Aon AON · USD

Segment InformationReportable segments were determined using a management approach. They are consistent with how the CODM assesses the performance of the Company and allocates resources based on two segments: Risk Capital and Human Capital. This segmentation allows the CODM, who is our Chief Executive Officer, to align the assessment of performance and allocation of resources, based on segment operating income and operating margin, with how the Company addresses client need, accelerating its Aon United strategy through growth in Risk Capital and Human Capital and maximizing value for Aon and its shareholders. Risk Capital supports clients through its Commercial Risk and Reinsurance solution lines. Commercial Risk includes insurance and specialty brokerage, global risk consulting, captives management, and Affinity programs. Reinsurance includes treaty reinsurance, facultative reinsurance, the Strategy and Technology Group, and capital markets. Human Capital supports clients through its Health and Wealth solution lines. Health includes consulting and brokerage, consumer benefits solutions, and talent advisory services. Wealth includes retirement consulting, pension administration, and investments consulting. Refer to Note 3 “Revenue from Contracts with Customers” for information on revenue by principal service line. The accounting policies of the reportable segments are the same as those described in Note 2 “Summary of Significant Accounting Principles and Practices.”The Company does not present assets by reportable segment and this information is not used by the CODM to assess the performance of, or allocate resources to the Company’s reportable segments. As such, segment assets are not provided to the CODM. The following tables include information about Aon’s reportable segments, including total segment revenue, consolidated revenue, segment operating income, and income before income taxes:Year Ended December 31, 2025(millions, except per share data)Risk CapitalHuman CapitalCorporate/EliminationsTotal ConsolidatedRevenueTotal revenue (1)$11,290 $5,907 $(16)$17,181 ExpensesCompensation and benefits5,832 3,060 93 8,985 Information technology372 186 10 568 Premises216 116 5 337 Other expenses (2)1,434 1,135 378 2,947 Total operating expenses7,854 4,497 486 12,837 Operating income3,436 1,410 (502)4,344 Operating margin30.4 %23.9 %25.

Revenue from Contracts with CustomersDisaggregation of RevenueThe following table summarizes revenue from contracts with customers by principal service line (in millions):Years Ended December 31202520242023Commercial Risk Solutions$8,497 $7,861 $7,043 Reinsurance Solutions2,793 2,656 2,481 Total Risk Capital (1)11,290 10,517 9,524 Health Solutions3,839 3,335 2,433 Wealth Solutions2,068 1,874 1,431 Total Human Capital (1)5,907 5,209 3,864 Eliminations(16)(28)(12)Total revenue$17,181 $15,698 $13,376 (1)Includes inter-segment revenue. Refer to Note 17 “Segment Information” for further information. Consolidated revenue from contracts with customers by geographic area, which is attributed on the basis of where the services are performed, is as follows (in millions):Year Ended December 31, 2025Risk CapitalHuman CapitalCorporate/EliminationsTotalU.S.$4,991 $3,304 $(16)$8,279 Americas other than U.S.1,131 502 — 1,633 U.K.1,409 811 — 2,220 Ireland95 90 — 185 Europe, Middle East, & Africa other than U.K. and Ireland2,321 832 — 3,153 Asia Pacific1,343 368 — 1,711 Total revenue$11,290 $5,907 $(16)$17,181 Year Ended December 31, 2024Risk CapitalHuman CapitalCorporate/EliminationsTotalU.S.$4,697 $2,997 $(28)$7,666 Americas other than U.S.954 381 — 1,335 U.K.1,266 709 — 1,975 Ireland78 68 — 146 Europe, Middle East, & Africa other than U.K. and Ireland2,176 724 — 2,900 Asia Pacific1,346 330 — 1,676 Total revenue$10,517 $5,209 $(28)$15,698 Year Ended December 31, 2023Risk CapitalHuman CapitalCorporate/EliminationsTotalU.S.$4,067 $1,868 $(12)$5,923 Americas other than U.S.909 351 — 1,260 U.K.1,186 633 — 1,819 Ireland61 52 — 113 Europe, Middle East, & Africa other than U.K.

Lease CommitmentsThe Company leases office facilities, equipment, and automobiles, whereas of December 31, 2025, all significant leases remaining are classified as operating leases. The classification of leased asset and liability balances within the Consolidated Statements of Financial Position are as follows (in millions):As of December 3120252024AssetsOperating lease assetsOperating lease right-of-use assets$677 $711 Finance lease assetsOther non-current assets — 9 Total lease assets$677 $720 LiabilitiesCurrent lease liabilities OperatingOther current liabilities$181 $176 FinanceOther current liabilities— 15 Non-current lease liabilities OperatingNon-current operating lease liabilities641 685 FinanceOther non-current liabilities— — Total lease liabilities$822 $876 The components of lease costs are as follows (in millions):Years Ended December 3120252024Operating lease cost$223 $225 Finance lease costs Amortization of leased assets— 9 Interest on lease liabilities— — Variable lease cost37 39 Short-term lease cost (1)15 15 Sublease income(5)(5)Net lease cost$270 $283 (1) Short-term lease cost does not include expenses related to leases with a lease term of one month or less.Weighted average remaining lease term and discount rate related to operating and finance leases are as follows:As of December 3120252024Weighted average remaining lease term (years) Operating leases5.66.0 Finance leases— 0.5Weighted average discount rate Operating leases4.5 %4.2 % Finance leases— %1.0 %Other cash and non-cash related activities are as follows (in millions):Years Ended December 3120252024Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases$241 $193 Financing cash flows for finance leases$15 $18 Non-cash related activitiesROU assets obtained in exchange for new operating lease liabilities$133 $116 Operating lease ROU asset expense (1)$160 $186 Changes in Non-current operating lease liabilities (1)$(44)$44 (1)The Company has presented non-cash changes in Operating lease ROU assets and Non-current operating lease liabilities within Other assets and liabilities in Cash flows from operations within the Consolidated Statements of Cash Flows.

DebtThe following is a summary of outstanding debt (in millions):As of December 3120252024Commercial paper$— $— 3.875% Senior Notes due December 2025— 749 2.875% Senior Notes due May 2026 (EUR 500M)588 520 8.205% Junior Subordinated Notes due January 2027521 521 5.125% Senior Notes due March 2027598 596 Delayed Draw Term Loan due April 2027— 1,099 2.850% Senior Notes due May 2027599 598 4.500% Senior Notes due December 2028349 348 5.150% Senior Notes due March 2029995 993 3.750% Senior Notes due May 2029748 747 2.800% Senior Notes due May 2030996 995 5.300% Senior Notes due March 2031645 644 2.050% Senior Notes due August 2031398 397 2.600% Senior Notes due December 2031498 497 5.000% Senior Notes due September 2032497 496 5.350% Senior Notes due February 2033745 745 5.450% Senior Notes due March 20341,736 1,735 6.250% Senior Notes due September 2040297 297 4.250% Senior Notes due December 2042207 206 4.450% Senior Notes due May 2043247 247 4.600% Senior Notes due June 2044546 545 4.750% Senior Notes due May 2045595 594 2.900% Senior Notes due August 2051592 592 3.900% Senior Notes due February 2052879 878 5.750% Senior Notes due March 20541,968 1,966 Other5 11 Total debt15,249 17,016 Less: Short-term debt and current portion of long-term debt589 751 Total long-term debt $14,660 $16,265 NotesIn May 2025, Aon Global Limited’s €500 million ($588 million at December 31, 2025 exchange rates) 2.875% Senior Notes due May 2026 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as the date of maturity is in less than one year. The Company expects to use cash flow from operations and available cash on hand to repay these Senior Notes. On January 15, 2026, Aon Global Limited issued a notice of redemption to holders of its 2.875% Senior Notes for the redemption of all €500 million outstanding aggregate principal amount of the notes, plus accrued and unpaid interest, on February 14, 2026. The notes were set to mature in May 2026. In December 2025, Aon Global Limited’s $750 million 3.875% Senior Notes matured and were repaid in full. As of December 31, 2024, the notes were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position.On April 25, 2024, Aon North America, Inc.

Income Taxes Income before income tax and the provision for income tax consist of the following (in millions):Years Ended December 31202520242023Income before income taxes: Ireland$162 $52 $31 U.K.663 782 338 U.S.1,220 854 219 Other2,714 1,774 2,581 Total$4,759 $3,462 $3,169 Income tax expense: Current: Ireland$12 $13 $4 U.K.164 233 185 U.S. federal422 292 240 U.S. state and local110 79 74 Other442 436 411 Total current tax expense$1,150 $1,053 $914 Deferred tax expense (benefit): Ireland$(1)$— $— U.K.(44)(169)(116)U.S. federal(92)(83)(126)U.S. state and local20 (71)(39)Other(24)12 (92)Total deferred tax expense (benefit)$(141)$(311)$(373)Total income tax expense$1,009 $742 $541 Income before income taxes shown above may, in some cases, be subject to taxation in more than one country, and as a result the income tax provision shown above as Ireland, U.K., U.S. or Other may not correspond to the geographic attribution of the earnings.The Company performs a reconciliation of the income tax provisions based on its domicile and statutory rate at each reporting period. The reconciliation of the income tax provisions based on the Irish statutory corporate tax rate of 25% to the provisions reflected in the Consolidated Financial Statements is as follows:Year Ended December 312025$%Provision for income taxes at the Irish statutory tax rate$1,19025.0%Foreign Tax EffectsUnited StatesState and local income taxes, net of federal income tax effect831.7Effect of cross-border tax laws(60)(1.3)Other(2)—BermudaDeferred tax adjustment(143)(3.0)Changes in valuation allowances1142.4Other(1)—SingaporeIncentive(120)(2.5)Statutory tax rate difference between Singapore and Ireland(101)(2.1)Other(37)(0.8)Other foreign jurisdictions(5)(0.1)Changes in unrecognized tax benefits1212.5Other adjustments(30)(0.6)Income tax expense and effective tax rate$1,00921.2%Below is a reconciliation of the Irish statutory corporate tax rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023.Years Ended December 3120242023Statutory tax rate25.0%25.0%U.S. state income taxes, net of U.S. federal benefit0.70.6Taxes on international operations (1) (9.3)(11.2)Nondeductible expenses1.83.2Adjustments to prior year tax requirements 0.80.5Deferred tax adjustments, including statutory rate changes(0.1)(0.3)Deferred tax adjustments, international earnings1.10.7Adjustments to valuation allowances(0.1)(2.5)Change in uncertain tax positions2.32.

Share-Based Compensation PlansThe following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions):Years Ended December 31202520242023Restricted share units$297 $309 $283 Performance share awards 124 155 143 Employee share purchase plans and other11 10 12 Total share-based compensation expense432 474 438 Tax benefit87 101 91 Share-based compensation expense, net of tax$345 $373 $347 Restricted Share UnitsRSUs generally vest between three to five years. The fair value of RSUs is based upon the market value of the Company’s class A ordinary shares at the date of grant, reduced by the present value of estimated dividends foregone during the vesting period where applicable. With certain limited exceptions, any break in continuous employment will cause the forfeiture of all non-vested awards. Compensation expense associated with RSUs is recognized on a straight-line basis over the requisite service period. Dividend equivalents are paid on certain RSUs, based on the initial grant amount.The following table summarizes the status of the Company’s RSUs (shares in thousands, except fair value):SharesFair Value (1)Non-vested balance at December 31, 20242,786 $289 Granted999 $364 Vested(1,020)$284 Forfeited(160)$303 Non-vested balance at December 31, 20252,605 $319 (1)Represents per share weighted average fair value of award at date of grant.The weighted-average grant date fair value of the Company's RSU awards granted during the years ended December 31, 2025, December 31, 2024, and December 31, 2023 was $364, $300, and $302, respectively. The fair value of RSUs that vested during 2025, 2024, and 2023 was $385 million, $332 million, and $354 million, respectively.Unamortized deferred compensation expense amounted to $544 million as of December 31, 2025, with a remaining weighted average amortization period of approximately 2.1 years.Performance Share AwardsThe vesting of PSAs is contingent upon the achievement of certain objectives. The most significant plan is the LPP for which payout is based on a cumulative level of adjusted diluted earnings per share related performance over a three-year period. The actual issuance of shares may range from 0-200% of the target number of LPPs granted, based on the terms of the plan and level of achievement of the related performance target.

The following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions):Years Ended December 31202520242023Restricted share units$297 $309 $283 Performance share awards 124 155 143 Employee share purchase plans and other11 10 12 Total share-based compensation expense432 474 438 Tax benefit87 101 91 Share-based compensation expense, net of tax$345 $373 $347

Acquisitions and Dispositions of BusinessesCompleted AcquisitionsOn January 1, 2025, the Company completed the acquisition of 100% of partnership interests and share capital of Griffiths & Armour, an insurance broker in the United Kingdom for a purchase price of approximately $426 million, in the Risk Capital segment.Total acquisitions completed by the Company for the year ended December 31, 2025 and 2024 were as follows. Acquisitions that impact multiple segments are categorized by the primarily impacted. For the Year Ended December 3120252024Risk Capital 1010Human Capital 812Total 1822The following table includes the preliminary fair values of consideration transferred, assets acquired, and liabilities assumed as a result of the Company’s total acquisitions (in millions):Twelve Months Ended December 31, 2025Consideration transferred:Cash (1)$915 Deferred and contingent consideration66 Aggregate consideration transferred$981 Assets acquired:Goodwill531 Intangible assets462 Other assets (2)228 Total assets acquired1,221 Liabilities assumed:Total liabilities assumed240 Net assets acquired$981 (1)As of December 31, 2024, includes $416 million of consideration paid into an escrow account related to the acquisition of Griffiths & Armour, which closed on January 1, 2025.(2)Includes Cash and cash equivalents of $43 million and $74 million in funds held on behalf of clients.The results of operations of these acquisitions are included in the Consolidated Financial Statements as of the respective acquisition dates. The Company’s results of operations would not have been materially different if these acquisitions had been reported from the beginning of the period in which they were acquired. Intangible assets acquired include customer-related and contract-based assets, tradenames, and technology and other assets. The intangible assets acquired as part of business acquisitions in 2025 had a weighted average useful economic life of 14 years, comprised of a weighted average of 14 years for customer-related and contract-based assets, 6 years for tradenames, and 4 years for technology and other assets. Acquisition-related costs for completed acquisitions incurred and recognized within Other general expense for the year ended December 31, 2025 were approximately $8 million. Total revenue for these acquisitions included in the Company’s Consolidated Statement of Income for the year ended December 31, 2025 was approximately $101 million.