Adjusting for the impacts of foreign currency and acquisitions and disposals, organic revenue growth was 5% for the six months ended June 30, 2024. This indicates continued underlying strength in the core business.

The Company's Transformation program is designed to enhance operations and optimize technology. From the actions taken during the second quarter of 2024, an additional $24 million of annualized run-rate savings were identified, bringing the cumulative total to $394 million.

During the six months ended June 30, 2024, the Company repurchased $301 million of shares, and has authorization to repurchase an additional $1.0 billion. This indicates management's belief that the company is undervalued and has sufficient liquidity.

Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures are effective in providing reasonable assurance that information is recorded, processed, summarized, and reported within specified time periods.

The Company is on track with its Transformation program, expecting to generate annual cost savings in excess of $450 million by the end of 2024. The program is designed to enhance operations, optimize technology, and align its real estate footprint.

A provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago was included. This demonstrates proactiveness.

The company acknowledges the risk of being negatively affected if it cannot anticipate and keep pace with rapid changes in government laws or regulations, or if government laws or regulations decrease the need for its services, increase its costs or limit its compensation.

The company acknowledges uncertainty exists regarding the impact of the Retirement Security Rule on one or more of its businesses, the conduct of which may become subject to fiduciary standards.

The company deposits premiums and claims in high-quality bank term deposit and money market funds, on which it earns interest, where permitted. The company also holds funds for clients of its benefits accounts businesses. As a result of measures taken by central banks around the world, rates offered on these investments have increased, in some cases significantly, over the course of the last year.

The company is focused on developing and implementing technology, data and analytic solutions for both internal operations and for maintaining industry standards and meeting client preferences.

Market conditions in the broking industry in which the company operate are generally defined by factors such as the strength of the economies in the various geographic regions in which it serves around the world, insurance rate movements, and insurance and reinsurance buying patterns of our clients.

The primary factors in selecting a human resources or risk management consulting company include reputation, the ability to provide measurable increases to shareholder value and return on investment, global scale, quality of service and the ability to tailor services to clients' unique needs.

The company's transformation program is designed to enhance operations, optimize technology and align its real estate footprint to its new ways of working. The company is on track with this program.

Restructuring costs in both the current-year and prior-year periods primarily related to the real estate rationalization component of the Transformation program commenced by the Company during the fourth quarter of 2021.

The company mitigates these risks through the use of short-term foreign currency forward and swap transactions that offset the underlying exposure created when the borrower and lender have different functional currencies.

Technology modernization charges are incurred in moving to common platforms and technologies, including migrating certain platforms and applications to the cloud.

The company is focused on developing and implementing technology, data and analytic solutions for both internal operations and for maintaining industry standards and meeting client preferences.

The company estimates that there will be additional such expenditures, which include those incurred under its Transformation program, in the range of $80 million - $105 million during the remainder of 2024.

During the six months ended June 30, 2024, the Company repurchased $301 million of shares, and has authorization to repurchase an additional $1.0 billion. This indicates management's belief that the company is undervalued and has sufficient liquidity.

The net proceeds from this offering, after deducting the underwriting discount and offering expenses, were approximately $737 million, of which $662 million was used to fully repay the $650 million aggregate principal amount and related accrued interest of the 3.600% senior notes at maturity during the second quarter of 2024.

The company estimates that there will be additional such expenditures, which include those incurred under its Transformation program, in the range of $80 million - $105 million during the remainder of 2024.

The company acknowledges risks relating to or arising from environmental, social and governance practices.

U.S. and global markets are continuing to experience volatility and disruption as a result of the ongoing Russia-Ukraine and Israel-Hamas wars.

Inflation in the United States, Europe, and other geographies has risen to levels not experienced in recent decades and while this has eased somewhat in the last year, we are seeing its impact on various aspects of our business.

Our business will be negatively affected if we are not able to anticipate and keep pace with rapid changes in government laws or regulations, or if government laws or regulations decrease the need for our services, increase our costs or limit our compensation.