Quarterly guidance

Fiduciary interest income
approximately $94 million
Adjusted corporate expense
approximately $80 million
Interest expense
$255 million
FX impact
immaterial effect on earnings

Annual guidance

Underlying revenue growth
similar to the levels we generated in 2025
Margin
another year of margin expansion
Adjusted EPS
solid adjusted EPS growth
Capital deployment
approximately $5.5 billion of capital in 2026 across dividends, acquisitions and share repurchases
Tax rate
around 25% for 2026

Outlook

Reinsurance market
Conditions are expected to remain soft through the January 1 renewal cycle due to abundant capacity.
AI impact
AI is already a factor in the business, enhancing client relationships and operational productivity.
Thrive program
The company expects to realize $600 million in savings, with costs of $750 million to generate those savings.
Management Consulting
The segment is on pace for high single-digit growth for the full year.
Economic environment
Management noted that the economic and geopolitical environment could change materially from their current assumptions.
Digital infrastructure
This remains a key growth driver, with new insurance facilities like Stratus Exchange supporting the sector.