Marsh & McLennan Companies (MRSH) 10-K risk factor changes: FY2025 vs FY2024

- Increasing scrutiny and changing laws and expectations from regulators, investors, clients and our colleagues with respect to our [removed: environmental, social and governance (ESG)] [added: business responsibility] practices and disclosure may impose additional costs on us or expose us to new or additional risks;

- Adverse legal developments and future regulations concerning how intermediaries are compensated by insurers or clients, as well as allegations of anti-competitive behavior or conflicts of interest, could have a material adverse effect on [removed: Marsh’s] [added: Marsh Risk’s] business, results of operations and financial condition;

- Mercer’s Wealth business is subject to a number of risks, including risks related to public and private capital market fluctuations, third-party asset managers and custodians, operations and technology risks, trading and execution risks, conflicts of interest, [removed: ESG] [added: sustainability] and greenwashing, asset performance and regulatory compliance, that, if realized, could result in significant damage to our business;

Geopolitical and macroeconomic conditions, including from multiple major wars and global conflicts, [added: social unrest, tariffs or changes in trade policies,] slower GDP growth or recession, [added: fluctuations in foreign exchange rates,] lower interest rates, capital markets volatility, inflation and changes in insurance premium rates affect our clients' businesses and the markets they serve.

For example, the war in [removed: Ukraine and] [added: Ukraine,] the conflict throughout the Middle [removed: East] [added: East, including heightened regional instability and tensions involving Iran, and recent developments in Latin America,] have resulted in worldwide geopolitical and macroeconomic uncertainty and may negatively impact other regional and global economic markets (including Europe, the Middle [removed: East] [added: East, Latin America] and the U.S.), companies in other countries [removed: (particularly those that have done business with Russia or have substantial exposure to, or operations in, impacted countries)] and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas, and may increase financial market volatility and adversely impact regional and global economic markets, industries and companies.

Lower interest rates [removed: may lead] [added: have led] to a decline in our fiduciary income.

Our businesses provide numerous professional services, including the placement of insurance and the provision of consulting, investment advisory, investment management and actuarial [removed: services,] [added: services] to clients around the world.

Given the judgment involved in estimating and establishing such liabilities, as well as the unpredictability of E&O claims and the litigation that can flow from them, it is possible that an adverse [removed: outcome in a particular matter could have a material adverse effect on the Company's business, results of operations or financial condition.]

We are subject to numerous other laws on matters as diverse as internal control over financial reporting and disclosure controls and procedures, securities regulation, data privacy and protection, cybersecurity, taxation, anti-trust and competition, [added: anti-money laundering,] immigration, wage-and-hour standards and employment and labor relations.

With generative [removed: AI tools,] [added: AI,] threat actors may have additional tools to automate breaches or persistent attacks, evade detection, or generate sophisticated phishing emails or other forms of digital impersonation, doing so quickly and without requiring deep technical understanding of potential exploits.

In addition, increasing use of generative AI [removed: models] [added: models, including new capabilities offered through Model Context Protocol (MCP) Servers,] in our internal systems may create new attack methods for adversaries.

Because generative AI is a [removed: new] [added: constantly evolving] field, understanding of cybersecurity risks and protection methods continues to develop, and features that rely on generative AI, including in services provided to us by third parties, may be susceptible to unanticipated cybersecurity threats from sophisticated adversaries and other cybersecurity incidents.

Highly publicized data security breaches, such as the October [removed: 2023 attack on Okta,] [added: 2025 Salesloft/Drift attack,] may embolden malicious actors to target the IT supply chain and providers of business software.

Our control over and ability to monitor the cybersecurity practices of our third-party [added: and fourth-party] vendors and service providers, and other third parties with whom we do business, remains limited, and there can be no assurance that we can prevent, mitigate, or remediate the risk of any compromise or failure in the development processes or cybersecurity infrastructure or IT controls owned or controlled by such third parties.

[removed: In the future, these types of incidents could result] in personal, sensitive, confidential or proprietary information, including client, employee or Company data, being lost or stolen, surreptitiously modified, rendered inaccessible for any period of time, or maliciously made public, which could have a material adverse effect on our business.

Further, despite developments such as the U.S.- [removed: EU] [added: E.U.] Data Privacy Framework and the U.S.- U.K. Data Bridge, there remains a high level of uncertainty concerning the flow of personal information between the U.S. and EU, between the U.S. and the U.K. and between the U.K. and the EU.

[removed: These laws establish a privacy] framework for covered businesses, including various obligations imposed on them related to the personal information they collect and use, and offer various rights for their state residents.

For example, in [removed: late 2023] [added: November 2025,] the [added: final amendments made by the] New York State Department of Financial Services (NYDFS) [removed: issued amendments] to its previous cybersecurity regulations [added: came into effect,] which imposed obligations on companies such as [removed: Marsh McLennan,] [added: Marsh,] including for example, requiring companies to provide evidence of how they are implementing their data retention, data governance and data classifications policies and procedures.

For example, laws in all 50 U.S. states generally require businesses to provide notice under [added: certain circumstances to consumers whose personal information has been disclosed as a result of a breach.]

Given the [removed: emerging nature] [added: rapid expansion] of AI [removed: technology,] [added: technology capabilities,] the lack of legal or regulatory precedent, and the ambiguity surrounding key definitions, complying with these evolving legal and regulatory frameworks is likely to be both challenging and costly.

[added: We have a number of strategic initiatives involving investments in, or] partnerships [removed: with] [added: with,] technology companies as part of our growth strategy, as well as investments in technology, including generative AI, and infrastructure to support our own systems.

[removed: In addition, the use of AI by other] companies has resulted in, and our use of AI may in the future result in, data incidents and cybersecurity breaches.

In addition, regulation or legislation impacting the [removed: workforce, such as the proposed U.S. Federal Trade Commission rule regarding noncompete clauses,] [added: workforce] may lead to increased uncertainty and competition for talent.

As a multinational company operating across many geographies, failure to effectively align our workforce with our core values and ethical principles may impair our ability to achieve our strategic objectives, particularly as we execute [added: our brand strategy,] operational model changes and integrate acquisitions.

Increasing scrutiny and changing laws and expectations from regulators, investors, clients and our colleagues with respect to our [removed: environmental, social and governance (ESG)] [added: business responsibility] practices and disclosure may impose additional costs on us or expose us to new or additional risks.

There is continued focus, including from governmental organizations, regulators, investors, colleagues and clients, on [removed: ESG] [added: matters related to environmental stewardship] and [removed: sustainability issues.][added: sustainability, strategies to foster a vibrant and inclusive culture, and responsible business practices, including government relations and public affairs initiatives.]

[removed: The regulatory landscape related to these issues] continues to evolve, with new laws and reporting requirements introduced across various jurisdictions, including in the U.S., the U.K., the European Union (E.U.) and Australia.

As these [removed: ESG] reporting requirements and standards evolve, we continue to evaluate and update our public disclosures in these areas, including refining our disclosure of metrics and sustainability goals in accordance with the guidance and our own [removed: ESG] [added: business responsibility] assessments and priorities.

These disclosures, metrics and sustainability goals and any failure to accurately report or comply with federal, state or international [removed: ESG] laws and regulations, or achieve progress on our metrics and sustainability goals on a timely basis, or at all, may result in legal and regulatory proceedings against us and negatively impact our reputation.

Implementation of our [removed: ESG] [added: business responsibility] initiatives also depends in part on third-party performance or data that is outside the Company's control.

In addition, heightened regulatory scrutiny of [removed: ESG] [added: environmental] and sustainability-related products, funds, investment strategies and advice has increased the risk that we could be perceived as, or accused of, making inaccurate or misleading statements, or that we have otherwise run afoul of regulation.

Organizations that provide information to investors on corporate governance and related matters have also developed ratings processes for evaluating companies on their approach to [removed: ESG matters,] [added: business responsibility,] and unfavorable ratings of our company or our industries may lead to negative investor sentiment and the diversion of investment to other companies or industries, exclusion of our stock from [removed: ESG-oriented] [added: business responsibility-oriented] indices or investment funds or harm our relationships with regulators and the communities in which we operate.

Moreover, public opinion and potential legal actions regarding [removed: ESG-related] [added: business responsibility] initiatives remain highly dynamic and can vary across stakeholders and geographies.

In addition to the challenges posed by capital market alternatives to traditional insurance and reinsurance, we compete against a wide range of other insurance and reinsurance brokerage and risk advisory [added: and consultancy] firms that operate on a global, regional, national or local scale for both client business and employee talent.

[removed: In addition, third party capital providers have] entered the insurance and reinsurance risk transfer market offering products and capital directly to our clients that serve as substitutes for traditional insurance.

In our Consulting segment, we compete for business with numerous consulting [added: firms, technology] firms and similar organizations, many of which also provide, or are affiliated with firms that provide, accounting, information systems, technology and financial services.

The risk of business disruption is more pronounced in certain geographic areas, including major metropolitan centers, like New York or London, where we have significant operations and approximately [removed: 3,900] [added: 3,800] and [removed: 5,800] [added: 5,700] colleagues in those respective locations, and in certain countries and regions, such as India, [removed: in which we operate or are investing additional capabilities that are subject to higher potential threat of terrorist attacks or military conflicts.][added: Colombia, Eastern Europe and]

We have a history of making acquisitions and investments, including a total of [removed: 86] [added: 102] in the period from [removed: 2020] [added: 2021] to [removed: 2024,] [added: 2025,] including our [removed: recent acquisition] [added: acquisitions] of McGriff Insurance Services, LLC ("McGriff") and Gerolamo Holding S.À.R.L. ("Cardano").

We may not be able to successfully integrate the businesses that we acquire into our own business, or achieve any expected cost savings or synergies from the integration of such businesses, including McGriff and [added: Cardano.]

[removed: As of] [added: At] December 31, [removed: 2024,] [added: 2025,] our receivables for our commissions and fees were approximately [removed: $6.5] [added: $7.0] billion, or approximately one-quarter of our total annual revenues, and portions of our receivables are increasingly concentrated in certain businesses and geographies.

- We may not be able to fully realize the benefits of our Thrive program and Business Client Services;

outcome in a particular matter could have a material adverse effect on the Company's business, results of operations or financial condition.

Moreover, a successful cyberattack targeting our financial reporting systems or related services and infrastructure could disrupt our ability to accurately prepare, finalize, and disclose our financial results in a timely manner.

Attackers may develop AI agents to fully automate the attack cycle, which could discover new and unexploited applications and dynamically create ways to exploit these weaknesses faster than security tools can adapt to and detect these new attack methods.

Our increasing reliance on software-as-a-service ("SaaS") cloud solutions and other cloud-based vendors to support critical business operations also exposes us to risks associated with the availability, security, and resilience of these third-party platforms.

These arrangements create dependencies on the vendors’ ability to maintain continuous service and protect against outages, disruptions or cyber incidents and on the sufficiency of their security controls and incident response.

In addition, managing and integrating multiple cloud environments with our internal systems increases the risk of configuration errors or vulnerabilities that could be exploited.

Our reliance on third-party software components and open-source libraries as part of our software supply chain exposes us to significant cybersecurity risks, including malicious code insertion, vulnerabilities and compromised updates.

Incidents such as the Shai Hulud NPM Worm, which spread through widely used JavaScript packages by exploiting trust in open-source dependencies, illustrate how supply chain attacks can lead to unauthorized access, data breaches, or disruption of critical applications, sometimes evading traditional security controls.

The complexity and scale of modern software supply chains make it difficult to fully vet and monitor all dependencies, increasing the likelihood that similar incidents could affect our systems and operations and result in business disruption, reputational damage and regulatory or legal consequences.

In the future, these types of incidents could result

These laws establish a privacy

In addition, the U.S. Department of Justice Bulk Data Transfer Rule recently effected rules restricting the sending of certain data to "countries of concern" and requiring regular compliance monitoring around such transfers.

In addition, the use of AI by other

In some cases, competitors have used increasingly aggressive tactics to recruit talent across the industry, including orchestrated team lifts and the theft or misuse of confidential information.

We have pursued, and continue to pursue, litigation and other remedies in response to such conduct.

However, we cannot guarantee that such efforts will effectively deter future conduct.

We refer to these matters collectively as business responsibility.

The regulatory landscape related to these issues

In addition, third party capital providers have

Southeast Asia, in which we operate or are investing additional capabilities that are subject to higher potential threat of terrorist attacks or geopolitical conflicts.

For additional discussion, see "Market Risk and Credit Risk-

We may not be able to fully realize the benefits of our Thrive program and Business Client Services.

In 2025, we launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency (the "Program").

As part of the Program we also created a new unit, Business Client Services ("BCS") to accelerate innovation and centralize investments in operational excellence, data, AI and other analytics.

As a part of these initiatives, we may optimize our global footprint, which involves inherent risks, including potential business disruptions or processing activities, loss of continuity or institutional knowledge, challenges in managing third-party providers and compliance with foreign regulatory requirements.

The Program will generate savings from process and automation efficiencies and optimization of our global operating model.

However, actual total costs, savings and timing may differ from our estimates due to changes in the scope or assumptions underlying the Program and other operational improvements through BCS.

We cannot guarantee that we will achieve the targeted savings.

If we do not realize the expected cost savings, we may be unable to reinvest in planned growth or strategic initiatives.

Moreover, unanticipated costs or unrealized savings in connection with the Program could adversely affect our consolidated financial statements.

which would adversely impact our commission revenue and other revenue based on premiums placed and services provided by us.

For example, the property and casualty insurance market has seen softer pricing recently, which may continue to impact profitability.

These risks, if realized, could result in significant liability and damage our business.

- our ability to move relevant staff to client locations when on-site presence is required for our services;

- client demand for cost savings through the use of AI and automation, and

In addition, in the United States, shifts in regulatory priorities, policy approaches or interpretations of existing laws by federal, state or local governments occur following changes in U.S. presidential administrations, which often leads to changes involving the level of regulatory oversight and focus on businesses and certain industries, particularly financial services.

certain circumstances to consumers whose personal information has been disclosed as a result of a breach.

We have a number of strategic initiatives involving investments in or

Cardano.

prescribed negotiations between the Company and the plan trustees.

certain other business lines are derived from the value of assets under management, advisement or administration; and

In addition, a recently enacted book minimum tax could increase the impact of these provisions on our income tax expense.

U.S., paid by insurers based on factors such as volume or profitability.

as a result of the revenue our businesses receive from healthcare-related services including our consulting advice to clients from different areas of the healthcare industry.

The Company conducts business in [removed: this] [added: its Risk and Insurance Services] segment through Marsh [added: Risk] and Guy Carpenter.

- [removed: Consulting includes] [added: Consulting:] health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting [removed: services.][added: services conducted through Mercer and Marsh Management Consulting.]

The Company conducts business in [removed: this] [added: its Consulting] segment through Mercer and [removed: Oliver Wyman Group.][added: Marsh Management Consulting.]

The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company’s consolidated results for fiscal year [removed: 2024,] [added: 2025,] compared to the results for fiscal year [removed: 2023,] [added: 2024,] and should be read in conjunction with the consolidated financial statements and notes.

For information and comparability of the Company's results of operations and liquidity and capital resources for fiscal year [removed: 2022,] [added: 2023,] refer to "Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-K for the fiscal year ended December 31, [removed: 2023.][added: 2024.]

- Consolidated revenue in [removed: 2024] [added: 2025] was [removed: $24.5] [added: $27.0] billion, an increase of [removed: 8%,] [added: 10%,] or [removed: 7%] [added: 4%] on an underlying basis.

[removed: -] Consolidated operating income increased [removed: $535] [added: $406] million, or [removed: 10%] [added: 7%] to [removed: $5.8] [added: $6.2] billion in [removed: 2024,] [added: 2025,] compared to [removed: 2023.][added: $5.8 billion in 2024, reflecting a 10% increase in revenue and an 11% increase in expenses.]

Net income attributable to the Company was [removed: $4.1] [added: $4.2] billion.

Earnings per share on a diluted basis increased to [removed: $8.18] [added: $8.43] from [removed: $7.53,] [added: $8.18,] or [removed: 9%,] [added: 3%,] compared [removed: with 2023.][added: to 2024.]

- Risk and Insurance Services revenue in [removed: 2024] [added: 2025] was [removed: $15.4] [added: $17.3] billion, an increase of [removed: 9%,] [added: 12%,] or [removed: 8%] [added: 4%] on an underlying basis.

- [removed: Marsh's] [added: Marsh Risk's] revenue in [removed: 2024] [added: 2025] was [removed: $12.5] [added: $14.4] billion, an increase of [removed: 10%,] [added: 15%,] or [removed: 7%] [added: 4%] on an underlying basis.

Guy Carpenter's revenue in [removed: 2024] [added: 2025] was [removed: $2.4] [added: $2.5] billion, an increase of [removed: 5%,] [added: 6%,] or [removed: 8%] [added: 5%] on an underlying basis.

- Consulting revenue in [removed: 2024] [added: 2025] was [removed: $9.1] [added: $9.8] billion, an increase of [removed: 5%,] [added: 7%,] or [removed: 6%] [added: 5%] on an underlying basis.

- Mercer's revenue in [removed: 2024] [added: 2025] was [removed: $5.7] [added: $6.2] billion, an increase of [removed: 3%,] [added: 8%,] or [removed: 5%] [added: 4%] on an underlying basis.

- The Company's results of operations in [removed: 2024] [added: 2025] included restructuring [removed: activities] [added: costs] of [removed: $276 million, primarily] [added: $222 million] related to [removed: severance and] [added: severance,] lease exit [removed: charges for activities focused on workforce actions, technology rationalization] [added: charges,] and [removed: reductions in real estate.][added: consulting and outside services.]

[removed: On November 15, 2024, the] [added: The] Company completed the acquisition of [removed: McGriff] [added: McGriff, an affiliate of TIH] Insurance [removed: Services, LLC ("McGriff")] [added: Holdings (the "McGriff Transaction") in November 2024] for $7.75 billion in cash [removed: consideration.][added: consideration, subject to certain customary adjustments.]

[removed: -] In [added: June] 2024, the Company repaid [removed: $1.6 billion] [added: $600 million] of [added: 3.500%] senior notes at maturity.

- [removed: In 2024, the] [added: The] Company repurchased [removed: 4.3] [added: 10.1] million [added: in 2025] shares for [removed: $900 million.][added: $2.0 billion.]

In connection with the acquisition of McGriff, the Company incurred approximately [removed: $63] [added: $211] million [added: and $60 million] of [removed: acquisition] [added: integration] and retention related costs in [removed: 2024.][added: 2025 and 2024, respectively.]

The Company expects to recognize costs of approximately [removed: $450 million to $500] [added: $250] million, primarily retention incentives over the next [removed: 3] [added: 2] years related to the McGriff acquisition.

[added: McGriff is an insurance broking and risk management services provider in the U.S. In 2024,] McGriff's results of operations [added: were included in the Company's results] for the period November 15, 2024 through December 31, [removed: 2024 were included in the Company’s results of operations for 2024, in Marsh, in the Risk and Insurance Services segment.][added: 2024.]

The macroeconomic and geopolitical environment including multiple major wars and global conflicts, [added: social unrest, tariffs or changes in trade policies,] slower GDP growth or recession, [added: fluctuations in foreign exchange rates,] lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows.

| For the Years Ended December 31, *(In millions, except per share data)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenue | | | | | | $ | [removed: 24,458] [added: 26,981] | | | | | $ | [removed: 22,736] [added: 24,458] | | | | | $ | [removed: 20,720] [added: 22,736] | |

| Compensation and benefits | | | | | | [removed: 13,996] [added: 15,577] | | | | | | [removed: 13,099] [added: 13,996] | | | | | | [removed: 12,071] [added: 13,099] | | |

| Other operating expenses | | | | | | [removed: 4,645] [added: 5,181] | | | | | | [removed: 4,355] [added: 4,645] | | | | | | [removed: 4,369] [added: 4,355] | | |

| Operating expenses | | | | | | [removed: 18,641] [added: 20,758] | | | | | | [removed: 17,454] [added: 18,641] | | | | | | [removed: 16,440] [added: 17,454] | | |

| Operating income | | | | | | $ | [removed: 5,817] [added: 6,223] | | | | | $ | [removed: 5,282] [added: 5,817] | | | | | $ | [removed: 4,280] [added: 5,282] | |

| Income before income taxes | | | | | | $ | [removed: 5,480] [added: 5,539] | | | | | $ | [removed: 5,026] [added: 5,480] | | | | | $ | [removed: 4,082] [added: 5,026] | |

| Net income before non-controlling interests | | | | | | $ | [removed: 4,117] [added: 4,234] | | | | | $ | [removed: 3,802] [added: 4,117] | | | | | $ | [removed: 3,087] [added: 3,802] | |

| Net income attributable to the Company | | | | | | $ | [removed: 4,060] [added: 4,160] | | | | | $ | [removed: 3,756] [added: 4,060] | | | | | $ | [removed: 3,050] [added: 3,756] | |

| – Basic | | | | | | $ | [removed: 8.26] [added: 8.48] | | | | | $ | [removed: 7.60] [added: 8.26] | | | | | $ | [removed: 6.11] [added: 7.60] | |

| – Diluted | | | | | | $ | [removed: 8.18] [added: 8.43] | | | | | $ | [removed: 7.53] [added: 8.18] | | | | | $ | [removed: 6.04] [added: 7.53] | |

| – Basic | | | | | | [removed: 492] [added: 491] | | | | | | [removed: 494] [added: 492] | | | | | | [removed: 499] [added: 494] | | |

| – Diluted | | | | | | [removed: 496] [added: 494] | | | | | | [removed: 499] [added: 496] | | | | | | [removed: 505] [added: 499] | | |

| Shares outstanding at December 31, | | | | | | [removed: 491] [added: 485] | | | | | | [removed: 492] [added: 491] | | | | | | [removed: 495] [added: 492] | | |

Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of [removed: 9%] [added: 12%] and [removed: 5%,] [added: 7%,] respectively.

[removed: The increase is primarily the result of higher operating] [added: Operating] income [removed: in 2024,] [added: was $4.6 billion,] compared to [added: $4.4 billion in] the prior year.

The percentage change for acquisitions, [removed: dispositions,] [added: dispositions] and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes.

References in this report are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the "Company" or "Marsh"), unless the context otherwise requires.

Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively.

References to the Company and its businesses in this report reflect these changes.

Mercer and Guy Carpenter will continue to report under their current brands through a transition period.

The changes to the brand names had no impact on the Company's operating and reporting segments.

Marsh is a global professional services firm in the areas of risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries.

With an annual revenue of $27.0 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective.

- Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter.

- Consolidated operating income increased $406 million, or 7% to $6.2 billion in 2025, compared to 2024.

Operating income was $1.9 billion, compared to $1.8 billion in the prior year.

Marsh Management Consulting's revenue in 2025 was $3.6 billion, an increase of 6% on both a reported and an underlying basis.

- The Company completed 20 acquisitions in 2025 for a total purchase consideration of $857 million.

- The Company's results in 2025 include the results of operations of McGriff in Marsh Risk, in the Risk and Insurance Services segment.

- The Company's consolidated effective tax rate for 2025 was 23.6%.

- In 2025, the Company paid dividends on its common stock shares of $1.7 billion.

Diluted earnings per share increased to $8.43 from $8.18, or 3% from the prior year, reflecting an increase in operating income, partially offset by higher interest expense due to debt raised to fund the McGriff acquisition.

| 2025 | | | 2024 | | | | | | 2025 | | | 2024 | | | | | | | | | | | |

| Marsh Risk | | | $ | 14,366 | | $ | 12,536 | | 15 | | % | | | | $ | 13,055 | | $ | 12,519 | | 4 | | % |

| Guy Carpenter | | | 2,496 | | | 2,362 | | | 6 | | % | | | | 2,479 | | | 2,362 | | | 5 | | % |

| Subtotal | | | 16,862 | | | 14,898 | | | 13 | | % | | | | 15,534 | | | 14,881 | | | 4 | | % |

| Mercer | | | 6,190 | | | 5,743 | | | 8 | | % | | | | 5,916 | | | 5,700 | | | 4 | | % |

| Marsh Management Consulting | | | 3,604 | | | 3,390 | | | 6 | | % | | | | 3,553 | | | 3,353 | | | 6 | | % |

| Total Consulting | | | 9,794 | | | 9,133 | | | 7 | | % | | | | 9,469 | | | 9,053 | | | 5 | | % |

| Total Revenue | | | $ | 26,981 | | $ | 24,458 | | 10 | | % | | | | $ | 25,312 | | $ | 24,361 | | 4 | | % |

| 2025 | | | 2024 | | | | | | 2025 | | | 2024 | | | | | | | | | | | |

| EMEA | | | $ | 3,812 | | $ | 3,530 | | 8 | | % | | | | $ | 3,757 | | $ | 3,530 | | 6 | | % |

| Asia Pacific | | | 1,460 | | | 1,414 | | | 3 | | % | | | | 1,466 | | | 1,408 | | | 4 | | % |

| Total International | | | 5,843 | | | 5,519 | | | 6 | | % | | | | 5,808 | | | 5,513 | | | 5 | | % |

| U.S./Canada | | | 8,523 | | | 7,017 | | | 21 | | % | | | | 7,247 | | | 7,006 | | | 3 | | % |

| Total Marsh Risk | | | $ | 14,366 | | $ | 12,536 | | 15 | | % | | | | $ | 13,055 | | $ | 12,519 | | 4 | | % |

| Wealth | | | $ | 2,819 | | $ | 2,584 | | 9 | | % | | | | $ | 2,611 | | $ | 2,505 | | 4 | | % |

| Health | | | 2,284 | | | 2,100 | | | 9 | | % | | | | 2,267 | | | 2,136 | | | 6 | | % |

| Total Mercer | | | $ | 6,190 | | $ | 5,743 | | 8 | | % | | | | $ | 5,916 | | $ | 5,700 | | 4 | | % |

| | | | 2025 | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | |

| Marsh Risk (a) | | | $ | 14,366 | | | | | $ | (28) | | | | | $ | (1,283) | | | | | $ | 13,055 | | | | | $ | 12,536 | | | | | $ | (17) | | | | | $ | 12,519 | |

| Guy Carpenter | | | 2,496 | | | | | | 3 | | | | | | (20) | | | | | | 2,479 | | | | | | 2,362 | | | | | | — | | | | | | 2,362 | | |

| Subtotal | | | 16,862 | | | | | | (25) | | | | | | (1,303) | | | | | | 15,534 | | | | | | 14,898 | | | | | | (17) | | | | | | 14,881 | | |

| Mercer (b) | | | 6,190 | | | | | | (41) | | | | | | (233) | | | | | | 5,916 | | | | | | 5,743 | | | | | | (43) | | | | | | 5,700 | | |

| Marsh Management Consulting (c) | | | 3,604 | | | | | | (38) | | | | | | (13) | | | | | | 3,553 | | | | | | 3,390 | | | | | | (37) | | | | | | 3,353 | | |

| Total Consulting | | | 9,794 | | | | | | (79) | | | | | | (246) | | | | | | 9,469 | | | | | | 9,133 | | | | | | (80) | | | | | | 9,053 | | |

Marsh McLennan Companies Inc., and its consolidated subsidiaries (Marsh McLennan or the "Company") a global professional services firm in the areas of risk, strategy and people.

The Company helps clients build the confidence to thrive through the power of perspective of our four market-leading businesses.

With annual revenue of over $24 billion, the Company has more than 90,000 colleagues advising clients in over 130 countries.

Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients.

Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities.

Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce.

Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients.

The four businesses also collaborate together to deliver new solutions to help clients manage complex and interconnected risks.

- Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services.

Operating income was $4.4 billion and $3.9 billion in 2024 and 2023, respectively.

Operating income was $1.8 billion and $1.7 billion in 2024 and 2023, respectively.

Oliver Wyman Group's revenue in 2024 was $3.4 billion, an increase of 9%, or 6% on an underlying basis.

- The Company completed 17 acquisitions in 2024.

- On January 1, 2024, the Company completed the sale of its Mercer U.K. pension administration and U.S. health and benefits administration businesses for approximately $120 million, and recorded a net gain of $35 million in the current year.

*•*In November 2024, the Company issued $7.25 billion of senior notes to fund the acquisition of McGriff and for general corporate purposes.

In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054.

*Acquisition of McGriff*

On November 15, 2024, the Company completed the acquisition of McGriff, an affiliate of TIH Insurance Holdings (the "McGriff Transaction") for $7.75 billion in cash consideration, subject to certain customary adjustments.

McGriff is an insurance broking and risk management services provider in the United States (U.S.), with approximately $1.3 billion in annual revenue.

The Company paid approximately $23 million for customary upfront fees related to the Commitment Letter, amortized as interest expense.

These costs include retention plans put in place by the seller and were funded through a purchase price adjustment for McGriff.

As of November 15, 2024, the Company assumed the assets and legal liabilities of McGriff.

Please see the "Risk Factors" section of this Annual Report on Form 10-K for risks associated with acquisitions and dispositions.

Consolidated operating income increased $535 million, or 10% to $5.8 billion in 2024, compared to $5.3 billion in the prior year, reflecting an 8% increase in revenue and a 7% increase in expenses.

Diluted earnings per share increased to $8.18 from $7.53, or 9% from the prior year.

| Marsh | | | $ | 12,536 | | $ | 11,378 | | 10 | | % | | | | $ | 12,218 | | $ | 11,375 | | 7 | | % |

| Guy Carpenter | | | 2,362 | | | 2,258 | | | 5 | | % | | | | 2,371 | | | 2,188 | | | 8 | | % |

| Subtotal | | | 14,898 | | | 13,636 | | | 9 | | % | | | | 14,589 | | | 13,563 | | | 8 | | % |

| Mercer | | | 5,743 | | | 5,587 | | | 3 | | % | | | | 5,629 | | | 5,338 | | | 5 | | % |

| Oliver Wyman Group | | | 3,390 | | | 3,122 | | | 9 | | % | | | | 3,294 | | | 3,120 | | | 6 | | % |

| Total Consulting | | | 9,133 | | | 8,709 | | | 5 | | % | | | | 8,923 | | | 8,458 | | | 6 | | % |

| Total Revenue | | | $ | 24,458 | | $ | 22,736 | | 8 | | % | | | | $ | 23,935 | | $ | 22,412 | | 7 | | % |

| EMEA | | | $ | 3,530 | | $ | 3,262 | | 8 | | % | | | | $ | 3,521 | | $ | 3,259 | | 8 | | % |

| Asia Pacific | | | 1,414 | | | 1,295 | | | 9 | | % | | | | 1,373 | | | 1,295 | | | 6 | | % |

| Total International | | | 5,519 | | | 5,116 | | | 8 | | % | | | | 5,507 | | | 5,113 | | | 8 | | % |

| U.S./Canada | | | 7,017 | | | 6,262 | | | 12 | | % | | | | 6,711 | | | 6,262 | | | 7 | | % |

| Total Marsh | | | $ | 12,536 | | $ | 11,378 | | 10 | | % | | | | $ | 12,218 | | $ | 11,375 | | 7 | | % |

| Wealth | | | $ | 2,584 | | $ | 2,507 | | 3 | | % | | | | $ | 2,455 | | $ | 2,361 | | 4 | | % |

| Health | | | 2,100 | | | 2,061 | | | 2 | | % | | | | 2,115 | | | 1,958 | | | 8 | | % |

| Total Mercer | | | $ | 5,743 | | $ | 5,587 | | 3 | | % | | | | $ | 5,629 | | $ | 5,338 | | 5 | | % |

| *(In millions)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | | | | $ | [removed: 2,398] [added: 2,687] | | | | | $ | [removed: 3,358] [added: 2,398] | |

| Cash and cash equivalents held in a fiduciary capacity | | | | | | $ | [removed: 11,276] [added: 11,473] | | | | | $ | [removed: 10,794] [added: 11,276] | |

Based on the above balances at December 31, [removed: 2024,] [added: 2025,] if short-term interest rates increased or decreased by 10%, or [removed: 41] [added: 31] basis points for the year [removed: 2025,] [added: 2026,] annual interest income, including interest earned on cash and cash equivalents held in a fiduciary capacity, would increase or decrease by approximately [removed: $56] [added: $44] million.

At December 31, [removed: 2023,] [added: 2024,] a change in short-term interest rates of 10%, or [removed: 47] [added: 41] basis points, would have increased or decreased interest income by approximately [removed: $66] [added: $56] million.

The change in interest rate risk at December 31, [removed: 2024] [added: 2025] is due to lower interest rates compared to the prior year.

Assumptions used to determine net periodic cost for [removed: 2025] [added: 2026] are discussed in Note 8, Retirement Benefits, in the notes to the consolidated financial statements.

The non-U.S. based revenue that is exposed to foreign exchange fluctuations is approximately [removed: 52%] [added: 51%] of total revenue.

If foreign exchange rates of major currencies (Euro, British Pound, Australian dollar and Canadian dollar) moved 10% in the same direction against the U.S. dollar compared with the foreign exchange rates in [removed: 2024,] [added: 2025,] the Company estimates

net operating income would increase or decrease by approximately [removed: $93] [added: $109] million.

The corresponding increase or decrease in net operating income in [removed: 2023] [added: 2024] was estimated at [removed: $80] [added: $93] million.

The Company [added: also] holds investments [removed: in both public and private companies as well as private equity funds, including investments] of approximately [removed: $19] [added: $24] million that are valued using readily determinable fair values and approximately [removed: $16] [added: $17] million of investments without readily determinable fair values.

The Company [removed: also] has investments [added: in certain private equity funds as well as in public and private companies] of approximately [removed: $257] [added: $301] million that are accounted for using the equity [removed: method.][added: method of accounting.]

References in this report to "we", "us" and "our" are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the "Company" or [removed: "Marsh McLennan"),] [added: "Marsh"),] unless the context otherwise requires.

- [removed: Consulting includes] [added: Consulting:] health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting [removed: services.][added: services conducted through Mercer and Marsh Management Consulting.]

We [removed: describe] [added: provide further details about] our current segments [removed: in further detail] below.

[removed: We provide financial] [added: Financial] information about our segments [added: is provided] in our consolidated financial [removed: statements] [added: statements, which are] included under Part II, Item 8 of this report.

[removed: The Risk] [added: It employs approximately 52,000 colleagues] and [removed: Insurance Services segment] generated approximately [removed: 63%] [added: 54%] of the Company's total revenue in [removed: 2024 and employs approximately 52,400 colleagues worldwide.][added: 2025.]

[removed: MARSH][added: MARSH RISK]

[removed: Currently, approximately 48,800] Marsh [removed: colleagues provide] [added: Risk is the world's leading insurance broker and] risk [added: advisor, offering risk] management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in [removed: over] 130 countries.

[removed: Marsh] [added: It employs approximately 3,700 colleagues and] generated approximately [removed: 53%] [added: 10%] of the Company's total revenue in [removed: 2024.][added: 2025.]

[removed: Marsh’s product and service offerings include] [added: Marsh Risk offers] risk analysis, insurance program [removed: design and placement, insurance program support and administration,] [added: design,] claims support and [removed: advocacy,] alternative risk [removed: strategies and a wide array of risk analysis and risk management consulting services.][added: strategies.]

[removed: Corporate. Middle market] [added: - Corporate serves middle-market] clients [removed: are served by Marsh’s brokerage operations globally; this segment] [added: globally and] is also serviced [removed: by] [added: through] Marsh [removed: &] McLennan Agency [removed: (MMA) in the United States (U.S.).][added: (MMA).]

[removed: - Marsh] [added: ◦Marsh] McLennan Agency (MMA) provides business insurance, employee health and benefits, retirement and wealth [removed: management,] [added: management] and private client insurance solutions to individuals and mid-market organizations.

Since its first acquisition in 2009, MMA has acquired more than [removed: 125] [added: 135] agencies.

[removed: - Victor] [added: ◦Victor] Insurance Managers (Victor) [removed: is one of the largest] [added: serves as] underwriting managers of professional liability, [removed: catastrophe,] [added: catastrophe] and other specialty insurance programs worldwide.

[removed: - Marsh Affinity] [added: ◦Affinity] focuses on insurance programs sold to insureds or vendors through a corporate sponsor using an affinity distribution model.

[removed: - High Net Worth (HNW). Individual high net worth clients] [added: ◦High net-worth individuals] and family offices are [removed: serviced] [added: served] by MMA in the [removed: U.S.] [added: US] and other Marsh personal lines businesses globally.

[removed: Marsh's] [added: Marsh Risk's] Insurer Consulting Group (ICG) provides [added: various] services to insurance carriers.

[removed: Currently, approximately 3,600] Guy [removed: Carpenter colleagues provide clients with a combination of] [added: Carpenter, the Company’s reinsurance intermediary and advisor, provides] specialized reinsurance [removed: broking expertise,] [added: broking,] strategic advisory [removed: services] and [added: actuarial services, and] analytics solutions.

Guy Carpenter creates and executes reinsurance and risk management solutions [removed: for clients worldwide] [added: globally] through risk assessment analytics, actuarial [removed: services, highly-specialized product knowledge] [added: services] and trading relationships with reinsurance markets.

Marsh [added: Risk] and Guy Carpenter are compensated for brokerage and consulting services through commissions and fees.

Commission rates and fees vary in amount and [removed: can] depend on [removed: a number of factors, including the type of insurance or reinsurance] coverage provided, the [removed: particular] insurer or reinsurer selected, and the capacity in which the broker acts and negotiates with clients.

[removed: This] [added: Marsh Risk also receives] other compensation [removed: includes, among other things,] [added: from insurance companies, which includes] payments for consulting and analytics [removed: services provided to insurers;] [added: services;] compensation for administrative and other services (including fees for underwriting services and services [removed: provided to or on behalf of insurers relating] [added: related] to the administration and management of quota shares, panels and other [removed: facilities] [added: facilities); payments for participation] in [removed: which insurers participate);] [added: sponsorship programs;] and contingent commissions, [removed: which are paid by insurers] based on factors such as volume or profitability of [removed: Marsh's] [added: Marsh Risk's] placements, primarily driven by MMA and parts of [removed: Marsh's] [added: Marsh Risk's] international operations.

Marsh [added: Risk] and Guy Carpenter [added: also] receive interest income on certain funds (such as premiums and claims proceeds) held in a fiduciary capacity for others.

[removed: The Company's Consulting segment] [added: It employs approximately 21,900 colleagues and] generated approximately [removed: 37%] [added: 23%] of the Company's total revenue in [removed: 2024 and employs approximately 30,500 colleagues worldwide.][added: 2025.]

Outside [removed: of] the U.S., Mercer and Marsh [added: Risk] go to market together [removed: for Health] [added: to provide health] benefits brokerage and consulting [removed: under the Mercer Marsh BenefitsSM (MMB) brand, as described above.][added: services.]

Mercer [removed: is compensated for advice and services through] [added: receives client] fees [removed: paid by clients,] [added: and] commissions and fees based on assets or members.

In the majority of cases, Mercer's Health business is compensated through commissions for the placement of insurance contracts and supplemental compensation from insurers based on [removed: such] [added: various] factors as [added: volume, growth of accounts, and total retention of accounts placed by Mercer.]

Mercer's investments business and certain of [removed: Mercer's] [added: its] administration services are compensated [removed: typically through fees] based on assets under administration or management or fee per member.

For a majority of the Mercer-managed investment funds, revenue received from Mercer's investment management clients as sub-advisor fees is reported on a gross basis rather than [added: on] a net basis.

The Company's activities are subject to licensing requirements and extensive regulation under [removed: U.S.] [added: US] federal and state laws, as well as laws of other countries in which the Company operates.

Across most jurisdictions, we are [removed: also] subject to [removed: various] data privacy and data protection laws and regulations that apply to personal information, as well [removed: as, in certain jurisdictions,] [added: as] cybersecurity laws and regulations and emerging laws and regulations related to artificial intelligence ("AI").

[removed: In addition,] [added: Additionally,] we are subject to various financial crime laws and regulations through our [removed: activities,] activities of associated persons, the products and services we provide and our business and client relationships.

In certain circumstances, we are also required to maintain operating funds primarily related to regulatory requirements outside the U.S. See Part I, Item 1A ("Risk [removed: Factors")] [added: Factors"] below for a discussion of how actions by regulatory authorities or changes in legislation and regulation [removed: in the jurisdictions in which we operate] may have an adverse effect on our businesses and for more information about the laws and regulations related to data privacy, data protection, cybersecurity and AI and the associated risks to our businesses.

Risk and Insurance Services. [removed: While laws and regulations vary from location to location, every state of the] [added: All] U.S. [added: states] and most foreign jurisdictions require insurance market intermediaries and related service providers (such as insurance brokers, agents and consultants, reinsurance brokers and managing general agents) to hold an individual or company license from a government agency or self-regulatory organization.

Some jurisdictions issue licenses only to individual residents or [removed: locally-owned] [added: locally owned] business entities; in those instances, [removed: if] the Company [removed: has no licensed subsidiary, it] may maintain arrangements with residents or business entities licensed to act in such jurisdiction.

Insurance authorities in the U.S. and certain other [removed: jurisdictions in which the Company's subsidiaries do business,] [added: jurisdictions,] including the FCA in the [removed: United Kingdom, also] [added: U.K.,] have [added: also] enacted laws and regulations governing the investment of funds, such as premiums and claims proceeds, held in a fiduciary capacity for others.

These laws and regulations [removed: typically] provide for [added: the] segregation of these fiduciary funds and limit the types of investments that may be made with [removed: them, and] [added: them; they] generally apply to both the insurance and reinsurance business.

[removed: Certain of the Company's Risk and Insurance Services activities are governed by other] [added: Other] regulatory bodies, such as investment, [removed: securities] [added: securities,] and futures licensing [removed: authorities.][added: authorities, govern certain of the Company's Risk and Insurance services activities.]

[removed: In the U.S., Marsh and Guy Carpenter use the services of] [added: -] MMC Securities [removed: LLC,] [added: LLC is] a SEC registered broker-dealer and introducing broker [removed: in the U.S. MMC Securities LLC is a member of the Financial Industry Regulatory Authority ("FINRA"), the National Futures Association] [added: used by Marsh Risk] and [added: Guy Carpenter in] the [removed: Securities Investor Protection Corporation ("SIPC"),] [added: U.S.,] primarily in connection with capital markets and other investment banking-related services relating to insurance-linked and alternative risk financing transactions.

[removed: In the United Kingdom, Marsh and Guy Carpenter use the expertise of] [added: -] MMC Securities [removed: Limited, which] [added: Limited] is authorized and regulated by the FCA to provide advice on [added: securities and investments in the U.K.]

[removed: In the European Union, Guy Carpenter uses] [added: -] MMC Securities (Ireland) [removed: Limited, which] [added: Limited] is authorized and regulated by the Central Bank of Ireland [added: and used by Guy Carpenter] to place certain securities and investments in the European [removed: Union.][added: Economic Area.]

Effective January 14, 2026, we updated our brand name from Marsh McLennan to Marsh and the brand names of our Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively.

References to the Company and its businesses in this report reflect these changes.

Mercer and Guy Carpenter will continue to report under their current brands through a transition period.

Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries.

With an annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective.

- Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services conducted through Marsh Risk and Guy Carpenter.

This segment accounted for approximately 64% of the Company's total revenue in 2025 and employed around 55,700 colleagues globally.

It includes Marsh Risk and Guy Carpenter.

- Risk Management supports clients’ worldwide risk issues, and Specialty supports clients who require advice in highly specialized industry and product areas.

MMA also offers wealth and retirement products and services to clients.

- Commercial & Consumer serves clients with less complex risks.

This segment includes:

Additional Services: Marsh Risk also offers specialist advisory services through risk consulting, captive solutions and international placement.

Within the U.S. and Canada, Marsh Risk advises on health benefits brokerage and consulting services through MMA.

Reinsurance and Risk Management Services

As a broker, Guy Carpenter handles treaty and facultative reinsurance across various sectors and provides alternatives to traditional reinsurance, such as industry loss warranties and capital markets solutions.

GC Securities provides structuring and placement services in respect of insurance-linked securities, such as catastrophe bonds and sidecar vehicles, along with surplus notes.

GC Capital & Advisory offers corporate finance solutions, including mergers and acquisitions advice and capital raising, which complement Guy Carpenter's larger capabilities.

GC Securities and GC Capital & Advisory are both divisions of MMC Securities LLC.

Reinsurance-related Services

Additionally, Guy Carpenter provides actuarial consulting, contract and claims management, and portfolio analysis, helping clients understand uncertainties and make critical decisions in areas such as reinsurance utilization and capital adequacy.

This segment generated approximately 36% of the Company's total revenue in 2025 and employed around 29,100 colleagues globally, primarily through Mercer and Marsh Management Consulting.

- Health: assisting employers in managing employee health programs, compliance and outsourcing benefits.

Outside of the U.S., Mercer and Marsh Risk go to market together to provide health benefits brokerage and consulting services.

- Wealth: providing actuarial, investment consulting and investment management services for clients’ retirement plans and other investment pools, managing approximately $692 billion in assets worldwide at December 31, 2025.

- Career: advising on employee engagement, skill assessment, executive remuneration, HR effectiveness and M&A strategy utilizing proprietary data and tools.

MARSH MANAGEMENT CONSULTING

Marsh Management Consulting offers management consulting and advisory services across various industries through three industry-leading operating units.

It employs over 7,200 colleagues and generated approximately 13% of the Company's total revenue in 2025.

Oliver Wyman includes the following specializations: Actuarial, AI Transformation, Climate and Sustainability, Customer Innovation and Growth, Finance, Risk and Restructuring, Mergers and Acquisitions and Performance Transformation.

Lippincott specializes in brand strategy and design.

NERA Economic Consulting provides economic analysis for complex business and legal issues.

Marsh Management Consulting is primarily compensated through client fees.

Our business is regulated by the Financial Conduct Authority ("FCA") in the U.K. The FCA licenses insurance and reinsurance intermediaries and evaluates related criteria such as professional competence, financial capacity and professional indemnity insurance requirements, as well as the broking of premium finance to consumers.

It enforces prohibitions on anti-competitive behavior in financial services.

It is a member of the Financial Industry Regulatory Authority ("FINRA"), the National Futures Association and the Securities Investor Protection Corporation ("SIPC”).

- MMA Securities LLC is a SEC-registered broker-dealer and investment adviser used by Marsh Risk in the U.S. that provides investment advisory and consulting services to employee-sponsored retirement plans.

It is a member of FINRA, SIPC and the Municipal Securities Rulemaking Board ("MSRB").

- MMA Asset Management LLC is a SEC-registered investment advisor used primarily in connection with retirement and wealth management.

- Precept Advisory Group LLC is a SEC-registered investment advisor providing investment advisory and consulting services to employee-sponsored retirement plans.

Marsh McLennan is the world's leading professional services firm in the areas of risk, strategy and people.

We help clients build the confidence to thrive through the power of perspective of our four market-leading businesses.

With annual revenue of over $24 billion, we have more than 90,000 colleagues advising clients in over 130 countries.

Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients.

Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities.

Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce.

Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients.

Our four businesses also collaborate together to deliver new solutions to help clients manage complex and interconnected risks.

- Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services.

The Company conducts business in this segment through Marsh and Guy Carpenter.

The Company conducts business in this segment through Mercer and Oliver Wyman Group.

Marsh is the world's leading insurance broker and risk advisor, serving companies, institutions and individuals.

From its founding in 1871 to the present day, Marsh has demonstrated a commitment to thought leadership, innovation and insurance expertise to meet its clients’ needs.

Marsh’s pioneering contributions include introducing the practice of client representation through brokerage, the discipline of risk management, the globalization of risk management services and the development of service platforms that identify, quantify, mitigate and transfer risk.

In its core insurance broking and risk advisory business, Marsh employs a team approach to identify, quantify and address clients' risk management and insurance needs.

Clients benefit from Marsh’s advanced analytics, deep technical expertise, specialty and industry knowledge, collaborative global culture and the ability to develop innovative solutions and products.

The firm’s resources also include nearly three dozen specialty and industry practices, including cyber, construction, renewable energy, healthcare, and financial and professional service practices.

Marsh provides services to clients of all sizes, including large multinational companies ("Risk Management"), high growth middle-market businesses ("Corporate"), small commercial enterprises and high net-worth private clients, and affinity group members ("Commercial & Consumer").

Marsh's segments are designed to build stronger value propositions and operating models to optimize solutions and services for clients depending on their needs.

Risk Management. Marsh has an extensive global footprint and market-leading advisory and placement services that benefit large domestic and international companies and institutions facing complex risk exposures.

These clients are also supported by Marsh’s robust analytics and a growing digital experience.

In addition, Marsh’s largest global clients are serviced by Marsh Multinational, a dedicated team of colleagues from around the world focused on delivering service excellence and insurance solutions to clients wherever they are located.

Marsh is digitizing the client experience through tools such as LINQ, Marsh’s account and service application; Blue\[i\], a suite of analytics tools for clients; and Bluestream, a digital brokerage platform that enables clients to provide insurance to their customers or suppliers in a B2B2C distribution model.

Marsh provides global expertise and an intimate knowledge of local markets, helping clients navigate local regulatory environments to address the worldwide risk issues that confront them.

- Marsh Specialty is an integrated and globally coordinated team of experts who provides clients in highly specialized industry and product areas with data driven insights, service, advice and access to global insurance markets.

These specialists support clients who require advice and support across aviation & space, credit specialties, construction, energy & power, financial & professional services (FINPRO), marine & cargo, and private equity, mergers & acquisitions (PEMA).

Commercial & Consumer. Clients in this market segment typically face less complex risks and are served by Marsh’s innovative product and placement offerings and growing capabilities in digitally enabled distribution and administration.

In the U.S., Victor Insurance Managers (US) and ICAT Managers underwrite, solicit, sell and service coverages through a national third-party distribution network of licensed brokers and agents.

Through its Victor Small Business platform, Victor deploys cloud-based technology to enable independent insurance agents, on behalf of their small business clients, to obtain online quotes from multiple insurance providers and bind property and casualty and workers compensation insurance policies in real time.

Victor also manages Torrent Technologies, the nation’s largest service provider to the National Flood Insurance Program (NFIP).

Victor Insurance Managers (Canada), a leading managing general agent in Canada, delivers professional liability and construction insurance and other property and casualty programs and administers group and retiree benefits programs and claims handling operations for individuals, organizations and businesses.

Victor also has a business in the U.K., the Netherlands, Italy, Germany and Australia.

These businesses provide a single-source solution for high net worth clients and are dedicated to sourcing protections across a broad spectrum of risk.

Using a consultative approach, Marsh's HNW practices analyze exposures and customize programs to cover individual clients with complex asset portfolios.

Additional Services and Adjacent Businesses

In addition to insurance broking, Marsh provides certain other specialist advisory or placement services:

Marsh Advisory is a global practice comprising specialists who use data and analytics, including through Marsh’s Blue\[i\] digital analytics platform.

Marsh Advisory’s three main service areas (Consulting, Claims, and Analytics) advise clients on existing and emerging risk exposures, protecting critical business activities and developing strategies to optimize total cost of risk.

Marsh Captive Solutions*,* a prominent part of the Marsh Specialty and Global Placement practice, helps organizations of all sizes retain risks through comprehensive and innovative captive solutions.

This team is comprised of captive consultants, actuaries and captive management professionals which offer complete, end-to-end captive management services.

Additional information regarding certain legal proceedings and related matters is set forth in Note 16, Claims, Lawsuits and Other Contingencies, in the notes to the consolidated financial statements appearing under Part II, Item 8 ("Financial Statements and Supplementary Data") of this [removed: report.][added: annual report on Form 10-K.]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

| Common Stock, par value $1.00 per share | | | | | | [removed: MMC] [added: MRSH] | | | | | | New York Stock Exchange | | |

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was approximately [removed: $103,586,269,063] [added: $107,422,546,097] computed by reference to the closing price of such stock as reported on the New York Stock Exchange on June 30, [removed: 2024.][added: 2025.]

As of February [removed: 6, 2025,] [added: 5, 2026,] there were outstanding [removed: 491,131,126] [added: 484,124,253] shares of common stock, par value $1.00 per share, of the registrant.

Portions of Marsh & McLennan Companies, Inc.’s Notice of Annual Meeting and Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders (the [removed: "2025] [added: "2026] Proxy Statement") are incorporated by reference in Part III of this Form 10-K.

- the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from multiple major wars and global conflicts, [added: social unrest, tariffs or changes in trade policy,] slower GDP growth or recession, [added: fluctuations in foreign exchange rates,] lower interest rates, capital markets volatility, inflation and changes in insurance premium rates;

- the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges by tax authorities in the current global tax [removed: environment;][added: environment.]

- the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; [added: and]

Further information concerning Marsh [removed: McLennan] and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section in Part I, Item 1A of this report and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section in Part II, Item 7 of this report.

Marsh [removed: McLennan] and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently.

| [Information Concerning Forward-Looking [removed: Statements](#i66887d101b1a41528397b6a5d4040579_7)] [added: Statements](#i6156164d3c3f432ca6576522b81475d7_7)] | | | | | | [removed: [i](#i66887d101b1a41528397b6a5d4040579_7)] [added: [i](#i6156164d3c3f432ca6576522b81475d7_7)] | | |

| Item 1 — | | | [removed: [Business](#i66887d101b1a41528397b6a5d4040579_16)] [added: [Business](#i6156164d3c3f432ca6576522b81475d7_16)] | | | [removed: [1](#i66887d101b1a41528397b6a5d4040579_16)] [added: [1](#i6156164d3c3f432ca6576522b81475d7_16)] | | |

| Item 1A — | | | [Risk [removed: Factors](#i66887d101b1a41528397b6a5d4040579_19)] [added: Factors](#i6156164d3c3f432ca6576522b81475d7_19)] | | | [removed: [13](#i66887d101b1a41528397b6a5d4040579_19)] [added: [9](#i6156164d3c3f432ca6576522b81475d7_19)] | | |

| Item 1B — | | | [Unresolved Staff [removed: Comments](#i66887d101b1a41528397b6a5d4040579_22)] [added: Comments](#i6156164d3c3f432ca6576522b81475d7_22)] | | | [removed: [33](#i66887d101b1a41528397b6a5d4040579_22)] [added: [30](#i6156164d3c3f432ca6576522b81475d7_22)] | | |

| Item 1C — | | | [removed: [Cybersecurity](#i66887d101b1a41528397b6a5d4040579_25)] [added: [Cybersecurity](#i6156164d3c3f432ca6576522b81475d7_25)] | | | [removed: [33](#i66887d101b1a41528397b6a5d4040579_25)] [added: [30](#i6156164d3c3f432ca6576522b81475d7_25)] | | |

| Item 2 — | | | [removed: [Properties](#i66887d101b1a41528397b6a5d4040579_28)] [added: [Properties](#i6156164d3c3f432ca6576522b81475d7_28)] | | | [removed: [35](#i66887d101b1a41528397b6a5d4040579_28)] [added: [32](#i6156164d3c3f432ca6576522b81475d7_28)] | | |

| Item 3 — | | | [Legal [removed: Proceedings](#i66887d101b1a41528397b6a5d4040579_31)] [added: Proceedings](#i6156164d3c3f432ca6576522b81475d7_31)] | | | [removed: [35](#i66887d101b1a41528397b6a5d4040579_31)] [added: [32](#i6156164d3c3f432ca6576522b81475d7_31)] | | |

| Item 4 — | | | [Mine Safety [removed: Disclosures](#i66887d101b1a41528397b6a5d4040579_34)] [added: Disclosures](#i6156164d3c3f432ca6576522b81475d7_34)] | | | [removed: [35](#i66887d101b1a41528397b6a5d4040579_34)] [added: [32](#i6156164d3c3f432ca6576522b81475d7_34)] | | |

| Item 5 — | | | [Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i66887d101b1a41528397b6a5d4040579_40)] [added: Securities](#i6156164d3c3f432ca6576522b81475d7_40)] | | | [removed: [36](#i66887d101b1a41528397b6a5d4040579_40)] [added: [33](#i6156164d3c3f432ca6576522b81475d7_40)] | | |

| Item 6 — | | | [removed: [\[Reserved\]](#i66887d101b1a41528397b6a5d4040579_43)] [added: [\[Reserved\]](#i6156164d3c3f432ca6576522b81475d7_43)] | | | [removed: [36](#i66887d101b1a41528397b6a5d4040579_43)] [added: [33](#i6156164d3c3f432ca6576522b81475d7_43)] | | |

| Item 7 — | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i66887d101b1a41528397b6a5d4040579_49)] [added: Operations](#i6156164d3c3f432ca6576522b81475d7_49)] | | | [removed: [37](#i66887d101b1a41528397b6a5d4040579_49)] [added: [34](#i6156164d3c3f432ca6576522b81475d7_49)] | | |

| Item 7A — | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i66887d101b1a41528397b6a5d4040579_106)] [added: Risk](#i6156164d3c3f432ca6576522b81475d7_100)] | | | [removed: [57](#i66887d101b1a41528397b6a5d4040579_106)] [added: [54](#i6156164d3c3f432ca6576522b81475d7_100)] | | |

| Item 8 — | | | [Financial Statements and Supplementary [removed: Data](#i66887d101b1a41528397b6a5d4040579_109)] [added: Data](#i6156164d3c3f432ca6576522b81475d7_103)] | | | [removed: [59](#i66887d101b1a41528397b6a5d4040579_109)] [added: [56](#i6156164d3c3f432ca6576522b81475d7_103)] | | |

| Item 9 — | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i66887d101b1a41528397b6a5d4040579_220)] [added: Disclosure](#i6156164d3c3f432ca6576522b81475d7_211)] | | | [removed: [116](#i66887d101b1a41528397b6a5d4040579_220)] [added: [115](#i6156164d3c3f432ca6576522b81475d7_211)] | | |

| Item 9A — | | | [Controls and [removed: Procedures](#i66887d101b1a41528397b6a5d4040579_223)] [added: Procedures](#i6156164d3c3f432ca6576522b81475d7_214)] | | | [removed: [116](#i66887d101b1a41528397b6a5d4040579_223)] [added: [115](#i6156164d3c3f432ca6576522b81475d7_214)] | | |

| Item 10 — | | | [Directors, Executive Officers and Corporate [removed: Governance](#i66887d101b1a41528397b6a5d4040579_235)] [added: Governance](#i6156164d3c3f432ca6576522b81475d7_226)] | | | [removed: [119](#i66887d101b1a41528397b6a5d4040579_235)] [added: [118](#i6156164d3c3f432ca6576522b81475d7_226)] | | |

| Item 12 — | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i66887d101b1a41528397b6a5d4040579_238)] [added: Matters](#i6156164d3c3f432ca6576522b81475d7_229)] | | | [removed: [119](#i66887d101b1a41528397b6a5d4040579_238)] [added: [118](#i6156164d3c3f432ca6576522b81475d7_229)] | | |

| Item 13 — | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i66887d101b1a41528397b6a5d4040579_244)] [added: Independence](#i6156164d3c3f432ca6576522b81475d7_235)] | | | [removed: [119](#i66887d101b1a41528397b6a5d4040579_244)] [added: [118](#i6156164d3c3f432ca6576522b81475d7_235)] | | |

| Item 14 — | | | [Principal Accountant Fees and [removed: Services](#i66887d101b1a41528397b6a5d4040579_247)] [added: Services](#i6156164d3c3f432ca6576522b81475d7_238)] | | | [removed: [119](#i66887d101b1a41528397b6a5d4040579_247)] [added: [118](#i6156164d3c3f432ca6576522b81475d7_238)] | | |

| Item 15 — | | | [Exhibits and Financial Statement [removed: Schedules](#i66887d101b1a41528397b6a5d4040579_253)] [added: Schedules](#i6156164d3c3f432ca6576522b81475d7_244)] | | | [removed: [120](#i66887d101b1a41528397b6a5d4040579_253)] [added: [119](#i6156164d3c3f432ca6576522b81475d7_244)] | | |


| | | | | | | | | | | | | NYSE Texas | | |

- our ability to fully realize the opportunities and efficiencies from the Thrive program, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency;

| Item 9B — | | | [Other Information](#i6156164d3c3f432ca6576522b81475d7_217) | | | [117](#i6156164d3c3f432ca6576522b81475d7_217) | | |

| Item 11 — | | | [Executive Compensation](#i6156164d3c3f432ca6576522b81475d7_232) | | | [118](#i6156164d3c3f432ca6576522b81475d7_232) | | |

| Item 16 — | | | [Form 10-K Summary](#i6156164d3c3f432ca6576522b81475d7_247) | | | [131](#i6156164d3c3f432ca6576522b81475d7_247) | | |

| Signatures | | | | | | [132](#i6156164d3c3f432ca6576522b81475d7_250) | | |


| | | | | | | | | | | | | Chicago Stock Exchange | | |

- our failure to design and execute operating model changes that capture opportunities and efficiencies at the intersection of our business; and

- our ability to successfully integrate or achieve the intended benefits of the acquisition of McGriff.

| Item 9B — | | | [Other Information](#i66887d101b1a41528397b6a5d4040579_226) | | | [118](#i66887d101b1a41528397b6a5d4040579_226) | | |

| Item 11 — | | | [Executive Compensation](#i66887d101b1a41528397b6a5d4040579_241) | | | [119](#i66887d101b1a41528397b6a5d4040579_241) | | |

| Item 16 — | | | [Form 10-K Summary](#i66887d101b1a41528397b6a5d4040579_256) | | | [132](#i66887d101b1a41528397b6a5d4040579_256) | | |

| Signatures | | | | | | [133](#i66887d101b1a41528397b6a5d4040579_259) | | |

These teams develop, implement and maintain our compliance policies, programs and training, business resiliency, disaster [added: recovery and information security frameworks, solutions and procedures.]

Our cybersecurity programs are under the direction of our Chief Information Security Officer [removed: (CISO),] [added: & Chief Technology Officer (CISO/CTO),] who reports to our Chief Information [added: & Operations] Officer [removed: (CIO).][added: (CIOO).]

Our [removed: CIO] [added: CIOO] has significant expertise and over a decade of experience working in technology.

Our [removed: CISO] [added: CISO/CTO] has over [removed: twenty years] [added: two decades] of experience working in cybersecurity and maintains a Certified Information Systems Security Professional certification.

Our [removed: CISO] [added: CISO/CTO] and [removed: CIO] [added: CIOO] receive reports from our cybersecurity team and monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents.

Management, including the [removed: CIO] [added: CIOO] and [removed: CISO,] [added: CISO/CTO,] regularly reviews with the Board of Directors and the Audit Committee the Company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provides updates on notable developments in the cybersecurity threat landscape.

In [removed: 2024,] [added: 2025,] we did not identify any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect the Company, including with respect to our business strategy, results of operations, or financial condition.

recovery and information security frameworks, solutions and procedures.

The Company’s common stock is listed on the New York [removed: and Chicago] Stock [removed: Exchanges.][added: Exchange and NYSE Texas.]

The following table indicates the high and low prices (NYSE composite quotations) of the Company’s common stock in [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and each quarterly period thereof:

| | | | | | | [removed: 2024] [added: 2025] Stock Price Range | | | | | | | | | | | | [removed: 2023] [added: 2024] Stock Price Range | | | | | | | | |

| First Quarter | | | | | | [removed: $209.20] [added: $245.98] | | | | | | [removed: $188.31] [added: $207.21] | | | | | | [removed: $176.85] [added: $209.20] | | | | | | [removed: $151.86] [added: $188.31] | | |

| Second Quarter | | | | | | [removed: $216.89] [added: $248.00] | | | | | | [removed: $196.17] [added: $209.92] | | | | | | [removed: $189.02] [added: $216.89] | | | | | | [removed: $165.86] [added: $196.17] | | |

| Third Quarter | | | | | | [removed: $232.32] [added: $219.71] | | | | | | [removed: $209.55] [added: $195.01] | | | | | | [removed: $199.20] [added: $232.32] | | | | | | [removed: $183.81] [added: $209.55] | | |

| Fourth Quarter | | | | | | [removed: $235.50] [added: $207.83] | | | | | | [removed: $209.34] [added: $174.18] | | | | | | [removed: $202.81] [added: $235.50] | | | | | | [removed: $184.02] [added: $209.34] | | |

| Full Year | | | | | | [removed: $235.50] [added: $248.00] | | | | | | [removed: $188.31] [added: $174.18] | | | | | | [removed: $202.81] [added: $235.50] | | | | | | [removed: $151.86] [added: $188.31] | | |

At December 31, [removed: 2024,] [added: 2025,] the Company remained authorized to repurchase up to approximately [removed: $2.3] [added: $5.7] billion in shares of its common stock.

The Company repurchased approximately [removed: 6.4] [added: 10.1] million shares of its common stock for [removed: $1.15] [added: $2.0] billion in [removed: 2023.][added: 2025.]

At February [removed: 6, 2025,] [added: 5, 2026,] there were [removed: 3,841] [added: 3,648] stockholders of record.

On January 14, the Company's stock ticker symbol on the NYSE changed to MRSH.

In November 2025, the Board of Directors of the Company authorized the Company to repurchase up to $6 billion in shares of the Company's common stock, which superseded any prior authorizations.

The following information relates to the Company's repurchases of equity securities during each month within the fourth quarter of the fiscal year covered by this report:

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Period | | | | | | Total Number of Shares (or Units) Purchased | | | | | | Average Price Paid per Share (or Unit) | | | | | | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | | | | | | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | | |

| Oct 1-31, 2025 | | | | | | 1,650,859 | | | | | | $ | 188.5986 | | | | | 1,650,859 | | | | | | $ | 952,741,444 | |

| Nov 1-30, 2025 | | | | | | 2,520,061 | | | | | | $ | 180.1451 | | | | | 2,520,061 | | | | | | $ | 5,910,018,670 | |

| Dec 1-31, 2025 | | | | | | 1,274,980 | | | | | | $ | 184.0604 | | | | | 1,274,980 | | | | | | $ | 5,675,345,321 | |

| Total | | | | | | 5,445,900 | | | | | | $ | 183.6243 | | | | | 5,445,900 | | | | | | $ | 5,675,345,321 | |

Effective as of November 27, 2023, the Company’s common stock was delisted from the London Stock Exchange.

There were no repurchases of the Company's common stock during the fourth quarter of 2024.

| *(In millions, except per share data)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenue | | | | | | $ | [removed: 24,458] [added: 26,981] | | | | | $ | [removed: 22,736] [added: 24,458] | | | | | $ | [removed: 20,720] [added: 22,736] | |

| Compensation and benefits | | | | | | [removed: 13,996] [added: 15,577] | | | | | | [removed: 13,099] [added: 13,996] | | | | | | [removed: 12,071] [added: 13,099] | | |

| Other operating expenses | | | | | | [removed: 4,645] [added: 5,181] | | | | | | [removed: 4,355] [added: 4,645] | | | | | | [removed: 4,369] [added: 4,355] | | |

| Operating expenses | | | | | | [removed: 18,641] [added: 20,758] | | | | | | [removed: 17,454] [added: 18,641] | | | | | | [removed: 16,440] [added: 17,454] | | |

| Operating income | | | | | | [removed: 5,817] [added: 6,223] | | | | | | [removed: 5,282] [added: 5,817] | | | | | | [removed: 4,280] [added: 5,282] | | |

| Other net benefits credits | | | | | | [removed: 268] [added: 194] | | | | | | [removed: 239] [added: 268] | | | | | | [removed: 235] [added: 239] | | |

| Interest income | | | | | | [removed: 83] [added: 48] | | | | | | [removed: 78] [added: 83] | | | | | | [removed: 15] [added: 78] | | |

| Interest expense | | | | | | [removed: (700)] [added: (960)] | | | | | | [removed: (578)] [added: (700)] | | | | | | [removed: (469)] [added: (578)] | | |

| Investment income | | | | | | [removed: 12] [added: 34] | | | | | | [removed: 5] [added: 12] | | | | | | [removed: 21] [added: 5] | | |

| Income before income taxes | | | | | | [removed: 5,480] [added: 5,539] | | | | | | [removed: 5,026] [added: 5,480] | | | | | | [removed: 4,082] [added: 5,026] | | |

| Income tax expense | | | | | | [removed: 1,363] [added: 1,305] | | | | | | [removed: 1,224] [added: 1,363] | | | | | | [removed: 995] [added: 1,224] | | |

| Net income before non-controlling interests | | | | | | [removed: 4,117] [added: 4,234] | | | | | | [removed: 3,802] [added: 4,117] | | | | | | [removed: 3,087] [added: 3,802] | | |

| Less: Net income attributable to non-controlling interests | | | | | | [removed: 57] [added: 74] | | | | | | [removed: 46] [added: 57] | | | | | | [removed: 37] [added: 46] | | |

| Net income attributable to the Company | | | | | | $ | [removed: 4,060] [added: 4,160] | | | | | $ | [removed: 3,756] [added: 4,060] | | | | | $ | [removed: 3,050] [added: 3,756] | |

| – Basic | | | | | | $ | [removed: 8.26] [added: 8.48] | | | | | $ | [removed: 7.60] [added: 8.26] | | | | | $ | [removed: 6.11] [added: 7.60] | |

| – Diluted | | | | | | $ | [removed: 8.18] [added: 8.43] | | | | | $ | [removed: 7.53] [added: 8.18] | | | | | $ | [removed: 6.04] [added: 7.53] | |

| – Basic | | | | | | [removed: 492] [added: 491] | | | | | | [removed: 494] [added: 492] | | | | | | [removed: 499] [added: 494] | | |

| – Diluted | | | | | | [removed: 496] [added: 494] | | | | | | [removed: 499] [added: 496] | | | | | | [removed: 505] [added: 499] | | |

| Shares outstanding at December 31, | | | | | | [removed: 491] [added: 485] | | | | | | [removed: 492] [added: 491] | | | | | | [removed: 495] [added: 492] | | |

| For the Years Ended December 31, *(In millions)* | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net income before non-controlling interests | | | $ | [removed: 4,117] [added: 4,234] | | | | | $ | [removed: 3,802] [added: 4,117] | | | | | $ | [removed: 3,087] [added: 3,802] | |

| Foreign currency translation adjustments | | | [removed: (613)] [added: 1,075] | | | | | | [removed: 389] [added: (613)] | | | | | | [removed: (1,198)] [added: 389] | | |

| (Loss) gain related to pension and post-retirement plans | | | [removed: (400)] [added: (389)] | | | | | | [removed: (503)] [added: (400)] | | | | | | [removed: 641] [added: (503)] | | |

| Other comprehensive (loss) income, before tax | | | [removed: (1,013)] [added: 686] | | | | | | [removed: (114)] [added: (1,013)] | | | | | | [removed: (557)] [added: (114)] | | |

| Income tax (credit) expense on other comprehensive (loss) income | | | [removed: (68)] [added: (125)] | | | | | | [removed: (133)] [added: (68)] | | | | | | [removed: 182] [added: (133)] | | |

| Other comprehensive (loss) income, net of tax | | | [removed: (945)] [added: 811] | | | | | | [removed: 19] [added: (945)] | | | | | | [removed: (739)] [added: 19] | | |

| Comprehensive income | | | [removed: 3,172] [added: 5,045] | | | | | | [removed: 3,821] [added: 3,172] | | | | | | [removed: 2,348] [added: 3,821] | | |

| Less: Comprehensive income attributable to non-controlling interests | | | [removed: 57] [added: 74] | | | | | | [removed: 46] [added: 57] | | | | | | [removed: 37] [added: 46] | | |

| Comprehensive income attributable to the Company | | | $ | [removed: 3,115] [added: 4,971] | | | | | $ | [removed: 3,775] [added: 3,115] | | | | | $ | [removed: 2,311] [added: 3,775] | |

| *(In millions, except [added: per] share data)* | | | [removed: 2024] [added: 2025] | | | | | | [added: 2024 | | | | | |] 2023 | | |

| Cash and cash equivalents | | | $ | [removed: 2,398] [added: 2,687] | | | | | $ | [added: 2,398 | | | | | $ |] 3,358 | |

| Cash and cash equivalents held in a fiduciary capacity | | | [removed: 11,276] [added: 11,473] | | | | | | [added: 11,276 | | | | | |] 10,794 | | |

| Commissions and fees | | | [removed: 6,533] [added: 7,015] | | | | | | [removed: 5,806] [added: 6,533] | | |

| Advanced premiums and claims | | | [removed: 84] [added: 67] | | | | | | [removed: 103] [added: 84] | | |

| Other | | | [removed: 706] [added: 750] | | | | | | [removed: 660] [added: 706] | | |

| Less – allowance for credit losses | | | [removed: (167)] [added: (162)] | | | | | | [removed: (151)] [added: (167)] | | |

| Net receivables | | | [removed: 7,156] [added: 7,670] | | | | | | [removed: 6,418] [added: 7,156] | | |

| Other current assets | | | [removed: 1,287] [added: 1,370] | | | | | | [removed: 1,178] [added: 1,287] | | |

| Total current assets | | | [removed: 22,117] [added: 23,200] | | | | | | [removed: 21,748] [added: 22,117] | | |

| *(In millions, except share data)* | | | 2025 | | | | | | 2024 | | |

| | | | 7,832 | | | | | | 7,323 | | |

| | | | $ | 58,710 | | | | | $ | 56,481 | |

| | | | 24,661 | | | | | | 21,190 | | |

| | | | $ | 58,710 | | | | | $ | 56,481 | |

| Other comprehensive income (loss), net of tax | | | 811 | | | | | | (945) | | | | | | 19 | | |

| | | | | | | | | | | | | | | | | | |

Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively.

References to the Company and its businesses in the consolidated financial statements reflect these changes.

Mercer and Guy Carpenter will continue to report under their current brands through a transition period.

The changes to the brand names had no impact on the Company's operating and reporting segments.

The Company is organized based on the different services that it offers.

The Risk and Insurance Services segment ("RIS") includes risk management activities and insurance/reinsurance broking and services conducted through Marsh Risk and Guy Carpenter.

Marsh Risk is an insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services, to a wide range of businesses, government entities, professional service organizations and individuals.

Guy Carpenter, the Company's reinsurance intermediary and advisor, provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions.

Marsh Management Consulting offers management consulting and advisory services across various industries.

The Company's results in 2025 include the results of operations of McGriff in Marsh Risk, in the Risk and Insurance Services segment.

| *(In millions)* | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | 2,498 | | | | | | 2,397 | | |

escalations resulting from increased assessments for real estate taxes and other charges.

assessment for an issue.

| | | | | | | | | | | | | | | | | | |

| Net income before non-controlling interests | | | $ | 4,234 | | | | | $ | 4,117 | | | | | $ | 3,802 | |

The net uncollected premiums and claims and the related payables at December 31, 2024, included $465 million related to the acquisition of McGriff.

In December 2025, the Financial Accounting Standards Board ("FASB") issued an accounting standard update to improve the guidance for interim reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable.

The update also provides additional guidance on what disclosures should be provided in interim reporting periods.

The new guidance adds a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.

The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

The update can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.

In September 2025, the FASB issued an accounting standard update which amends certain aspects of the accounting for and disclosure for internal-use software costs.

The new guidance removes references to software development project stages so that it is neutral to different software development methods, including methods that entities may use to develop software in the future.

The new guidance requires an entity to capitalize software costs when: (1) Management has authorized and committed to funding the software project and (2) It is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold").

In evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software.

The new guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

Early adoption is permitted as of the beginning of an annual reporting period.

The Company is currently evaluating the guidance and its impact on results of operations, cash flows, or financial condition.

*New Accounting Pronouncement Adopted Effective December 31, 2025:*

The Company adopted the new standard effective December 31, 2025, on a prospective basis, which impacted disclosures only, with no impact to results of operations, cash flows, or financial condition.

Early adoption is permitted.

a significant negative adjustment.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| | | | 7,323 | | | | | | 6,569 | | |

| | | | $ | 56,481 | | | | | $ | 48,030 | |

| | | | 21,190 | | | | | | 19,446 | | |

| Deconsolidation of Russian businesses | | | — | | | | | | — | | | | | | 39 | | |

The Risk and Insurance Services segment ("RIS") includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients.

The Company conducts business in this segment through Marsh and Guy Carpenter.

Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients.

Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities.

The Company conducts business in this segment through Mercer and Oliver Wyman Group.

Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients.

| | | | | | | | | | | | | | | |

| | | | | | | 2,397 | | | | | | 2,444 | | |

to year if, at the measurement date, it is within the range between the 25th and 75th percentile of the expected long-term annual returns.

The Company has also elected not to

jurisdiction.

The increase reflects $465 million related to the acquisition of McGriff.

| Oliver Wyman Group (e) | | | | | | 3,390 | | | | | | 3,122 | | | | | | 2,794 | | |

(a)Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees.

(c)Revenue in 2023 includes the loss on sale of an individual financial advisory business in Canada of $17 million.

| Acquisition-related deposit | | | | | | — | | | | | | — | | | | | | 24 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at January 1, 2023 | | | | | | | | | | | | $ | (2,721) | | | | | $ | (2,593) | | | | | $ | (5,314) | |

| Balance at December 31, 2023 | | | | | | | | | | | | $ | (3,101) | | | | | $ | (2,194) | | | | | $ | (5,295) | |

| Subtotal | | | | | | 150 | | | | | | 38 | | | | | | 112 | | |

| Pension/post-retirement plans gains | | | | | | 641 | | | | | | 160 | | | | | | 481 | | |

Oliver Wyman Group acquired Innopay NL B.V., a Netherlands-based consultancy firm that delivers

Other acquisitions in the table primarily reflect the acquisitions of Cardano, the Horton Group and FBBI.

| Cash | | | | | | $ | 7,455 | | | | | $ | 1,706 | | | | | $ | 9,161 | |

| Total consideration | | | | | | $ | 7,455 | | | | | $ | 1,896 | | | | | $ | 9,351 | |

| Goodwill | | | | | | 5,184 | | | | | | 1,223 | | | | | | 6,407 | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| *(In millions)* | | | | | | McGriff | | | Other | | | Total | | | | | | McGriff | | | Other | | |

| Customer relationships | | | | | | $ | 2,082 | | $ | 457 | | $ | 2,539 | | | | | 14.5 years | | | 12.5 years | | |

| Other | | | | | | 60 | | | 65 | | | 125 | | | | | | 2.0 years | | | 4.4 years | | |

In 2023, the Company incurred integration costs of $39 million related to the acquisition of Westpac Banking Corporation's ("Westpac") financial advisory business, Advance Asset Management, and the transfer from Westpac of BT Financial Group's personal corporate pension funds to the Mercer Super Trust managed by Mercer Australia (referred to collectively, as the "Westpac Transaction").

The expenses for the Westpac Transaction related primarily to technology, consulting, legal and people related costs.

Management evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] under the supervision and with the participation of the Company’s principal executive and principal financial officers.

Based on its evaluation, management determined that the Company maintained effective internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Deloitte & Touche LLP, the Independent Registered Public Accounting Firm that audited and reported on the Company’s consolidated financial statements included in this annual report on Form 10-K, also issued an audit report on the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

We have audited the internal control over financial reporting of Marsh & McLennan Companies, Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 10, 2025,] [added: 9, 2026,] expressed an unqualified opinion on those financial statements.

There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) or 15d-15(d) under the Securities Exchange Act of 1934 that occurred during the quarter ended December 31, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

February 9, 2026

As allowed by SEC guidance, management excluded from its assessment the internal control over financial reporting at McGriff, which was acquired on November 15, 2024.

McGriff accounted for approximately 2% of the Company’s total assets as of December 31, 2024 and McGriff’s revenue from the acquisition date through December 31, 2024 comprised 0.6% of the Company’s consolidated revenue for the year ended December 31, 2024.

As described in Management’s Annual Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at McGriff Insurance Services (“McGriff”), which was acquired on November 15, 2024, and whose financial statements constitute approximately 2% of total assets and 0.6% of total revenue of the Company’s consolidated financial statement amounts as of and for the year ended December 31, 2024.

Accordingly, our audit did not include the internal control over financial reporting at McGriff.

February 10, 2025

- John Doyle, our Chief Executive Officer, adopted a trading plan on December 2, [removed: 2024,] [added: 2025,] which provides for the exercise and sale of an aggregate of [removed: 84,318] [added: 66,623] options.

The [removed: plan will terminate on] [added: plan's maximum length is until] December [removed: 2, 2025,] [added: 1, 2026,] subject to early termination for certain specified events set forth in the plan.

- Paul Beswick, our Senior Vice President and Chief Information Officer, adopted a new trading plan on December [removed: 6, 2024,] [added: 8, 2025,] which provides for the [removed: (1)] sale of [removed: 2,120 shares, (2) sale] up to [removed: 7,928] [added: 7,920] shares subject to performance stock units [removed: ("PSUs") and (3) exercise and sale of 5,000 stock options, in each case] [added: ("PSUs"),] excluding any shares withheld by the [removed: company] [added: Company] to satisfy its income tax withholding obligations in connection with the net settlement of equity awards.

The plan’s maximum length is until December [removed: 5, 2025,] [added: 7, 2026,] subject to early termination for certain specified events set forth in the plan.

- Dean Klisura, our President and Chief Executive Officer of Guy Carpenter and Vice Chair, [removed: Marsh McLennan,] [added: Marsh,] adopted a new trading plan on December [removed: 6, 2024,] [added: 10, 2025,] which provides for the (1) sale of up to [removed: 9,910] [added: 10,662] shares subject to PSUs, [removed: (2) sale of up to 6,024 shares subject to restricted stock units ("RSUs") and (3) exercise and sale of 9,569 stock options, in each case] excluding any shares withheld by the [removed: company] [added: Company] to satisfy its income tax withholding obligations in connection with the net settlement of equity [removed: awards.][added: awards and (2) exercise and sale of 10,516 stock options.]

- Mark McGivney, our Chief Financial Officer, adopted a new trading plan on December [removed: 6, 2024,] [added: 8, 2025,] which provides for the (1) sale of up to [removed: 21,472] [added: 20,410] shares subject to [removed: PSUs and (2) exercise and sale of 67,421 stock options, in each case] [added: PSUs,] excluding any shares withheld by the [removed: company] [added: Company] to satisfy its income tax withholding obligations in connection with the net settlement of equity [removed: awards.][added: awards and (2) exercise and sale of 67,421 stock options.]

- Stacy Mills, our Vice President and Controller, adopted a new trading plan on December [removed: 6, 2024,] [added: 8, 2025,] which provides for the (1) sale of up to [removed: 1,488] [added: 1,524] shares subject to PSUs, (2) sale of [removed: 1,461] [added: 1,381] shares subject to [removed: RSUs and (3) exercise and sale of 4,207] [added: restricted] stock [removed: options,] [added: units ("RSUs"),] in each case excluding any shares withheld by the [removed: company] [added: Company] to satisfy its income tax withholding obligations in connection with the net settlement of equity [removed: awards.][added: awards and (3) exercise and sale of 4,207 stock options.]

The plan’s maximum length is until December 8, 2026, subject to early termination for certain specified events set forth in the plan.

The plan’s maximum length is until December 7, 2026, subject to early termination for certain specified events set forth in the plan.

The plan’s maximum length is until December 7, 2026, subject to early termination for certain specified events set forth in the plan.

Information as to the directors and nominees for the board of directors of the Company is incorporated herein by reference to the material set forth under the heading "Item 1: Election of Directors" in the [removed: 2025] [added: 2026] Proxy Statement.

The information set forth in the [removed: 2025] [added: 2026] Proxy Statement in the sections "Corporate Governance—Codes of Conduct", "Board of Directors and Committees—Committees—Audit Committee" and [removed: "Additional Information—Transactions with Management and Others"] [added: "Corporate Governance—Review of Related Persons Transactions"] is incorporated herein by reference.

A copy of our Transactions in Marsh [removed: McLennan Securities] [added: securities] by Directors and Executive Officers Policy is filed as Exhibit 19.2 to this Form 10-K.

The information set forth in the sections "Additional Information—Director Compensation" and "Executive Compensation—Compensation of Executive Officers" in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference.

The information set forth in the sections "Additional Information—Stock Ownership of Directors, Management and Certain Beneficial Owners" and "Additional Information—Equity Compensation Plan Information" in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference.

The information set forth in the sections "Corporate Governance—Director [removed: Independence",] [added: Independence" and] "Corporate Governance—Review of [removed: Related-Person] [added: Related Person] Transactions" [removed: and "Additional Information—Transactions with Management and Others"] in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference.

The information set forth under the heading "Item 3: Ratification of Selection of Independent Registered Public Accounting Firm—Fees of Independent Registered Public Accounting Firm" in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference.

Consolidated Statements of Income for each of the three years in the period ended December 31, [removed: 2024][added: 2025]

Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, [removed: 2024][added: 2025]

Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, [removed: 2024][added: 2025]

Consolidated Statements of Shareholders Equity for each of the three years in the period ended December 31, [removed: 2024][added: 2025]

[removed: (2.2) [Rule] [added: (2.2)[Rule] 2.7 Announcement, dated as of September 18, 2018 (incorporated by reference to the Company’s Current Report on Form 8-K dated September 18, 2018)](https://www.sec.gov/Archives/edgar/data/62709/000006270918000034/exhibit21rule27announcemen.htm)

[removed: (3.1) [Restated] [added: (3.1)[Restated] Certificate of Incorporation of Marsh & McLennan Companies, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K dated July 17, 2008)](https://www.sec.gov/Archives/edgar/data/62709/000006270908000150/ex3-1restatedcertofinc.htm)

[removed: (3.2) [Amended] [added: (3.2)[Amended] and Restated By-Laws of Marsh & McLennan Companies, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K dated January 12, 2017)](https://www.sec.gov/Archives/edgar/data/62709/000006270917000002/mmcbylawsproxyaccessfinal0.htm)

[removed: (4.2) [Third] [added: (4.2)[Third] Supplemental Indenture dated as of July 30, 2003 between Marsh & McLennan Companies, Inc. and U.S. Bank National Association (as successor to State Street Bank and Trust Company), as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003)](https://www.sec.gov/Archives/edgar/data/62709/000006270903000120/thirdsupp2003.txt)

[removed: (4.3) [Indenture] [added: (4.3)[Indenture] dated as of March 19, 2002 between Marsh & McLennan Companies, Inc. and State Street Bank and Trust Company, as trustee (incorporated by reference to the Company’s Registration Statement on Form S-4, Registration No. 333-87510)](https://www.sec.gov/Archives/edgar/data/62709/000093041302001687/c24217_ex4-1.txt)

[removed: (4.4) [Indenture,] [added: (4.4)[Indenture,] dated as of July 15, 2011, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011)](https://www.sec.gov/Archives/edgar/data/62709/000119312511212186/dex41.htm)

[removed: (4.5) [First] [added: (4.5)[First] Supplemental Indenture, dated as of July 15, 2011, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011)](https://www.sec.gov/Archives/edgar/data/62709/000119312511212186/dex42.htm)

[removed: (4.6) [Form of] [added: (4.6)[Form](https://www.sec.gov/Archives/edgar/data/62709/000119312511212186/dex42.htm) [of] Third Supplemental Indenture between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K dated September 24, 2013)](https://www.sec.gov/Archives/edgar/data/62709/000119312511212186/dex42.htm)

[removed: (4.7) [Form] [added: (4.7)[Form] of Fourth Supplemental Indenture between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K dated May 27, [removed: 2014)](https://www.sec.gov/Archives/edgar/data/62709/000119312514218425/d735523dex41.htm)][added: 2014](https://www.sec.gov/Archives/edgar/data/62709/000119312514218425/d735523dex41.htm)]

[removed: (4.8) [Form] [added: (4.8)[Form] of Fifth Supplemental Indenture between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K dated September 10, 2014)](https://www.sec.gov/Archives/edgar/data/62709/000119312514337876/d786090dex41.htm)

[removed: (4.9) [Sixth] [added: (4.9)[Sixth] Supplemental Indenture, dated as of March 6, 2015, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015)](https://www.sec.gov/Archives/edgar/data/62709/000006270915000010/mmc0331201510qex_41.htm)

[removed: (4.10) [Seventh] [added: (4.10)[Seventh] Supplemental Indenture, dated as of September 14, 2015, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K filed on September 14, 2015)](https://www.sec.gov/Archives/edgar/data/62709/000119312515319130/d43360dex41.htm)

[removed: (4.11) [Eighth] [added: (4.11)[Eighth] Supplemental Indenture, dated as of March 14, 2016, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company's Quarterly Report on Form 10-Q filed on May 2, 2016)](https://www.sec.gov/Archives/edgar/data/62709/000006270916000051/eighthsupplindentureex_41.htm)

[removed: (4.12) [Ninth] [added: (4.12)[Ninth] Supplemental Indenture, dated as of January 12, 2017, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company's Annual Report on Form 10-K filed on February 24, 2017)](https://www.sec.gov/Archives/edgar/data/62709/000006270917000008/mmc12312016ex_413.htm)

[removed: (4.13) [Tenth] [added: (4.13)[Tenth] Supplemental Indenture, dated as of March 1, 2018, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K filed on March 1, 2018)](https://www.sec.gov/Archives/edgar/data/62709/000119312518065552/d538731dex41.htm)

[removed: (4.14) [Eleventh] [added: (4.14)[Eleventh] Supplemental Indenture, dated January 15, 2019, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K filed on January 15, 2019)](https://www.sec.gov/Archives/edgar/data/62709/000119312519009423/d683916dex41.htm)

[removed: (4.15) [Twelfth] [added: (4.15)[Twelfth] Supplemental Indenture, dated March 21, 2019, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K filed on March 21, 2019)](https://www.sec.gov/Archives/edgar/data/62709/000119312519081489/d723878dex41.htm)

[removed: (4.16) [Thirteenth] [added: (4.16)[Thirteenth] Supplemental Indenture, dated May 7, 2020, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Company’s Current Report on Form 8-K dated May 7, 2020)](https://www.sec.gov/Archives/edgar/data/62709/000119312520136261/d923789dex41.htm)

[removed: (4.17) [Fourteenth] [added: (4.17)[Fourteenth] Supplemental Indenture, dated December 8, 2021, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Company’s Current Report on Form 8-K dated December 9, 2021)](https://www.sec.gov/Archives/edgar/data/0000062709/000119312521352100/d264890dex41.htm)

[removed: (4.18) [Fifteenth] [added: (4.18)[Fifteenth] Supplemental Indenture, dated October 31, 2022, between Marsh & McLennan Companies, Inc. and the Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K dated October 31, 2022)](https://www.sec.gov/Archives/edgar/data/62709/000119312522273899/d417836dex41.htm)

[removed: (4.19) [Sixteenth] [added: (4.19)[Sixteenth] Supplemental Indenture, dated [removed: Ma](https://www.sec.gov/Archives/edgar/data/62709/000119312523066105/d357357dex41.htm)[rch 9](https://www.sec.gov/Archives/edgar/data/62709/000119312523066105/d357357dex41.htm)[,] [added: March 9,] 2023, between Marsh & McLennan Companies, Inc. and the Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K dated March 9, 2023)](https://www.sec.gov/Archives/edgar/data/62709/000119312523066105/d357357dex41.htm)

[removed: (4.20) [Seventeenth](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm) [Supplemental] [added: (4.20)[Seventeenth Supplemental] Indenture, [removed: dated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm) [September 11](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm)[, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm)[,] [added: dated September 11, 2023,] between Marsh & McLennan Companies, Inc. and the Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K [removed: dated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm) [Septe](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm)[mb](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm)[er] [added: dated September] 11, [removed: 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm)][added: 2023)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312523232457/d507941d8k.htm)]

[removed: (4.21) [Eighteenth](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm) [Supplemental] [added: (4.21)[Eighteenth Supplemental] Indenture, [removed: dated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm) [February] [added: dated February] 20, [removed: 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)[,] [added: 2024,] between Marsh & [removed: McLennan Companies,] [added: McLennan](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)[C](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)[ompanies,] Inc. and the Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K [removed: dated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm) [Februa](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)[r](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)[y] [added: dated February] 20, [removed: 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)][added: 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524039967/d642841d8k.htm)]

[removed: (4.22) [Nineteenth] [added: (4.22)[Nineteenth] Supplemental Indenture, [removed: dated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm) [November](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm)[8](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm)[,] [added: dated November 8,] 2024, between Marsh & McLennan Companies, Inc. and the Bank of New York Mellon, as trustee (incorporated by reference to the Company's Current Report on Form 8-K [removed: dated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm) [Nov](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm)[ember](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm)[8](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm)[,] [added: dated November 8,] 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312524254168/d862477d8k.htm)

[removed: (4.23) [Twenti](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[et](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[h](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm) [Supplemental] [added: (4.23)[Twentieth Supplemental] Indenture, [removed: dated](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm) [December](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm) [1](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[3](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[, 202](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[4](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[,] [added: dated December 13, 2024,] between Marsh & McLennan Companies, Inc. and the Bank of New York Mellon, as trustee](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm) [added: [(incorp](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[orated by refer](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[ence to the Compa](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[ny's Current Report on Form 10-K dated Febr](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[uary](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm) [10](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)[)](https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc123125ex_423.htm)]

[removed: (4.24) [Description] [added: (4.24)[Description] of Marsh & McLennan Companies, Inc.’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2019)](https://www.sec.gov/Archives/edgar/data/62709/000006270920000010/mmc12312019ex416.htm)

(10.1)[*Marsh & McLennan Companies, Inc. U.S. Employee 1996 Cash Bonus Award Voluntary Deferral Plan (incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, [removed: 1996](https://www.sec.gov/Archives/edgar/data/62709/0001005477-97-000915.txt)[)](https://www.sec.gov/Archives/edgar/data/62709/0001005477-97-000915.txt)][added: 1996)](https://www.sec.gov/Archives/edgar/data/62709/0001005477-97-000915.txt)]

(10.4)[*Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 1999](https://www.sec.gov/Archives/edgar/data/62709/000091205700014263/0000912057-00-014263.txt)[)](https://www.sec.gov/Archives/edgar/data/62709/000091205700014263/0000912057-00-014263.txt)][added: 1999)](https://www.sec.gov/Archives/edgar/data/62709/000091205700014263/0000912057-00-014263.txt)]

(10.6)[*Form of [removed: 2015] [added: 2016] Long-term Incentive Award under the Marsh & McLennan Companies, Inc. 2011 Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2015)](https://www.sec.gov/Archives/edgar/data/62709/000006270915000010/mmc0331201510qex_103.htm)][added: 2016)](https://www.sec.gov/Archives/edgar/data/62709/000006270916000051/formofltiawardex_101.htm)]

[removed: (10.7)[*Form] [added: (10.15)[*Form] of [removed: 2016 Long-term Incentive Award] [added: Stock Option Award, dated as of February 19, 2020,] under the Marsh & McLennan Companies, Inc. 2011 Incentive and Stock Award Plan (incorporated by reference to the [removed: Company’s] [added: Company's] Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2016](https://www.sec.gov/Archives/edgar/data/62709/000006270916000051/formofltiawardex_101.htm)[)](https://www.sec.gov/Archives/edgar/data/62709/000006270916000051/formofltiawardex_101.htm)][added: 2020)](https://www.sec.gov/Archives/edgar/data/62709/000006270920000024/formofsoaward2020ex1010.htm)]

(10.8)[*Form of Deferred Stock Unit Award, with grant dates from March 1, [removed: 2021] [added: 2023] through February 1, [removed: 2022,] [added: 2024,] under the Marsh & McLennan Companies, Inc. 2020 Incentive and Stock Award Plan [removed: –](https://www.sec.gov/Archives/edgar/data/0000062709/000006270921000015/formofdsuawardunderthemarsa.htm) [Cliff](https://www.sec.gov/Archives/edgar/data/0000062709/000006270921000015/formofdsuawardunderthemarsa.htm) [](https://www.sec.gov/Archives/edgar/data/0000062709/000006270921000015/formofdsuawardunderthemarsa.htm)[Vesting] [added: – Cliff Vesting] (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2021)](https://www.sec.gov/Archives/edgar/data/0000062709/000006270921000015/formofdsuawardunderthemarsa.htm)][added: 2023)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270923000036/mmc-20230331.htm)]

(10.9)[*Form of Deferred Stock Unit Award, with grant dates from March 1, [removed: 2021] [added: 2023] through February 1, [removed: 2022,] [added: 2024,] under the Marsh & McLennan Companies, Inc. 2020 Incentive and Stock Award Plan – Ratable Vesting (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2021)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270921000015/mmc-20210331.htm)][added: 2023)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270923000036/mmc-20230331.htm)]

[removed: (10.10)[*Form] [added: (10.14)[*Form] of Stock Option Award, dated as of February 19, 2019, under the Marsh & McLennan Companies, Inc. 2011 Incentive and Stock Award Plan (incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019)](https://www.sec.gov/Archives/edgar/data/62709/000006270919000016/formofsoaward2019ex_106.htm)

[removed: (10.11)[*Form] [added: (10.7)[*Form] of Deferred Stock Unit Award, with grant dates from March 1, 2022 through February 1, 2023, under the Marsh & McLennan Companies, Inc. 2020 Incentive and Stock Award Plan [removed: – Ratable Vesting (incorporated] [added: –](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270922000025/mmc-20220331.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270922000025/mmc-20220331.htm)[Cliff](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270922000025/mmc-20220331.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270922000025/mmc-20220331.htm)[V](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270922000025/mmc-20220331.htm)[esting](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270922000025/mmc-20220331.htm) [(incorporated] by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270922000025/mmc-20220331.htm)

[removed: (10.12)[*Form] [added: (10.10)[*Form] of Deferred Stock Unit Award, with grant dates from March 1, [removed: 2023 through] [added: 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm)[4](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm) [through] February 1, [removed: 2024,] [added: 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm)[5](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm)[,] under the Marsh & McLennan Companies, Inc. 2020 Incentive and Stock Award Plan [removed: – Cliff Vesting] [added: –](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm) [Cliff](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm) [Vesting] (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, [removed: 2023)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270923000036/mmc-20230331.htm)][added: 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm)[4](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000006270924000037/mmc-20240331.htm)]

(10.31)[*](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[Am](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[end](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[ed and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm) [Restated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm) [Marsh & McLennan Compan](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[ies,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm) [Inc. 2020 Incentive and Stock Award Plan (inc](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[orporated by refer](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[ence](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm) [from Ex](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[hibit C to the Compan](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[y's Definitiv](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[e Proxy Statement on Schedule 14](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[A filed on March 28, 20](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[25](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000062709/000119312525066228/d878421ddef14a.htm)

(10.52)[*Letter Agreement Amendment, dated July 10, 2024, between Marsh & McLennan Companies, Inc. and John Q.

(10.59)[*Letter Agreement Amendment, dated February 22, 2024, between Marsh & McLennan Companies, Inc. and Mark C.

Klisura (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024)](https://www.sec.gov/ix?doc=/Archives/edgar/data/62709/000006270924000037/mmc-20240331.htm)

(10.71)[*Letter Agreement Amendment, dated February](https://www.sec.gov/Archives/edgar/data/62709/000006270925000028/mmc0331202510qex_104.htm) [18](https://www.sec.gov/Archives/edgar/data/62709/000006270925000028/mmc0331202510qex_104.htm)[, 202](https://www.sec.gov/Archives/edgar/data/62709/000006270925000028/mmc0331202510qex_104.htm)[5](https://www.sec.gov/Archives/edgar/data/62709/000006270925000028/mmc0331202510qex_104.htm)[, between Marsh & McLennan Companies, Inc. and Dean M.

Klisura (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 202](https://www.sec.gov/Archives/edgar/data/62709/000006270925000028/mmc0331202510qex_104.htm)[5](https://www.sec.gov/Archives/edgar/data/62709/000006270925000028/mmc0331202510qex_104.htm)[)](https://www.sec.gov/Archives/edgar/data/62709/000006270925000028/mmc0331202510qex_104.htm)

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| *Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. | | | | | |

| Dated: | | | February [removed: 10, 2025] [added: 9, 2026] | | | By | | | | | | /S/ JOHN Q. DOYLE | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated this [removed: 10th] [added: 9th] day of February, [removed: 2025.][added: 2026.]

| /S/ JOHN Q. DOYLE John Q. Doyle | | | | | | Director, President & Chief Executive Officer | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ MARK C. MCGIVNEY Mark C. McGivney | | | | | | Chief Financial Officer | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ STACY M. MILLS Stacy M. Mills | | | | | | Vice President & Controller (Chief Accounting Officer) | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ ANTHONY K. ANDERSON Anthony K. Anderson | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ H. EDWARD HANWAY H. Edward Hanway | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ JUDITH HARTMANN Judith Hartmann | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ DEBORAH C. HOPKINS Deborah C. Hopkins | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ TAMARA INGRAM Tamara Ingram | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ JANE H. LUTE Jane H. Lute | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ STEVEN A. MILLS Steven A. Mills | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |

| /S/ MORTON O. SCHAPIRO Morton O. Schapiro | | | | | | Director | | | | | | February [removed: 10, 2025] [added: 9, 2026] | | |