达信 2025年度报告

2025Thriving as one Marsh is a global professionalservices firm helping clientsnavigate complexity and seizeopportunities with market-leading, specialized capabilitiesacross risk, reinsurance andcapital, people and investments,and management consulting. Perspective.What sets us apart? To develop innovative answers andcraft powerful solutions for complex,multidimensional challenges, clients needa range of viewpoints – and a partner tohelp them execute. At Marsh, perspective is more than what we deliver. It’s embedded inhow we think, collaborate, and approach every challenge and opportunity. It begins with our clients — we listen to learn what’s mission-critical today,what’s essential tomorrow, and what goals we can help them achieve. From there, we draw from wide-reaching points of view and sophisticated dataand analytics across a distinct set of capabilities to drive meaningful change. We are committed partners, bringing together the unique expertise ofRXUࢉUPWRGHOLYHUDFWLRQDEOHVROXWLRQV That’s how we help clients and communities turn today’s most pressingchallenges into breakthrough opportunities. Building the confidence to thrive throughthe power of perspective. To ourshareholders, 2025 was an important year for our firm. We took significantsteps toward our vision of becoming the most impactfulprofessional services firm in the world, while delivering solidfinancial performance. This is the most complex environment for clients thatI’ve seen in my 40 years in business. We’re in an era ofSRO\FULVLV0LOLWDU\FRQࢊLFWVWUDGHZDUVFXOWXUHZDUVsocial unrest, extreme weather, and the emergence of AIare all creating enormous challenges for organizations.Yet there’s also opportunity in complexity, if businessescan anticipate the environment, seize the potentialof AI while managing its risks, and choose the rightadvisors to guide them. healthcare, energy, and private capital, as well as in ourown talent and technology, including AI. 7KULYHDOVRHQDEOHVXVWRLQYHVWPRUHHࢇFLHQWO\DQGpowerfully in growing our new, expanded Marsh brand,which we launched earlier this year, introducing ournew ticker symbol, MRSH, by ringing the closing bellDWWKH1HZRUN6WRFN([FKDQJH2XUXQLࢉHGEUDQGEHWWHUVXSSRUWVRXUEXVLQHVVVWUDWHJ\DQGVLPSOLࢉHVour value proposition for clients. Increasingly, our clients need solutions that draw onour unique collection of capabilities, whether it’s data-driven risk advisory and insurance placement solutionsfor resilient growth; reinsurance and capital expertise forcomplex risk; consulting and solutions in investments,UHWLUHPHQWWDOHQWKHDOWKDQGEHQHࢉWVRUPDQDJHPHQWconsulting for transformative moments. These are areaswhere we are market leaders and where our scale andspecialization are a distinct advantage. $NH\SDUWRI7KULYHLVWKHEHQHࢉWVWKDWRXU%XVLQHVVDQG&OLHQW6HUYLFHV %&6 XQLWZLOOGHOLYHUDVZHEXLOGa data and technology ecosystem that harnesses AIDQGDGYDQFHGDQDO\WLFV%&6UHSUHVHQWVDIXQGDPHQWDOchange in our operating model, improving clientRXWFRPHVGULYLQJRSHUDWLRQDOH[FHOOHQFHDQGHࢇFLHQF\and accelerating investment in AI and automation. We adopted AI early, at scale, and with discipline, andZKLOH$,ȆVFDSDELOLWLHVDUHVWLOOHPHUJLQJZHDUHFRQࢉGHQWthat it will continue to enhance how we work and delivermore value to our stakeholders. In October, we introduced Thrive, a growth programthat’s unlocking capacity to invest in emerging areasof economic opportunity, such as digital infrastructure, “Increasingly, our clientsneed solutions that drawon our unique collectionof capabilities.” John Q. Doyle3UHVLGHQWDQG&KLHI([HFXWLYH2ࢇFHUMarsh We have tremendous scale, talent, and trusted clientUHODWLRQVKLSVDVZHOODVGLࢆHUHQWLDWHGGDWDDVVHWVWKDWwe’re already turning into insights and solutions for ourclients. And with AI driving major growth in the digitalinfrastructure industry, we’re uniquely positioned to helpclients navigate the sector’s complex and interconnectedrisks and challenges. 7KULYHDQGWKHVWHSVZHȆUHWDNLQJZLWK%&6DQGRXUEUDQGVWUDWHJ\SUHVHQWVLJQLࢉFDQWRSSRUWXQLWLHVWRsupport economies, businesses, and societies worldwide. Everything we do is anchored in the Purpose sharedby our more than 95,000 colleagues around the world::HEXLOGWKHFRQࢆGHQFHWRWKULYHWKURXJKWKHSRZHURIbSHUVSHFWLYH. Together, we are building an exciting future as a newMarsh. I am pleased to update you on our progress. Our financialperformance We delivered good growth in 2025amid macro headwinds from lowerinterest rates, decreasing insurancepricing, and geopolitical volatility. Our balanced approach to capitalPDQDJHPHQWLQYROYHVPDLQWDLQLQJࢉQDQFLDOࢊH[LELOLW\RSWLPL]LQJRXUFDSLWDOVWUXFWXUHinvesting in high-quality acquisitions, andreturning capital to shareholders to createlong-term value. In 2025, we increased ourdividend for the 16thconsecutive year andcompleted $2 billion of share repurchases,the largest amount in our