Thank morning. you, John, good and
excellent results capped fourth year. an strong quarter Our
to in a $X.X operating billion billion, XX% was $X.X underlying increased income XX% and from revenue year with billion, was quarter X%. income the fourth up growth consolidated adjusted Our ago. $X.X Operating of
operating points [ EPS EPS adjusted $X.XX, Our ] up GAP XXX was increased margin adjusted basis XX.X%. was $X.XX, XX%. to
Our full XXXX results outstanding. year were
margin margin XX% income of $X.X liquidity over XXXX. expansion. and consecutive XX% capital, Operating billion capital for the and grew adjusted raised year our billion, Moody's our XXX to an expanded short-term EPS AX. marking income and unsecured year reported We XXXX increase adjusted $X.XX points, operating strong deployed for debt operating our a billion, quarterly of our $X was enhanced saw year upgrade XX% basis to was our $X.X Adjusted was also rating senior of XXth and management. dividend
of our Looking stretch margin RIS XXX or was million X% increased basis This and X XXth at an the income XX% increased XX%. continues operating Fourth to points marks in RIS underlying the in X% decades. Adjusted Insurance on adjusted quarter best revenue operating result and XX% of expanded $X.X growth million, $XXX fourth basis. higher quarter. $XXX Risk income underlying to or consecutive Services. the growth in billion to quarter
XX% For year, revenue on full underlying the an underlying XX% adjusted billion billion, of quarter operating Adjusted increased representing the to in $X.X on basis. in At basis. an for operating X% Marsh, revenue income grew increase margin RIS an to increased XXX RIS and XX.X%. was $XX.X our or basis points X% in year, the
business new lines. was full despite year, renewal and growth underlying $XX.X the Canada, and quarter, solid and reflecting professional was the revenue reflecting financial at of headwinds U.S. continued In X%. growth Marsh billion, for X% underlying For in growth
X our nearly claims We from also MGA of saw point lower a flood business. headwind in
growth at up Asia Canada international, underlying quarter, Latin in and with growth Pacific, in America For the X% was XX% X%. the U.S. full up year, EMEA XX%, strong X%. underlying up and was In
growth year, at in excellent was international underlying For the full X%.
X% Guy basis, regions. on global growth $XXX was an Carpenter's underlying revenue million, across by specialties up most driven in
Consulting million, $XXX and year adjusted the ago was up growth, billion, X% generated and our up was Fourth quarter year basis. since billion Guy of revenue For was underlying XX% underlying Consulting million, or on In XX% revenue strongest from XX%. income segment, $X.X year, income $XXX a XXXX. Carpenter $X.X operating the an operating
Our points XXX basis adjusted margin in the to XX.X%. operating expanded quarter
to operating an was to the XX% full of and increased an adjusted increase $X.X on income margin $X.X consulting Adjusted XX underlying the For X% year, and basis billion, our year points billion, for XX.X%. increased operating revenue basis.
X%. X% Mercer's higher best quarter, administration. employer of underlying the revenue or segments up all reflecting across was quarter, reflecting XX and Health and Wealth and driven XXth of in growth the of in growth billion the and growth Management Mercer's Investment X%, $X.X grew regions. in continues growth government straight fourth was X% strength was BB run in momentum quarter years. underlying in This by
the quarter with sequentially and up was driven Westpac, at compared assets the positive growth under net markets were a capital XX% rebound in of year. fourth last $XXX to Our our up XX% management Year-over-year fourth quarter, end transaction by of billion flows. the
X%, in period of space. following the growth Career strong revenue rewards increased tough reflecting comparables a
Wyman's revenue Mercer Middle revenue X% of the at on an $X.X since X% Europe underlying in in increase quarter million, the and XXXX. was result like year, was the Oliver billion, underlying increase on basis, an an East. fourth basis, an of strength $XXX best the For
Wyman's growth Adjusted million the revenue $XX quarter. For the billion, Oliver year, was underlying reflecting corporate was expense in full $X.X of X%.
had was for in the and year. very little exchange Foreign full a on quarter $X.XX the headwind fourth impact earnings
were quarter Assuming expect of majority gain first the negligible settlement. XXXX. related full impact on related actions $XX remain million FX our noteworthy of the to a exchange restructuring rates have offset million, year a will at to which $XX and by levels, we legal items Total the current partly quarter in a
total costs and streamlining technology XXXX. the We launched fourth to reflect reported to million of lease quarter which largely charges relates approximately exits of $XXX in million $XXX severance, of related program the costs restructuring we our environment. These
expect in XXXX. total $XXX and total We which of million, $XXX expect million roughly of million approximately program this under realized approximately of $XXX charges savings was
realize bulk the date, savings have under this to expect of To remaining we We million the $XXX program. incurred in of charges approximately XXXX.
Our was $XXX year. full and other the the credit in quarter for million benefit net $XX million
in currently we million to XXXX. our defined benefit will be benefit net For other Cash contributions were up XXXX, plans slightly. global credit expect $XXX our
We expect amount in XXXX. a similar
fourth loss on in and million, up we XXXX. $XXX a quarter projecting GAAP the expense $X of million adjusted of $XXX in for our the reflecting fourth the investment was rates. any higher year in from million with XXXX debt basis, on full and current income quarter the income of currently Interest million forecast, expect million of Investment was quarter the in first interest a $XXX levels are quarter of $XXX Based fourth first we quarter. both and higher XXXX, interest the expense in approximately
items. discrete compares fourth in with in This which the from fourth year, rate the XX.X% quarter tax effective was quarter XX.X%. adjusted benefited last favorable Our
For XX.X% tax give be benefited can environment, favorable rate, Based which periods tax XX.X% of the XXXX. rate XXXX. compared on in year forward between our effective expect adjusted and adjusted effective rate Both or an with XX.X% current XXXX, was we the full do items. for items, When guidance XX% negative. discrete not project discrete tax our around from we we positive
balance sheet. our billion. total Turning management to with of and year capital ended $XX.X the We debt
Recall $XXX that Our next million of second And these notes due. maturities of maturities. $X are $X.X quarter debt another XXXX billion billion scheduled the come last fund debt first senior of notes when of when in issued quarter, in September, the mature. we to new
billion, the totaled for of and of $X.X for at cash million quarter $XXX the billion, in $XXX dividends, fourth million the acquisitions cash repurchases. end Uses $XXX included position was for Our $X.X million share quarter
For billion for billion and the year, cash totaled billion share $X.XX acquisitions of for included and $X.X billion uses dividends, $X $X.X for repurchases.
minute want reiterate I capital approach a to management. to take to our
We business, have investing both sustained repurchases for the the and solid followed the We in through better organic a that while for balanced the strategy in value performance term. long acquisitions. consistently helps management and our term. acquisitions are creator attractive term shareholders investment share believe favor growth investments prioritize they company We near deliver and us long over capital over the over
share target returns dividend our meaningful However, we over we that raising returning each for time. investors our also recognize And reducing to year, count. and shareholders generates capital
XXXX, $X.X billion repurchase ultimate deploy level the expect capital dividends, on will on repurchases. ahead depend and to today, outlook approximately across pipeline share Looking to develops. of our how of acquisitions based we The share M&A
John outlook for there global As in the is economy. the noted, uncertainty significant
are despite However, and the remain uncertainty, there growth. we position about feel supportive factors our of good that momentum and
adjusted or For underlying revenue in margin back better I'm currently EPS. expect and to strong XXXX, expansion it growth John. to mid-single-digit With happy we turn that, growth
