Aon PLC

aon.com

What Do They Do?

Provides insurance and reinsurance brokerage and risk advice to organizations, and health, benefits, workforce and retirement consulting to employers and pension plans.

How Do They Make Money?

Aon earns commissions when it places insurance or reinsurance coverage, and fees for advice, consulting, analytics and administrative services from clients, insurers and reinsurers. Brokerage commissions are generally invoiced near a policy’s effective date, though some are billed in installments; other service fees are typically invoiced over the contract term.

revenue

Segment	Share	Revenue	How money arrives
Risk Capital Sold outright	66% FY2022: 71%		Sold outright
Human Capital	34% FY2022: 29%

Who Are Their Customers?

Businesses and employers use Aon for insurance brokerage, benefits, workforce and retirement advice; customized insurance programs are developed and delivered with sponsored groups and other distribution channels.

Do Revenues Turn Into Profits?

Yes. It kept 22 cents of every revenue dollar as net income in FY2025 and turned 19 cents into free cash flow.

Operating income, FY2025

25% of revenue

▲ +13% vs FY2024 ($3.8B, 24%)

Net income, FY2025

22% of revenue

▲ +39% vs FY2024 ($2.7B, 17%)

Free cash flow, FY2025

19% of revenue

▲ +14% vs FY2024 ($2.8B, 18%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $4.2B in Q2 FY2025
Net income: ▼ −5%; vs $579M in Q2 FY2025

Risk Capital share of revenue vs 69.0% in Q2 FY2025

Aug 31, 2026 Agreed to acquire USI for $17 billion The transaction remains subject to regulatory approvals and other closing conditions.
Aug 17, 2026 Edmund Reese transitioned from CFO; Nadin Virani became interim CFO Reese moved to senior adviser, and Virani took the interim role.
Jul 29, 2026 Reaffirmed 2026 growth and margin guidance Guidance calls for mid-single-digit or greater organic revenue growth, 70-80 basis points of adjusted operating margin expansion, and double-digit free cash flow growth.

Growing. Revenue grew 41% in 4 years, from $12.2B in FY2021 to $17.2B in FY2025, about 9% a year.

Data center insurance The latest report adds a coordinated insurance program for data center projects, covering construction through ongoing operations, alongside the earlier-described commercial risk brokerage and consulting services.

Revenue over time

Risk Capital Human Capital

$20B$10B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Marsh McLennan, Willis Towers Watson, Arthur J Gallagher, and Lockton

Comments