Total Revenue

+15%

Q4 2025 revenue increased to $1,183 million from $1,026.1 million in Q4 2024, driven by robust performance across core segments and geographic areas—especially with the U.S. revenue up 15% and a striking 220% surge in Other regions. " " " "

Retail Revenue

+12%

Increased from $566 million to $636 million, reflecting strong net new business, renewals, and likely acquisition contributions compared to the previous period. " "

Programs Revenue

–86%

Dropped dramatically from $286 million to $39 million. This severe contraction suggests significant divestitures or nonrecurring adjustments that sharply reduced program-related revenues compared to Q4 2024. " "

Wholesale Brokerage

+12%

Grew from $128.6 million to $144 million due to improved net new business and renewals, consistent with positive performance in this segment. " "

Investment Income

Negative shift (–$41M)

Registered at –$41 million in Q4 2025 after not previously being reported. This concerning negative shift is likely driven by lower returns (possibly due to higher market rates, changes in cash balances, or other market-driven factors) that adversely impacted earnings. "

United States Revenue

+15%

Rose from $872.7 million to $1,004 million, reflecting strong domestic performance driven by organic growth and acquisition activities, which built on the previous period's momentum. " "

United Kingdom Revenue

+10%

Improved from $124.1 million to $137 million, marking modest growth likely due to stable market conditions and gradual business expansion compared to Q4 2024. " "

Republic of Ireland Revenue

+7%

Increased slightly from $14 million to $15 million, indicating steady performance with modest growth relative to the previous period. " "

Canada Revenue

Flat

Remained unchanged at $1 million, reflecting a mature or static market where significant changes were not observed compared to Q4 2024. " "

Other Regions Revenue

+220%

Surged from $5.3 million to $17 million, suggesting remarkable expansion in a previously smaller market segment, although specific drivers were not detailed in the documents. " "

Net Income

–22%

Declined from $268.7 million to $210 million despite higher revenues; this drop is attributed to increased operating costs—such as the impact of negative investment income—and margin pressures, highlighting that revenue growth did not fully translate into profitability improvements. " "

EPS (Basic)

–23%

Fell from $0.95 to $0.73, mirroring the net income decline and reflecting the adverse impact of higher expenses and poor performance in investment income, thereby reducing earnings per share compared to the previous period. " " "