What Marsh & McLennan Companies, Inc. told the SEC could break it.

Approximately 51% of Marsh & McLennan's total revenue was generated outside the U.S. in 2025, with over half of employees abroad and exposure to ~80 foreign currencies; the non-U.S. revenue exposed to FX is ~51% of total, and a 10% FX move was estimated to swing net operating income by ~$93-109M.

“In 2025, approximately 51% of the Company's total revenue was generated from operations outside the U.S., and over one-half of our employees were located outside the U.S.”

At year-end 2025, Marsh & McLennan's commissions-and-fees receivables were ~$7.0 billion (~one-quarter of total annual revenue) and portions are increasingly concentrated in certain businesses and geographies; macroeconomic/geopolitical conditions (recession, Ukraine war, Middle East conflict, inflation, supply-chain) could cause client financial difficulties and collection risk.

“our receivables for our commissions and fees were approximately $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.”

Marsh & McLennan is subject to extensive regulation and to trade-sanctions laws covering Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria, Russia-controlled Ukraine and Venezuela, plus anti-corruption (FCPA, U.K. Bribery Act) and financial-crime/AML/export-control laws; it exited its Russia business in 2024 under regulatory approval.

“We are also subject to trade sanctions laws relating to countries such as Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria, Ukraine (Russia-controlled territories) and Venezuela, and anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act.”

Marsh & McLennan's (and Mercer's Health business's) premium-based commission revenue may be challenged by disintermediation and alternative client risk-protection methods — greater corporate self-insurance, expanded use of captive insurers, and capital-markets-based solutions for traditional insurance and reinsurance.

“our ability to generate premium-based commission revenue may be challenged by disintermediation and the growing availability of alternative methods for clients to meet their risk-protection needs. This trend includes a greater willingness on the part of corporations to self-insure, the expanded use of captive insurers, and the presence of capital markets-based solutions for traditional insurance and reinsuran[ce]”