olivLaw · US equity research
Aon plc AON
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Aon plc is a global professional services firm active in Risk Capital and Human Capital, with total revenue of 17.2 billion USD in 2025 and 6% organic revenue growth. In the second quarter of 2026 organic growth was 5%, and the company reaffirmed its 2026 guidance.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Aon plc (AON) stock was 344.67 USD (+4.39% on the day), with market capitalisation 73.1 bn USD, P/E 18.9 on diluted EPS of 18.26 USD over the last 12 months, dividend yield 0.91%, beta 0.19, 52-week range 269.45–381.26 USD. Latest reported quarter (Q3 2026): revenue of 4.1 bn USD (+2.6% YoY), net income of 476.0 m USD (+3.9% YoY), diluted EPS 2.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 259.06 – 342.71
- above the upper band · %B 1.02 · band width 27.8%
- SMA 50 / 200
- 300.88 / 325.66
- mixed trend
- MACD (12, 26, 9)
- 10.87 / 4.96
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +26.7% | −1.1% | +27.8 pp | — |
| 3 months | −4.3% | −0.5% | −3.8 pp | — |
| 6 months | +11.8% | +4.4% | +7.4 pp | — |
| Year to date | −2.3% | +12.3% | −14.6 pp | — |
| 1 year | +0.1% | +13.5% | −13.4 pp | −0.6% |
| 3 years | +6.6% | +76.4% | −69.8 pp | +1.3% |
| 5 years | +19.5% | +63.7% | −44.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.1 bn | 4.7 bn | 4.2 bn | 4.0 bn | 4.3 bn | 5.0 bn | 4.2 bn | 4.1 bn |
| Operating income | 1.1 bn | 1.5 bn | 859.0 m | 816.0 m | 1.2 bn | 1.7 bn | 915.0 m | 809.0 m |
| Interest expense | 206.0 m | 206.0 m | 212.0 m | 206.0 m | 191.0 m | 179.0 m | 179.0 m | 206.0 m |
| Pre-tax income | 891.0 m | 1.3 bn | 703.0 m | 597.0 m | 2.2 bn | 1.6 bn | 724.0 m | 612.0 m |
| Income tax | 157.0 m | 268.0 m | 109.0 m | 127.0 m | 505.0 m | 314.0 m | 159.0 m | 126.0 m |
| Net income | 716.0 m | 965.0 m | 579.0 m | 458.0 m | 1.7 bn | 1.2 bn | 551.0 m | 476.0 m |
| Diluted EPS | 3.28 ≈ | 4.43 | 2.66 | 2.11 | 7.82 ≈ | 5.63 | 2.58 | 2.23 |
| Operating cash flow | 1.2 bn | 140.0 m | 796.0 m ≈ | 1.1 bn ≈ | 1.4 bn | 430.0 m | 556.0 m ≈ | 1.2 bn ≈ |
| Capex | 55.0 m | 56.0 m | 64.0 m ≈ | 69.0 m ≈ | 74.0 m | 67.0 m | 73.0 m ≈ | 94.0 m ≈ |
| Dividends paid | 146.0 m | 147.0 m | 161.0 m ≈ | 160.0 m ≈ | 161.0 m | 162.0 m | 175.0 m ≈ | 174.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 7 percentile of its own 44-quarter history (min 15.2, median 25.6, max 75.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.8 bn | 11.0 bn | 11.1 bn | 12.2 bn | 12.5 bn | 13.4 bn | 15.7 bn | 17.2 bn |
| Revenue YoY | +7.7% | +2.3% | +0.5% | +10.2% | +2.3% | +7.2% | +17.4% | +9.4% |
| Net income | 1.2 bn | 1.5 bn | 2.0 bn | 1.3 bn | 2.6 bn | 2.6 bn | 2.7 bn | 3.7 bn |
| Net income YoY | −7.0% | +30.5% | +28.5% | −36.3% | +106.3% | −1.0% | +3.5% | +39.2% |
| Diluted EPS | 4.59 | 6.37 | 8.45 | 5.55 | 12.14 | 12.51 | 12.49 | 17.02 |
| Diluted EPS YoY | −2.3% | +38.8% | +32.7% | −34.3% | +118.7% | +3.0% | −0.2% | +36.3% |
| net % | 10.9% | 13.9% | 17.8% | 10.3% | 20.7% | 19.2% | 16.9% | 21.5% |
| Free cash flow | 1.4 bn | 1.6 bn | 2.6 bn | 2.0 bn | 3.0 bn | 3.2 bn | 2.8 bn | 3.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 bn USD
- Financial debt
- 15.2 bn USD
- Net debt
- 14.1 bn USD
- Equity
- 9.5 bn USD
- Total assets
- 50.8 bn USD
- Debt / equity
- 1.61x
- Current ratio
- 1.11x
- ROE
- 46.9%
- ROA
- 7.4%
- FCF margin
- 18.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.1 bn | 12.2 bn | 12.5 bn | 13.4 bn | 15.7 bn | 17.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 2.8 bn | 2.1 bn | 3.7 bn | 3.8 bn | 3.8 bn | 4.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Interest expense | 334.0 m | 322.0 m | 406.0 m | 484.0 m | 788.0 m | 815.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 2.5 bn | 1.9 bn | 3.2 bn | 3.2 bn | 3.5 bn | 4.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 448.0 m | 623.0 m | 510.0 m | 541.0 m | 742.0 m | 1.0 bn | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 2.0 bn | 1.3 bn | 2.6 bn | 2.6 bn | 2.7 bn | 3.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 8.45 | 5.55 | 12.14 | 12.51 | 12.49 | 17.02 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 233.1 m | 226.1 m | 213.2 m | 205.0 m | 212.5 m | 217.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 1.78 | 1.99 | 2.19 | 2.41 | 2.64 | 2.91 | SEC (XBRL)· 13 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 884.0 m | 544.0 m | 690.0 m | 778.0 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 3.1 bn | 3.1 bn | 3.0 bn | 3.3 bn | 3.8 bn | 4.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 18.7 bn | 19.0 bn | 20.7 bn | 21.7 bn | 23.4 bn | 25.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 599.0 m | 529.0 m | 558.0 m | 638.0 m | 637.0 m | 702.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 8.7 bn | 8.4 bn | 8.3 bn | 8.4 bn | 15.2 bn | 15.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 640.0 m | 492.0 m | 447.0 m | 234.0 m | 6.7 bn | 5.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 32.1 bn | 31.9 bn | 32.7 bn | 34.0 bn | 49.0 bn | 50.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 2.0 bn | 2.2 bn | 2.1 bn | 2.3 bn | 2.9 bn | 2.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 448.0 m | 1.2 bn | 945.0 m | 1.2 bn | 751.0 m | 589.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 7.3 bn | 8.2 bn | 9.8 bn | 10.0 bn | 16.3 bn | 14.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 17.4 bn | 19.1 bn | 20.3 bn | 21.7 bn | 23.0 bn | 23.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 28.5 bn | 30.8 bn | 33.1 bn | 34.7 bn | 42.5 bn | 41.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 3.6 bn | 1.2 bn | -429.0 m | -742.0 m | 6.3 bn | 9.5 bn | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.8 bn | 2.2 bn | 3.2 bn | 3.4 bn | 3.0 bn | 3.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 141.0 m | 137.0 m | 196.0 m | 252.0 m | 218.0 m | 263.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 2.6 bn ≈ | 2.0 bn ≈ | 3.0 bn ≈ | 3.2 bn ≈ | 2.8 bn ≈ | 3.2 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -679.0 m | 49.0 m | -449.0 m | -188.0 m | -2.8 bn | 286.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -1.8 bn | -1.9 bn | -1.8 bn | -2.9 bn | 796.0 m | -4.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 412.0 m | 447.0 m | 463.0 m | 489.0 m | 562.0 m | 629.0 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 73.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet69
- Valuation68
- Quality78
- Growth87
- Returns48
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 204.99 – 785.19 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)204.99 – 432.57 (Mid 288.03)WACC 8.0% · starting FCFF 3.9 bn USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 17.3%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E284.98 – 785.19 (Mid 459.95)11 companies used · median multiple 25.2x · quartiles 15.6x – 43.0xACT, AJG, BRO, CRVL, GSHD, MRSH, RYAN, SLQT, TWFG, WDH, WTW
- Dividend discount (DDM)outside the aggregate38.24 – 51.43 (Mid 43.86)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.1% | 71 (vs peers) | 13% |
| Net margin · Quality | 22.2% | 90 (vs peers) | 8% |
| FCF conversion · Quality | 83.1% | 76 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 11.2% | 94 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 11.9% | 79 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.2x | 72 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.9x | 77 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.5% | 56 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 20.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth87/100 · 2/2 factors with a value
- Quality78/100 · 3/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation68/100 · 2/3 factors with a value
Memo
Aon plc (AON). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 17.2 bn USD in 2025; YoY growth 9.4%; net margin 22.2%; ROE 43.6%.
The estimated value range is 244.98–608.88 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 373.99 USD, the price of 344.67 USD leaves a potential of 8.5% (value / price − 1) and a margin of safety of 7.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.1%
- Net margin: 22.2%
- FCF conversion: 83.1%
- Revenue CAGR 3Y: 11.2%
- EPS CAGR 3Y: 11.9%
- Interest coverage: 6.2x
- P/E (TTM): 18.9x
- Payout ratio (FCF): 20.6%
What contradicts it
- Shareholder yield (distributions): 0.9%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | +0% / +7% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| ZBAOZhibao Technology Inc. | — | — | -141.3% | -22.4% | +53.0% | −99% / unavailable |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
1- and 3-year price returns: for AON from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 220.81 Total return -35% · Per year -35% | 389.19 Total return 14% · Per year 14% | 584.60 Total return 71% · Per year 71% |
| 3 years | 244.35 Total return -27% · Per year -10% | 481.65 Total return 43% · Per year 13% | 789.99 Total return 134% · Per year 33% |
| 5 years | 270.40 Total return -17% · Per year -4% | 596.09 Total return 79% · Per year 12% | 1,067.55 Total return 218% · Per year 26% |
- Exit P/E± 120.41
- Net margin± 84.29
- Annual revenue growth± 64.99
- Annual dilution± 7.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Aon plc is a global professional services firm active in Risk Capital and Human Capital, with total revenue of 17.2 billion USD in 2025 and 6% organic revenue growth 1. In the second quarter of 2026 organic growth was 5%, and the company reaffirmed its 2026 guidance 23.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on the economic cyclehigh
A decline in economic activity could reduce revenue, especially discretionary services and property and casualty commissions 1.
- Competitive pressurehigh
Competitors with greater resources or more advanced technology could affect pricing and market share 1.
- Regulatory and data riskmedium
Requirements on data protection and artificial intelligence could increase costs or limit business opportunities 1.
- Currency and interest rate riskmedium
Changes in exchange rates and interest rates could affect results and the value of cash and investments 1.
- Catastrophe and professional liability risklow
Natural or human-caused disasters, or errors and omissions claims, could affect financial results 1.
Investment thesis
What would need to be true (bull case)
- If organic growth stays near the recently reported level, the company could keep improving margins and earnings per share 23.
- Solid cash generation and the share repurchase programme could support financial flexibility 3.
- The Aon United strategy and data investments could strengthen the long-term competitive position 13.
What to watch
- Progress of organic growth and operating margin against 2026 guidanceQ3 2026
- Advancement of the share repurchase programme against the full-year objective2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Aon focuses its portfolio on higher-margin, capital-light professional services with high recurring revenue, according to its annual report 1. The company serves clients in more than 120 countries and nearly every industry, and it describes this diversification as a source of stability across different economic scenarios 1. Revenue comes mainly from commissions, compensation from insurers and reinsurers, and client fees 1.
Segments
Risk Capital
The Risk Capital segment generated 11.3 billion USD of revenue in 2025 and includes Commercial Risk Solutions and Reinsurance Solutions, among them captive management and capital markets advisory 1. Segment operating margin edged down in 2025 as costs linked to the NFP acquisition rose 1.
Market context
Aon operates in a highly competitive and fragmented environment that includes other global brokers, consulting firms and insurers that sell products directly 1. Its revenue depends on client business activity, since demand for property and casualty insurance tends to rise with economic activity and fall in downturns 1.
Trends
- Global expansion and organic growthtailwind
The company reports organic growth supported by new business and strong client retention, which could sustain revenue if demand stays firm 23.
- Softening of the insurance marketheadwind
A decline in insurance premiums could reduce revenue that is calculated as a percentage of premiums, a risk the company has already flagged 1.
- Artificial intelligence and automationmixed
Investment in AI could create efficiency gains, but it could also erode the current advantage if competitors innovate faster 1.
- Effect of business divestituresmixed
The sales of NFP Wealth and Stroz Friedberg reduced reported revenue in the second quarter of 2026, while margin and cash flow improved 23.
Competitive position
Aon says it competes on service, insight delivery, product features, price, technology, financial strength and access to certain insurance markets 1. Larger competitors may have greater resources and stronger client relationships, and the trend of clients using several brokers intensifies pressure 1.
- Marsh McLennanMMC
Global insurance broker and consultancy named by Aon as a principal competitor 1.
- Willis Towers WatsonWTW
Global risk and human capital consultancy named among Aon's main competitors 1.
- Arthur J Gallagher & CompanyAJG
International insurance broker cited by the company as a direct competitor 1.
- Lockton Companies
Private brokerage and consulting firm named among Aon's global competitors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Here’s Why SGA U.S. LCG Liquidated Its Position in Aon plc (AON)Yahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report22 Sept 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report17 Sept 2026Other events · Financial statements and exhibits
- Current report11 Sept 2026Other events · Financial statements and exhibits
- Current report31 Aug 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Departure or appointment of officers · Shareholder vote · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Aon plc · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Aon plc · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Aon plc · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.