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What Changed
Risk factors · Feb 18, 2025 → Feb 13, 2026
23 added · 29 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Further, new and non- traditional competitors (including “InsurTech” firms utilizing artificial intelligence or 11 other advanced technologies), our clients’ increasing ability and determination to self-insure, and capital market alternatives to traditional insurance and reinsurance markets create an even more dynamic, competitive, and innovative market environment that could affect our business.
Certain use cases of artificial intelligence in our business processes could pose strategic, operational, legal, ethical, regulatory or reputational risks where there may be incorrect outputs or bias in those systems or processes, potential infringement of intellectual property rights, exposure of proprietary or personal information, heightened cybersecurity risks and challenges in safely deploying, governing or controlling artificial intelligence systems or where there is inadequate human oversight.
Furthermore, integration of acquisitions, including the NFP acquisition, could divert management’s attention from other business concerns and involve inconsistencies in standards, controls, procedures, practices, policies and compensation arrangements, any of which could adversely affect our ability to achieve the anticipated benefits of a given acquisition or otherwise negatively impact our business.
Regulation in the areas of data privacy, data protection, data management, data transfer, data localization, artificial intelligence, and cybersecurity could increase our costs and affect or limit our business opportunities.
A growing number of jurisdictions, particularly in the E.U. and U.S., have introduced and enacted laws and regulations regarding the responsible development and use of artificial intelligence and similar tools.
Furthermore, our subsidiaries may be unable to make timely payments to us when needed, which could impair our ability to meet our obligations, pay dividends, repurchase shares, or fund other aspects of our operations and corporate expenses.
Increased scrutiny of corporate sustainability claims, and changes in client and investor preferences may also create legal, regulatory, contractual, and reputational risks and could require changes to our products, services, client engagements or operations, which may increase our cost of doing business.
Accepting this revenue is a lawful and generally commercially accepted business practice that may nonetheless be subject to scrutiny by various regulators under conflict of interest, anti-trust, unfair competition and anti-bribery laws and regulations, subject to legal or regulatory change, or negatively impacted by internal controls that are not fully effective.
In addition, there is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us or those persons based on those laws.
As of December 31, 2025, we had two primary committed credit facilities outstanding.
Additionally, competition for professional 20 personnel remains intense, and competitors are using increasingly aggressive measures to recruit professional talent in our industry.
It may not be possible to enforce court judgments obtained in the U.S. against us in Ireland, based on the civil liability provisions of the U.S. federal or state securities laws.
No longer disclosed
The credit facilities are intended to support our commercial paper obligations and our general working capital needs, and the delayed draw term loan was drawn upon in full in April 2024 to support the acquisition of NFP.
Risks Related to the Acquisition of NFP • We may not be able to integrate the NFP business successfully or manage the combined business effectively, and many of the anticipated synergies and other benefits may not be realized or may not be realized within the expected time frame. • We have incurred and may continue to incur significant integration-related costs in connection with the acquisition of NFP.
Certain use cases of artificial intelligence in our business processes could pose operational, legal or reputational risks where there may be incorrect outputs or bias in those systems or processes, or where there is inadequate human oversight.
Risks Related to the Acquisition of NFP We may not be able to integrate the NFP business successfully or manage the combined business effectively, and many of the anticipated synergies and other benefits of acquiring NFP may not be realized or may not be realized within the expected time frame.
The integration of NFP into our organization could also result in the disruption of ongoing businesses, processes, systems and business relationships or inconsistencies in standards, controls, procedures, practices, policies and compensation arrangements, any of which could adversely affect Aon’s ability to achieve the anticipated benefits of the NFP acquisition or otherwise negatively impact our business.
Aon has incurred and expects to continue to incur a number of non-recurring costs associated with the NFP acquisition and combining the operations of the two companies, which could adversely affect Aon’s ability to execute its integration plan and achieve the anticipated benefits of the NFP acquisition.
A growing number of jurisdictions, particularly in the U.S., have introduced and enacted laws and regulations regarding automated decision making that may encompass artificial intelligence and non-artificial intelligence algorithmic tools.
The integration process is subject to a number of risks and uncertainties, and no assurance can be given that the anticipated benefits of the acquisition will be realized or, if realized, the timing of their realization.
We have devoted management attention and resources to integrating our and NFP's business practices so that we can fully realize the anticipated benefits of the NFP acquisition.
We have incurred and may continue to incur significant integration-related costs in connection with the acquisition of NFP.
As of December 31, 2024, we had two primary committed credit facilities outstanding, as well as a delayed draw term loan.
Further, new and non- traditional competitors, our clients’ increasing ability and determination to self-insure, and capital market alternatives to traditional insurance and reinsurance markets cause additional forms of competition and innovation that could affect our business.