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- **Strong Financial Performance**: 5% organic growth, 230 basis points margin expansion, and $3.07 EPS reflect robust execution of WTW's strategy.
- **Segment Growth**: HWC driven by health care inflation (7% Health growth) and R&B by specialty wins (6% organic growth).
- **Margin Expansion**: 70 basis points in R&B and 100 basis points in HWC (excluding TRANZACT) highlight operational efficiency gains.
- **Free Cash Flow & Buybacks**: $838M year-to-date free cash flow and $1.5B share buyback target support shareholder returns.
- **Market Challenges**: Softening insurance rates and project-based revenue variability in R&B require disciplined margin management.

**【CEO Summary Section】**
- Delivered 5% organic revenue growth, 230 basis points of adjusted operating margin expansion, and $3.07 adjusted EPS in Q3 2025.
- Health, Wealth & Career (HWC) segment grew 4% organically, driven by health care inflation and recurring revenue streams. Notable wins included a Fortune 250 actuarial mandate and a global health plan implementation.
- Risk & Broking (R&B) achieved 6% organic growth, with 11 consecutive quarters of high single-digit growth in Corporate Risk & Broking (CRB). New business wins included energy portfolio coverage in Eastern Europe and EV sector risk management.
- WE DO initiative drove efficiency gains, with automation projects improving margins and free cash flow.

**【CFO Financial Commentary】**
- Adjusted operating margin expanded to 20.4% (230 basis points YoY), with HWC margin at 28.6% and R&B at 18.8%.
- Free cash flow reached $838 million year-to-date, up $114 million YoY, driven by margin expansion and reduced transformation costs.
- Share buybacks totaled $600 million in Q3, with $1.5 billion expected for the year, subject to market conditions.
- Foreign exchange tailwind of $0.15 per share in Q4 and $0.10 full year expected.

**【Q&A Highlights】**
- **R&B Growth Challenges**: High single-digit growth remains achievable despite softening insurance rates, with 70 basis points of margin expansion in Q3. Project-based placements (e.g., construction, M&A) contributed to growth but are non-recurring.
- **Free Cash Flow Outlook**: Q4 is seasonally strong, with expectations for continued margin expansion and free cash flow growth.
- **Insurance Pricing Environment**: Property rates are declining, but North American casualty remains resilient. Clients benefit from rate relief, supporting R&B's value proposition.
- **HWC Margin Resilience**: Excluding TRANZACT, HWC delivered 40 basis points of margin expansion in Q1, 20 in Q2, and 100 in Q3, driven by process optimization and automation.
- **Talent Strategy**: Strategic hiring in specialty lines and geographies supports growth, with no material impact from industry-wide talent poaching.

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