The squeeze is a burdensome headwind for the employers but a helpful tailwind for benefits professionals who can help employers cope, the executive said.

Executives at Aon, Brown & Brown and Marsh & McLennan Companies gave similar assessments.

None of the companies spent much time on benefits results during the calls; the focus was on the effects of disasters like recent hurricanes and the wildfires in the Los Angeles area on the property and casualty markets.

John Doyle, the CEO of Marsh & McLennan, noted that the California fires had affected Marsh & McLennan colleagues as well as the firm's clients. "Our company is committed to doing everything we can to support them during this challenging time," Doyle said.

Related: Mercer's strong health benefits growth boosts Marsh McLennan Q2 earnings

But, what the executives did say about their benefits operations had a positive tone.

Earnings calls: The companies held the earnings calls because they are registered with the U.S. Securities and Exchange Commission to sell stock to the general public.

Public companies typically release earnings every three months to meet regulatory obligations, and they often hold analyst calls to help the analysts understand the results.

The companies stream the calls live on the web and post recordings of the calls on their websites.

What the big brokers are seeing: Here's a look at what the four big brokers are seeing.

Aon: Aon is reporting $734 million in net income for the fourth quarter of 2024 on $4.1 billion in revenue, up from $507 million in net income on $3.4 billion in revenue for the fourth quarter of 2023.

The company recently acquired NFP, a large insurance, benefits and investment advice firm. The NFP deal contributed to revenue and earnings growth.

Health solutions revenue increased 36%, to $1.1 billion. Excluding the effects of the NFP deal, health solutions revenue was up 5%.

The company introduced a health risk analysis tool for employers.

"Every day, our clients tell us that increasing volatility and complexity make decisions regarding risk and people issues more difficult," Greg Case, Aon's CEO, said during the Aon call.

The big trends affecting the employers include trade, technology and weather, as well as workforce issues, he said.

Brown & Brown: Brown & Brown is reporting $248 million in net income for the latest quarter on $1.2 billion in revenue, up from $198 million in net income on $1 billion in revenue for the year-earlier quarter.

Medical and pharmacy costs increased by about 7% to 9%.

"This ongoing upward pressure and the complexity of health care are driving strong demand for our employee benefits consulting businesses," Powell Brown, the CEO of Brown & Brown, said. "With the investments we've made and continue to make, we are well positioned to help companies of any size navigate these market challenges."

Gallagher: Gallagher is reporting $317 million in net income for the latest quarter on $2.3 billion in revenue, up from $24 million in net income on $2.1 billion in revenue for the year-earlier quarter.

The global benefit brokerage and consulting business posted 10% organic revenue growth, in part because of strong group life sales.

J. Patrick Gallagher Jr., the CEO, noted that Gallagher has a strong presence in the commercial middle market in the United States and that the competition in that market is relatively light.

Marsh & McLennan: Marsh & McLennan is reporting $801 million in net income for the latest quarter on $6.1 billion in revenue, up from $756 million in net income on $5.6 billion in revenue for the year-earlier quarter.

Health revenue at the company's Mercer health and welfare services unit fell 1%, to $495 million, in part because of the effects of a benefits administration unit sale, but underlying revenue increased 5%.

The company expects medical costs to rise 11% all around the world this year and about 8% in North America.

The company is predicting that U.S. health benefit cost per employee at employer-sponsored health plans will rise 5.8%.

Pat Tomlinson, the CEO of the Mercer unit, said helpful tailwinds include high employment rates, employers' need for advice about regulatory changes and medical cost inflation.

Rising coverage prices tend to increase commission revenue, and pressure for employers to change how they do things creates demand for fee-based plan analysis and design work, Tomlinson said.

"Globally, our health revenue has a balanced of fixed fee and commission work," he said.