Aon plc (AON) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Aon plc surfaced in its latest filing.

• As of December 31, 2025, total consolidated debt outstanding was approximately $15.2 billion.December 31, 2025
• Operating funds available for corporate use were $2.8 billion at December 31, 2025, with $180 million restricted.December 31, 2025
• Funds held on behalf of clients and insurers were $7.4 billion at December 31, 2025.December 31, 2025
• Long-term investments had a carrying value of $192 million as of December 31, 2025.December 31, 2025
• Current senior debt ratings: A- stable (S&P), BBB+ stable (Fitch), Baa2 positive (Moody's) as of December 31, 2025.December 31, 2025
• Current commercial paper ratings: A-2 (S&P), F-2 (Fitch), P-2 (Moody's).
• In 2023, Aon initiated the three-year Accelerating Aon United Program restructuring plan with expected cumulative costs of approximately $1.3 billion and estimated annualized savings of approximately $450 million by end of 2027.2023
• Shareholder authorization to allot shares is limited to approximately twenty percent of issued share capital as of April 11, 2025, expiring December 27, 2026.April 11, 2025
• Statutory pre-emption rights dis-applied up to approximately twenty percent of issued share capital as of April 11, 2025, expiring December 27, 2026.April 11, 2025
• OECD Pillar Two introduces a 15% country-by-country minimum tax on book income, and Ireland, the U.K., Singapore, and many E.U. member states have enacted legislation to implement the global minimum tax.
• Health care exchange business depends on insurance carriers' use and payment of commissions to agents, brokers, and other organizations for individual and family health insurance products.