v3.25.4
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Allocation for Acquisition Costs
The following table presents the preliminary allocation of purchase consideration to the assets acquired and liabilities assumed in 2025, based on the estimated fair values for the other acquisitions as of their respective acquisition dates. Amounts in the table primarily reflect the impact from the acquisition of the three Hawaii-based insurance brokers, Atlas Insurance Agency, Inc., Pyramid Insurance Centre, Ltd., and NMF Insurance, Inc.
Acquisitions for the Year Ended December 31, 2025
(In millions)Total
Cash$726 
Estimated fair value of deferred/contingent consideration116 
Fair value of previously-held equity method investment15 
Total consideration$857 
Allocation of purchase price:
Cash and cash equivalents$27 
Cash and cash equivalents held in a fiduciary capacity47 
Net receivables32 
Other current assets6 
Goodwill562 
Other intangible assets295 
Fixed assets, net4 
Right of use assets4 
Other assets8 
Total assets acquired985 
Current liabilities37 
Fiduciary liabilities47 
Other liabilities36 
Total liabilities assumed120 
Non-controlling interests8 
Net assets acquired$857 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
The following table provides information about other intangible assets acquired in 2025:
Other intangible assets for the Year Ended December 31,
(In millions)
AmountWeighted Average Amortization Period
Customer relationships$275 13.3 years
Other20 4.3 years
Total other intangible assets$295 
Schedule of Pro-Forma Information The following table provides information about the consolidated statements of income for each respective period:
Results For the Year Ended December 31,
(In millions)
202520242023
Revenue$72 $451 $152 
Operating income $7 $34 $24 
The unaudited pro-forma financial data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved if such acquisitions had occurred on the dates indicated, nor is it necessarily indicative of future consolidated results.
For the Years Ended December 31,
(In millions, except per share data)202520242023
Revenue$27,131 $26,159 $24,723 
Net income attributable to the Company$4,184 $4,123 $3,684 
Basic net income per share attributable to the Company$8.53 $8.38 $7.46 
Diluted net income per share attributable to the Company$8.48 $8.31 $7.39