Aon plc

ticker: AON step: 01 generated: 2026-05-12 source: quick-research

Aon plc (AON) — Business Overview

Business Description

Aon is one of the world's leading global professional services firms, providing risk, retirement, and health solutions. Aon serves clients in 120+ countries with offerings across Commercial Risk Solutions, Reinsurance Solutions, Health Solutions, and Wealth Solutions. The $13B NFP acquisition (closed April 2024) significantly expanded Aon's middle-market position. CEO Greg Case (since 2005, exceptional 20-year tenure) leading what is essentially a duopoly with Marsh McLennan in large-corporate insurance brokerage.

Revenue Model

• Commercial Risk Solutions (~45% of revenue): P&C insurance brokerage, risk advisory, captives, claims advocacy
• Reinsurance Solutions (~20%): Reinsurance broking, capital markets advisory
• Health Solutions (~20%): Health benefits consulting + brokerage
• Wealth Solutions (~10%): Retirement consulting (excludes recently-divested NFP wealth)
• NFP middle-market platform (~5% accounted across segments): Property/casualty, benefits, advisory

Products & Services

Commercial Risk Solutions

• Insurance brokerage for large corporates
• Risk consulting + captive management
• Claims advocacy
• Construction, energy, marine, financial lines specialty

Reinsurance Solutions

• Treaty + facultative reinsurance broking
• Capital markets advisory (ILS, catastrophe bonds)
• Aon Reinsurance Aggregation

Health Solutions

• Health & benefits brokerage + consulting
• Voluntary benefits
• Active health management
• Multi-national pooling

Wealth Solutions

• Defined benefit/contribution retirement consulting
• Investment consulting
• Workforce performance

NFP (Independent + Connected platform)

• Middle-market property & casualty brokerage
• Employee benefits
• Wealth management (significant majority sold to Madison Dearborn $2.7B 2026)
• Retirement plan advisory
• 7,700+ colleagues; led by Doug Hammond reporting to Eric Andersen

Customer Base & Go-to-Market

• Large corporates (~50% of revenue): Fortune 1000 multinationals via Risk + Health + Reinsurance
• Mid-market companies (post-NFP): ~$10-500M revenue companies
• Insurance carriers: Reinsurance solutions
• Geographic mix: ~55% Americas, ~30% EMEA, ~15% APAC
• Channel: Direct sales + advisory; NFP independent operating model

Competitive Position

Aon is the #2 global insurance broker by revenue, in a virtual duopoly with Marsh McLennan in the large-corporate segment. Moats: (1) global scale + scope in risk consulting, (2) deep client relationships measured in decades, (3) NFP middle-market acquisition closes the historical gap vs Marsh's broader middle-market reach, (4) Reinsurance Solutions strong position. Greg Case's 20-year tenure has built exceptional culture + execution discipline. Competitors: Marsh McLennan (MMC, larger), Willis Towers Watson (WTW, smaller), Arthur J. Gallagher (AJG, fast-growing middle market).

Key Facts

• Founded: 1982 (Aon Corp); current entity reincorporated Ireland 2012, Dublin domicile
• Headquarters: Dublin, Ireland (legal); operational in Chicago + London
• Employees: ~60,000+ (post-NFP)
• Exchange: NYSE
• Sector / Industry: Financials / Insurance Brokers
• Market Cap: ~$95B (May 2026)
• CEO: Gregory C. Case (since April 2005)
• Dividend: $2.84 annual ($0.71 quarterly)
• 14+ consecutive years of dividend growth
• Recent M&A: NFP $13B (closed April 2024); NFP wealth divested $2.7B (2026)
• Failed merger: Willis Towers Watson $30B (terminated 2021 — antitrust)

ticker: AON step: 04 generated: 2026-05-12 source: quick-research

Aon plc (AON) — Financial Snapshot

Income Statement Summary

Q1 2025 Highlights

NFP Acquisition Detail

2026 Guidance (mgmt)

Cash Flow & Balance Sheet (FY2025)

Key Ratios (approximate, May 2026)

• P/E (forward): ~22x | EV/EBITDA: ~16x | Dividend Yield: ~0.8%
• ROIC: ~15%
• FCF Margin: ~19%

Growth Profile

FY25 organic revenue +6% (level with FY24); revenue $17.2B; FCF $3.3B (+18%). NFP integration on track — FY26 expected break-even, FY27+ accretive. NFP wealth divestiture $2.7B provides cash for deleveraging. Long-term track record: mid-single-digit organic growth + margin expansion + double-digit EPS growth + double-digit FCF growth.

Forward Estimates

• FY2026E Revenue: ~$18-18.5B (+5-8%)
• FY2026E Adj EPS: ~$19 (+11%)
• FY2027E EPS: ~$21 (+10-11%)
• FY2028E EPS: ~$23+ (NFP fully accretive)

Capital Return

• Dividend $2.84 annual = ~$1.5B paid — 0.8% yield (modest)
• 14+ consecutive years of dividend growth
• Buybacks: $1-2B annual (moderated for NFP deleveraging)
• Primary return: ~10% EPS growth + reinvestment