What risks could affect AON's 2025 earnings?

Aon PLC (AON) faces several risks that could impact its 2025 earnings:

1. Interest Rate and Currency Fluctuations: A decrease in global short-term interest rates can adversely affect Aon's income, as the company monitors its net exposure to short-term interest rates and hedges this exposure with various derivative financial instruments. Additionally, currency fluctuations could impact the company's financial results.
2. Operational Risks: The integration of NFP has led to increased operating expenses, which could affect Aon's profitability in 2025. The company also faces risks related to recruitment, training, and retention of key employees, which could impact its operational efficiency.
3. Economic Risks: A decline in economic activity could adversely affect Aon's financial condition, and the company is monitoring developments related to the global minimum tax, which could impact the company's effective tax rate and financial condition in 2025 and beyond.
4. Market and Competitive Risks: The company operates in a competitive market and faces risks related to market volatility, trade, technology, weather, and workforce dynamics, which could influence client demand and pricing power.
5. Regulatory and Legal Risks: Aon is subject to various legal and regulatory risks, including those related to financial and corporate activities, which could impact the company's operations and financial results.

These risks could affect Aon's 2025 earnings, and the company's management should continue to monitor and address these factors to mitigate their potential impact.