●  symbology.online COMPARATIVE SYNTHESIS 

Marsh & Mclennan Companies, Inc
Market Risk synthesis.

Quantitative disclosures regarding foreign currency risk have evolved significantly since the annual report, reflecting a heightened potential impact from exchange rate movements. The sensitivity measure under stress has increased to approximately $123 million in net operating income, while quarterly estimates also project that holding current rates constant could boost full-year net operating income by an additional $82 million due to conversion effects. Concurrently, the company adjusted its interest rate disclosures, noting a reduction in both the magnitude of variable-rate balances and the corresponding sensitivity measure for annual interest income.

FY2025 → FY2026 L2 Comparitive Synthesis
●  symbology.online l2 SYNTHESIS 

Marsh & Mclennan Companies, Inc - Market Risk synthesis.

Evolution of Market Risk Disclosures (Fiscal Year 2026)

Since the annual baseline filing, the company has updated its quantitative disclosures across interest rate sensitivity, foreign currency exposure, and equity price risk.

Interest Rate Sensitivity

The magnitude and quantifiable impact of interest rate risk have been adjusted:

  • Exposure Magnitude: The total balances subject to variable interest rates decreased from $14,160 million in the annual report to approximately $13.35 billion as of March 31, 2026, driven by changes in both cash and fiduciary capacity holdings ($2,687M $\rightarrow$ $1,611M; $11,473M $\rightarrow$ $11,744M).
  • Quantitative Impact: The sensitivity measure for annual interest income decreased from an estimated $44 million change per 10% rate shift (annual report) to approximately $30 million change per 10% or 30 basis point shift in the quarter ending March 31, 2026.

Foreign Currency Exposure

The potential impact of foreign currency movements has been quantified with greater detail and a higher stress scenario:

  • Stress Test Impact: The quantitative sensitivity for major currencies increased from an estimated $109 million change to net operating income under a hypothetical 10% movement (annual report) to approximately $123 million in the March 31, 2026 filing.
  • New Conversion Estimate: In addition to the stress test results, the quarterly disclosure provided a new estimate that holding current exchange rates constant for the remainder of 2026 is projected to increase full-year net operating income by approximately $82 million due to conversion effects.

Equity Price Risk

The size and composition of investments subject to market value decline have been updated:

  • Investment Magnitude: Investments accounted for using the equity method increased from $301 million (annual report) to $324 million as of March 31, 2026. The fair value components also shifted, increasing from a combined $41 million ($24M + $17M) to approximately $42 million ($26M + $16M).

Commodity Price Risk

There have been no changes in the disclosure of commodity price risk; this exposure remains undisclosed.