Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The Company is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate an impairment may have occurred. The Company performs the annual impairment assessment for each of its reporting units during the third quarter of each year. The reporting unit level is defined at the same level as the Company's operating segments. A company can assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, a company may elect to proceed directly to the quantitative goodwill impairment test. In the third quarter of 2025, the Company completed a qualitative impairment assessment, updated for significant considerations at year-end, and concluded that goodwill was not impaired. As part of its assessment, the Company considered numerous factors, including:

•that the fair value of each reporting unit exceeds its carrying value by a substantial margin based on its most recent quantitative assessment in 2023;

•whether significant acquisitions or dispositions occurred which might alter the fair value of its reporting units;

•macroeconomic conditions and their potential impact on reporting unit fair values;

•actual performance compared with budget and prior projections used in its estimation of reporting unit fair values;

•industry and market conditions; and

•the year-over-year change in the Company’s share price.

Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and assessed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature. Based on its assessment, the Company concluded that other intangible assets were not impaired. The Company had no indefinite lived identified intangible assets at December 31, 2025 and 2024.

Changes in the carrying amount of goodwill are as follows:


(In millions)	2025		2024
Balance at January 1,	$	23,306	$	17,231
Goodwill acquired (a)	562		6,407
Other adjustments (b)	469		(332)
Balance at December 31,	$	24,337	$	23,306

(a)Includes $5.2 billion from the acquisition of McGriff in 2024.

(b)Primarily reflects the impact of foreign exchange.

The goodwill from acquisitions in 2025 and 2024 consists largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired entities and the trained assembled workforce acquired.

The goodwill acquired in 2025 included approximately $264 million and $29 million in the Risk and Insurance Services and Consulting segments, respectively, which is deductible for tax purposes. The goodwill acquired in 2024 included approximately $1.8 billion and $88 million in the Risk and Insurance Services and Consulting segments, respectively, which is deductible for tax purposes.

Goodwill allocable to the Company’s reportable segments at December 31, 2025, is $19.5 billion for Risk and Insurance Services and $4.8 billion for Consulting.

The gross cost and accumulated amortization of other intangible assets at December 31, 2025 and 2024 are as follows:


(In millions)	2025						2024
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Customer relationships (a)	$	7,091	$	2,422	$	4,669	$	6,650	$	1,961	$	4,689
Other (a) (b)	476		399		77		476		345		131
Other intangible assets	$	7,567	$	2,821	$	4,746	$	7,126	$	2,306	$	4,820

(a)Customer relationships and Other include $2.1 billion and $60 million, respectively from the acquisition of McGriff in 2024.

(b)Primarily non-compete agreements, trade names and developed technology.

Aggregate amortization expense was $549 million, $377 million, and $343 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The estimated future aggregate amortization expense is as follows:


For the Years Ended December 31,
(In millions)	Estimated Expense
2026	$	544
2027	520
2028	479
2029	436
2030	433
Subsequent years	2,334
Total future amortization	$	4,746