Net income attributable to the parent company was $821 million in Q4, up from $788 million in Q4 2024. Marsh said a strong part of that involved contributions from Guy Carpenter, which was a “pillar of steady growth”. For the full year, we generated 10 per cent revenue growth, 4 per cent underlying revenue growth, double-digit adjusted net operating income growth, 9 per cent adjusted EPS growth and our 18th consecutive year of reported margin expansion. Marsh Risk alone showed strong double-digit annual growth. Mercer, the benefits and investment consultancy, saw 9 per cent Q4 revenue growth and 8 per cent for the year.