durable. We don't have that. We have tons of data. We have less information. You've got to have, in addition to the data, a forward-looking set of insights, not just look in the rearview mirror in terms of what's going to happen. You don't have the rearview mirror in this situation. Doesn't exist. You've got to have a greater ability to not just come up with an answer, but to come up with an answer that's continuous. You've got to keep iterating because these change. If you don't change faster than they change, you're behind. That means you're less relevant. You absolutely have to have more capital. Call it $5 trillion. I'm going to use for the industry. That's an awesome number. I love it. These are incredibly important partners. Love them all. Five trillion climate, five trillion pandemic, five trillion cyber, five trillion, five trillion. Not enough. We have to move money out of the $250 trillion into the $5 trillion to make this work. You have to have capital movement. We know what you need, but the bar is high. From an industry standpoint, it is hard to make the move. We know that. Everyone's got silos. Is it your data? Is it my data? Can I share it with you? Is it your client? Is it my client? Can you have it? Whose P&L? All kinds of baggage. To get durable data, you have to have a common architecture. That is hard. You have to create, you have to be able to get the data, do what you need to do with it, and drive it. have got to actually have a way to compare models and do things that are not done. We know what to do. The bar is high. Be clear, the need is high. Be clear, our clients are clear about what to do and their expectations. Their tolerance for our history is going down. They do not care about our organizational baggage. They care about whether we can help them succeed. What I love about this, and we have clients here, you can talk to them as well. When you get it right for a client, it is like the coolest thing ever. Really, it is amazing. When you wow a client with an answer that helps them change the way they do their business, this is like, this is gold. Our colleagues go nuts over it. One of the reasons you're going to hear about an 86% engagement at Aon is because of this. It's powerful. And it's there for us. The demand is there for us. The expectation is there for us. Clients want better service, and they need better service. But they're calling and asking why. What do you need to do to make a difference? Now I come to an incredibly strong industry in which we have a privileged position. Fantastic, a great platform. I come to a set of demands and needs that are real. That means, by the way, the core is great, still there, but the opportunity beyond the core is massive. The call has been made. By the way, it's been made for 30 years. It keeps getting louder. If we sit here in 10 years, you tell me where it's going to be. You tell me. I know where we want it to be on behalf of our clients. That is what today is about. That is what today is about. Today is about our answer to the call. We want you to dig in and understand that answer to the call. We like it from the standpoint. It is pretty unique. Be clear, this is not strategy. We are way past strategy. We know what we need to do. We know the client piece cold. We are way past strategy. What we are about to talk about with the 3x3 is a straight-up massive turtle force effort around acceleration, around scale. It is industrial strength execution. It is industrial strength execution to drive an outcome on behalf of clients that we know is going to make a difference because we have seen it. It is just how do you scale an inside organization? This is scaling a proven concept. Our view is we get this right in 2024, 2025, and 2026. We set the stage, by the way, not as an end game. We finish 2026 with tremendous performance. Great. What we really want is momentum coming out of 2026 for 2027, 2028, 2029, and beyond. That is the greatest in our history. We can see that. That is there. That is what this is all about. It is winning in the core, no doubt, but it is also winning beyond the core as client need evolves and our ability to deal with that evolves. There are three commitments we are making. Three in terms of what is going on. The first is risk capital and human capital. Think about this as the innovation engine. Let me tell you why this is so important organizationally. This is after years of working this, after years of working innovation. It's so clear and obvious, but it's so doggone hard. You need the content. You need data. You need data, by the way, that's ingested, scrubbed, comparable, renewing. I think I'm getting them all right, Mindy, but you'll go through that. ABS, this is what this is about. Seriously, you don't have that. You got nothing. You got a nice little conversation. You don't have action. Data and the content isn't enough. You need a set of models and analytics that actually is not just in property and in casualty and in D&O. It cuts across them. You don't cut across with the right models. You don't move. Doesn't work. That's not enough. You need to have a way to get the right people in the room to make a difference. You can have all the content you want, but if you don't actually have the right people in the room on your firm, you cannot make a difference. To be clear, this can't be a project. We've done many projects. We did the project on the CEO on what to do with his workforce and he, yeah, this has got to be part of the organization, part of the mission of what we're trying to do. That is what risk capital is about. The right colleagues in the room, the right data, the right models, continuous improvement, scaled globally. This is the other piece. Watch ABS today when I get to that. This is so critical in being able to take this and scale it globally. A great answer for some individual client doesn't scale. If it doesn't scale, we can't innovate. If it doesn't innovate, you don't break the trend. Risk capital and human capital are absolutely fundamental to the execution required to get to an outcome that matters for a client in a way they can see it, experience it, and it drives an outcome. Risk capital, human capital. Without it, you can't make progress. Anybody who says they can, I don't see it. It's impossible. How do you communicate to clients once you've got that kind of capability? This is what we do on Aon Client Leadership. Again, should the client be coordinating all of Aon? Everybody goes and talks to the client individually, and I'm going to coordinate because my responsibility is to coordinate Aon for you. No. We should be coordinating Aon on their behalf based on our understanding of them. That is Aon Client Leadership. My colleagues are going to talk about this as it relates to the enterprise part of it, but that's how we deliver. If you don't have that, then it's completely dispersed. Commitment one, risk capital, human capital. Commitment two, Aon Client Leadership, fully delivered. This is the experience part, massive. Commitment three, accelerating Aon Business Services. We've been working Aon Business Services for seven years. We've seen this movie. We know what works and what doesn't work. When Mindy Simon and team came in and worked with the team we have, we got acceleration like we'd never seen it before. This is a world-class operating engine. It's a machine. It's the technology core, but it's more than that. It's our ability to get the data right. The suggestion issue is massive. We all know we have huge amounts of data in our industry. We have much less information, and we have much less information that changes client behavior. That's unacceptable. The ingestion, the scrubbing, the comparability, all the different pieces between commercial risk and reinsurance and health, all critical. You don't get that right, nothing. That's Aon Business Services. The ability to drive that is huge. Also, remember, Aon Business Services is a dual mission. Everything I just described is about winning with clients. It's all revenue. It's revenue. It's amazing. It's a dual mission. It's top line and OI. When we initially drove it, it was more OI. The dual mission of improve organic and improve margin is fully embedded into Aon Business Services and the challenges around it. Fully embedded. By the way, Aon Business Services, as you're going to hear, is part of Aon. It's not Aon Business Services and Aon. It's Aon. It's D&A. Three items. Risk capital, human capital, massive. Have to have it. Without it, cannot get movement. Got to deliver for clients, next generation. That is Aon Client Leadership. We have to have an engine. Must understand what we are doing on Aon Business Services that is truly going to drive this on behalf of what we do inside of Aon for our clients over time. You are about to look at the Better Decisions Lab. Spend time there and ask, where did that data come from? How do you have that data? How do you update that data? Do you make it global? Who looks at this? By the way, ask our colleague where they are from. What part of Aon? You have all of global Aon out there. They are all talking to each other. That has never happened before. That is new insight. That is why the 3x3 matters. That's why it's turtle force massive execution. We love it because we're executing on proven concepts. If I'm an investor, that's a cool thing. I'm not waiting for cold fusion. We got our version of that. We just have to go execute. That's the program. Listen, it's working. We're winning more share. We'll talk about that. We're capturing new demand in areas like cyber where it's a $15 billion market against a trillion dollar loss potential. Give me a break. Needs to be a lot bigger than that. We're working that and creating new areas. The new areas are going to be cool too. You're going to hear about some of these. We're going to talk about things like, believe it or not, a parametric solution to help a client solve a talent resilience problem. Let that sink in for a second. My colleagues are going to talk about that. We're going to talk about the opportunity to do something that has been done exactly never, which is improve population health and bend the cost curve. We've done the analytics to show that's possible. Unbelievable. We're going to tie it straight back to exactly what drives shareholder value. Full stop. Growth, margin, EPS, free cash flow. Every way you can see it. Absolutely core. Again, remember, superior client leadership, exceptional shareholder value creation. That's the link we want you to sort of understand. What I'm most excited about when I get to now is I want you to hear from my colleagues. This is a phenomenal leadership team who's driven so much. They're going to each take a piece as we go through. We're going to start with Lisa Stevens. Our CIO oversees our people responsibilities, marketing communications, and public affairs, does so much across Aon, but truly is the heart and soul of when we think about Aon United and how it's evolved. You will take away very specific aspects of Aon United that are leverageable as we have taken these bold steps. Pay particular attention to our engagement as part of this. This affects 60,000 colleagues. You go, "Whoa, what's going to happen?" The answer is they're on fire about this. Why not? You're wowing a client. That's a pretty good gig. This is the opportunity to keep doing that more and more. Following Lisa will be Andy Marceau. Andy Marceau is newly appointed CEO of Global Solutions. Absolutely awesome. He's going to talk about what it really means to have an organizational construct that creates alignment and momentum and why that matters and why the content's better. If you've got better content and better data, you've got a better outcome and you can deliver it. Following Andy, back to the content is, again, Aon Client Leadership, how we deliver it. Anne Corona, who leads our efforts around Aon Client Leadership and Enterprise Client, is going to come and talk about sort of how we've done that and how we're going to scale it over time. An awesome session we're going to have. Lori Goltermann, CEO of our regions in North America, is hosting a client panel. It's going to be a great set of clients. You'll hear from them on there's good stuff. I hope they talk about that. Listen for what's different in terms of where they are. I just want to take a minute, Oliver, thank you so much for being here. Truly appreciate it a nd Brandon, appreciate it. Fantastic from FedEx. Axel, of course, from Danone, or Danone, as we will say in the U..S for today. Thank you so much for being here. Absolutely fantastic. Mindy Simon, our Global COO, leads all of our efforts around Aon Business Services. This is the leader that truly has grabbed a hold of the possibilities here, linked them into the firm, insisted they be connected to the firm, insisted that it's part of the DNA. We've got so much traction. She'll talk about what it means to sort of drive innovation, scaled innovation, and all the things that are required to do that. To bring it all home, to bring it all home, connect all the dots is our own Edmund Reese, our CFO, who's going to bring this all together. Listen carefully as Edmund, he will drive the financials unbelievably well. He's also going to connect the dots on the operating side, which is absolutely huge in terms of what we're trying to do. We started from an incredibly strong platform, but we're really talking about what's possible now. What's possible is sitting here in front of us. It's sitting here in front of us. All it requires is a little sweat and action and movement, tour de force, tour de force execution. We know where, we know how, and we know the impact it's going to have on our clients. We are absolutely focused on doing that. Do not be confused on the date. We did not do this at the beginning. We did this right in the middle of the 3x3. We are not talking about getting ready to get ready. We are past that. We are talking about 18 months in, halfway through where we are. We are talking about action, action, and the impact that it is having. We are going to give you a way to foreshadow what that might look like over the coming years to complete the 3x3 and then build the momentum we know is there as it relates to 2027 and beyond. Thank you for the time today, but please now join me in welcoming Lisa Stevens to the stage. Lisa. Good morning, everyone. Greg, thank you so much for kicking off this morning. I'm so pleased to have the opportunity to share with you how Aon has evolved to meet our clients' needs in ways no one else can. Underpinning all of this is the power of Aon United Strategy, which creates immense value for our clients, our colleagues, and our shareholders. There are four key points that I want to make sure you take away from today. First, we've done the work to unify our firm through Aon United, changing the way we operate structurally. Second, Aon United is a differentiator in how we show up for our clients as they face new challenges and complexity, as Greg has just talked about. Third, we are operationalizing and accelerating our Aon United Strategy through our 3x3 plan, allowing us to provide integrated solutions for clients backed by advanced data, enhanced by analytics, and guided by deep expertise. Finally, we have an incredibly engaging talent strategy that ensures we attract, develop, and retain the absolute best talent, I think, in the world. This is all to better serve our clients. Today, I'm going to walk you through how we built the foundation to lead through Aon United and to accelerate our 3x3 plan. Let's get started. First of all, let's talk a little bit about Aon and our history. It's been an evolution driven by one focus to help our clients wherever they are with the solutions that they need. Founded in 1982 as an insurance broker. In 1987, we became Aon. Aon, which means one in Gaelic, reflects an ambition to build a unified global firm. We expanded rapidly, broadening our capabilities into reinsurance, human capital, advisory, and professional services. Our transformation into a fully integrated platform with global scale and strength has been intentional, sustained, and rooted in client need. This evolution required strategic discipline, cultural alignment, and long-term commitment. Aon United has been our true north, guiding how we bring the full strength to every client interaction. In 2018, we consolidated under one single global brand and introduced a shared leadership and governance model. We built essential enablers to help us with all of our performance. As Greg mentioned, and so important, and the key to so much of what we do, Aon Business Services. It's our global delivery platform, providing operational excellence, efficiency, and client service at scale. The Enterprise Client Group. Our Enterprise Client Leaders are the absolute best as they deepen relationships and deliver the full power of Aon United to our largest clients. In 2021, we formalized our Aon United framework to deliver advisory, broking, analytics, and execution in an integrated way. Importantly, this evolution was client demand. As clients' needs grew more complex and incredibly interconnected, we shaped our business model to meet them, realigning incentives, restructuring our business lines, and removing silos to enhance our ability to scale our solutions and meet their needs. In 2022, we introduced Better Decisions, a unifying purpose and a promise of our brand, which continues to define how we create value. This enables clients to navigate complexity, make more informed decisions, drive measurable results, and unlock new growth. Finally, in 2024, we launched our 3x3 plan to operationalize Aon United. It was an absolute pivotal moment. The progress against it for our strategy went far beyond anything we had expected. Aon United is our core strength. It reflects a connected global model deliberately built through bold structural change and consistent investment in alignment and simplification. It is an enhanced differentiated business model, better for clients, driving innovation, and better for our colleagues. When we operate as one Aon, we show up differently, more connected, more capable, and more committed. It means we win more clients, we do more with them, and we keep them longer. With innovation at scale, we deliver client-focused solutions that directly address their needs. For our colleagues, it is why top talent joins. They see the tangible impact that they can have. Let us talk about why this really matters. First, Aon United is better for our clients. We have developed a platform able to deliver the full power of our global capabilities through trusted relationships, no longer anchored to single transactions. Our colleagues have access to a full suite of solutions backed by enhanced data and analytics, allowing them to engage with clients with greater insight and impact. Mindy's going to spend some time talking about this because, as a result, our client relationships are expanding across solution lines, industries, and geographies, and the collaboration across regions has deepened. This could never have happened without the power of ABS behind it. The consistency is so clear for all of us, and for our clients, and for our firm. Aon United is not just how we operate, it's how we differentiate. It's a driver of our stronger performance as we continue to scale and grow. By executing with discipline, we're delivering meaningful impact, reshaping how we serve clients, innovate, and lead. Second, Aon United is better for innovation, as we've talked about, and as you'll see if you go out and spend some time with our colleagues on the Better Decisions Lab. By operating as one connected global firm, Aon delivers innovation with unmatched scale. We've broken down silos across the business so that Aon Business Services can do their magic and scale access to data and insight. What this allows is for the development of better, more tech-enabled capabilities and experiences for our clients and colleagues at our barn end. The foundation enables us to turn ideas into enterprise-wide capabilities like risk capital and human capital capabilities and digital platforms and our digital service platforms. Andy is going to come up after me, and he is going to give you real true examples of what Greg and I have been talking about with human capital and risk capital. I can't wait for you to hear it. Laurie's going to bring it to life a little bit later in the morning with our clients. Finally, Aon United is better for our colleagues. We've built a performance culture that supports growth, enables mobility, and amplifies contribution. Colleagues come to Aon not just to achieve individual excellence, but for the brand, the market leadership, data capabilities, and the opportunity to work alongside exceptional talent. Our talent attracts talent. At Aon, our colleagues are more relevant. They're more relevant because they want to lead in the market. Aon gives them the tools, the capabilities, and the talent network to sharpen their edge. They're more connected with ways of working that enable agility and real-time collaboration and access to a global network of experts. Our colleagues are more valued. They're helping to shape and drive the capabilities and solutions that help our clients succeed. This is part of the key of what Mindy has done, is that loop of our colleagues being able to talk and the agility has been just amazing. Thank you. Our most recent colleague engagement survey shows that 86%, as Greg already mentioned, 86% of our workforce is engaged. This is evidence that our people strategy is working well, resonating, and creating alignment. Aon United has given us a cultural and an organizational advantage that enables us to lead in the industry. All of this leads to the 3x3 plan. To scale the full power of Aon United and move faster than the pace of change, we launched the 3x3 plan, a three-year, $1 billion investment designed to accelerate our strategy and amplify our impact. The plan builds on our foundation to drive greater reach, speed, and consistency across Aon. It amplifies the unique capabilities developed through the work that we've done to unify our company. We saw an opportunity to go further faster, building on our strong foundation. Our 3x3 plan focuses on three core commitments: integrated solutions, helping clients make better decisions on increasingly interconnected issues through data and analytics, aligned teams, and collaboration across our risk capital and human capital capabilities; client leadership at scale, deploying our Aon client leadership model across all client segments. This model starts with the client need and brings the best of Aon to every relationship; digitally enabled delivery, transforming data into real-time, actionable insights using AI and advanced analytics, again, delivered through Aon Business Services to ensure consistency, quality, and scale. Execution is absolutely fundamental, and we're just halfway into our three-year mission. We've identified key leaders responsible for driving the 3x3 plan forward. We come together regularly for working sessions. We align our goals, and we tie our incentives directly to measurable outcomes. We've committed to driving strong outcomes for all our stakeholders. Clients benefit from deeper expertise, more integrated solutions, and a consistently high standard of service. Colleagues, they gain access to next-generation tools and capabilities, strengthening engagement, productivity, and enabling a new generation of client leadership. Shareholders win, as we generate sustainable growth, continued margin expansion, and free cash flow growth. Edmund's going to talk a lot more about that later. Our 3x3 plan is not a pivot. It's an acceleration of our Aon United strategy and the mechanisms through which we enhance our capabilities to drive greater long-term performance. At the heart of both Aon United and our 3x3 plan is people, talent, foundational to our strategy and one of the most important long-term investments. As we move into the second half of our 3x3 journey, we have created an environment that attracts exceptional people and empowers them to grow, lead, and collaborate. In 2025, it has already been a marquee year for us in attracting new talent as we continue to expand our base with new hires aligned to areas of market opportunity, client need, and long-term growth. Our investments reflect deliberate choices to deepen our capabilities and enhance our differentiation. We have expanded in key areas of high-demand sectors: construction, energy, and health, where Aon's ability to bring insight to complex risk is especially valued. We have added experienced producers, brokers, account executives, and human capital advisors to strengthen local delivery and broaden access. In areas like climate and reinsurance, we're reinforcing our bench with globally recognized experts. We're equally focused on developing our talent that we have and have retained 92% of our high-potential colleagues. This is a testament to the alignment between our culture, our people, and our strategy. We continue to invest in capability building, digital fluency, and developing highly skilled client leaders who can bring together one full suite of risk capital and human capital capabilities to support our largest global clients. These relationships are deeper and more valuable, and you're going to get to hear a lot more about this from Anne in a little bit. Equally important, and at the heart of it all, is our culture. Starting with our values, we are united through trust as one inclusive and dynamic team committed to our purpose. We are so passionate about making our colleagues and clients successful. A culture where 9 out of 10 of our colleagues understand how they contribute to Aon United. This is a structural advantage that we have built while maintaining margin discipline and improving colleague engagement. That is a powerful combination. Through Aon United, we have created something truly powerful: a connected global firm that reflects our established culture, years of client-led innovation, and operational alignment. We have aligned and simplified our operating structure so that we are moving all towards the same purpose, and that is to deliver the best possible service to our clients. We have broken down silos, restructured how we engage with our clients, and created an environment where the best of our firm comes together seamlessly. We have scaled our solutions so that all client leaders have access to our products no matter where they are in the world. We have reshaped compensation, unified leadership, and built a platform that strengthens relationships across solution lines. This is developing now, and it will continue to build well into the future. By seamlessly combining world-class broking, expert advisory, and market-leading analytics, Aon is uniquely positioned to help clients stay ahead, helping them make better decisions in the face of uncertainty and build resilience with clarity and confidence. Let me close with this: we have done the hard work. In a world where clients' needs are shifting, where risk is more interconnected than ever before, and where trust is earned, Aon United is our differentiator. It is our catalyst, and no competitor can replicate what we have. Our 3x3 plan pushes us to move faster than the market, embed relevance into every interaction, and anticipate what is next. We have a highly engaging talent strategy, and our colleagues, they're embracing complexity and the new ways to serve our clients. By bringing together insights, expertise, and exceptional client service, we help clients make better decisions and drive stronger performance. Aon United is how Aon leads with purpose by helping clients navigate a dynamic landscape and shape a more resilient future. I just want to say one last thing. You are going to have the opportunity for the rest of today to get to hear from the amazing team that I get to work with every single day as they bring to life what I've just shared with you. With that, it is such a pleasure, such a pleasure to have come to the stage our CEO of Global Solutions, Andy Marcell. Thank you. Wow, thank you, Lisa. Good morning, everybody. I'm Andy Marcell, CEO of Global Solutions. I just want to reflect on one thing that she was talking about. I've been in the industry, in the risk industry, for 35 years, and Aon United is truly unique to Aon. It's the power that enables us to work across silos, build product, deliver to clients in ways that we would not be able to do without that level of collaboration. I just want you to hold on to that thought. I'm going to take you through today the construct of risk capital and human capital. It's a construct that hardwires our brokers, our account executives to the front line, our clients, in ways that's unique. It's the engine of the 3x3 that Greg referred to. It is critical in achieving three things: innovation at scale, delivering greater value to clients, and creating better data and forward-looking analytics so ultimately we can mobilize capital into the industry. Let me start by covering four key points. One, risk capital and human capital are exceptionally strong and well-positioned for growth. Two, meeting increasing client demand requires the best of what we have now and much more. Three, the move to risk capital and human capital is fundamental to deliver the next level of advice and the new capital to meet client demand. Four, which I will come to at the end, client results after only 18 months are powerful. Now I am going to move into a description of what risk capital is, what human capital is, where we are investing. Let me start with a risk capital overview. It is commercial risk and reinsurance. It has $10.5 billion of revenue. As Greg said earlier, $185 billion of subject premium. What do we do? Insurance broking, reinsurance broking, and advisory capabilities that run through both businesses. They have strong records of performance, strong track records. They are powerful businesses. They have highly recurring revenue streams, and they have industry-leading margins. When we think about these businesses, we want to double down and invest in them. We call it investing in the core. Internally, we call it amplifying the core. Do more, sell more, get more clients. That is what we do. I am now going to go into where in each one of these, a bit more of a description is commercial risk and reinsurance and where our growth priorities are. Commercial risk solutions, commercial risk broking, risk consulting, and affinity programs. We have $7.9 billion in revenue, a 5% 10-year average organic growth. We're a world-leading captive manager with 1,000 captives under management and $125 billion of subject premium through our annual-bound treaty affinity and captive premiums. We have an exceptionally strong geographic footprint all over the world, and it's powered by industry product and broking expertise. We manage clients of all complexity, from the large globals to the middle market to the SMEs to our affinity business, where we reach 23 million customers. What is great about commercial risk is that demand in commercial risk continues to grow. It continues to grow because of the things that Greg talked about, the megatrends, and also some things that are associated, particularly like energy transition. When we think about where we're investing, we're investing in what we call our high-growth verticals. Think construction, natural resources. Construction, I'm assuming you will travel all over the world, either with work or with your families, and you go into a hotel room and you open up the window and you're like, "Wow, there's a crane. Everywhere you look, there's a crane. There's one right here, right behind me." Right? Construction is everywhere and it's global. Natural resources, wind farms, solar farms, battery factories. You know it's happening and it changes between the categories, but it's happening all the time. We are leaning in and investing there. We are attracting talent to our firm. We are doubling down in our analytical capability in these categories where we will drive growth. In capital solutions, what is that? There's a couple of things. One, we continue to facilitate our business, such as the creation of the Aon Client Treaty, which is in London, 10 years in the making. What we're trying to do here with other facilities like that is to create as much automatic capacity to serve our clients as we can in the most efficient way, drawing in capital. Equally important is our parametric. We have connected globally under Joe Peyser, our parametric business around the world. If you think, I think back to two or three years ago, we probably did 20-30 parametric transactions for corporate clients. Now we're doing in excess of 100 plus, and it's accelerating. In the trailing 12 months, I think we've bound $3 billion of limit in that category. That's an important area for us. Last, but certainly not least, is the U.S. middle market. Post the acquisition of NFP, we continue to grow there organically and inorganically. Given our market share, we see tremendous opportunity for expansion. Overall, commercial risk is exceptionally well-positioned to continue to drive mid-single-digit growth or greater. Moving on to reinsurance, which is where I started my career with the largest and world's best reinsurance broker. I would say that because that was me. What do we do? Treaty and facultative broking, capital markets, advisory and consulting. We have $2.7 billion in revenue, a 6% 10-year average organic growth, and $60 billion or so in subject premium. What makes us unique and differentiated is our investment in analytics. Let me give you an example. Impact Forecasting, which you can see on the break in the Better Decisions Lab. Look at that, right? It is our natural catastrophe model. It has 135 individual models, individual perils in 90 different countries. It is critical for us because it is a category in which we lead property cat in an area with surging demand from climate change. It positions us extremely, extremely well. Beyond our core treaty business, we have spent considerable time in diversifying our revenue flows from facultative to capital markets and our advisory, which now represent those three categories, 25% of our revenue. Like commercial risk, reinsurance also has strong demand, driven by climate change and driven by the social inflation in the United States around casualty. We believe in it. Others believe in it too, so much so that we actually recently hired John Neill, who was the former CEO of Lloyd's of London, to come and lead that for us. He will start sometime at the beginning of September. We are super excited about that. In terms of our growth priorities, we're going to double down in our treaty capabilities, particularly property where we lead, but also casualty and cyber, where there's growing demand, and our facultative capabilities, where over the last 8-10 years, we've seen high single-digit growth to double-digit growth. We're going to continue to invest in that. Insurance-linked securities, so think cat bonds, where we've been the market leader for some time. Demand and our position in that is accelerating all the time. We're going to put more resources into that category. Last but not least, our U.S. regional insurers. We want to grow our market share there. We have a lot of headroom to grow. In reinsurance, we will continue to drive mid-single-digit growth or greater in reinsurance. Now, moving on to human capital, this is a new area of responsibility for me. This is an amazing business. It really is an amazing business. I think all things workforce, which is a massive category, is especially important given it's a significant investment for all our clients. What is it? It's health and wealth. We do health benefits broking, retirement advisory, and talent advisory. It has $5.2 billion in revenue. It's a massive, massive, massive addressable market fueled by the challenge to better understand the return on people investment where the costs continue to rise. Let me go into health solutions. Health benefits broking, talent advisory. It has $3.3 billion in revenue, has 7% 10-year organic growth, and $190 billion of annual premium placed. We have some unique records, 33 million unique compensation databases. Pretty powerful. Like our other solution lines, health is powered by investment in analytics and data, which we believe is differentiating. Let me give you a couple of examples in health. We have the Health Risk Analyzer, which looks at critical illness and its contribution to health costs for individual companies. Health companies predict the future severity of that cost, and therefore they can reduce their severity and create greater certainty. The Workforce Absence Analyzer combines risk capital data, workers' comp data, with health data to be predictive of workforce absence and ultimately reduce volatility for the clients and also make safer, healthier workplaces. In talent, we also have proprietary databases like our industry-leading Radford McLagan Compensation Database, which has over 30 million employee records. Huge scale and total rewards benchmarking to assess the total cost of people. This is a, it's a great businesses. Like our other businesses, health, it's also the demand profile for health is massive. Think the U.S. healthcare cost is now 20% of GDP and rising. There's rising wealth around the world, which is fueling demand globally for private health. When we think of where we want to invest, I think of it as sort of across the categories of global benefits. All things health, but we come together with our large and complex clients and others to think about their workforce. We want to advise them on health. We want to advise them on talent, and we want to advise them on retirement. We do that together, which is what human capital enables us to do. Underpinning that, we need to continue to invest in data and analytics. In the last category, in population health, where we've done considerable work on GLP-1s and the benefits to break the cost curve there. I'll come back to that later on. We remain confident in mid-single-digit growth or greater across health, wealth solutions, what we do, retirement advisory solutions, but we have an amazing, amazing, amazing investment footprint. We have $1.9 billion in revenue, 3% 10-year average organic growth, $245 billion of assets under management, and $5 trillion of assets under advisory. We're organized globally. We have a strong presence in the U.K. and the U.S., two of the largest retirement markets in the world. We're known for our particular specialties, such as the pension risk transfer, where we are responsible for 60% of U.S. deal premium advised in 2024. In the U.K., in the master trust, we're the market leader. We're proud of our reputation for innovation and market fund outperformance. When it comes to our growth priorities, we like to think of it as across workforce. As I said before, in the health, coming together as pension with talent, with health to solve complex issues for clients. Within those categories, in pension, there is further opportunity in the defined benefit space to continue to advise clients on plan design, given ongoing trends and regulatory forces. In the defined contribution space, there are opportunities to expand what we do there with the pooled employer trust. We are going to do some of that, but when we get to the end, recognizing our history, we remain focused on mid-single-digit growth or greater. Hopefully you have a better understanding of our solution lines and that they are well-positioned for growth and they have tremendous capability. The challenges and the opportunity for Aon is that our clients are asking us to do more. They are asking us to do more because their costs are rising. Their costs are rising driven by the things that Greg talked about at the beginning, the megatrends. Think of weather. Think of U.S. cat losses. Severe convective storm losses in the U.S. have increased by 90% in the last 10 years. Think of the last month of all the tornadic activity in the middle part of the U.S. and the south. That has not been seen with that intensity before. The $145 billion of natural catastrophe losses in 2024. This is driving up the cost for our clients. These megatrends, as Greg said, are interconnected, which is driving complexity. What does that mean? I am trying to bring it to life for you. If you think about the LA wildfires, and you can picture that on the television, the newspapers, some horrific scenes there, and you think of the property damage, but actually it was more than that. You think of the smoke pollution and the adverse health implications for thousands of people. We think of the uninsured or underinsured properties causing a destruction in wealth. We think of all the people that were displaced and the workforce interruption that impacted businesses and therefore business resiliency. This is hugely complicated. What is the total economic loss of the LA wildfires? That total economic loss and how much was insured? To extend complexity, I could talk about tariffs and supply chains, but think of staying with the wildfires. Think of the Canadian wildfires. There was so much smoke that drifted south that it impacted the energy output of solar farms in the northeast of the U.S. This is an interconnected, unexpected risk. This is what Greg is talking about. This is the rise in complexity. How do we draw capital in to meet that demand? Insurance exists to transfer volatility. If you want to transfer volatility, it has to be measurable. You're all investors. I hope you're all investors. You're all investors to invest in something where you can't estimate a return. You're not going to do that. We have to be able to quantify the return and create measurable outcomes. You can't do this unless you integrate all your assets in your firm to solve the problems. Not just the problems of the capital assets, but the problems of the human capital assets and the total economic cost to our clients. We have to change the way that we fundamentally operate. That is what we have done, and that is what we are doing. The industry has been struggling with this for 30 years. Can we go back one slide? Thank you. This is a slide that Greg showed earlier, and it is profound. In many ways, it talks to the lack of relevance of the industry over time, but we really see it as an opportunity at Aon. The 3x3 plan exists to break this trend. Let me be clear. The 3x3 plan exists to break this trend. We know what it takes to break the trend. It takes better data and analytics. It takes innovation that drives better solutions, and it takes access to more capital. In order to accomplish this, you need to work outside of your silos and bring your company together. If you do not, you end up with this picture. If you do what we are doing, you can actually capture the opportunity. We recognize that we needed to come together and organize differently, organize ourselves around risk capital and human capital, and that is what we have done. We knew that we needed certain conditions. We needed the right colleagues, the right data, the right models, continuous improvement, and global scale. When we talk about continuous improvement, what do we mean? We mean that working on these solutions and delivering for our clients is not a project. It is the way that we operate. We have to align across our business on a global basis, and that's what we are doing. That is what risk capital does. It aligns reinsurance with commercial risk. It is what human capital does. It aligns health, wealth, and talent. If we can do this, which we have done, you will create an engine to drive innovation. Let me give you an example of this. The property risk analyzer, which you can also see in the Better Decisions Lab. Eighteen months ago, our commercial risk colleagues were trying to solve for their clients the demand issue, the rising costs, the lack of capacity, the increasing complexity. We set about trying to create an analyzer to help assist in this venture. In the room, there was me, there was Mindy Simon, our COO, Joe Peyser, our head of commercial risk, Paul Sheden, our head of analytics. We set about trying to accomplish this together. In four months, we had a workable and phenomenal model that we presented in January. About five months later, we presented to 1,000 clients at our property symposium. At that, we had preloaded the exposures for 400 of those clients. Where are we now? Now we are on version four or five. We are accelerating away in those versions, has climate change, has our severe convective storm model that is proprietary to us, has our wildfire model. We are answering questions for clients and growing our business as a consequence of this engagement. That is what risk capital does. Right people, right analytics, right data, continuous improvement, and global scale. The Property Risk Analyzer is not just in the U.S. It's in every country in the world. Our mission has been to redefine the client experience. We recognize that organizing around human capital and risk capital was the only path. Halfway through the 3x3, where are we? We have a whole suite of analyzers, some of which I mentioned on the health side, on the risk capital side, apart from property, but casualty, cyber. The list is endless and we're growing. Additionally, we're investing in our client service platforms to improve the client experience and the broker experience, whether it's Broker Copilot or the ad hoc Certificate Center. We think these are so compelling and are reshaping the client experience that we've filed two patents and have four more pending to protect and invest in this area. We're going to continue to build our analyzers in every geography and every industry in the world. Reshaping the way that we go to market, reshaping the way that we interact with our clients, it requires ABS, but it also requires Aon client leadership. It requires Lori Goltermann in the regions to come together. You're going to hear from Lori and the client panel. You're going to hear from Anne Corona about how we're doing this and the experience that clients are having and how it's changed for them over the last 18 months. For now, let's hear from Mars, from Christa Wolf, VP of Corporate Risk Management. As we've looked more recently, we're working with the analytics team as we speak to consider how we can increase our retained risk. We currently retain quite a lot. We're looking to take that next step. By using the teams in the U.S. and in Singapore, collaborating really effectively, we're able to do an analysis of all of our programs and be more predictive about what our exposure to loss might be in the future using the Property Risk Analyzer, the casualty analyzer, and a lot of other really interesting tools to get a much more holistic view of our aggregate risk so we can make some informed decisions about our retention strategy and how we balance that between retaining risk and commercially transferring it to the insurance industry. Wow. Thank you, Chris. Can you say thank you to a video? I did. He's a really important client, by the way. He might be watching, so thank you. We are leading, not trying to. We are leading with innovation, and we're leading from the front line. I want to give you a couple of examples of this so that you can get a better understanding. The first example is in next generation population health. The second example is the one that Greg referred to in his opening around a parametric solution for talent resiliency and how that came together to give you a picture of how Aon operates today. In the first example, imagine that you're the Chief People Officer of a major company, that's Lisa, that spent millions and millions of dollars on GLP-1 therapy. You have to go to the CEO and explain to them whether you should continue spending this money and what the return on that investment looks like. On May 3rd, our human capital risk capital colleagues got together, and they issued a report based on 50 million insured Americans, medically insured Americans, which is about one third of the total population. In that, there were 139,000 GLP-1 users. The study was over 24 months. The conclusions, the outcomes were profound. In the first instance, there were a lot of broader health benefits, whether it was the reduction of cardiovascular events, respiratory disease, hospitalizations, etc. Also, the medical inflation, the cost was shown to decline over time because of the reduction in those critical illnesses and other things. Think about that. You can reduce the cost curve, and you can improve the health of your employees. Who does not want those two outcomes? When we applied that, reducing the cost curve to the total database, we would think of the 135 million, 165 million insured Americans. That is on us a $42 billion annual saving. We presented this at the Milken Conference, and the response was electric. They were amazed. Our client interactions and our pipeline of activity is fantastic. We are really excited about that. In the second example, we have a client in California that was asking us the question about their talent resiliency. Post an extreme event, in this case, earthquake, what was their vulnerability to their talent? How would they get back to operations, business resiliency? That actually was brought to us by our talent colleagues, and it came to our commercial risk and reinsurance colleagues for a solution. We mapped out where all the geocoded, where all their talent was, what the aggregation of that population was, in particular, earthquake zones. Describe how much limit you needed to buy to offset that. We bought a parametric bond. When an event happens that triggers that bond, cash will be immediately paid out and then distributed by the client to its employees in the form of an employee benefit. Getting them back on their feet, back to work, it helps business resiliency, it helps employee engagement. It was fantastic. We really think about what really went on there is you had Aon in operation. You had an opportunity delivered by another part of the firm, by talent, to risk capital, engaging reinsurance modeling, placing the business into the parametric market, into the bond market. Who's investing in the bond market? ILS funds, pension funds, hedge funds. This is very similar to what's been happening in the cat bond market, where we lead, where billions of dollars have been flowing into that market over time, and it's accelerating. Think back to what Greg said about the $250 trillion of capital that's out there that we want to bring into the business. We want to bring into the business to solve our clients' need. That's what we need to do to break the trend. That's what we're doing. Real examples, and we're doing this every day. Of course, you do all this, and I told you about all these crazy, wonderful analyzers and everything that we do, the way that we go to work. Edmund says to me, "What's my return on investment, Andy? Is there measurable outcomes?" And I can say, "Yes, Edmund, there are." When the analyzers are used in RFPs, our win rate in commercial risk and health increases by 40%, a 40% increase. When the property analyzers are used, clients are often buying more limit. Let me give you an example. The severe convective storm losses in the south, we had put in our new severe convective storm model into the property risk analyzer, and our brokers and account executives went to their clients six months ago with our new technology and showed them how severity and frequency had shifted and what they should do to protect their firms. What did they do? They did not say, "No, no, no, no." They are like, "Oh, we go to the CFO or the CEO," and they bought more limit. We bought considerable limit from the commercial market, but we had to also go to the parametric market. Again, more demand, more complexity. Aon answers the need with analytics. They buy more, and we have to draw in new capital. In the last category here, retention, we are keeping clients longer. Since we have been on this journey, our retention has increased by 100 basis points, a 1% increase in retention. That is a great outcome. Coming to the end, I will finish where I started. The four points. Risk capital and human capital are exceptionally strong and well-positioned for growth. Two, meeting increasing client demand requires the best of what we have now and much more. Three, the move to risk capital and human capital is fundamental to deliver the next level of advice and the new capital required to meet client demand. Four, after only 18 months, client results are powerful. Getting this into the hands of our clients, particularly our large global and complex clients, in a consistent way, in a really effective way, we created a different delivery mechanism, the enterprise client group. I am not going to tell you about that because I am now going to bring Anne to the stage, and she is going to tell you all the accomplishments that they have. Thank you very much. Thank you, and greetings. My name is Anne Corona, and I am thrilled to be talking to you today about how we bring the best of Aon to our clients through Aon client leadership and show you what that means through what we are doing today with the enterprise client group. During my 25-year tenure at Aon, I've held several roles, most recently serving as the CEO of the Asia-Pacific region. I have been on the front lines, engaging with clients, listening to what they need, and delivering. I spent years as a broker in our commercial risk solution lines, helping clients address complex cyber and directors and officers' liability risk transfer needs, and advising global clients on optimal capital access. Most critically, recovering billions of dollars in claims payments for our clients. At the end of my discussion, I want you to come away with four key points. First, we are realizing the full potential of our client-centric approach in a way that is differentiated and difficult to replicate. Second, our clients demand comprehensive data-driven solutions on a global scale, and we are uniquely positioned to meet those needs. Third, Aon client leadership is contributing meaningfully to Aon's performance, driving greater client penetration and higher retention. Importantly, we are just getting started. We have proved the concept and are driving tangible impact for clients and for Aon. We see significant runway to scale this model, reinforcing our confidence in delivering sustainable mid-single digit or greater growth over the long term. What is Aon client leadership? Simply put, it is our commitment to deeply understand our clients in a holistic manner and bring the full strength of the firm to address their needs. As Andy just discussed, it's risk capital and human capital enabled by the tools and capabilities created by Aon Business Services. This is not just about retention or new business from existing clients. This is about creating long-term value by anticipating clients' needs and delivering integrated solutions to address them. Doing so strengthens client loyalty and lifetime value, enabling Aon to scale confidently and sustainably. As Chief Commercial Officer, I am excited to apply our learnings from the enterprise client group more broadly. We began our Aon client leadership commitment with our enterprise client group, a dedicated team of leading professionals serving our largest and most complex global clients. These clients face uncertainty on a global scale. By successfully executing for these clients, we are proving the Aon client leadership model and scaling it across other client segments. Our industry was built as a broker-centric model focused on selling products locally. The industry experience for clients is siloed and transactional. Aon client leadership rejects this as the optimal approach for clients. Clients need a more strategic and connected approach in today's world because risks are more threatening and complex than ever. We structurally changed Aon to put the client at the center of all that we do, to solve for their needs. Next-generation client experience is defined by taking the best from the historic model and adding to it. This is Aon client leadership. I have spent my career listening to clients speak about their challenges and the capabilities that they need to make better decisions. Our clients are looking for unique analytics and insights supported by data. While that data and insight need to be global in scale, clients also want advisors with local market expertise who can deliver locally. They are looking for holistic solutions to address complex challenges. Our client leaders are spearheading a transformation from transactional engagement to strategic partnership. This shift enhances the client experience and consistently delivers outstanding results. When the enterprise client group was established, our priority was to build a robust infrastructure and organization. We completed this and successfully proved the hypothesis that by changing our firm to have one enterprise client leader holistically serve the client, we generate significantly greater engagement. In 2024, the enterprise client group contribution to new business from existing clients was three percentage points higher than the prior year. Global penetration is stronger, with about 50% of revenue earned outside the client's headquartered region. We are enhancing client retention, with enterprise client retention reaching 97% in 2024. Now it is about accelerating growth, going further, faster. To understand how, let us take a close look at the companies that we serve in the enterprise client group. These are our largest and most complex clients with global needs. Generally, enterprise clients have more than $10 billion in annual revenue, have more than 10,000 employees, and operate in more than 10 countries. The median market cap for an enterprise client is $77 billion. We have approximately 100 enterprise client leaders serving 500 clients and their needs in over 120 countries. Enterprise client leaders are enabled with the content and capability to deliver the best client experience. We have specialized industry leaders for financial services, natural resources, technology, and more, providing greater focus with industry-specific thought leadership, market trends, and events. Only Aon has connectivity across risk capital and human capital on a global scale. We are delivering impactful data-led results that no one else in the industry can provide. In addition, innovative tools built by Aon Business Services, such as relationship maps, penetration grids, all sitting on global client dashboards with real-time client data, enable our enterprise client leaders to serve our enterprise clients differently. What makes Aon different? It begins with Aon United and the significant competitive advantage it has created. Everything we have done has been for our clients. Structuring ourselves around client needs and serving them with the one firm mindset is a powerful competitive differentiator. We made the investments and structural changes necessary to operationalize this strategy. This work enables us to deliver the Aon client leadership model. Enterprise client leaders are integrators for our firm and, more importantly, for our clients. One enterprise client leader enables all the capabilities: the innovation, data, analytics, global insights, expertise to the client. Our deep strategic relationships with enterprise clients are integral to our innovation initiatives. We listen to our clients' needs and solve for them. Enterprise clients are the first to experience our newest tools, analytics, proprietary data, and capabilities, and their feedback informs faster iteration and refinement of these solutions for all of our clients. Our enterprise client group proves that Aon client leadership results in winning more clients, doing more with clients, and keeping the clients for longer. We are doing more with the clients. Covered enterprise clients' product density increased over 20% last year. Our average likelihood to recommend is 9 out of 10. Our net promoter score is 67, up from 62 last year. For those unfamiliar with net promoter scores, this is world-class. As a tangible example, I recently met with a retailer headquartered in Europe with disparate operations in Europe, Africa, and South America. The CFO commented that historically, each part of her organization had separate insurance programs managed by different advisors. Now, imagine the complexity and challenges of expanding its global operations under that construct. She shared the important role that Aon plays unifying their teams and their operations and how Aon uses market-leading analytics to model exposures and provide unique advice that supports their global growth. The Aon team educated the client's leadership team on risk financing and then created a more efficient program that optimized use of capital, retention, and coverage, which then more effectively delivered for claims at the time of loss. I frequently hear stories like this, how Aon is showing up differently. We connect client teams to solve risk and people challenges and drive outcomes. You'll hear from three great clients on Lori's panel discussion in a little bit. The way we serve enterprise clients is a differentiator. Is how we attract and retain our client leaders. You heard from Lisa about our strategy and culture. Colleagues choose Aon because our tools and capabilities empower them to better serve clients. The enterprise client group is a destination of choice for top talent from the broader professional services industry. We build this talent through our enterprise client development program and Aon Client Leadership Academy. Every enterprise client leader participates in a 100-hour program over nine months with direct coaching on Aon United Global Standards, Aon IQ development, business acumen, and client planning. Let's take a minute to hear directly from clients about how our enterprise client leaders are solving for them differently. We have a long-standing relationship with our enterprise client leader. One of the most important things that she does for us is be a connector. One of the things that the Aon team has been great about is almost being this backstop to say, "Hey, Ben, you need to go talk to your peer about this project." That relationship building, the ability to know when to intercede and help us get connected so that for the benefit of AT&T, we're on the same page, it's just been really helpful. I think what makes Aon a strong and trusted partner for Kerry Group, one, their enterprise client leader model works very well for us. The client leader model allows us to leverage Aon more meaningfully when we need to. Particularly from my perspective, if we're working on M&A transactions in any given part of the world or any marketplace, we get to leverage Aon's capability that way. That video demonstrates how our enterprise client leaders are making a difference to clients. Do not forget, I also showed you the meaningful financial impact of Aon Client Leadership. As we look ahead, there is significant untapped opportunity for us to further expand our enterprise client segment as well as penetrate our large corporate client segment. This growth opportunity is the focus in my Chief Commercial Officer role. Our team of 100 enterprise client leaders serve approximately 500 clients globally. We are investing to grow the enterprise client group through recruitment and internal development. By 2026, we expect to reach 125 enterprise client leaders covering approximately 750 clients. We have already begun to extend into the large corporate segment. The opportunity is substantial. We provide over two and a half times as many solutions to our enterprise clients as we do to our roughly 1,500 large corporate clients. Modest product density gains in the large corporate segment will provide outsized incremental revenue opportunity. We see equal potential in the massive $31 billion U.S. middle market segment for the Aon client leadership model, where clients often have a more centralized purchasing structure, which makes for our consultative client-focused approach to be even more compelling. While our clients are segmented, our capabilities are not. With Aon Business Services, we are scaling our approach while driving efficiency and client impact. We are running differently and running smarter. By listening to clients and leveraging our unique capabilities, we are driving growth and exceptional client value. The opportunity ahead and the impact that we can make as we scale Aon client leadership is substantial. To conclude, Aon client leadership is a game changer for Aon because it is changing the game for clients. We understand clients' needs better and are uniquely positioned to address them with comprehensive data-driven solutions delivered globally. We are delivering more value. We are scaling massively, delivering consistently against our growth plans and responding to client demand with unmatched capability. The results are clearly visible in the enterprise client group and its impact on penetration, retention, and growth. We have proven the concept, and there is now significant runway for future growth. We are positioned for continued success with the enterprise client group and will scale to large corporates and the middle market. With clients at the center of everything we do, we are delivering two key outcomes. First, more value for our clients by serving as integrators and strategic partners and more growth and confidence in Aon's trajectory as we win more, do more, and keep clients longer. Thank you. We'll now take a 20-minute break and be back for an exciting panel with three of our esteemed clients. Now, please welcome Laurie Golterman, CEO Regions in North America, to the stage to begin the second half of our program. T hank you so much. Welcome back from the break. I hope you got a chance to look at some of the analyzer tools out there in our Better Decisions Lab. I'm Laurie Golterman, CEO of our Global Regions in North America, and I've got the unique privilege of leading our regional teams that are delivering Aon's risk capital and human capital capabilities and expertise powered by Aon Business Services to our clients all across the world, all segments, and all industries. Everything we do at Aon is in service to our client needs, and we have a saying that defines our culture at Aon: you're either helping a client or helping a colleague help a client. I couldn't be more excited to bring Aon's strategy to life through these three phenomenal clients in this wonderful conversation today. To set up the discussion and to reinforce some of my colleagues before me, I want to recap what clients are looking for today. First, a strategic partner, one who leads with data and analytics to make decisions across complex risk and people issues. A partner who can also bring innovation and expertise across risk and human capital with no P&L barriers or silos in how we work and how we address the interconnected nature of the mega trends that Greg kicked us off the day with. Finally, our clients are looking for a technology-led service delivery platform to enable outcomes and drive more impact to our client strategy, as well as finding time to focus on more strategic priorities. Our panelists are all enterprise clients. You've heard a lot about that today, and they all have an Aon client leader. They will be able to uniquely talk about our three-by-three plan and what's different at Aon today. Let's get started with some introductions of who is on our panel. First, we have Oliver Wild, who is our Group Chief Risk and Insurance Officer at Veolia. Veolia is a leader in ecological transformation through a focus on waste, water, and energy management, and they've been an Aon client for more than a decade. They have 215,000 employees and operate in over 50 countries with exciting plans for growth. Welcome, Oliver. Next is Brandon Waits at FedEx Corporation, Global Head of Total Rewards. FedEx has been an Aon client for over 35 years, employing more than 500,000 people and operating the world's most extensive transportation network, moving 17 million packages a day. Super impressive. Brandon, welcome. Axel DeBilly, who's Senior Vice President of Total Rewards and Global HR Governance at Danone, or as we say in the U.S., Danon. We might say Danon today. Danon's mission is bringing health through food to as many people as possible with three main fast-growing categories: essential dairy and plant-based products, waters, and specialized nutrition. They have over 90,000 employees and operate in products sold in 120 markets. Danon's been an Aon client for three decades. Each of these clients will be able to share the Aon's three-by-three plan and have been longstanding clients. On behalf of my colleagues at Aon, it's such a privilege to serve all of you and to serve your company. Thanks for enriching our day today. I'd love to get started. Oliver, if I could kick it over to you, been at Veolia for 10 years, leading the enterprise risk management strategy at Veolia. Can you talk about some of the challenges you are facing in the marketplace and Aon's role in helping you create an innovative capital solution? Sure. First, thank you, Laurie, and thanks for inviting me to the Invest Today. It's a fantastic opportunity and really happy to share the exciting journey that we've been on. When I took on the role, it's very strongly based on enterprise risk management and looking at identifying our risks and opportunities for growth. On the insurance perspective, although we had a captive and we had strong risk appetite to carry that, we also had a strong drive on understanding our risk and investing a lot in prevention, fire risk being a big risk in the waste, obviously, industry. We made those investments, but we were not getting the response that we wanted from the market. With the Aon team, looking at our data, looking at our claims history, looking at the investments that we made, we were able to reanalyze what our real risk profile was and challenge the market. Better than that, rather than just buying insurance with the Aon team, the Aon team came up with some great innovation where we had access to alternative capital, alternative risk transfer, and that has been fantastic. It was really the next step for us in our risk management strategy is understanding our risk, retaining risk, having access to new capital, and then only then looking at the traditional market. That generated savings, better risk culture within our organization at the operational level, and obviously great savings for our clients as well. Fantastic opportunity t here. It's a wonderful example of how you really leverage that risk capital structure that Andy and we've talked about earlier today and turning insurance from a cost really to that strategic lever. It's excellent. Brandon, how about you? You are on a journey of One FedEx, merging global employees from seven different operating units into one. Can you share a bit more on your journey to build a global benefits program across 100 countries? Yes, absolutely. Thanks for having me, Laurie. As you mentioned earlier, the relationship between Aon and FedEx spans 35 years. What started as a risk capital advisor for our aviation and captive needs really was a source of confidence when we looked to Aon for our human capital needs. As you mentioned, in 2023, we announced the start of our One FedEx journey, which included bringing employees across our seven operating companies into our One FedEx Global Enterprise. At the beginning of that journey, I was appointed the Global Head of Total Rewards, and the challenge that I had was centralizing our global benefits into one single global broker. This involved the plans outside of the U.S., the non-ERISA plans. My goal was, and our goal was, to solve for some of the immediate pain points that we had, but also build a strong foundation for the future. This was no small task. It involved about 127,000 employees across 100 countries. Our previous solution served about half of our markets, but it was very disparate. It was locally served, and it was really a market-by-market approach. We lacked a centralized view in what we had, and we did not know the broker or benefits or cost or compliance that were achieved market-to-market. We did not have that centralized view. We were already doing business with a lot of your competitors, but there was a unique value that Aon was able to bring that we could not get elsewhere. That really served the strategy that we were having. The Aon team came in with really supporting us across all of those geographies. They helped clear those pain points. They helped us in our transformation journey. Aon came forward with a very unique data and analytics approach that helped us, and we were able to create a centralized platform across those 100 countries that we serve. We were able to touch every country with that, and it gave us clear insights into our renewals, our offerings, our design, our oversight, compliance, reporting. We could see all of that in a centralized way, leveraging the Aon technology. This benefits management model was supported with that global data insights that Aon provides. Really, our next phase is to leverage the data to look at the design in country by country to enhance those offerings and help us better serve our employees around the world. We have also done some work together on our executive mobility program. That allows us to seamlessly move and promote executives around the world from country to country and backed up foundationally with strong insights into compensation and benefits practices that helps us be competitive and dial that in correctly. This all supports our centralized vision for total rewards at FedEx. It helps us optimize our ROI across total rewards, accelerate our strategic outcomes. Really this all started with the transformational global benefits strategy that we began this journey on. You know what I love about that story? You think about 100 plus countries, and I can envision this data lake coming into that one platform. I know outside in the Aon analytics, you get a chance to see that, and Mindy, I know you'll describe that later, but that foundation is what you can really now use to build your true global talent strategy. That is super exciting. Axel, let's turn to you and Danone. We've had a relationship for a very long time starting on the risk capital side of our business, expanding through our enterprise approach. You were trying to solve really two big challenges: unsustainable rising healthcare costs, as well as your company was going through a business transformation and a cultural change that you call Renew Danone. Could you share a little bit more about Aon's journey with you on building your strategy around these challenges? Sure. First, I want to say also that it's a pleasure to be here. You said that we have a longstanding relationship. Being here is a way of also giving back to Aon. I think it was important for me to be there. Indeed, in 2021, we had a CEO transition in the company who introduced a new business strategy called Renew Danone. In the way we structured it, we wanted also just to be compelling, innovative, forward-looking, but we wanted just to stay true to our roots, to our DNA, which is basically really just to bring health through food to as many people as possible. In that framework, my job as Head of Total Reward was also just to take care about the healthcare cost, which was and still is expanding in all our geographies, while also supporting the business strategy, which was to make one Danone, one company. We were very scattered. My job was also just to support business and people strategy by embarking on one culture, one company. This is basically what Aon supported us, coming with a bold idea just to leverage the existing captive we had for P&Cs for employee benefits. They helped us with that. We did not think about it. It was quite bold, quite a scary move maybe for us, but you helped us just to be not so scared. We built the feasibility study together. I went to the CFO, to the CEO, and to the CHRO just to ask their support and their sponsorship. Based on the feasibility study we built together, we managed to get that sponsorship. It was not only a success for us because it was a great project and it delivered a lot of value, and maybe we'll speak later about it, but it was also a way of showing the business that HR and finance can work together. Aon really helped us to be this kind of aggregator, the two functions, at least in Danone, who were not enemies, but challengers sometimes, managed us to work together to deliver great value. This was a true success for us. It was that connector that even Ben talked about in the video earlier and thinking of something outside of the box. What your story really brings to life is that Aon United connection across risk and human capital, bringing HR and finance together with that bold idea. Super exciting. Now for all of you, what I'd really like to do is to dive a little bit deeper about your unique experience. What was really different at Aon? I think everyone this morning has described our strategy really well, but I'd love for you to bring that to life in how we serve your businesses. Oliver, if I could start with you, we're really proud of turning insurance from a cost into a real strategic lever without question. Can you talk about Aon's service and capabilities and what's really been different and transformative to you and to Veolia? Yeah, sure. I mean, there are many areas, but we'll keep it short. If I name three, I think the fact that with the enterprise client model that was being referred to this morning, I have a single point of contact, William White, and he gives me access in a very timely fashion to all the expertise and the capabilities that exist within the Aon group. That is fantastic. There are no silos. I come up with a question and the solution comes from diverse capabilities as well. It's not just—and I have a recent example. Last Wednesday, I was in Montreal with my North American teams. We have M&A projects, quite a few at the moment because growth is definitely on the front of the agenda. In less than 24 hours, we had a call set up on some really tricky topics on an acquisition in the U.S.. Clear demonstration that it works. That is just a recent example, and that is working really well. The second aspect is the fact that we have created a hub. As you said earlier, Veolia is in over 50 countries around the globe, and we have a strong global strategy, but we obviously have to have local solutions adapted as well, or the support from Aon to explain what the global strategy is. For a decentralized organization such as ourselves, I think that Aon United approach with the hubs, with the local and the global approach works really, really well for us. That is fantastic. The last aspect that I would highlight is ABS, the solutions that you come up with through data. I think we've only just started. Everyone's talking about data and the value and the power of data. We've already realized the power of data through recreating our insurance model on the property program with that block structure. We've engaged in more conversations on other areas, other risks such as climate risk, and the modeling capacity that you bring to us is really a true fit to the solutions that we need to bring to ourselves with our clients as well. That has been a fantastic experience. Just to maybe wrap everything up, I think you're probably the only financial services company that I've seen that's managed to crack the code of that P&L silo where usually you talk to an organization, they say, "Oh, yeah, but the revenue's got to go here and that revenue's got to go there." There we've got a central point of contact, global solutions. There's a bill at the end. I'm not saying it's free, but there's no issue on where it originates from and where it has to go to. You manage that. I've never seen anyone do that. Thank you. It makes my life a lot easier. Unlocking the international P&L to really serve your clients to deliver and drive outcomes is one of our proudest outcomes, I think, from the strategy we described all day. That enterprise role marshaling the full set of resources. The block structure is interesting because it really is a combination of re-commercial risk and many of the alternative structures that Andy mentioned. We are proud of that. You should patent that block structure. Brandon, let's move over to you. We have had a long relationship across our two companies, but I would love if you could dive a little bit deeper onto what was unique and maybe even some of the data and analytics that have helped with your strategy. Yeah, absolutely. I would say we definitely feel we get a differentiated service from Aon, and it helped to have a partner who understood what we were trying to do from building a new vision and strategy for our total rewards. The Aon team was quick to share their insights from your Aon United journey, which was helpful. I think at the end of the day, it's been, I would say, two things that have really differentiated our experience with Aon. The first is around the technology and the data and insights that we received through that partnership. The second is the partnership model itself. When I think about the technology and the data and insights, the light bulb moment for us and for me was when you came in and said, "Hey, we can centralize these benefit programs across the 100 countries where you have employees outside of the United States." That was a light bulb moment. It was enormous. I didn't even realize that was going to be possible. What we were able to get was the technology that you provide with the data and insights through a global platform. We leverage your greater insights platform, and we're able to use that data to make better decisions. Now we're using it about using better decisions around our benefit admin, our job architecture. It gives us enhanced visibility country by country into what we're offering. It is a single source of data, everything across the countries where we operate. I think Aon is very unique in that single source of data that you provide to us. The second thing is the partnership. That is a clear differentiation. You make it very easy for me. I have one enterprise client leader, Holly, who's here today, and I go to her, and she works with me on anything around the world on a diverse set of needs. She's able to source the expertise within Aon to support whatever strategy or thing that we're talking about. You back that up with global capabilities. You have a global presence with local representation. The access for me is my global client leader. It is very easy, and it is a very strategic conversation to leverage the assets within Aon. It is a combination of the data, the technology, the analytics, and the partnership model that allows me to have access to a full-service team around the globe. That is what really makes the difference, I think, with Aon. Thank you, Brandon, so much for that. It is the human capital story of the data and analytics hub that we talked about and the enterprise client leadership partnership. It is exciting to be working with you on this project. Axel, if I could come over to you and would love to hear a bit more about what were some of the factors, the key milestones and moments that have been different in how you're working with Aon today with Danone. Sure. I think it's really similar to what Brandon said, better than me with my French accent. Basically, really, for me, two moments were really important to doubt in the relationship. First, we have a long history with Aon, you said, but we work more than three decades together. At one moment, our enterprise client leader identified that basically HR was underserved. Basically, we were historically more a risk client, but there was an untapped opportunity on the HR side. This client leader, his name is Gary, he's in the room. Like you, actually, he's really being the single point of contact for me just to go to Aon, making sure that also he gets the best of Aon to us. I worked in financial services before, and I make a parallel basically with private banking where you have one trusted advisor and you can completely trust. You know that he will put you in contact with the best people fit for you, not one stop shop, but something which is really tailor-made to your needs to make sure that you succeed as a company. This is tremendously helpful. In that example, it's basically the captive one you described, actually. Gary identified that basically we had this opportunity. He reached out proactively. We worked together and we made it a great success. It helped really much to develop the people transformation where we were embarked together. The second thing is really the data because all of what I described is very good, but if it's not backed up by data and hard things, then basically we don't deliver meaningful and concrete results. Basically, the platform you put, we were available just to access, was really a game changer for us because it was a way of showing that HR can also be a data-driven function. It gave us a massive load of credibility in a strategic and quite bold move, moving employee benefits to a captive, which was not so close to our own traditional operating model. Yeah, I mean, the analytics hub really helped push that bold decision and determine what risk should flow through the captive and where should you transfer them into the insurance marketplace. That enterprise model, as Anne described earlier, is really focusing a lot on that training and education so that we are matching the right capabilities with your need anywhere from around the world. I want to come down the home stretch here and ask each of you a question about the future of what may be on the roadmap between Aon and your companies. Axel, if I could start with you, we are always trying to make sure we are current on your strategy and every client's, and then bringing the latest and greatest. What is on the roadmap with Aon and Danone? Yeah, I am very excited about the future of Danone, actually, Danone. Basically, we plan to double in size in the next five years. It is a bold move. It is something our leadership is saying also to the market. This is exciting. It's also a little bit challenging because we need to make sure that we have the right talent in sight. We don't need the same talents when you're a $27 billion company or a $50 billion company. We need to attract top talent. We need just to nurture existing ones and scale HR for that transformation. This is where we are looking at Aon. You helped us just to manage healthcare costs through the captive, but also other initiatives. Now that we are transforming also the people strategy globally just to reach that ambition, we need just to understand what do we need to do to better serve our employees and the business strategy, being by unlocking the power of diversity, making sure that we have skills, the right skills, and we equipped our Danoners, our employees, with the right skills of the future. It's really where the partnership with Aon will be a game changer for us, I believe. You talked about the skills of the employees. That's such a fundamental part of so many clients' strategy. How do you make sure you've got the right talent to meet that high growth strategy of your Danoners? That'll be great. Brandon, how about FedEx and Aon? What's on the roadmap and your total rewards responsibilities? What's next? Sure. We've done a lot together. We have a lot more planned. There's more work to do. I think because of what we've done so far, we're having a lot more strategic discussions internally about how we support our people and how we build our talent strategy. What's exciting is by building this foundation in our talent strategy you mentioned earlier, then we can continue to evolve and build on top of that strong foundation. At FedEx, our people are our most important asset, and Aon is really helping us to serve our people better. It has changed the game for us in that we can better attract and retain talent where we need them globally. Now I'm turning my attention to our global job architecture for One FedEx, and Aon is helping us with that. We're leveraging some of the tools and services of Aon, and we're engaged with a very skilled talent advisory team to do that. Some of your proprietary platforms are very valuable in this work. I think about the Radford Compensation Database that we leverage, the SkillsGraph platform, the JobLink. All of those are tools that are helping us with our global job architecture. This is helping us accelerate our global workforce planning and even helping us with challenges like complying with the EU pay directive. All in all, I'm very excited about what we've done, but also where we're going together. The analytics hub has about nine modules. I think we're tapping two, but quickly moving down that roadmap with compensation from Radford McLagan as total rewards and the regulatory changes, but also capturing that claim data that we can help you with predictive analytics for population health of your employees. It's super exciting. Oliver, you've been on the front end of our three-by-three plan and really co-creating, shaping our strategy on these analyzers, but a lot with Aon Business Services. What's on the roadmap with Aon and Veolia? Yeah, so we've had a number of discussions with Mindy and her teams. Very exciting. We've tested some of the tools. I've even had some colleagues test locally in North America saying, "What are you getting us into?" After half an hour, thanking me that I made the meeting. No, great. We're seeing the whole opportunity unlock of being smarter, more efficient, spending less time on admin, which is important admin in the terms of certs being produced and all those moving parts for a large group, which can be very, very time-consuming. I can see how we're going to release more time on more strategic and more co-construction together with Aon on other more strategic topics. Broker Copilot, for instance, being one of them. I think the most interesting was a few weeks ago we had our digital chief officer meet with Mindy, and they got along like a house on fire. I mean, I did not understand most of the conversation, but it sounded like it was good anyway. More recently, more detailed discussions on the data team. I think we have only just looked at the tip of the iceberg on data. We all know that there is a lot of power to unlock there. It will make us a lot smarter. I think it will make us better service providers for our customers as well. More efficient, so more efficient cost savings that we can reinvest in other areas. I think that is the critical path for us. The two Veolia digital strategy and the Aon strategy service is very much aligned. It is very exciting. This is a great place for us to end it. I want to thank Oliver, you, and everyone on the panel. It's a privilege to partner with all of you. Before I bring up Mindy Simon, who's the COO of our Aon Business Services, I really want to thank the panel. Your voice is truly shaping our three-by-three plan. All the iterations that Andy talked about and Mindy is because we keep changing and improving based on your feedback. What I really want to reflect on as well, what you just heard from the clients, is that we truly have operationalized our Aon United strategy, allowing us to serve clients differently in three distinct ways. First, as we started off the panel, our clients are looking for a strategic partner empowered to bring the full breadth of Aon's capabilities with no P&L barriers to serve our clients' greatest needs. This is our enterprise client leader model and that you described so well. Our client leaders wake up every day motivated to enable, address, and solve our clients' greatest needs. Second, you heard from Andy on the challenges that we face today in a complex risk market, need stronger data and analytics to support how our clients think about transferring risk with access to global agnostic capital. By bringing together our reinsurance capabilities, our data lakes, our data scientists, alongside all the deep commercial risk capabilities, we are truly uniquely able to unlock innovative solutions that no other competitor can match. Our human capital capabilities are absolutely unique in that we can deliver global benefit insights, data and analytics, and a technology platform. Undoubtedly, this cannot be executed without Aon's structure of integrating health, wealth, and talent to deliver global capabilities through local solutions. Third and finally, the interconnected nature and structure of our firm is helping connect differently inside of our clients' organizations as well. In addition to how we're connecting across our two firms, we're also helping to connect the data and do different things with it to drive outcomes. There truly has never been a more engaging time for our colleagues to serve our clients with differentiated capability supported by our integrated structure and our Aon United culture. I've been with Aon over 30 years, always in a client-serving role. I can honestly say we have something different here at Aon today. There's nothing more engaging than being able to bring the full global enterprise capabilities of our organization to help our clients solve their greatest needs. It's that wow moment, Greg, you described earlier. Our colleague voice is also shaping every element of our strategy. It is a wonderful time. I'm excited and inspired that we're only in our second year of our three-by-three plan, and I couldn't be more motivated to see what's ahead with this momentum. I want to truly thank each of you and on behalf of all of our colleagues around the world to serve your companies and to serve all of our clients. None of this happens without Aon Business Services. It is with my great pleasure to introduce Mindy Simon, the COO of our Aon Business Services. Thank you again. Thank you. Good morning. Laurie, thank you for a terrific panel. Oliver, Axel, and Brandon, thank you for the incredible partnership. We are just getting started. I'm Mindy Simon, and I'm delighted to discuss Aon Business Services with you today. I joined Aon in late 2022 from Conagra Brands, where I spent 22 years in a variety of leadership roles spanning finance and technology, eventually becoming CIO, where I oversaw global business services, technology, and cybersecurity. Over that time, I was part of an incredible transformation journey from hundreds of independent operating companies, also known as silos, that were part of a global agricultural conglomerate to a fully integrated and optimized branded food company. Here at Aon, I have the incredible privilege of partnering with our colleagues and our clients to provide an end-to-end client journey, delivering the next generation of client experience, driving growth. As we move into Aon Business Services, I'd like you to walk away with the following key points. ABS is a unique platform. We've built ABS over several years, and it is allowing us to operationalize the execution of our Aon United strategy at scale. ABS has evolved. What began as an optimization effort has evolved into a proven revenue-generating engine to support our clients through globally connected end-to-end client experiences. These capabilities are supported by Aon's unique structure and commitment to driving innovation at scale, positioning us to fully leverage the opportunity of AI. As a result, ABS drives our top and bottom line performance, supporting our sales growth while also creating operational efficiencies, contributing to our consistent expansion of our best-in-class margins. With a proven concept, with proven impact, we still have a long runway with a strong pipeline of opportunities to support our growth. Let me tell you about how we've done that and where we're going. Aon Business Services is a combination of operations and technology. As you heard from Greg and Lisa earlier, we have worked for 15 years to become a truly connected global firm. Seven years ago, we started the journey of combining operations and technology across our 120 countries into a single organization, ABS. This includes functions like finance, procurement, and real estate, and client-facing services like policy management and benefits administration, and technology, including cloud services, application management, and data and analytics. When you look at this slide, think of all the work that no one really likes to manage until someone comes to take it away. This required partnering country by country, identifying each piece of technology and each person doing operations work and bringing them together to a single organization. The result, ABS. 15,000 colleagues serving our solution lines and regions, providing an end-to-end client experience with technology at the core. Following best practices in other industries' playbooks, we have evolved from a centralized reporting structure with decentralized locations to global capability centers with regional hubs. These centers specialize in tech like AI, analytics, and automation, as well as our service capabilities, including engineering and actuarial, across each of our solution lines. This is the result of years of investment in a proprietary model, resulting in seamless coordination, serving our clients across geographies, industries, and providing our clients with better insights both quickly and efficiently. This was not easy to do, and it is certainly not easy to replicate. ABS's foundation was to enable margin by centralization, optimization, automation, and standardization. ABS has centralized about 25% of our colleagues, with about 50% of those in our global capability centers. Roughly 20% of our savings is coming from automation. We reduced our total applications by 20% from 2,500 to 2,000. We have also migrated 40% of our workloads to the cloud, providing cost savings and scalability. We have rationalized our real estate locations, creating over $30 million in savings, and utilized best-in-class procurement to optimize our spend across our suppliers, delivering $150 million of value creation per year. This has been a key element in Aon delivering an average of approximately 120 basis points of yearly margin expansion over the last 10 years. ABS's success has enabled margin growth throughout our history and will continue to deliver equivalent margin improvement for the foreseeable future. I would broadly think about our future margin expansion in two buckets. First, we will continue to utilize the historical levers: location, automation, process standardization to drive incremental efficiencies. We will amplify those levers and pursue additional levers through modernization, simplifying our legacy tech and leveraging AI. For example, over the remainder of the three-by-three plan, we expect total applications in use to decline from 2,000 to 1,500, and workloads in the cloud to increase from 40% to 80%. These efforts are in addition to our continued progress and are propelling us towards our goal of $350 million of savings for the three-by-three plan and unlocks our next phase of margin growth. Because we know ABS works and our progress to date has proven the model, we invested $1 billion to accelerate and support our growth. This frees up capacity for key revenue-generating hires, growing Aon client leadership, like you heard from Anne, and our middle market expansion, which Edmund will cover in a moment. We are doing this through adding new products at scale, designing end-to-end client experiences with AI at the core, and modernizing platforms across the ecosystem, accelerating standardization of our operations. This investment is an acceleration of the progress we had already started. Let me show you how we're doing that. ABS drives sustainable growth through an end-to-end client-focused experience. Our industry has focused a lot on broker and producer capabilities, which are indeed essential, but we're taking a different approach. We start with the client experience and design end-to-end capabilities across analytics, broking and advisory, and service, while also transforming our colleague experience. While it sounds simple, this could not be done without our Aon United structure. ABS curates the data, builds the analytical engine, and develops the user interface. Most importantly, we partner with our clients and our colleagues to build the equivalent of what has been available in other industries for decades: an AI-powered enterprise resource planning-like platform for risk and human capital, like seen in financial services and manufacturing, where I came from. We brought in people with deep expertise from these industries to ensure we're approaching this the right way. This enables us to do more, win more, and keep clients longer, but also provides a foundation for sustainable, profitable growth. Our capabilities are being built on a global integrated architecture, enabled by Aon United and powered by Aon Business Services. Each layer, which you will see in a moment, builds on the next, and I'll highlight the architecture and go into some examples. First, you've heard it all morning. Data is the foundation. As you think about the opportunities of AI, this is a crucial foundation. Next, our global analytics serving both risk capital and human capital sits on top of the data lake, followed by our global broking platforms. Next, we have an internally developed copilot capability to support both our brokers and our advisors. While we have multiple partners, including a deep partnership with Microsoft, this is a bespoke capability developed by Aon. Lastly, our end-to-end client experience sits at the top. This has been designed to be global and to be highly integrated, and not just within risk capital and human capital, but between risk capital and human capital, and would not be possible to architect without our Aon United structure. When I say that, I say that because I know, having come from an organization where there were hundreds of independent operating companies with deep pride and autonomy that transformed into a highly integrated and optimized firm, you cannot do this without culture and structure. The next few slides are going to keep the architecture on the left for visual wayfinding. As we think of points of difference, our global data lake is building difference in two ways. We have boundary-less scale. While we absolutely respect and comply with data privacy and residency laws around the world, and as required by our clients, what we are not bound by is internal barriers. By not having silos across our organization and by combining our operations and technology teams into ABS, we do not have the challenges of regions or P&Ls not sharing data. It's opened possibilities to serve clients that we never could have previously. The example you heard from Andy is our Workforce Absence Analyzer, which combines health claims, human capital data, with workers' compensation claims, risk capital data to predict employee absences, enabling our clients to evaluate trade-offs on both how they structure their benefits plans, but most importantly, prevent workers' injuries and compensation claims, having healthier employees and lower costs. Second, we have bespoke data assets and partnerships that have been developed over decades. An example is our proprietary catastrophe modeling that Andy referenced, Impact Forecasting, which you've seen outside. Impact Forecasting does not just fill in the gaps of other models. As Andy said, it allows us to develop bespoke models for our clients. Boundary-less scale, combined with bespoke data assets, lets our clients see their business globally across their silos, as you heard from FedEx. What does this all mean? We have better data than any peer because we have risk capital, human capital, and ABS. Next, built on the foundation of our differentiated data are our analytical solutions. They are designed to empower our clients to make better decisions through data. The solutions fall into three categories. First, our analyzers. They use forward-looking analytics to deliver technical insights, ultimately helping our clients drive value. Our suite of analyzers and risk capital evaluates risk exposure and model risk retention versus risk transfer considerations while modeling financial impacts of the scenarios. Examples you've seen today are the property risk analyzer and the human capital health risk analyzer. Next is diagnostics. Diagnostics identify issues and areas of improvement. Think of analyzers as the what and diagnostics as the so what. By examining historical data, they uncover underlying problems and trends, and they help our Aon advisors leverage these insights to enable our clients to reduce negative impacts and improve positive results. The Health Equity and Affordability Diagnostic in Human Capital is a terrific example of this. Looking at employee access to healthcare and then layering on the cost of that care compared to their compensation, it lets our clients see where there may be plan gaps or challenges with affordability by employee. Next, our benchmarks help organizations understand their position relative to others, be they industry peers or across industries. This includes best practices and historical trends, supporting our clients to make more informed decisions. As you heard this morning, Radford McLagan compensation benchmark. It's a terrific example where clients can compare compensation by role both within and across industries, ensuring they are offering competitive compensation globally in real time, as you heard from both Danon and Danone. A foundation to our analytical solutions is AI. We are uniquely positioned to leverage the potential of AI because at its core, AI is fueled by high fidelity data. Think of ABS as the AI factory powering risk capital, human capital, and Aon client leadership. A foundation of our AI strategy is what we call embedded AI at scale. This builds AI directly into the core of our capabilities, directly in the core. Because of our unique Aon United structure and our unique data sets built over the last 15 years, we are the only bet on embedded AI at scale in our industry. Following analytics, broking and advisory is the next step in the client journey. Our broking solutions are powered by two tremendous assets: global platforms enabling scale and simplicity. Risk capital and human capital each have a platform that's been developed over a decade. The platform provides Aon with differentiated data, including deep insights into the reinsurance market and global benefits serving clients not just in a region, but across regions. The platforms are automating what was previously done through email and provide visibility to clients on where we are in the process, providing a scorecard of quotes, making it easy to evaluate trade-offs across both price and coverage. Most importantly, it will ultimately provide visibility to how the market is pricing risk across all lines globally in real time. Think of that in terms of the value creation our brokers can provide our clients by having visibility to how the market is pricing risk globally in real time. That is incredible. AI is at the core enabling digitization that previously would not have been possible, increasing the value we bring our clients in ways our peers cannot. Finally, service, designed to bring a seamless client experience, giving clients and colleagues time to focus on business outcomes. By focusing on removing significant points of friction across the client experience, we've tackled one of the industry's biggest challenges: proof of insurance, and to be specific, ad hoc certificates of insurance. I know. Who knew? The easiest way to think about the value of a certificate is it is a single document that, when not available or done right, instantly shuts a construction site down. Often, when done late or wrong, is the difference between retaining and losing a client. The certificate center, which you saw in the Better Decisions Lab, is built on the foundation of a large language model. What previously took hours, if not days, to complete is now fully automated and available on your mobile device. This is an example of innovation at scale, removing points of friction across the client and colleague journey and providing tremendous value to clients like Lori highlighted and Oliver mentioned with Veolia. Bringing it all together, our differentiated end-to-end client experience is only possible on a common architecture of risk capital and human capital powered by ABS. Clients start with experiencing our analyzer solutions, as Andy mentioned: analyzers, diagnostics, and benchmarks. We leverage our broking and advisory expertise to transfer, retain, and manage risk and provide human capital solutions. Lastly, they experience an innovative service designed to resolve significant points of friction, making us easy to do business with. This experience is not just designed for our clients and colleagues. It is designed by our clients and colleagues, with both having direct access into our incredible leaders and teams in ABS who are architecting and building these capabilities. Leveraging an Aon United architecture powered by ABS, our structure enables us to bring client capabilities and experiences together across human capital, risk capital, and Aon client leadership, all to help our clients make better decisions, optimize their performance, and provide them with operational efficiencies by connecting what was previously disconnected and designing our clients and colleagues at the core of what we do. As you heard from Greg and Anne earlier, the opportunity for impact is not just with our large clients. We are scaling the same capabilities for middle market, which often have the same buyer for risk capital and human capital. We enable significant value by providing capabilities that are affordable and bring differentiated value to middle market firms. The magic of ABS's focus on growth and margin ensures that we are designing for value not just for Aon, but for our clients as well. What does that mean in terms of tangible outcomes? We are building solutions that drive growth. As you've seen throughout the morning, we've leveraged the $1 billion investment to accelerate capabilities for clients and colleagues, and they are already having impact. In doing more with clients, we've already used the analyzers across both risk and human capital with 1,000 clients, in winning more, 40% greater win rate when the analyzers are used in RFPs. In keeping clients longer, retention is up one point on an already strong mid-90s retention rate in U.S. commercial risk following the release of the analyzers in market. While we have a lot of great momentum, what we're not doing is sitting still. The opportunity for future impact is significant. Let me leave you with the messages I began with. In ABS, we have built a unique, hard-to-replicate asset that is powering our performance. We have delivered significant operational efficiencies that contributed to our margin performance and are increasingly supporting our top line by changing how we engage with clients. Supported by our Aon United structure, we drive innovation at scale and are positioned to leverage AI in our client and colleague capabilities. Looking ahead, we see continued opportunities to drive margin and growth-enabling capabilities and will continue to release additional features. As Andy said, these are all living capabilities with releases coming all the time based on both client and colleague feedback. Most importantly, we have only just begun and scratched the surface on our ability to drive margin and growth at scale. With that, I'd like to welcome Edmund to the stage. Thank you, Mindy. That was great. And Lori, you know I have to say a special thank you to you. It really is always very special and a privilege to hear from our clients. So thank you for that. It's still morning, so good morning, everyone. I am super energized to be here this morning, truly. And why am I so excited? Because our 3x3 plan isn't just a clever catchphrase. It is a blueprint for sustainable top-line growth with significant upside potential. Additionally, our robust business and financial model empowers us to invest for growth while simultaneously driving margin expansion. And that's on top of our already industry-leading 32% margins. Further, our exceptional free cash flow enables us to make high-return, 20% plus IRR inorganic investments for the medium and long term while returning significant capital to shareholders. Throughout my first year with Aon, I've had hundreds of conversations with investors, many of whom I've spoken to and I see here in the room today. A clear theme has been emerging. Investors are seeking stronger conviction in the three key areas that I just mentioned in order to more confidently position Aon as the premier GARP insurance brokerage holding in their portfolio. My goal today is to take what you just heard on our 3x3 plan and help you translate that into tangible results for your valuation model, enabling you to accurately assess Aon's potential for sustained growth. You should walk away from today with four items. One, Aon is a global market leader in our resilient business and financial model, has a proven track record of delivering strong financial results. Two, through the 3x3 plan, we have established a foundation for investment and margin expansion, positioning us to deliver industry or better organic revenue growth while expanding our industry-leading margins. Three, we recognize and agree that cash is king. Through the Aon growth algorithm, our focus is on delivering strong earnings, converting those earnings to free cash flow, high free cash flow, ultimately driving industry-leading free cash flow yield. Our balanced capital allocation model allows us to make high-return, growth-oriented investments and return significant capital to shareholders, leading to compounding total shareholder returns. Finally, we are well-positioned to meet our 2025 guidance and deliver a three-year double-digit CAGR on free cash flow from 2023 through 2026. Remember, it was a while ago, but Greg's comment, and to exit 2026 with momentum for continued growth. Now, why are we so confident in these outcomes? Let me start with the market opportunity. Aon is well-positioned to benefit from several secular growth trends that are reshaping our industry. You heard Greg and Andy and others talk about today how these interconnected growth trends are driving demand for our solution lines and creating a long-term tailwind for our business. The addressable market for risk transfer is substantial, with companies transferring nearly $4.6 trillion of risk to insurers. The market opportunity in each solution line is increasing as higher risk and exposures are driving each solution line to a mid-single-digit or greater level of growth. Andy talked about clients asking us to help them unlock additional sources of capital. That is increasing the addressable market and expanding it to private equity firms, sovereign wealth funds, and pensions. You also heard my colleagues mention Aon Client Treaty. Lori and Andy both mentioned that. Pooled employer plans. These are examples of increased relevance within our industry, and we're taking advantage of that. The Aon United strategy and our investment in analytics have positioned us to capitalize on these ongoing secular growth trends. As a result, we are winning more share in existing markets, leading with our data-led advice in our capabilities and solutions. We are creating new demand in existing markets, like in cyber, as you just heard from Greg. We are creating new demand in new categories, like parametrics for corporate clients. For Aon, historical performance is a strong indicator of future projections. When you look at our history over the last decade, over the last 10 years, through 2023, prior to the 3x3 plan, organic revenue growth has grown at 5% over that time period on average. That's in line with the industry performance. Importantly, margin, free cash flow per share, and ROIC have all consistently outperformed the industry, both in absolute terms and at growth. At 32% adjusted operating margins, roughly six points above the industry, Aon is converting more revenue, effectively converting more revenue into earnings. At 130 basis points of margin expansion per year, we've maintained our margin premium relative to peers in the industry. Over that same time period, we've had a double-digit growth on both EPS and free cash flow per share, underscoring our ability to generate consistent growth and return for shareholders. That combination of double-digit per share growth, both EPS and free cash flow, plus consistent capital return to investors has resulted in annualized total shareholder returns of 15% over the last 10 years. That level of performance outpaces—Greg showed a slide—outpaces the S&P 500 over both short-term time periods and long-term time periods. As Greg mentioned earlier, even in periods of heightened uncertainty and volatility, like the Great Recession, the defensive nature of this industry with recurring, highly recurring, and non-discretionary revenue, coupled with Aon's resilient business and financial model, the company has delivered strong financial returns through the cycle. Our history and our objective as a growth company is very important. Equally important is executing on the Aon United strategy, which, as you've heard from all of my colleagues today, we're operationalizing through the 3x3 plan. That will allow us to accelerate the next phase of growth, its execution to accelerate that growth. We have high confidence in our enhanced earnings power, high confidence in our enhanced earnings power. To better understand that, over the last 10 years, organic revenue growth has been driven by new sales from new clients and expanding coverage with existing clients. They both have had a remarkably consistent contribution to organic revenue growth. In 2024, new sales contributed 5% to our organic revenue growth. Expanding across solution lines and geographies—I love your example, Brandon—at FedEx has contributed another 5%. The enhanced earnings power, as we move forward, is driven by the same components of growth, primarily new business, but it is now bolstered by the $1 billion investment in Aon Business Services to help support or increase our growth, specifically through revenue-generating hires that are client-facing, expanding Aon Client Leadership that you heard from, and the middle market expansion. Let me start with revenue-generating hires. To further support our risk capital in human capital, new business, and in particular, new business from new clients, like Andy was just talking about, we are investing in revenue-generating client-facing talent. That includes, as you have heard, brokers, producers, account executives, and health and benefit consultants. The focus there has been on—we said this before in the last earnings call—that the focus there is not quantity, but instead, it is hiring in high-growth priority areas like construction and energy and health. You heard my colleague Lisa mention that prospects are eager to join our team because we give them the insights and the capabilities to help them win new business. The operating leverage in our business enables us to make these investment hires. In 2024, we increased the population of revenue-generating hires by 4%. Our plans in 2025 are to further expand that population by another 4-8%. The early data is suggesting that this is very promising. We are seeing that revenue-generating hires typically generate $300,000-$350,000 incremental revenue per year, incremental new business per year. We are very pleased to see that the Q1 2024 cohort is reaching 55% of the full run rate production in month 18, which is where we stand today. We now anticipate that they will reach a run rate level of production by month 24 or month 30. That is the Q1 2024 cohort. The full year 2024 cohort is now expected to contribute 40-45 basis points to organic revenue growth in Q4 2024 and another 30-35 basis points for the full year 2024. You see why we have high conviction in and remain committed to making these investment hires that support our future growth. That is the investment hires. Additionally, you heard Anne come and speak about Aon Client Leadership. Having a client leader in place for our enterprise clients and our large clients significantly benefits our performance. Specifically for enterprise clients, in 2024, we saw those clients with a 20% increase in product penetration. They are now over two times higher, hold more than two times the number of products that our large clients have. Those same clients have 50% of their revenue outside of their home country. That is over 10 times, actually 11 percentage points higher than the large clients here. We are capitalizing on this opportunity, and we have now, as you heard in Anne's slide, designated 500 enterprise clients. We are expanding that model to the next 1,500 large clients by the end of 2025, with the goal of increasing our share of wallet with these large global relationships. We confidently believe that our investment in enterprise clients, expanding that model translates into tangible, incremental new business. In fact, when you look at the ECG contribution to new business from new clients, it was three points higher in 2024 than it was in the prior year. Finally, the $31 billion middle market opportunity is a significant opportunity for Aon, and we're committed to making substantial inorganic and organic investments to capture this opportunity. The globally integrated platforms that Mindy talked about and our policy management systems have allowed us to have a comprehensive strategy for middle market onboarding. We can now bring these clients onboard without impacting our high margins. In fact, our investment in scale was a catalyst for the NFP acquisition and their middle market engine. In 2024, we were able to onboard $36 million in EBITDA through the NFP middle market engine. We continue to expect to onboard another $45 million-$60 million in 2025. We are also making targeted organic investments in talent to further strengthen the team and capture this opportunity as well. Again, we are very excited about this opportunity here. I should probably pause because I sometimes go fast through this, and this is an important point to get. Through Aon Business Services, we have established a foundation that enhances our earnings power. That foundation gives us the capacity to make strategic investment hires that are client-facing and revenue-generating and expand Aon client leadership. The scale in our operations allows us to acquire and grow in the middle market space without a proportional increase in costs, avoiding margin dilution. We therefore have increased confidence in the duration and the sustainability of ongoing revenue growth, organic revenue growth, by winning more clients, doing more with them, and as you heard my colleagues say, keeping them longer. We've historically had a retention rate that was in the mid-90% level across each of our solution lines. After a modest decline in 2023, retention was flat in 2024, and we actually saw a one-point benefit in Q1 2025. These improvements are a result of our efforts to redefine the client experience. Through ABS, we are delivering service with greater speed and efficiency, creating a seamless and consistent experience for our clients across geographies. At the same time, through Aon Client Leadership, these were Anne's words, we are increasing the engagement and elevating the strategic partnerships with risk managers, with human resource officers, and with CFOs. As a result, we are increasing client loyalty, and you saw this stat earlier, so I'll repeat it. Retention with ECG clients reached 97% in 2024. By prioritizing exceptional service delivery through ABS and the elevated client partnerships that we have through Aon Client Leadership, we're able to build on our retention gains from 2024 in Q1 2025, further supporting our long-term organic revenue growth. Now, in addition to our efforts to drive sustainable organic revenue growth, nominal GDP is the macro factor that impacts our business most. Specifically, I'll highlight business investment in property, equipment, other assets, as well as healthcare costs. When you look over the last 10 years, business investment has grown at over 3%. You heard this stat earlier as well, that health costs have now risen to be approximately 20% of U.S. GDP. The result of that is higher risk and values at risk, higher exposures and values at risk, which translate into increased limits and coverage and ultimately higher premiums, a tailwind for our business. Pricing on the right-hand side of this chart has less of a correlation. Lower pricing benefits our clients, a great thing that we support. It does impact our revenue. It is mitigated by the diversity in our solution lines. The two-thirds of our revenue that is impacted by commissions varies by product, by geography, by client segment. Any rate impact upward or downward is mitigated by the diversity in our solution lines, the geographic mix of our revenue, where 50% is in international markets. Greg showed that slide earlier. Our weighting towards fee-based large clients, which is a meaningful share of our business. We summarize exposures and pricing together. Two items that I just had on that chart. Exposures and pricing together is net market impact. In a hard market, we have seen three to four points of impact. In this current environment, we expect zero to two points of impact. So that's organic revenue growth, but let me bring all of those components together to make it crystal clear. Over the last decade, the largest contributor to organic revenue growth has been new business. We're confident that we can drive 9-11 points of growth from ongoing new business, specifically because we're committed to ongoing investments in revenue-generating hires, in ACL, Aon Client Leadership, and in the middle market. Additionally, our enhanced service delivery through ABS and the elevated strategic partnerships through Aon Client Leadership will allow us to maintain or improve our mid-90s retention rate. In this current environment, we expect zero to two points, continue to expect what we said in our guidance, zero to two points of net market impact. That reflects pricing pressure offset by coverage and limit increases in our commercial and reinsurance book, and positive net market impacts in our health and wealth book. Together, this gives us high confidence in mid-single digit or greater organic revenue growth. Additionally, these drivers have resulted in broad-based growth across our solution line, though the contribution from each varies. The contribution from net new business, retention, and net market varies by each of the solution lines. In commercial risk, where we've seen 5% growth over the last 10 years, new business is critical as clients depend on Aon's analytics and access the capital, particularly in an increasingly complex risk environment. Additionally, we are heavily focused on improving retention to help maintain our mid-single digit or greater organic revenue growth. Reinsurance boasts one of the highest retention rates in our portfolio. While pricing can have an impact, growth there has also been stable at 6% over the last 10 years. There, as Andy said earlier, we're helping clients unlock additional sources of capital. Through our strategy and technology products, they're highly sought after from financial services firms and other insurers. Health, you can see up on the screen, has grown at 7% over the last 10 years. The macro tailwinds, medical inflation, workforce preferences, regulatory pressures, those macro factors are driving demand and growth in our core health and benefits solutions. There, we're focused on outsized net new business in areas that are impacted by those factors. Finally, wealth. Retention is high there as well. We've seen 3% growth over the last 10 years. New business is less of a contributor there as pensions are more averse to moving. Here, we're focused on providing clients with our expertise and data to drive value for them, articulating that value and pricing for it, particularly in pension risk transfer and in response to regulatory pressure. What have I said? I'll pause here as well. The financial model is focused on investment in the business to drive top-line growth, but it continues with adjusted operating margins. We have a long history of being able to deliver operating margins. When you look over the last 10 years, we've expanded adjusted operating margins by 1,300 basis points. The expectation is to continue to drive margins by 80-90 basis points in 2025. We have a clear line of sight to continued margin expansion in line with our historical performance. Some detail on that. The operating leverage in our business, driven by the scale benefits that we've talked about before, allows expansion when organic revenue growth is above 4%. We are driving continued scale improvements in the areas that Mindy mentioned earlier. First, we are reducing our tech debt and lowering the cost of technologies as we integrate our platforms. In 2024, Mindy, you said we reduced the applications by 12%. Our plans call for another 12% reduction in applications in 2025. By 2026, we will have 80% of our applications and workload in the cloud. That is up from 19% in 2023. Those actions are expected to contribute to $100 million in cost reduction by 2026, with further opportunity to reduce our applications and move more to the cloud. The second thing that she mentioned, standardizing and automating our client-facing processes for claims, for invoicing, for policy management. We now have 15,000 colleagues in Aon Business Services, and we're moving many of them into global capability centers, some of which are in offshore locations. There is a meaningful incremental opportunity as less than half of our colleagues today are in those global capability centers. Finally, we are embedding AI. As we innovate, we're embedding AI in all of our code development for new products and into our internal workflows, ultimately driving a 5-10% productivity gain in our tech development costs. The impact of all of that, 120-120 basis points in scale benefits each year from ABS. In addition to the scale benefits in our portfolio, continued disciplined expense management also supports our margin expansion. Since launching the 3x3 plan, we've reduced our real estate footprint by 16%. We are optimizing our supplier portfolio to drive $60 million in hard dollar savings. These are ongoing actions that support offsetting inflation impacts and mitigate adverse FX impacts. They typically contribute 10-20 basis points of margin expansion per year. In addition to the margin expansion, we continue with our active portfolio management, divesting non-core assets that have low margin but high capital intensity. In fact, in 2024, we divested 16 non-core assets and drove $732 million in cash, generated $732 million in cash. The ongoing portfolio optimization has typically had a 20 basis point impact on our margin expansions per year as we shift to a higher margin, higher growth mix of business. These levers, scale in ABS, the continued expense management, our active portfolio management allow us to make growth-oriented investments while still expanding margins by 70-100 basis points per year. You see why investment for growth is a key part of our business and financial model and why we will remain committed to that. To wrap up my comments on margin expansion, what you should take away is that we have invested $1 billion of the accelerating Aon United program to drive margin expansion on an ongoing business as part of our core business operations. We have a great line of sight to continued margin expansion and growing and higher profit margins. This investment in ABS, time, culture, dollars may be imitated, but it is incredibly difficult to replicate, making it a meaningful competitive advantage for Aon. The Aon growth algorithm enables this investment for organic growth. It allows us to expand margins and deliver earnings that convert to double-digit free cash flow growth. When you look over the last 12 years, we've over the last 10 years, I just got the 10 confused with the 12 there. We've expanded free cash flow per share by 12%, that double-digit rate over the last 10 years. In 2024, our free cash flow was impacted by restructuring charges and integration and transaction costs associated with NFP. In 2025, the strong operating performance in our business, plus working capital improvements, primarily through day sales outstanding or DSO, and a $300 million contribution from NFP will drive double-digit free cash flow growth in 2025. With restructuring winding down in 2026 and integration and transaction costs winding down in 2026, we expect a minimum of $4.3 billion of free cash flow in 2026. The result, a double-digit free cash flow rate from 2023 through 2026. That cash flow generation allows us to execute our balanced capital allocation model where we're focused on paying down debt and meeting our leverage objective, consistently growing the dividend, and executing our disciplined strategy for M&A and capital return to shareholders. Let me begin with paying down debt. We continue to reduce our leverage, including paying down $2 billion in 2024, and we anticipate another $1.9 billion in 2025. $4 billion of debt paydown, plus the increased leverage that you get from driving EBITDA growth, has us well on pace to meet our 2.8-3 times leverage ratio in Q4 2025. That's consistent with what we said when we made the NFP acquisition. After debt, we are focused on growing the dividend. Earlier this year, we announced a 10% increase in our quarterly dividend. When you look at this chart, you can see that we've grown the dividend at a double-digit level in eight of the last 10 years. We remain committed to growing the dividend as we grow, reflecting the strength of our business model and our confidence in double-digit free cash flow growth. After the dividend, our capital allocation model is focused on M&A and capital return to shareholders. When you look at this slide, you see a few things. M&A complements our organic revenue growth, and we've been a great acquirer. Our acquisitions have generated 12% revenue growth after one year of ownership. The portfolio IRR is above 12%. This mistake is above 20%. The portfolio IRR is above 20%. When you look back, we had an ROIC that was industry-leading. Now, just a little over a year of owning NFP, our ROIC is back at a level that's far above our cost of capital and again at an industry-leading level. You can see that we have stringent criteria when evaluating M&A to ensure that we drive accretive return for shareholders. Acquisition will continue to be a part of our capital allocation models as we look at high growth, high margin businesses that can be a part of our core business, both risk capital and human capital. That includes continued acquisition in the middle market space utilizing our NFP engine. On the right-hand side of this page, we're also committed to returning excess capital to shareholders through share repurchases. You look at the history, and we've returned just over $2 billion a year to shareholders through share repurchases. The capital deployment has been quite balanced, with 45% going to M&A and another remaining 55% in share repurchases. In Q1 2025, we repurchased $250 million in shares. That keeps us right on track to meet the $1 billion share repurchases commitment that we made for the full year 2025. Looking further ahead, once we reduce the leverage ratio, we expect to maintain our balanced capital deployment. Let me use 2026 to bring it all together, show you the strength of our capital position and where we are. A double-digit CAGR on free cash flow from 2023 to 2026 implies a minimum of $4.3 billion in capital. Assuming a 2.9 leverage ratio, the midpoint of our 2.8-3 times leverage objective, we have capacity for an incremental $2 billion in capital, bringing the total available capital to $6 billion. If we assume that we continue to grow the dividend, we can estimate approximately $700 million being returned to shareholders. That leaves over $5.6 billion for M&A to support growth and share repurchases in line with our historical levels. Good place to be in. Turning to the outlook, after Q1 that was right in line with our expectations, we are on track to achieve our 2025 guidance. Now, more than two months into the quarter, we are reaffirming our 2025 guidance and outlook. We continue to expect mid-single digit or greater organic revenue growth. Given the scale benefits in ABS and our continued execution on the restructuring charge, margin expansion for the full year, in fact, at an 80-90 basis points level, as I just mentioned, we also continue to expect strong adjusted EPS growth for the full year. I'll remind you that included in that is 15-18% adjusted EPS growth in Q2 2025. The combination of those items gives us confidence in double-digit free cash flow growth for 2025. As we reaffirm our 2025 guidance, we do so with the strong conviction that communicating and consistently delivering organic revenue growth in line or above industry levels, along with continued margin expansion, will drive greater market recognition that is more aligned with the strength of our financial model and the discipline of our execution. Before we turn to your questions, let me elevate what matters most about our financial model and the messages that you heard today. First, executing on our three-by-three plan has given us great conviction in delivering sustainable organic revenue growth at a mid-single digit level or greater, mid-single digit or greater level. Our investments in revenue-generating hires, ACL, and middle market will further support that growth and give us momentum going into 2026 and beyond. Second, the foundation that we have built and continue to strengthen within ABS gives us operating leverage and enables the capacity for us to continue to drive investment and margin expansion in line with our historical levels. The combination of those items leads to higher earnings power. We have line of sight to continued strong adjusted EPS growth. Finally, we expect that adjusted EPS growth to convert to double-digit free cash flow growth. We'll maintain our balanced capital allocation discipline, making investments for growth and returning capital to shareholders. This should sound familiar because the financial model isn't new. It was designed to drive total shareholder returns. We're focused on executing for the next level of value creation for shareholders. In closing my messages, you've heard them already. Sustainable organic revenue growth driven by our investments, margin expansion continuing, converting to double-digit free cash flow growth. That should build your confidence that our growth will continue to inflect up and accelerate over the medium term. It should be unmistakably clear why I began with so much conviction in my comments. As the CFO, I see momentum. I clearly see momentum and a powerful inflection point. This is Aon's moment, and I am super energized to help drive us forward. With that, let me bring my colleagues back up to stage as we get ready for the Q&A session. Excellent. We will now kick off our Q&A session. Before we dive in, I'm going to cover the ground rules. First, obviously, we've got a full house today, so we kindly ask you to limit yourself to one question per turn. If time permits, of course, we'll circle back around and allow for additional questions. For those of you who are in the room today, if you have a question, please raise your hand and wait for me to call on you directly. Once I call on you, a team member will pass you a microphone. For those of you who are tuned in virtually, please use the Q&A function to submit your questions. You should see a Q&A box on your device. Finally, please state your name and organization before you ask your question. With that, let's go ahead and have Andrew Kligerman kick us off. We're getting you a mic, Andrew. Sure. Great, great. Yeah, it sounds like you're doing some truly impressive things with ABS and Three-by-Three and Aon United. The question is, as you kind of wrap up on ABS, and I was kind of struck by Mindy's comment that we've only just begun with ABS, as we move past 2026, do you envision needing to make additional investment, or is it just kind of running by itself now? Secondly, Greg, in the past, you've talked about this 40% adjusted operating margin, and now it looks like we're in striking distance, maybe within 10 years. Is that right? Wow. First of all, thank you very much for the question, and thanks for being here today. Maybe let's touch on sort of the overall model and where we are, but I mean, talk about kind of where we are on the investment side next piece. Look, what you heard today, what you heard today was the machine coming together. The pieces have been, as we worked them for 15 years, the pieces around organic growth, what we're doing, pieces on margin enhancement, what we're doing, what we're doing on free cash flow. What you're seeing is them come together. Risk capital and human capital is a connection. By the way, again, as we said before, this is not about new. This is about tour de force execution, connectivity. By the way, it turns out the economic leverage of alignment is huge. It's not trivial here because alignment is better data, better content, better models, and better solutions. You're seeing that. Aon Business Services is also seeing that. Aon Business Service, again, for the first time ever, that alignment allows us to do, you heard Mindy say it, it's better data. The fidelity of the data is stronger. The connection of the analytics is better. That is driven by our colleagues who are sitting in the room together, as Andy Marceau described. That combination, Andrew, is sort of what gives us, we're feeling good about that progress in terms of sort of where we are. We are thinking top line, operating margin, and bottom line performance. That is the machine. Evan, you should talk about this idea. The question is, do we have to do it keep more and more? Where are we on that? Andrew, thank you for that question. You asked it of me when I was sitting there. Let me make some comments on the specific point, but I also want Mindy to talk about what we're doing, where we're investing in ABS now and when we move forward. The first part of your question was, is investment, are you still going to need to do it? We view, we were very specific about this. Investments are an ongoing part of the financial model. And ABS is in place for two reasons. One, to build the tools and the capabilities. Mindy's words were exactly right. That help us win with clients. Build those tools and capabilities with the insights that we use with our risk capital and human capital data to win with clients. That's where the investment goes. The second part of ABS is what Greg just said. Creating the capacity. I just talked about 100 to 120 basis points of margin expansion. Creating the capacity so that we can continue that ongoing investments. In the revenue-generating hires that are client-facing right now, that's focused on construction, health, and benefits, the areas of growth that Andy talked about. Who knows what that is as we continue to move forward. In ACL, we're excited about 1,500, but we're not done when we get those clients done. And in the middle market space as well, organically. It is ongoing. It is in those areas. This is an important point. It is not about a terminal margin rate. It is about, we ask ourselves, do we have the model in place that allows us to sustain growth on an ongoing basis? For that, you need the model. We think the answer to that is yes, it's ABS, the model that allows you to create that investment capacity and grow moving forward. That's what we have. Mindy, maybe talk a little bit about where we invest. Yeah. I mean, to Greg's point, it's a two-part mission. Growth as well as margin. By doing that, you can clearly align the investments on what's best for clients. The scale of having that Aon United structure means that when we invest, we invest across analytics, broking advisory, and service. That's true regardless of what solution line you're in. The efficiency of that investment on how we serve our clients has high scalability. In terms of how we continue, as Edmund mentioned, reducing the tech debt. As we invest in AI, we're investing in the core. It isn't on the side. It's in the core of what we do, which also enables us to make sure that we're investing most efficiently to have the highest value impact driving growth. Rob? Thanks. This is Rob Cox from Goldman Sachs. I wanted to go to the benefits from talent. It seems like the talent benefits and quantified into organic growth seem to increase every quarter as we look ahead. How should we be thinking about that into 2026 and beyond, particularly when you guys are increasing the level of priority hire here in 2025? I really appreciate the question. Again, stand back and sort of understand what we're trying to do from mid-single digit or greater organic growth and the investments we're making to do that. This is just one piece. Again, the idea is there are some priority areas when we step back and say, where can we add content capability to the firm that would be helpful? There are some priority areas driven by client need and what we're hearing from the market. You are seeing us do that. It's important, though, to understand the capacity that Edmund just described to do that and drive the firm forward, maintain the model, top line, OI, free cash flow. Also, remember, these colleagues are coming for a reason. They're excited about what the potential looks like. Again, sitting across the table from a client and providing something that they haven't seen before, they didn't expect to get, is pretty exciting. It's pretty compelling. We are seeing that more and more. This is how we don't think about just more talent. It's talent and better. It's great leaders, and then we are providing capability in the context of that. Elise? Thanks. Elyse Greenspan Wells Fargo. I guess my question picks up on that talent topic. You guys mentioned that you want to hire, I think, 4-8% more in client-facing producers. What's the base of producers within your 60,000 employees? And then over what timeframe are you looking to add this 4-8%? Listen, Elyse, as you know, we haven't really essentially sort of laid it out sort of that level of detail. We're essentially looking at it every year, stepping back and saying, as we think about investment, as we always do, again, return on invested capital, return cash on cash return, thinking about where we invest to sort of support the firm. We'll have a set of priorities every year. I can assure you it's Aon, so it'll be triple the amounts that are out there, maybe quadruple that, but I think is how it plays out over time. And then we really are pushing the best ones that will actually help us take the firm forward. At least we're going to have ongoing investments in talent to strengthen the firm. Look for those, by the way, those are going to be traditional. They're going to be non-traditional. Some of the talent aspects that Anne was describing on enterprise client were really from a varied level of sources in terms of sort of capability coming into the firm. You'll see us do that. It'll be part of the ongoing investment in the firm. Again, within the parameters of the model we've got going forward and overall improvement. Yeah. Elyse, I'll just add to Greg's comment that it is, as we've continued to say, it's not about the quantity. It's about the true growth opportunity in the priority areas. I thought with the modeling that we provided, some of the detail that we provided that showed you what the impact of a 4% increase can be in 2024, it gives you an anchor for how you think about your valuation model at your assumptions on what the increase will be going forward. We are giving you 4-8% for 2025. You have a sense about what the contribution can be on a full-year basis from that. We will continue to update you as we go forward. We would not want to commit to a number there, just given the war for talent in this model, but we are very comfortable about what we set aside in dollars for investment so that we can attack those opportunities that help support our growth moving forward. Meyer? Cheers. Thanks, Meyer Shields, KBW. I guess one question that came out when you showed the organic growth by the individual segments. Wealth has had over a 10-year period, 3% organic growth. And I'm trying to see how that model fits into the overall focus on faster-growing businesses. Listen, I think it was three, but two, three, whatever the number was over time. Who's keeping track? Maybe Edmund. Anyway, listen, fundamentals. Fundamentals. 20% of the world is ready for retirement. That's an amazing, I mean, think about what that really is going to mean for the fabric of companies. Families are retiring. They're not ready. What happens in the context of that? Also, remember, when you spend 30% of the total compensation pool on benefits and you're splitting that between I'm funding retirement for my employees or I'm investing in healthcare. We know there's a reality. The reality is we're overspending on health. People are becoming less healthy and still overspending on health on the benefit dollar, and we're overspending on retirement. The economic leverage of getting that right, literally thinking about that dollar investment, unbelievably powerful. What is the return, by the way, on that 30% spend on all of compensation? We don't really know. That's what we're working on. That's why we have risk capital and human capital as they come together. That's what we're trying to get accomplished to get that return and think about where it goes. Getting that right could be tremendous. We see Wealth as a real opportunity. By the way, the core business we've got is phenomenal. The capability we've got is phenomenal. We have got a set of objectives in place to sort of take that business in exactly the same direction that we have got all the other solution lines. We are confident we can do it. Part of it is going to be excellence in health, but it is also going to be excellence in human capital as you think across both risk capital and human capital. It is also important to come back. Your question is specifically on Wealth, and Greg just showed you why there is the opportunity there. I would ask you to have in your mind's eye that chart that we showed on the components of organic revenue growth. We have a diverse business. We have drivers in each of the components, new business and retention. We have given you an estimate of what the market impact is. For us, it is about the continued focus on mid-single digit or greater revenue growth. We can do that in totality across the enterprise with increased confidence in the sustainability of that level. I suspect we'll hear questions about the individual areas. I want us to keep in mind what we're talking about at the company level of mid-single digit or greater. Mike? Thanks. Mike Zaremski from BMO Capital Markets. Margin expansion question related to ABS. In Mindy's slides, it showed that there were about 15,000 employees in ABS, and of that, about half were in global centers. I'm curious, is that 2,500 employees? Are those kind of lower-cost employees that work in offshoring areas? If so, will the proportion of employees that Anne employs in those centers grow over time, enabling margin expansion? Yeah. Let me maybe make a comment just about the margin expansion in total, including that piece. Then Mindy can talk to you a little bit about the specific activities that we're doing there. You picked up on the right items, right? Getting the technology, Mindy called it modernization, both the tech development and the AI, the operating leverage in our business, but also this movement to our global capability centers right now. We have a strong population of folks that are in international low-cost environments like Krakow in Poland, as Krakow and India and those. We continue to have that opportunity. That is what will give us confidence in hitting 70-100 basis points of margin expansion ongoing. You can talk a little bit about our locations today and some of the plans that we have to continue to move the global capability centers. Yeah. What I would say is when you look at the type of work, if you remember the one slide I started with in terms of you have operations as well as technology, those roles span everything from people who are doing data entry into individuals who are coding AI. The span across that is pretty vast. When we look at in terms of the number of colleagues in ABS, we're moving more and more into ABS all the time. That is really the value of the end-to-end processes and mapping it across the client journey because that gives scale and it gives connectivity. By having tech and ops integrated, it enables you to do the value of the automation and the optimization because they're co-located in those centers. That is why when I started with, we've only just begun, it is because that potential continues as you continue to work across that journey. Greg? Good afternoon. Greg Peters with Raymond James. Hopefully, we do not have to wait for another 20 years for an investor day. Thank you for doing this. Andy, in your comments, you talked about growth in treaty and facultative on the reinsurance side. Greg, you spoke about the increasing views about risk on a worldwide basis. Maybe you could spend a minute and bridge the gap between how reinsurance clients are expanding their views of risks that are going to offset potentially moderating price increases in that marketplace. First of all, thank you for the question. It really relates, again, back to the overall issue on the underlying demand and how we react to underlying demand and what we do. On the reinsurance side, the commercial risk side, all the different pieces, we're unbelievably well-positioned to react to demand. That means if you're a reinsurer, tremendous opportunity. Andy talked about the number of bonds we're now doing in the commercial environment. You should talk a little bit more about that in terms of where you see that going. We talked about 150-plus. We're just getting started in that category. Now we're doing a parametric that involves talent. That's not been seen before. Think about the application across countries not been seen before. The opportunity in reinsurance and all the pieces around that are long-term, massive, high. You're now a reinsurance colleague sitting across the table in some of the biggest companies in the world, helping them think about volatility, not just the insurers. It's an unbelievable opportunity from a reinsurance standpoint. The trading environment as it relates to price is what it is. For us, it's all about the value we can provide in the environment. That kind of wipes away all the other noise because addressing that is actually quite powerful. We see opportunity tremendous there and in commercial risk and as it cuts across the solution lines. Maybe, Andy, you can talk about that. Yeah. Thanks, Greg. In the treaty reinsurance market, we're seeing an increase in demand, particularly from our larger clients who are buying more limit, which has an offsetting implication in the rate impact. It's an opportunity for them to buy more limit, but they're actually growing their underlying businesses as the total insured values increase. The sums at risk are increasing, and they're trying to mitigate that. We're seeing that simultaneously. When you get this sort of change in market pricing, it's an opportunity. It's an opportunity for those customers to actually protect lower down and stabilize some of their earnings. We're seeing both. In the past two to three years where retentions for our clients in reinsurance have increased, the facultative buying around that has also increased as they look to protect their net retentions by buying specific sort of facultative reinsurance protections. We've accelerated that with some of our digital distribution on the facultative side. That's had the sort of balancing implications there. As the clients buy more limit on the treaty side, the use of cat bonds has expanded, mostly because in the tail is where the risk is, although rare is most predictable. As they say in England, the cat bonds do what it says on the tin. When the big loss comes, it is there to pay. Capital has been drawn into that because of its predictable nature and its ability to do secondary trading. We expect more and more of that to expand. Last year was a, we thought was a record year. This year will exceed it. David? Hi. David Motemaden at Evercore ISI. I had a question on retention. Edmund, I think it was you who mentioned that retention dipped a little bit in 2023 compared to 2022. It stabilized in 2024, ticked up a bit here in 2025. Could you talk about, is that back to where it was in 2022? What happened there? And within the outlook, how you're thinking about upside there as you put in some of these risk analyzers and the AI client leadership and whatnot? That's an important part of the organic revenue growth model. I'll make a couple of comments and then maybe turn it to Lori just to talk about all the actions she's been doing in North America and leading our regions to help drive that retention up. Let me be clear. I was very, I do not know if nervous is the right word, but I paused on even saying that stat and putting it there because let me be clear that we are at a high mid-90% retention rate across each of our solution lines. There is not a huge amount of improvement that we can drive in there. I got to give it to my colleagues on the stage here. Mindy, what she is doing to improve the client experience and what Anne is doing as well has helped us drive improvement in there. As we prepped for this, folks were laughing at 100 basis points for Q1 2025. That is meaningful for us. I think it comes, it is still high across each of the solution lines to your specific question. I think we had pockets where, because of the continued competition in this industry, there were some pressures in 2022 and 2023. I know we have given Lori even more responsibility, and she has been putting a lot in place to help drive improvement in that space. Yeah. I mean, retention is so tied to client satisfaction. When you think about the complexity of the world that we're in today, they're looking for more analytics, more tools. We launched a lot of the analyzers, Andy, at that first property symposium that we talked about in early 2024. When we think about how we're serving our clients and how we're taking more data and analytics to help them make complex decisions, that's where we've seen the improvement in retention, attraction of more talent, and also spending a lot of time training our people, tying it back to the tools Anne talked about. The training is a combination of building their skill set to understand everything that Anne can offer, but also the technology tools that Aon Business Services have built so that we can connect how we're serving these clients around the world across solution lines. We're really proud of that retention and expect it to see at least where it is, even higher, Edmund. Okay. Take a—go ahead. Thank you. Jeff Muscatello from Douglass withrop Advisors. It's clear how the not having regional or P&L barriers benefits clients. But I'm curious how you all are managing and structuring compensation for producers internally so that they're not duplicating efforts, reducing internal competition, but also maintaining a high level of accountability throughout the enterprise. This is absolutely fundamental. Really appreciate you raising the question. You've highlighted the rationale as to why it's impossible to do and one shouldn't think about it. Right? Seriously. It's the baggage. It's like, "Don't touch me. I'm important. Don't touch me." And that's compelling at some level. At the other level, you have a set of clients. And the clients are asking for better content, better insight. Every single time we connect our global firm, we deliver a better answer. By the way, not across some new area. We are talking in property. We are talking literally in the certificate center. This is literally certificates around the world. We have clients signing up for Aon now because we have a certificate ad hoc certificate center. I had a European client, I recall this conversation very well, who signs up because of their U.S. holdings because we connected the firm. Let us be clear. No one can stand up and essentially say, "If I act on my own, I am better." If you add up the silos, you get a better answer. Andy Marceau just highlighted it. You add up the silos, you get the chart. That is right. That is absolutely 100% fact. Now the question is, "Okay. Can we manage?" Okay. That's risk capital and human capital. Can we manage? That's Aon client leadership, an enterprise client. Every one of the enterprise clients who were attached to the examples you heard today literally had to work through. They're delivering the firm. They're calling the best brokers in the world. Bam. By the way, you think our colleagues don't want to show up and serve those clients? They never saw them before they show up and see some of the most interesting problems in the world they're helping to solve. All we have to do is figure out how people get paid. Huh. Guess what? Pie's getting bigger. We're doing more clients, more with them, keeping them longer. Can we figure out this little group here? Can we figure out when the pool, we get more money, by the way, because the value is greater, that we can divide it in a way that people trust it and we create accountability around it? That is the challenge of a connected global firm. That is why it is 15 years to Aon United. Could have had a better CEO, and we would have been faster, but it takes a long time. The content payoff is massive. The reason we are sitting here doing the three by three is because we have figured that out. What we have decided to do is not blink. We are doubling down on that. I just want to put it in context. Can you create accountability? Yeah. No problem. Can you create outcomes based on performance? Yeah. No problem. Can you create better content with their input? Yeah. No problem. You can do that. Can you do it at scale? That is harder. We can do that. Now we have ABS, which is the kind of content no one's ever seen before in our industry. We like that problem. I just want to call that out. That is absolutely the challenge. It is also why this is hard to duplicate because think about what we have gone through. Single brand, single opco, single P&L. Now risk capital, human capital, what we are doing on ABS. All that is worth it because you have got a set of clients going, "Man, we have not seen that before." They are wowed by that. It gets to the entire thesis around sort of what we are about and what we are trying to get accomplished. I would just ask, I think, Lisa, you said we had a reasonably high engagement. Because the question is, is everybody going, "Oh my God, I don't like this?" Right now, what's happening today is exactly the opposite is happening. Maybe just talk about our engagement. I would say something that Edmund and I are both very, very excited about is that our engagement is at an all-time high, and it's increased at 86% while maintaining margin discipline, which is a phenomenal combination. I would just reiterate, this is hard work. This has been hard work to get to where we are. Our colleagues are staying. 92% of our high potential colleagues are staying with us, and they stay because of Aon United. There are so many people joining because of Aon United, including some of us on the stage that saw the possibilities of what you could do with an integrated organization that is showing up for the client to build relationships and build trust versus transactions. That is the difference. It is huge. Hard to do. One other piece I just have to highlight, and this is on the soapbox, I apologize a little bit, but it is that important. The work we are doing on behalf of clients, this innovation, Mindy described this, but I would really like maybe, Andy, you could talk a bit about it too, is this is our brokers, our producers. When we talk about getting the right people in the room, you are not sitting in the room in a vacuum. You are sitting in the room with the folks who sit across the table from clients every day. It's a different dynamic. They're the ones who they're the most proud of that Decision Lab, Better Decisions Lab you all were going through. Our colleagues think that's the coolest thing ever. Our producers, our brokers, like, "Whoa, I got something I didn't have before." They grab a client and say, "Come look at this." It was a different dynamic in terms of how it works. No, completely. After starting with the Property Risk Analyzers, we sort of went down the full suite. Globally, the engagement from the colleagues was tremendous. The excitement because when they're going to clients and you actually have an answer to a problem, it's pretty empowering. You can actually sell more and do more for your customer. That's pretty empowering. When you're in the market trying to attract talent to your firm, that's empowering because they want to come because in terms of how you compensate people, it is what it is. I mean, our producer commissions are competitive. If you come to Aon, you can bring your clients, you can do more for your clients, and you can get the appropriate compensation. You can work in a team. This is an iterative process. It's constantly improving. Our connectivity through Joe Peyser from the commercial risk team all the way to the human capital team means that you can bring a broad swath of solutions to the same customer. Working in partnership with Anne 's team, that is empowering. That's a different way to do business that I said is now hardwired in our firm. It's a different way that we operate. And colleague engagement, as a consequence, is at an all-time high. It is fantastic. KV? Thank you. Got two questions, if it is okay. The first one is a follow-up on the first answer you gave. Appreciate there is going to be ongoing investment in ABS going forward, but it was also a big initial investment that you had to make to just build a platform and set 10-15 years of investment into it. Are we at some kind of a tipping point where maybe a lot of the investment has happened already, and now you may be more at the harvesting phase for ABS? My second question is the trade-off between growth and margins. Trying to understand, is Aon a growth-first, margin-second company, or a margin-first and growth-second company? More specifically, the flow chart, let's assume that Mindy outperforms in the ABS, delivering more than 100-125 basis points of margin expansion. Would you use that to just invest more in growth initiative and keep the net margin at around 85 basis points, or are you going to keep the growth initiative at 40-60 and just let that flow to a higher net margin expansion? I think I just have a quick thought. I think he asked about 14 questions. Yeah. I heard a few comments. There's multiple. Edmund and I are going to tag team that, and then we're going to our colleagues at JobKey. We'll see if we got them all. Paradigm first. Are we growth or margin? Let's think about that for a little bit. Anybody want to show hands? Yes. That would be yes. Straight up, yes. Every day, yes. Remember also, margin is a function of value for us. Margin's not some number we're going for. If we can add more value and more content, then you create more value for their client, you get compensated for it. That's the entire piece. What you're hearing described up here is something that we think is a set of capabilities that win in the core as it exists now, but also win as complex needs change over time. Literally, what's the right number on margin? There's no theoretic number. It'll increase as it increases. It really is about value more than anything else. Just be clear. How much room do we have on margin? We get asked that all the time. The answer is, listen, for the foreseeable future, Edmund's telling you exactly where we're going to be. Where is it going to be 15 years? I don't know. We'll see what the value we can provide. I will tell you one thing just to don't miss. We start moving more capital from the $250 trillion. Who gets to do that? That's called real value added. We have so many places we're looking and sort of to do that. I just would start with a paradigm called, can we grow mid-single digit? Yeah. Look at the demand profile in the world. Can we do it on increased margins? Yes. What Edmund's brought, an insight that he brought, don't miss it, is we have embedded in the model, the next-generation value creation model, an investment pool that lets us fund where we want to fund. I thought maybe if that's sort of the answer to the first question, are we revenue or are we margin? The answer is yes. Maybe you can talk about sort of how that paradigm fits. Yeah. I do want to just, I think around your third or fourth question, you asked about, I'm forgetting it at this point, the one-time or ongoing investment, the one-time upfront thing. There was a sentence, hopefully I got it right in there, that was very intentional, which is that through ABS, we've built this foundation for ongoing margin expansion in the core business operations. Ongoing margin expansion in the core business operations, not the need for continued one-time investments to be able to get that. We've created the foundation to be able to do it moving forward. I captured that one. That was one that I wanted to hit specifically. The second thing, back to what Greg is saying, summarizing what Greg just said, I view this flywheel or growth engine that drives scale and efficiency through ABS that gives you capacity to invest and drives earnings growth. Scale and efficiency through ABS, capacity to invest to drive earnings growth. That is the growth engine that we think leads to two things. If I were to summarize sort of what we said in the financial section, sustainable organic revenue growth and enhanced earnings power on an ongoing basis. That is the objective. Margin is a means to an end, not the end itself. We want sustainable organic revenue growth and enhanced earnings power. We get it through the foundation that we just set up that has scale and efficiency, drives the investment, drives the earnings growth. We feel very good. We feel very good about the next generation of value creation as a result of that. There is a place too on ABS that we want to make sure you take away from the day. We drove margin improvement for a long time. We drove well before ABS. Then seven years ago, we do ABS, and it starts to drive efficiency. Three years ago, Mindy shows up with her team and then with our team together, and this is the unlock. As Mindy described, we're at the beginning of the stage in terms of sort of where we are. This machine is unique. Again, we're not rocket scientists here, but what does this machine have? It's got embedded AI. We've been generative AI. We've been doing AI for a while, embedded generative AI. It's in the core process of what we do. We do not know where that is going to go. We just know there is tremendous promise in the foreseeable future. It could be more than that. That is part of the machine. The second part of the machine is what it is doing from a revenue standpoint and the scaled capability with the data and the analytics. Seriously, getting common data in our industry that you can actually move from data to information to a client changes their action, that does not happen that often. The data, when it is really good, is in silos, and that means it is limited, and it is not scrubbed. I mean, Mindy brought colleagues in who looked at us, and we convinced them to come. Why do you come to Aon from a Google? Why do you do that? Come to Aon. We will help you understand volatility. You can reduce the volatility in the world and change the world. That's cool. We can do it because we have data. They show up and go, "You've got some of the most amazing data in the world, but where did this come from? Gumball machines? What is this? Fax machines?" They have pushed us on ingestion in a way that we've never seen before. How do you bring data in? How do you scrub it? How do you make it comparable? That's part of the gift that Mindy is bringing forward as it relates to ABS that makes it more durable and more enduring. Understand, where does that take us? We'll see. We're not going to get it out in front of ourselves, but we see the machine, and we drove margin well before that. We've never had this dual purpose of both margin and top line. Now we've got this dual mission that, again, we're 18 months in. That's the reason we're here today. We're not here at the beginning. We wanted to be 18 months in to tell you exactly where we are. This is progress report in terms of what it looks like. We see possibilities, and they're both top line and bottom line. Now, I got maybe six of your questions. Get them all afterwards. Okay, great. I'm going to take one from our virtual audience. You talked a lot about the attractiveness of the middle market and that it's a priority area. Can you talk about NFP in the first year, your overall growth strategy, including organic and inorganic strategy in the segment? We'd love to chat about NFP. This is fantastic. Maybe just offer a couple of thoughts. Laurie, maybe come to you on NFP, but also I think Edmund just on how it fits into the overall engine continues to be incredibly important. I think there was one line I hope you picked up on NFP. High expectations exceeded. It's been great. It's been a phenomenal year. We really saw tremendous opportunity as NFP was coming into the Aon world. Opportunity for us to support with content and capability. We hope we're in process of doing that. We're making great progress from that standpoint. My gosh, what an amazing set of client leaders. They just are absolutely phenomenal, and we are learning a lot. It really is back and forth in terms of sort of what we're up to and what we're doing. It certainly has proved our thesis on the middle market, and we're excited about it. Laurie, why don't you? Yeah, I'd start with culture. There's an incredible client-first culture that is natural and comes through in NFP and fits so well with Aon United culture. There's an eager collaboration happening across our colleagues where we're learning about what is exclusive and unique at NFP and how we can bring the Aon capabilities to NFP's client base as well. If you think about their strong relationship-led team, we're taking some of our tools in health, like the Health Equity and Affordability Diagnostic, Andy, that you talked about, or the Aon Architect, which is actuarial-based to help their larger clients understand how to model and take risk in health. We have a tremendous amount of revenue synergies that we've identified where we're matching capabilities of Aon with the client base at NFP. We are also looking at where they have relationships, and if we can add Aon capabilities, how we can broaden how they serve those clients, which has been incredible with some of our larger industry verticals like private equity or our professional services group. Both sides, Greg, I would say we're really taking some of our facilities that we've built, like Aon Client Treaty, Andy, where we've got 19 products. It's in its 10th year, over $1 billion in premium. How can we bring that capital into NFP's client base? We are one year in. I think we just hit our one-year anniversary and tremendous upside, outstanding organization. You could say more. It is fitting. I mean, the summary is, and I thought of NFP when we had that question on compensation, because for us, it begins with retention with NFP, and we continue to have retention that's higher right now where we sit here relative to 2024, which was higher relative to pre-NFP as well. So we're retaining this population. As a result of retaining them, we're on track with the rest of the business case. Laurie's just talking about the revenue synergies. We've committed to $175 million by 2026, $80 million this year. Talked about $30 million in OpEx synergies in our plans for 2025, right on track. With that, you heard me talk on stage about contribution from free cash flow, $300 million, which, by the way, implies that the earnings are in line with the business case, are actually performing a little bit better right now. Laurie, you're right, a year and a month in next week, and we feel very confident in the contribution from NFP relative to our thesis when we brought it on board. I see further opportunity as we drive the revenue synergies here. We'll take our final question. Josh Shanker. It's always good to see clients like FedEx and Danone. I mean, clearly, they understand the value that you're providing them. I think the enterprise group, I mean, Aon is second to none in delivering that. This isn't a comment about Aon or NFP, but in general, the middle market. Sometimes it's hard when you talk to middle market customers to understand what they're getting out of the advice they're getting from their insurance agents and whatnot. Is there a need for education that middle market clients need to understand the value they're being provided, or do you think that they already know that information? Given that situation, are the revenues from the middle market as durable as those from the enterprise clients, or is there more of a sense that this could be commoditized over time? Listen, really appreciate the question. This isn't about education. They know their business incredibly well, every aspect, every angle. Really, it is us making sure we're helping them understand the value we can bring. It's not a middle market phenomenon. It's a large corporate phenomenon. It's an enterprise client phenomenon. It's how do we come in and help them understand what we can do on their behalf. That's our responsibility, not theirs. We see massive opportunity. In fact, if you think about the middle market, the same issues hold. They all hold. The megatrends, they all hold. In many respects, Anne described this, in the middle market, it is often a single person, a senior person in the company who's actually making all the decisions that cut across. In many respects, what we do in enterprise client actually has a psychological resonance sort of into the middle market. It fits. Our colleagues, we are excited about the opportunity in the middle market massively to bring additional insight and content just like we are for large corporate and enterprise client. We see tremendous opportunity. In many respects, we're enabling them to not just protect the house, but build the house. We're creating growth opportunity. For them, nothing like that. Yes, for us, we think it's powerful and durable. Yes, we're up for the task of helping them understand what the possibilities are. I think we'll turn it back to you for closing remarks. Closing remarks. Let's see. Maybe I will be very brief. First, I want to start on behalf of Global Aon. Thank you to our investors who are here today and are participating online around the world. We truly appreciate the investment in time and energy you've put into Aon over the last few hours. It was huge and massively appreciated. I also want to thank my colleagues. This has been so much. It's such a joy as we pull this together to sort of help you understand us, our firm a little bit better. What they're doing on behalf of our clients in support of our colleagues, in my humble opinion, is truly epic. It's groundbreaking. It's a shot to make a difference in the world that can be well beyond Aon. I really appreciate all my colleagues are doing. I hope you all took away some pretty simple, straightforward perspectives. Look, the opportunity is big and getting bigger. The addressing of the opportunity is not for the faint of heart, but it's known. We know it. We spent years working it, and now we're accelerating it. The acceleration is, again, not rocket science: risk capital, human capital, Aon Client Leadership, Aon Business Services. Understandable, trackable, leverageable. You can do all those things. We'll do them with you. We're now 18 months, straight up, 18 months, halfway through a period of time which we think will bring a great acceleration for our firm. Acceleration to move well beyond 2026. We're not doing this for next week. We're doing this for the long term. In the medium term, win in the core, win in the core, win in the core, and win as our clients' needs evolve. That is 2024, check 2025, in the middle of 2026. That will go over time. We hope you take away a sense of real tangible steps we are taking to accelerate progress in our firm. Now, 18 months in, you see the progress we have made. Finally, I hope you get a chance. You are seeing the broader leadership team in a way you have not before. You see the capability and content we have. Equally important, the unified passion we have to make this work. It is. Again, our gig is always going to come back to clients. If they see the value and understand the value and they are wowed by the value, we are good. We'll take that all day long. That will translate, it's investor day, for God's sake, into massive shareholder value return. By the way, you heard a lot of operations from Edmund, too. I don't think we've ever shown literally the class of hires the way he did, which was awesome. In any event, hope you enjoy the day and understand the direction we're taking. To the extent you have questions or comments, don't hold back. We're here for you. We want you full transparency into what we're doing. We think the more you see, the more you're going to like. Dig in. Thank you very much for being part of the day.