达信 2026年季度报告

(Mark One) ☒Quarterly Report Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934For the quarterly period ended March31, 2026OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from________ to________.____________________________________________ Marsh& McLennan Companies, Inc. Commission file number 1-5998State of Incorporation: DelawareI.R.S. Employer Identification No.36-2668272_____________________________________________ Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and postedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit and post such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and"emerging growth company" in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☒Accelerated Filer☐Non-Accelerated Filer☐(Do not check if a smaller reporting company)Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. As of April13, 2026, there were outstanding 481,794,501 shares of common stock, par value $1.00 per share, of the registrant. INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements," as defined in the Private Securities Litigation ReformAct of 1995. These statements, which express management's current views concerning future events or results, use words like"anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future orconditional tense verbs like "could," "may," "might," "should," "will" and "would". Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially fromthose expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, amongother things: •the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which weoperate, including from the conflict in the Middle East and other wars and global conflicts, social unrest, tariffs or changesin trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capitalmarkets volatility, inflation and changes in insurance premium rates; •the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claimsagainst us in our capacity as a broker or investment advisor, including claims related to our investment business’ ability toexecute timely trades;•the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt ouroperations, or the operations of our third party vendors,and result in the disclosure of confidential client or companyinformation;•the financial and operational impact of complying with laws and regulations, including domestic and internationalsanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act andcybersecurity, data privacy and artificial intelligence regulations;•our ability to attract, retain and develop industry leading talent;•our ability to compete effectively and adapt to competitive pressures and market changes in each of our businesses,including from disintermediation as well as technological change, digital disruption and other types of innovation such asartificial intelligence;•our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived toconflict, with the interests of another client or our own interests;•our ability to fully realize the opportunities and efficiencies from the Thrive program, which focuses on our brand strategy,delivering greater value to clients, accelerating growth and improving efficiency;•the regulatory, contractual and reputational risks that arise based on