Aon PLC【AON】株式ニュース

Aon Reports First-Quarter 2026 ResultsMay 1, 2026 6:30 AM
PR Newswire (US)

DUBLIN, May 1, 2026 /PRNewswire/ -- Aon plc (NYSE: AON) today reported results for the three months ended March 31, 2026.
Aon delivered another quarter of strong performance, including 6% total revenue growth, 5% organic revenue growth, EPS of $5.63 and adjusted EPS of $6.48. We continue to execute our Aon United strategy through the 3x3 Plan to meet rising client demandOur balance sheet position and strong free cash flow generation enabled execution of our disciplined capital allocation model, returning $662 million of capital to shareholders through dividends and share repurchases during the quarterWe announced a 10% increase to the quarterly dividend on April 10, the sixth consecutive double-digit annual increaseWe are reaffirming 2026 guidance of mid-single-digit or greater organic revenue growth, 70-80 basis points of adjusted operating margin expansion, strong adjusted EPS growth and double-digit free cash flow growth
First Quarter 2026
2026
2025
ChangeTotal revenue$5,034
$4,729
6 %Organic revenue growth (Non-GAAP)

5 %

Operating income$1,715
$1,461
17 %Adjusted operating income (Non-GAAP)$1,966
$1,816
8 %Operating margin34.1 %
30.9 %

Adjusted operating margin (Non-GAAP)39.1 %
38.4 %

Diluted EPS$5.63
$4.43
27 %Adjusted EPS (Non-GAAP)$6.48
$5.67
14 %

Cash provided by operations$430
$140
207 %Free cash flow (Non-GAAP)$363
$84
332 %"Our strong start to the year reflects continued execution of our 3x3 Plan and progress accelerating our client-centric Aon United strategy," said Greg Case, president and CEO. "In the first quarter, we delivered 5% organic revenue growth, expanded operating margin, and generated significant free cash flow, reinforcing our confidence in achieving our full-year objectives.""As risk and complexity continue to grow, demand is increasing among global, large, and middle-market clients for integrated, high-value solutions that combine expertise, data, and analytics at scale," Case added. "Our long-standing focus on these client segments along with our investments in analytics, technology, and innovative capital solutions is expanding our addressable market. As a result, we are well positioned to deepen our relevance with clients and deliver durable growth and long-term shareholder value."Net income attributable to Aon shareholders in the first quarter increased 27%, to $5.63 per share on a diluted basis, compared to $4.43 per share on a diluted basis in the prior-year period. Adjusted net income per share attributable to Aon shareholders increased 14%, to $6.48 on a diluted basis, including a favorable impact of $0.36 per share if prior-year period results were translated at current period foreign exchange rates ("foreign currency translation"), compared to $5.67 in the prior-year period. Certain items that impacted first-quarter results and comparisons with the prior-year period are detailed in "Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin and Diluted Earnings Per Share" on page 11 of this press release.FIRST-QUARTER 2026 FINANCIAL SUMMARYTotal revenue in the first quarter increased 6% to $5.0 billion compared to the prior-year period, reflecting 5% organic revenue growth and a 4% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact primarily from divestitures. Risk Capital revenue increased $311 million, or 10%, to $3.5 billion, and Human Capital revenue decreased $6 million, or less than 1%, to $1.5 billion.Total operating expenses in the first quarter increased 2% to $3.3 billion compared to the prior-year period, due primarily to the increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses associated with the sale of NFP Wealth and $25 million of net restructuring savings. Risk Capital operating expenses increased $126 million, or 6%, to $2.1 billion, and Human Capital operating expenses decreased $46 million, or 4%, to $1.1 billion.Foreign currency translation in the first quarter had a $0.35 per share favorable impact on diluted EPS and a $0.36 per share favorable impact on adjusted EPS. If currency were to remain stable at today's rates, the Company would expect a de minimis impact on adjusted EPS in the second quarter of 2026 and a favorable impact on adjusted EPS of approximately $0.44 per share for the full year 2026.Effective tax rate for the first quarter was 20.2% compared to 21.4% in the prior-year period. After adjusting to exclude the applicable tax impact associated with certain non-GAAP adjustments, the adjusted effective tax rate for the first quarter of 2026 was 20.3% compared to 20.9% in the prior-year period. The primary drivers of the change in the effective tax rate and adjusted effective tax rate were changes in the geographical distribution of income and a higher favorable impact from discrete items.Weighted average diluted shares outstanding decreased to 215.4 million in the first quarter compared to 217.9 million in the prior-year period. The Company repurchased 1.5 million class A ordinary shares for approximately $500 million in the first quarter. As of March 31, 2026, the Company had approximately $0.8 billion of remaining authorization under its share repurchase program.YEAR-TO-DATE 2026 CASH FLOW SUMMARYCash flows provided by operations for the first three months of 2026 increased $290 million, or 207%, to $430 million compared to the prior-year period, due primarily to strong adjusted operating income growth and lower cash taxes.Free cash flow, defined as cash flow from operations less capital expenditures, increased 332%, to $363 million for the first three months of 2026 compared to the prior-year period, reflecting an increase in cash flows from operations, partially offset by an $11 million increase in capital expenditures.FIRST-QUARTER 2026 REVENUE REVIEWThe first-quarter revenue reviews provided below include supplemental information related to organic revenue growth, which is a non-GAAP measure that is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow" on page 10 of this press release.

Three Months Ended March 31,

(millions)
2026
2025
%
Change
Less:
Currency
Impact
Less:
Fiduciary
Investment
Income
Less:
Acquisitions,
Divestitures
& Other
Organic
Revenue
GrowthRisk Capital Revenue:

Commercial Risk Solutions
$         2,223
$         2,002
11 %
5 %
— %
(1) %
7 %Reinsurance Solutions
1,279
1,189
8
4
—
—
4Human Capital Revenue:

Health Solutions
1,119
1,026
9
4
—
1
4Wealth Solutions
420
519
(19)
3
—
(23)
1Eliminations
(7)
(7)
N/A
N/A
N/A
N/A
N/ATotal revenue
$         5,034
$         4,729
6 %
4 %
— %
(3) %
5 %Total revenue increased $305 million, or 6%, to $5.0 billion, compared to the prior-year period, reflecting organic revenue growth of 5%, driven by net new business and ongoing strong retention, and a 4% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact primarily from divestitures largely due to the sales of NFP Wealth and Stroz Friedberg. Risk Capital revenue increased $311 million, or 10%, to $3.5 billion, and Human Capital revenue decreased $6 million, or less than 1%, to $1.5 billion.Risk CapitalCommercial Risk Solutions Organic revenue growth of 7% reflects double-digit growth in North America and strong growth in EMEA, driven by net new business and ongoing strong retention. Net market impact was slightly positive. Within North America, performance was highlighted by strong growth in M&A services, U.S. core P&C and construction.Reinsurance Solutions Organic revenue growth of 4% reflects growth in treaty placements, driven by net new business and strong retention, and a double-digit increase in facultative placements. Net market impact was a modest negative in the quarter.Human CapitalHealth Solutions Organic revenue growth of 4% reflects strong growth in core health and benefits, including particular strength in international, driven by net new business, ongoing strong retention and a positive net market impact. This was partially offset by slower discretionary spend in Talent Solutions.Wealth Solutions Organic revenue growth of 1% reflects growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change, partially offset by continued soft advisory demand in the U.S.FIRST-QUARTER 2026 EXPENSE REVIEW

Three Months Ended March 31,

(millions)
2026
2025
$ Change
% ChangeExpenses

Compensation and benefits
$        2,393
$        2,249
$        144
6 %Information technology
144
136
8
6Premises
81
82
(1)
(1)Depreciation of fixed assets
46
46
—
—Amortization and impairment of intangible assets
152
199
(47)
(24)Other general expense
411
446
(35)
(8)Accelerating Aon United Program expenses
92
110
(18)
(16)Total operating expenses
$        3,319
$        3,268
$          51
2 %Compensation and benefits expense increased $144 million, or 6%, compared to the prior-year period, due primarily to expenses associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact of foreign currency translation, partially offset by lower expenses from the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions.Information technology expense increased $8 million, or 6%, compared to the prior-year period, due primarily to the expense associated with 5% organic revenue growth, including Aon Business Services investments in ongoing technology initiatives.Premises expense decreased $1 million, or 1%, compared to the prior-year period, due primarily to efforts to optimize our real estate footprint and savings from Accelerating Aon United restructuring actions.Depreciation of fixed assets was flat compared to the prior-year period.Amortization and impairment of intangible assets decreased $47 million, or 24%, compared to the prior-year period, due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business.Other general expense decreased $35 million, or 8%, compared to the prior-year period, due primarily to non-recurring gains including legal recoveries and sales of portfolios, lower transaction- and integration-related expense and lower expenses associated with the sale of NFP Wealth, partially offset by the unfavorable impact of foreign currency translation.Accelerating Aon United Restructuring Program expense decreased $18 million, or 16%, compared to the prior-year period, due primarily to lower costs related to workforce optimization.FIRST-QUARTER 2026 INCOME SUMMARYCertain noteworthy items impacted adjusted operating income and adjusted operating margin in the first quarters of 2026 and 2025, which are also described in detail in "Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin and Diluted Earnings Per Share" on page 11 of this press release.

Three Months Ended March 31,

(millions)
2026
2025
% ChangeRevenue
$      5,034
$      4,729
6 %Expenses
3,319
3,268
2 %Operating income
$      1,715
$      1,461
17 %Operating margin
34.1 %
30.9 %

Adjusted operating income
$      1,966
$      1,816
8 %Adjusted operating margin
39.1 %
38.4 %

Operating income increased $254 million, or 17%, and operating margin increased 320 basis points to 34.1%, each compared to the prior-year period. Adjusted operating income increased $150 million, or 8%, and adjusted operating margin increased 70 basis points to 39.1%, each compared to the prior-year period. The increase in adjusted operating income reflects organic revenue growth, net restructuring savings and tailwinds from currency movements, partially offset by increased expenses associated with 5% organic revenue growth and lower fiduciary investment income.Interest income increased $7 million compared to the prior-year period, primarily reflecting higher cash balances due to the sale of NFP Wealth. Interest expense decreased $27 million compared to the prior-year period, reflecting lower total debt.Other income was $5 million compared to other expense of $10 million in the prior-year period. Adjusted other expense was $15 million compared to $30 million in the prior-year period, primarily reflecting a favorable impact of foreign currency remeasurement of assets and liabilities in non-functional currencies and a decrease in non-cash pension expense, partially offset by losses related to our hedging program.Net income attributable to Aon shareholders increased 26% to $1.2 billion compared to $965 million in the prior-year period. Adjusted net income attributable to Aon shareholders increased 13% to $1.4 billion compared to $1.2 billion in the prior-year period.Conference Call, Presentation Slides and Webcast DetailsThe Company will host a conference call on Friday, May 1, 2026 at 8:00 a.m. eastern time. Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at ir.aon.com.About AonAon plc (NYSE: AON) exists to shape decisions for the better - to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting the Aon Newsroom and signing up for News Alerts.Safe Harbor StatementThis communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon's operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as our outlook, market and industry conditions, including competitive and pricing trends, the development and performance of our services and products, our cost structure and the outcome of cost-saving or restructuring initiatives, including the impacts of the Accelerating Aon United Program, the integration of NFP, actual or anticipated legal settlement expenses, future capital expenditures, growth in commissions and fees, changes to the composition or level of our revenues, cash flow and liquidity, expected tax rates, expected foreign currency translation impacts, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans, references to future successes, and expectations with respect to the benefits of the acquisition of NFP are forward-looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "confidence", "conviction", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential", "opportunity", "commit", "probably", "project", "positioned", "should", "will", "would" or similar expressions, it is making forward-looking statements.The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward-looking statements: changes in the competitive environment, due to macroeconomic conditions or otherwise, or damage to Aon's reputation; fluctuations in currency exchange, interest, or inflation rates that could impact our financial condition or results; changes in global equity and fixed income markets that could affect the return on invested assets; changes in the funded status of Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon's debt and the terms thereof reducing Aon's flexibility or increasing borrowing costs; rating agency actions that could limit Aon's access to capital and our competitive position; volatility in Aon's global tax rate due to being subject to a variety of different factors, including the adoption, implementation and amendment in the European Union, the United States, the United Kingdom, or other countries of the Organization for Economic Co-operation and Development tax proposals or other pending proposals in those and other countries, which could create volatility in that tax rate; changes in Aon's accounting estimates or assumptions on Aon's financial statements; limits on Aon's subsidiaries' ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from or related to acquisition or disposition transactions, errors and omissions and other claims against Aon (including proceeding and contingencies relating to transactions for which capital was arranged by Vesttoo Ltd. or related to actions we may take in being responsible for making decisions on behalf of clients in our investment business or in other advisory services that we currently provide, or may provide in the future); the impact of, and potential challenges in complying with, laws and regulations in the jurisdictions in which Aon operates, particularly given the global nature of Aon's operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business, including but not limited to in the areas of cybersecurity, data privacy and artificial intelligence; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of others; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with our global operations, including geopolitical conflicts, tariffs, sanctions or changes in trade policies; the effects of natural or human-caused disasters, including the effects of health pandemics and the impacts of climate related events; any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation; Aon's ability to develop, implement, update and enhance new technology; the actions taken by third parties that perform aspects of Aon's business operations and client services; Aon's ability to continue, and the costs and risks associated with, growing, developing and integrating acquired business, and entering into new lines of business or products; Aon's ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; Aon's ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings (including the Accelerating Aon United Program), and the ability to achieve such growth or cost savings; the effects of Irish law on Aon's operating flexibility and the enforcement of judgments against Aon; and adverse effects on the market price of Aon's securities and/or operating results for any reason, including, without limitation, because of a failure to realize the expected benefits of the acquisition of NFP (including anticipated revenue and growth synergies) in the expected timeframe, or at all.Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that could materially affect Aon's financial results, is contained in Aon's filings with the SEC. See Aon's Annual Report on Form 10-K for the year ended December 31, 2025 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise.Explanation of Non-GAAP MeasuresThis communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted net income attributable to Aon shareholders, adjusted diluted net income per share ('EPS"), adjusted effective tax rate, adjusted other income (expense), and adjusted income before income taxes that exclude the effects of intangible asset amortization and impairment, Accelerating Aon United Program expenses, contingent consideration, NFP integration costs, certain pension settlements, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held-for-sale disposal groups, which are adjusted from organic revenue growth upon classification as held-for-sale, if any), transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior-year period results if they were translated at current period foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this communication are provided in the attached appendices. Supplemental organic revenue growth information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flows from operating activity less capital expenditures. The adjusted effective tax rate excludes the applicable tax impact associated with adjustments previously described, generally at the estimated annual effective tax rate or jurisdictional rate, where appropriate. Beginning in the third quarter of 2024, the adjusted effective tax rate also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon's Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments. Aon does not provide a reconciliation of forward-looking non-GAAP measures, such as adjusted operating margin and the impact of foreign exchange on adjusted EPS, where Aon believes such a reconciliation would imply a degree of precision and certainty that could be misleading and is unable to reasonably predict certain items contained in the corresponding GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Aon's control, or cannot be reasonably predicted. For these reasons, Aon is also unable to address the probable significance of the unavailable information.Investor Contact:
Media Contact:Hallie Miller
Will Dunn+1 847-442-0622
Toll-free (U.S., Canada and Puerto Rico): +1-833-751- 8114investor.relations@aon.com
International: +1 312 381 3024

mediainquiries@aon.com Aon plcCondensed Consolidated Statements of Income (Unaudited)

Three Months Ended
March 31,

(millions, except per share data)
2026
2025
% ChangeRevenue

Total revenue
$  5,034
$  4,729
6 %Expenses

Compensation and benefits
2,393
2,249
6 %Information technology
144
136
6 %Premises
81
82
(1) %Depreciation of fixed assets
46
46
— %Amortization and impairment of intangible assets
152
199
(24) %Other general expense
411
446
(8) %Accelerating Aon United Program expenses
92
110
(16) %Total operating expenses
3,319
3,268
2 %Operating income
1,715
1,461
17 %Interest income
12
5
140 %Interest expense
(179)
(206)
(13) %Other income (expense)
5
(10)
150 %Income before income taxes
1,553
1,250
24 %Income tax expense (1)
314
268
17 %Net income
1,239
982
26 %Less: Net income attributable to redeemable and nonredeemable noncontrolling interests
27
17
59 %Net income attributable to Aon shareholders
$  1,212
$    965
26 %

Basic net income per share attributable to Aon shareholders
$   5.66
$   4.46
27 %Diluted net income per share attributable to Aon shareholders
$   5.63
$   4.43
27 %Weighted average ordinary shares outstanding - basic
214.3
216.4
(1) %Weighted average ordinary shares outstanding - diluted
215.4
217.9
(1) %(1) The effective tax rate was 20.2% and 21.4% for the three months ended March 31, 2026 and 2025, respectively. Aon plcSegment Results (Unaudited)
Three Months Ended March 31,
Risk Capital
Human Capital
Corporate/Eliminations (1)
Total Consolidated
2026
2025
2026
2025
2026
2025
2026
2025Revenue

Total revenue$ 3,502
$ 3,191
$ 1,539
$ 1,545
$     (7)
$     (7)
$ 5,034
$ 4,729Expenses

Compensation and benefits1,632
1,461
759
774
2
14
2,393
2,249Information technology96
90
46
45
2
1
144
136Premises53
52
27
29
1
1
81
82Other expenses (2) 339
391
264
294
98
116
701
801Total operating expenses2,120
1,994
1,096
1,142
103
132
3,319
3,268Operating income$ 1,382
$ 1,197
$ 443
$ 403
$   (110)
$   (139)
$ 1,715
$ 1,461Operating margin39.5 %
37.5 %
28.8 %
26.1 %

34.1 %
30.9 %

(1)Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.(2)Includes expenses related to depreciation of fixed assets, amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and other general expenses. Aon plcReconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow (Unaudited) Organic Revenue Growth (Unaudited)

Three Months Ended March 31,

2026
2025
%
Change
Less:
Currency
Impact (1)
Less:
Fiduciary
Investment
Income (2)
Less:
Acquisitions,
Divestitures
& Other
Organic
Revenue
Growth (3)Risk Capital Revenue:

Commercial Risk Solutions
$          2,223
$         2,002
11 %
5 %
— %
(1) %
7 %Reinsurance Solutions
1,279
1,189
8
4
—
—
4Human Capital Revenue:

Health Solutions
1,119
1,026
9
4
—
1
4Wealth Solutions
420
519
(19)
3
—
(23)
1Eliminations
(7)
(7)
N/A
N/A
N/A
N/A
N/ATotal revenue
$          5,034
$         4,729
6 %
4 %
— %
(3) %
5 %

(1)Currency impact represents the effect on prior-year period results if they were translated at current period foreign exchange rates.(2)Fiduciary investment income for the three months ended March 31, 2026 and 2025 was $55 million and $67 million, respectively.(3)Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held for sale disposal groups, which are adjusted from organic revenue growth upon classification as held for sale, if any), transfers between revenue lines and gains or losses on derivatives accounted for as hedges. Free Cash Flow (Unaudited)

Three Months Ended March 31,

(millions)
2026
2025
% ChangeCash Provided by Operating Activities
$          430
$          140
207 %Capital Expenditures
(67)
(56)
20 %Free Cash Flow (1)
$          363
$            84
332 %

(1)Free cash flow is defined as cash flows from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation of residual cash flow available for discretionary expenditures. Aon plcReconciliation of Non-GAAP Measures - Operating Income, Operating Margin and Diluted Earnings Per Share (Unaudited) (1)
Three Months Ended March 31,
Risk Capital
Human Capital
Corporate/Eliminations (2)
Total Consolidated(millions, except percentages)2026
2025
2026
2025
2026
2025
2026
2025Revenue$ 3,502
$ 3,191
$ 1,539
$ 1,545
$     (7)
$     (7)
$ 5,034
$ 4,729

Operating income$ 1,382
$ 1,197
$  443
$  403
$  (110)
$  (139)
$ 1,715
$ 1,461Amortization and impairment of intangible assets73
84
79
115
—
—
152
199Change in the fair value of contingent consideration(5)
6
—
11
—
—
(5)
17Accelerating Aon United Program expenses (3)19
19
5
4
68
87
92
110Integration costs (4)1
11
2
12
9
6
12
29Adjusted operating income$ 1,470
$ 1,317
$  529
$  545
$    (33)
$    (46)
$ 1,966
$ 1,816Operating margin39.5 %
37.5 %
28.8 %
26.1 %

34.1 %
30.9 %Adjusted operating margin42.0 %
41.3 %
34.4 %
35.3 %

39.1 %
38.4 %

Three Months Ended March 31,

(millions, except percentages)
2026
2025
% ChangeAdjusted operating income
$ 1,966
$ 1,816
8 %Interest income
12
5
140 %Interest expense
(179)
(206)
(13) %Other income (expense):

Other income (expense) - pensions
(15)
(23)
(35) %Adjusted other income (expense) - other (5)
—
(7)
(100) %Adjusted other income (expense)
(15)
(30)
(50) %Adjusted income before income taxes
1,784
1,585
13 %Adjusted income tax expense (6)
362
332
9 %Adjusted net income
1,422
1,253
13 %Less: Net income attributable to redeemable and nonredeemable noncontrolling interests
27
17
59 %Adjusted net income attributable to Aon shareholders
$ 1,395
$ 1,236
13 %Adjusted diluted net income per share attributable to Aon shareholders
$  6.48
$  5.67
14 %Weighted average ordinary shares outstanding - diluted
215.4
217.9
(1) %Effective tax rates (6)

U.S. GAAP
20.2 %
21.4 %

Non-GAAP
20.3 %
20.9 %

(1)Certain noteworthy items impacting operating income in the three months ended March 31, 2026 and 2025 are described in this schedule. The items shown with the caption "adjusted" are non-GAAP financial measures.(2)Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.(3)Total Accelerating Aon United Program expenses include technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation.(4)The NFP transaction has continued to result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. The Company expects to continue to incur integration costs through the end of the second quarter of 2026.(5)For the three months ended March 31, 2026 and 2025, other income (expense) was $5 million and $(10) million, respectively. During the three months ended March 31, 2026, Aon recognized a $20 million gain related to the prior year sale of a significant majority of NFP's Wealth business. During the three months ended March 31, 2025, a gain of $20 million related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior-year period was recognized. Each gain was excluded from adjusted other income (expense) in the period it was recognized. Adjusted other income (expense) for the three months ended March 31, 2026 and 2025 was $(15) million and $(30) million, respectively.(6)Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with Accelerating Aon United Program expenses, deferred consideration from a prior year sale of business, certain integration costs related to the acquisition of NFP, additional gain from the disposal of the NFP Wealth business, and changes in the fair value of contingent consideration, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Aon plcCondensed Consolidated Statements of Financial Position

As of

(Unaudited)

(millions)
March 31,
2026
December 31,
2025Assets

Current assets

Cash and cash equivalents
$            1,178
$            1,195Short-term investments
238
1,603Receivables, net
5,089
4,209Fiduciary assets (1)
18,905
17,889Other current assets
753
878Total current assets
26,163
25,774Goodwill
15,925
15,797Intangible assets, net
5,826
5,727Fixed assets, net
714
702Operating lease right-of-use assets
674
677Deferred tax assets
737
748Prepaid pension
598
603Other non-current assets
792
756Total assets
$           51,429
$           50,784

Liabilities, redeemable noncontrolling interests, and equity

Liabilities

Current liabilities

Accounts payable and accrued liabilities
$            2,208
$            2,861Short-term debt and current portion of long-term debt
1,121
589Fiduciary liabilities
18,905
17,889Other current liabilities
2,303
1,887Total current liabilities
24,537
23,226Long-term debt
13,542
14,660Non-current operating lease liabilities
633
641Deferred tax liabilities
350
340Pension, other postretirement, and postemployment liabilities
1,028
1,084Other non-current liabilities
1,359
1,285Total liabilities
41,449
41,236

Redeemable noncontrolling interests
22
89

Equity

Ordinary shares - $0.01 nominal value     Authorized: 500 shares (issued: 2026 - 213.6; 2025 - 214.5)
2
2Additional paid-in capital
13,453
13,438Retained earnings (Accumulated deficit)
307
(245)Accumulated other comprehensive loss
(3,928)
(3,843)Total Aon shareholders' equity
9,834
9,352Nonredeemable noncontrolling interests
124
107Total equity
9,958
9,459Total liabilities, redeemable noncontrolling interests and equity
$           51,429
$           50,784

(1)Includes cash and short-term investments of $8.3 billion and $7.4 billion as of March 31, 2026 and December 31, 2025, respectively. Aon plcCondensed Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31,(millions)
2026
2025Cash flows from operating activities

Net income
$        1,239
$          982Adjustments to reconcile net income to cash provided by operating activities:

Gain from sales of businesses
(20)
—Depreciation of fixed assets
46
46Amortization and impairment of intangible assets
152
199Share-based compensation expense
82
147Deferred income taxes
(49)
(117)Other, net
1
(17)Change in assets and liabilities:

Receivables, net
(905)
(742)Accounts payable and accrued liabilities
(656)
(846)Accelerating Aon United Program liabilities
14
(6)Current income taxes
243
152Pension, other postretirement and postemployment liabilities
(14)
(8)Other assets and liabilities
297
350Cash provided by operating activities
430
140Cash flows from investing activities

Proceeds from investments
17
20Purchases of investments
(19)
(19)Net sale (purchases) of short-term investments - non fiduciary
1,363
(145)Acquisition of businesses, net of cash and funds held on behalf of clients
(296)
(116)Sale of businesses, net of cash and funds held on behalf of clients
1
24Capital expenditures
(67)
(56)Cash provided by (used for) investing activities
999
(292)Cash flows from financing activities

Share repurchase
(500)
(250)Proceeds from issuance of shares
25
30Cash paid for employee taxes on withholding shares
(93)
(141)Commercial paper issuances, net of repayments
—
594Repayment of debt
(593)
—Increase (decrease) in fiduciary liabilities, net of fiduciary receivables
955
(355)Cash dividends to shareholders
(162)
(147)Redeemable and nonredeemable noncontrolling interests, and other financing activities
(73)
(80)Cash used for financing activities
(441)
(349)Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients
(97)
196Net increase (decrease) in cash and cash equivalents and funds held on behalf of clients
891
(305)Cash, cash equivalents and funds held on behalf of clients at beginning of period
8,573
8,333Cash, cash equivalents and funds held on behalf of clients at end of period
$        9,464
$        8,028Reconciliation of cash and cash equivalents and funds held on behalf of clients:

Cash and cash equivalents
$        1,178
$          964Cash and cash equivalents and funds held on behalf of clients classified as held for sale
—
2Funds held on behalf of clients
8,286
7,062Total cash and cash equivalents and funds held on behalf of clients
$        9,464
$        8,028

View original content:https://www.prnewswire.com/news-releases/aon-reports-first-quarter-2026-results-302759616.htmlSOURCE Aon Corporation

Original: Aon Reports First-Quarter 2026 Results

Aon Reports Fourth-Quarter and Full-Year 2025 ResultsJanuary 30, 2026 6:30 AM
PR Newswire (US)

DUBLIN, Jan. 30, 2026 /PRNewswire/ -- Aon plc (NYSE: AON) today reported results for the three and twelve months ended December 31, 2025.
Aon delivered another quarter of strong performance and finished 2025 with 9% total revenue growth, 6% organic revenue growth and double-digit free cash flow growth, demonstrating the durability and consistency of our growth modelWe paid down $1.9 billion in debt in 2025 and successfully met our leverage objective in the fourth quarter. We expect our strong balance sheet position will enable us to execute our disciplined capital allocation model in 2026, balancing investment in high-return M&A and capital return to shareholdersWe are introducing 2026 guidance that reflects the power of our Aon United strategy, accelerated through the 3x3 Plan. For 2026, we expect mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, strong adjusted EPS growth and double-digit free cash flow growth
Fourth Quarter 2025
Full Year 2025
2025
2024
Change
2025
2024
ChangeTotal revenue$4,300
$4,147
4 %
$17,181
$15,698
9 %Organic revenue growth (Non-GAAP)

5 %

6 %Operating margin28.1 %
26.3 %

25.3 %
24.4 %

Adjusted operating margin (Non-GAAP)35.5 %
33.3 %

32.4 %
31.5 %

Diluted EPS$7.82
$3.28
138 %
$17.02
$12.49
36 %Adjusted EPS (Non-GAAP)$4.85
$4.42
10 %
$17.07
$15.60
9 %Cash provided by operations$1,397
$1,200
16 %
$3,481
$3,035
15 %Free cash flow (Non-GAAP)$1,323
$1,145
16 %
$3,218
$2,817
14 %"Our fourth-quarter and full-year results reflect the strong execution of our 3x3 Plan, accelerating our client-centric Aon United strategy," said Greg Case, president and CEO. "In the fourth quarter, we delivered 5% organic revenue growth and 16% free cash flow growth, and we achieved all of our full-year objectives, including a second straight year of 6% organic revenue growth.""Our strategic investments in data-driven insights and capabilities through Aon Business Services are enabling us to meet rising client demand in an increasingly complex environment," Case added. "We are entering 2026 with momentum and are well positioned to continue to deliver for our clients, generate sustainable growth and create long-term shareholder value."Net income attributable to Aon shareholders in the fourth quarter increased 138%, to $7.82 per share on a diluted basis, compared to $3.28 per share on a diluted basis in the prior-year period. Adjusted net income per share attributable to Aon shareholders increased 10% to $4.85 on a diluted basis, compared to $4.42 in the prior-year period. Certain items that impacted fourth-quarter results and comparisons with the prior-year period are detailed in "Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin, and Diluted Earnings Per Share" on page 12 of this press release.FOURTH-QUARTER 2025 FINANCIAL SUMMARYTotal revenue in the fourth quarter increased 4% to $4.3 billion compared to the prior-year period, reflecting 5% organic revenue growth and a 2% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact from acquisitions, divestitures and other items. Risk Capital revenue increased $171 million, or 7%, to $2.7 billion and Human Capital revenue decreased $16 million, or 1%, to $1.6 billion.Total operating expenses in the fourth quarter increased 1% to $3.1 billion compared to the prior-year period, due primarily to the increase in expense associated with 5% organic revenue growth, an unfavorable impact from foreign currency translation and higher Accelerating Aon United Program expenses, partially offset by lower expenses associated with the sale of NFP Wealth and $50 million of net restructuring savings realized in the quarter, as well as lower compensation expense. Risk Capital operating expenses increased $143 million, or 8%, to $1.9 billion and Human Capital operating expenses decreased $110 million, or 10%, to $1.0 billion.Foreign currency translation in the fourth quarter had a $0.09 per share favorable impact on diluted EPS and a $0.10 per share favorable impact on adjusted EPS. If currency were to remain stable at today's rates, the Company would expect a favorable impact of approximately $0.36 per share in the first quarter of 2026 and a favorable impact of approximately $0.39 per share for full year 2026.Effective tax rate for the fourth quarter was 22.9%, compared to 17.6% in the prior-year period. After adjusting to exclude the applicable tax impact associated with certain non-GAAP adjustments, the adjusted effective tax rate for the fourth quarter of 2025 was 20.0% compared to 16.7% in the prior-year period. The primary drivers of the change in the effective tax rate and adjusted effective tax rate were changes in the geographical distribution of income and a lower favorable impact from discrete items.Weighted average diluted shares outstanding decreased to 216.5 million in the fourth quarter, compared to 218.3 million in the prior-year period. The Company repurchased approximately 0.7 million class A ordinary shares for approximately $250 million in the fourth quarter. As of December 31, 2025, the Company had approximately $1.3 billion of remaining authorization under its share repurchase program.FULL-YEAR 2025 CASH FLOW SUMMARYThe full-year 2025 cash flow summary provided below includes supplemental information related to free cash flow, which is a non-GAAP measure that is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow" on page 11 of this press release.Cash flows provided by operations for 2025 increased $446 million, or 15%, to $3.5 billion compared to the prior-year period, due primarily to strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by working capital headwinds.Free cash flow, defined as cash flow from operations less capital expenditures, increased $401 million, or 14%, to $3.2 billion in 2025 compared to the prior year, reflecting an increase in cash flows from operations, partially offset by a $45 million increase in capital expenditures.FOURTH-QUARTER 2025 REVENUE REVIEWThe fourth-quarter revenue reviews provided below include supplemental information related to organic revenue growth, which is a non-GAAP measure that is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow" on page 11 of this press release.

Three Months Ended
December 31,

(millions)
2025
2024
% Change
Less:CurrencyImpact
Less:FiduciaryInvestmentIncome
Less: Acquisitions, Divestitures & Other
OrganicRevenueGrowthRisk Capital Revenue:

Commercial Risk Solutions
$      2,329
$       2,186
7 %
2 %
— %
(1) %
6 %Reinsurance Solutions
379
351
8
1
(1)
—
8Human Capital Revenue:

Health Solutions
1,106
1,070
3
2
—
(1)
2Wealth Solutions
490
542
(10)
2
—
(14)
2Eliminations
(4)
(2)
N/A
N/A
N/A
N/A
N/ATotal revenue
$      4,300
$       4,147
4 %
2 %
— %
(3) %
5 %Total revenue increased $153 million, or 4%, to $4.3 billion, compared to the prior-year period, reflecting organic revenue growth of 5%, driven by net new business and ongoing strong retention and a 2% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact largely due to the sales of NFP Wealth and Stroz Friedberg as part of acquisitions, divestitures and other items. Risk Capital revenue increased $171 million, or 7%, to $2.7 billion and Human Capital revenue decreased $16 million, or 1%, to $1.6 billion.Risk CapitalCommercial Risk Solutions Organic revenue growth of 6% reflects strong growth in North America, EMEA and Latin America, driven by net new business and ongoing strong retention. Performance was highlighted by strong growth in U.S. core P&C and double-digit growth in construction. Market impact was positive.Reinsurance Solutions Organic revenue growth of 8% reflects double-digit growth in insurance-linked securities and the Strategy and Technology Group. Strong growth in facultative placements was driven by net new business and strong retention, partially offset by a modest unfavorable market impact.Human CapitalHealth Solutions Organic revenue growth of 2% reflects strong growth in core health and benefits and consumer benefits solutions, driven by net new business, ongoing strong retention and positive market impact, partially offset by slower discretionary spend in Talent Solutions and delayed closed sales.Wealth Solutions Organic revenue growth of 2% reflects growth in Retirement, driven by continued strong demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change, partially offset by the sale of the NFP Wealth business.FOURTH-QUARTER 2025 EXPENSE REVIEW

Three Months Ended
December 31,

(millions)
2025
2024
$ Change
% ChangeExpenses

Compensation and benefits
$         2,117
$         2,120
$          (3)
— %Information technology
156
142
14
10Premises
85
84
1
1Depreciation of fixed assets
48
47
1
2Amortization and impairment of intangible assets
185
185
—
—Other general expense
372
409
(37)
(9)Accelerating Aon United Program expenses
129
69
60
87Total operating expenses
$         3,092
$         3,056
$         36
1 %Compensation and benefits expense decreased $3 million compared to the prior-year period, due primarily to lower expenses from the sale of NFP Wealth, savings from Accelerating Aon United restructuring actions and lower NFP integration costs, partially offset by expenses associated with 5% organic revenue growth and the unfavorable impact of foreign currency translation.Information technology expense increased $14 million, or 10%, compared to the prior-year period, due primarily to the expense associated with 5% organic revenue growth, partially offset by savings from Accelerating Aon United restructuring actions.Premises expense increased $1 million, or 1%, compared to the prior-year period, due primarily to the unfavorable impact of foreign currency translation.Depreciation of fixed assets increased $1 million, or 2%, compared to the prior-year period.Amortization and impairment of intangible assets was flat compared to the prior-year period, as the decrease in intangible assets associated with the sale of NFP Wealth was offset by an increase in intangibles related to other acquisitions made during the year.Other general expense decreased $37 million, or 9%, compared to the prior-year period, due primarily to non-recurring gains including sales of portfolios, lower transaction- and integration-related expense and lower expenses associated with the sale of NFP Wealth, partially offset by the unfavorable impact of foreign currency translation. Accelerating Aon United Restructuring Program expense increased $60 million, or 87%, compared to the prior-year period, due primarily to higher costs related to workforce optimization.FOURTH-QUARTER 2025 INCOME SUMMARYCertain noteworthy items impacted adjusted operating income and adjusted operating margin in the fourth quarters of 2025 and 2024, which are also described in detail in "Reconciliation of Non-GAAP Measures - Operating Income, Operating Margin, and Diluted Earnings Per Share" on page 12 of this press release.

Three Months Ended
December 31,

(millions)
2025
2024
% ChangeRevenue
$     4,300
$    4,147
4 %Expenses
3,092
3,056
1 %Operating income
$     1,208
$    1,091
11 %Operating margin
28.1 %
26.3 %

Adjusted operating income
$     1,525
$    1,380
11 %Adjusted operating margin
35.5 %
33.3 %

Operating income increased $117 million, or 11%, and operating margin increased 180 basis points to 28.1%, each compared to the prior-year period. Adjusted operating income increased $145 million, or 11%, and adjusted operating margin increased 220 basis points to 35.5%, each compared to the prior-year period. The increase in adjusted operating income reflects organic revenue growth, operating efficiencies driven by ABS and net restructuring savings, partially offset by increased expenses associated with 5% organic revenue growth and lower fiduciary investment income.Interest income increased $10 million compared to the prior-year period, primarily reflecting higher cash balances due to the sale of NFP Wealth. Interest expense decreased $15 million compared to the prior-year period, reflecting lower total debt.Other income was $1.2 billion compared to $2 million in the prior-year period, primarily reflecting gains related to the sale of NFP Wealth in the fourth quarter of 2025. Adjusted other expense was $21 million compared to adjusted other income of $2 million in the prior-year period, primarily reflecting an unfavorable impact of foreign currency remeasurement of assets and liabilities in non-functional currencies and an increase in non-cash pension expense, partially offset by gains related to our hedging program.Net income attributable to Aon shareholders increased 136% to $1.7 billion compared to $716 million in the prior-year period. Adjusted net income attributable to Aon shareholders increased 9% to $1.1 billion compared to $965 million in the prior-year period.2025 FULL-YEAR SUMMARYTotal revenue increased 9% to $17.2 billion compared to the prior year, reflecting 6% organic revenue growth, a 2% contribution from acquisitions and a 1% favorable impact from foreign currency translation.Net income attributable to Aon shareholders increased to $3.7 billion, or $17.02 per share on a diluted basis, compared to $2.7 billion, or $12.49 per share on a diluted basis, in the prior year. Adjusted net income per share increased 9% to $17.07 on a diluted basis, including an unfavorable impact of $0.01 per share from foreign currency translation, compared to $15.60 in the prior year. Certain items that impacted full-year results and comparisons against the prior year are detailed in "Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings Per Share" on page 12 of this press release.During 2025, the Company repurchased approximately 2.7 million class A ordinary shares for approximately $1.0 billion at an average price of $365.91 per share. As of December 31, 2025, the Company had approximately $1.3 billion of remaining authorization under its share repurchase program.Conference Call, Presentation Slides and Webcast DetailsThe Company will host a conference call on Friday, January 30, 2026 at 7:30 a.m., central time. Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at www.aon.com.About AonAon plc (NYSE:AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.Follow Aon on LinkedIn, X, Facebook, and Instagram. Stay up-to-date by visiting the Aon Newsroom and signing up for News Alerts.Safe Harbor StatementThis communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future results of Aon's operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as our outlook, market and industry conditions, including competitive and pricing trends, the development and performance of our services and products, our cost structure and the outcome of cost-saving or restructuring initiatives, including the impacts of the Accelerating Aon United Program, the integration of NFP, actual or anticipated legal settlement expenses, future capital expenditures, growth in commissions and fees, changes to the composition or level of our revenues, cash flow and liquidity, expected tax rates, expected foreign currency translation impacts, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans, references to future successes, and expectations with respect to the benefits of the acquisition of NFP are forward-looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential", "opportunity", "commit", "probably", "project", "positioned", "should", "will", "would" or similar expressions, it is making forward-looking statements.The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward looking statements: changes in the competitive environment, due to macroeconomic conditions or otherwise, or damage to Aon's reputation; fluctuations in currency exchange, interest, or inflation rates that could impact our financial condition or results; changes in global equity and fixed income markets that could affect the return on invested assets; changes in the funded status of Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon's debt and the terms thereof reducing Aon's flexibility or increasing borrowing costs; rating agency actions that could limit Aon's access to capital and our competitive position; volatility in Aon's global tax rate due to being subject to a variety of different factors, including the adoption, implementation, and amendment in the European Union, the United States, the United Kingdom, or other countries of the Organization for Economic Co-operation and Development tax proposals or other pending proposals in those and other countries, which could create volatility in that tax rate; changes in Aon's accounting estimates or assumptions on Aon's financial statements; limits on Aon's subsidiaries' ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from or related to acquisition or disposition transactions, errors and omissions and other claims against Aon (including proceeding and contingencies relating to transactions for which capital was arranged by Vesttoo Ltd. or related to actions we may take in being responsible for making decisions on behalf of clients in our investment business or in other advisory services that we currently provide, or may provide in the future); the impact of, and potential challenges in complying with, laws and regulations in the jurisdictions in which Aon operates, particularly given the global nature of Aon's operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of others; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with our global operations, including geopolitical conflicts, tariffs, sanctions or changes in trade policies; the effects of natural or human-caused disasters, including the effects of health pandemics and the impacts of climate related events; any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation; Aon's ability to develop, implement, update and enhance new technology; the actions taken by third parties that perform aspects of Aon's business operations and client services; Aon's ability to continue, and the costs and risks associated with, growing, developing and integrating acquired business, and entering into new lines of business or products; Aon's ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; Aon's ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings (including the Accelerating Aon United Program), and the ability to achieve such growth or cost savings; the effects of Irish law on Aon's operating flexibility and the enforcement of judgments against Aon; adverse effects on the market price of Aon's securities and/or operating results for any reason, including, without limitation, because of a failure to realize the expected benefits of the acquisition of NFP (including anticipated revenue and growth synergies) in the expected timeframe, or at all; and significant integration costs or difficulties in connection with the acquisition of NFP or unknown or inestimable liabilities.Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including factors that could materially affect Aon's financial results, is contained in Aon's filings with the SEC. See Aon's Annual Report on Form 10-K for the year ended December 31, 2024 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise.Explanation of Non-GAAP MeasuresThis communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted net income attributable to Aon shareholders, adjusted diluted net income per share, adjusted effective tax rate, adjusted other income (expense), and adjusted income before income taxes that exclude the effects of intangible asset amortization and impairment, Accelerating Aon United Program expenses, contingent consideration, NFP transaction and integration costs, certain pension settlements, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held-for-sale disposal groups, which are adjusted from organic revenue growth upon classification as held-for-sale, if any), transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior-year period results if they were translated at current period foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this communication are provided in the attached appendices. Supplemental organic revenue growth information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flows from operating activity less capital expenditures. The adjusted effective tax rate excludes the applicable tax impact associated with adjustments previously described, generally at the estimated annual effective tax rate or jurisdictional rate, where appropriate. Beginning in the third quarter of 2024, the adjusted effective tax rate also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon's Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments. Aon does not provide a reconciliation of forward-looking non-GAAP measures, such as adjusted operating margin, where Aon believes such a reconciliation would imply a degree of precision and certainty that could be misleading and is unable to reasonably predict certain items contained in the corresponding GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Aon's control, or cannot be reasonably predicted. For these reasons, Aon is also unable to address the probable significance of the unavailable information.Investor Contact:
Media Contact:Hallie Miller
Will Dunn+1 847-442-0622
Toll-free (U.S., Canada and Puerto Rico): +1-833-751- 8114investor.relations@aon.com
International: +1 312 381 3024

mediainquiries@aon.com Aon plcConsolidated Statements of Income (Unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(millions, except per share data)
2025
2024
%Change
2025
2024
%ChangeRevenue

Total revenue
$   4,300
$ 4,147
4 %
$ 17,181
$ 15,698
9 %Expenses

Compensation and benefits
2,117
2,120
— %
8,985
8,283
8 %Information technology
156
142
10 %
568
539
5 %Premises
85
84
1 %
337
325
4 %Depreciation of fixed assets
48
47
2 %
188
183
3 %Amortization and impairment of intangible assets
185
185
— %
778
503
55 %Other general expense
372
409
(9) %
1,616
1,641
(2) %Accelerating Aon United Program expenses
129
69
87 %
365
389
(6) %Total operating expenses
3,092
3,056
1 %
12,837
11,863
8 %Operating income
1,208
1,091
11 %
4,344
3,835
13 %Interest income
14
4
250 %
19
67
(72) %Interest expense
(191)
(206)
(7) %
(815)
(788)
3 %Other income (expense)
1,178
2
58,800 %
1,211
348
248 %Income before income taxes
2,209
891
148 %
4,759
3,462
37 %Income tax expense (1)
505
157
222 %
1,009
742
36 %Net income
1,704
734
132 %
3,750
2,720
38 %Less: Net income attributable to redeemable and
nonredeemable noncontrolling interests
11
18
(39) %
55
66
(17) %Net income attributable to Aon shareholders
$   1,693
$      716
136 %
$ 3,695
$ 2,654
39 %

Basic net income per share attributable to Aon shareholders
$      7.87
$     3.31
138 %
$ 17.11
$ 12.55
36 %Diluted net income per share attributable to Aon shareholders
$      7.82
$     3.28
138 %
$ 17.02
$ 12.49
36 %Weighted average ordinary shares outstanding - basic
215.1
216.6
(1) %
215.9
211.4
2 %Weighted average ordinary shares outstanding - diluted
216.5
218.3
(1) %
217.1
212.5
2 %(1)The effective tax rate was 22.9% and 17.6% for the three months ended December 31, 2025 and 2024, respectively, and 21.2% and 21.4% for the twelve months ended December 31, 2025 and 2024, respectively. Aon plcSegment Results (Unaudited)
Three Months Ended December 31,
Risk Capital
Human Capital
Corporate/Eliminations (1)
Total Consolidated
2025
2024
2025
2024
2025
2024
2025
2024Revenue

Total revenue$ 2,708
$ 2,537
$ 1,596
$ 1,612
$        (4)
$        (2)
$ 4,300
$ 4,147Expenses

Compensation and benefits1,375
1,305
714
762
28
53
2,117
2,120Information technology100
93
52
47
4
2
156
142Premises54
54
29
30
2
—
85
84Other expenses (2)389
323
243
309
102
78
734
710Total operating expenses1,918
1,775
1,038
1,148
136
133
3,092
3,056Operating income$ 790
$ 762
$ 558
$ 464
$    (140)
$    (135)
$ 1,208
$ 1,091Operating margin29.2 %
30.0 %
35.0 %
28.8 %

28.1 %
26.3 %
Twelve Months Ended December 31,
Risk Capital
Human Capital
Corporate/Eliminations (1)
Total Consolidated
2025
2024
2025
2024
2025
2024
2025
2024Revenue

Total revenue$ 11,290
$ 10,517
$ 5,907
$ 5,209
$      (16)
$      (28)
$ 17,181
$ 15,698Expenses

Compensation and benefits5,832
5,417
3,060
2,739
93
127
8,985
8,283Information technology372
368
186
168
10
3
568
539Premises216
215
116
110
5
—
337
325Other expenses (2) 1,434
1,225
1,135
1,049
378
442
2,947
2,716Total operating expenses7,854
7,225
4,497
4,066
486
572
12,837
11,863Operating income$               3,436
$               3,292
$ 1,410
$ 1,143
$    (502)
$    (600)
$               4,344
$               3,835Operating margin30.4 %
31.3 %
23.9 %
21.9 %

25.3 %
24.4 %(1)Segment expenses exclude governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.(2)Includes expenses related to depreciation of fixed assets, amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and other general expenses. Aon plcReconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow (Unaudited)Organic Revenue Growth (Unaudited)

Three Months Ended
December 31,

(millions)
2025
2024
% Change
Less:
Currency
Impact (1)
Less:
Fiduciary
Investment
Income (2)
Less:
Acquisitions,
Divestitures &
Other
Organic
Revenue
Growth (3)Risk Capital Revenue:

Commercial Risk Solutions
$          2,329
$          2,186
7 %
2 %
— %
(1) %
6 %Reinsurance Solutions
379
351
8
1
(1)
—
8Human Capital Revenue:

Health Solutions
1,106
1,070
3
2
—
(1)
2Wealth Solutions
490
542
(10)
2
—
(14)
2Eliminations
(4)
(2)
N/A
N/A
N/A
N/A
N/ATotal revenue
$          4,300
$          4,147
4 %
2 %
— %
(3) %
5 %

Twelve Months Ended
December 31,

(millions)
2025
2024
% Change
Less:
Currency
Impact (1)
Less:
Fiduciary
Investment
Income (2)
Less:
Acquisitions,
Divestitures &
Other
Organic
Revenue
Growth (3)Risk Capital Revenue:

Commercial Risk Solutions
$          8,497
$          7,861
8 %
1 %
— %
1 %
6 %Reinsurance Solutions
2,793
2,656
5
—
(1)
—
6Human Capital Revenue:

Health Solutions
3,839
3,335
15
—
—
10
5Wealth Solutions
2,068
1,874
10
1
—
4
5Eliminations
(16)
(28)
N/A
N/A
N/A
N/A
N/ATotal revenue
$        17,181
$        15,698
9 %
1 %
— %
2 %
6 %(1)Currency impact represents the effect on prior-year period results if they were translated at current-period foreign exchange rates.(2)Fiduciary investment income for the three months ended December 31, 2025 and 2024 was $63 million and $76 million, respectively. Fiduciary investment income for the twelve months ended December 31, 2025 and 2024 was $271 million and $315 million, respectively.(3)Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior-year period), divestitures (including held for sale disposal groups, which are adjusted from Organic revenue growth upon classification as held for sale, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges. Free Cash Flows (Unaudited)

Three Months Ended December 31,

(millions)
2025
2024
% ChangeCash Provided by Operating Activities
$                  1,397
$                  1,200
16 %Capital Expenditures
(74)
(55)
35 %Free Cash Flows (1)
$                  1,323
$                  1,145
16 %

Twelve Months Ended December 31,

(millions)
2025
2024
% ChangeCash Provided by Operating Activities
$                  3,481
$                  3,035
15 %Capital Expenditures
(263)
(218)
21 %Free Cash Flows (1)
$                  3,218
$                  2,817
14 %(1)Free cash flow is defined as cash flows from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation of residual cash flow available for discretionary expenditures. Aon plcReconciliation of Non-GAAP Measures - Operating Income and Operating Margin (Unaudited) (1)
Three Months Ended December 31,
Risk Capital
Human Capital
Corporate/Eliminations (2)
Total Consolidated(millions, except percentages)2025
2024
2025
2024
2025
2024
2025
2024Revenue$ 2,708
$ 2,537
$ 1,596
$ 1,612
$            (4)
$            (2)
$ 4,300
$ 4,147

Operating income$    790
$    762
$    558
$    464
$         (140)
$         (135)
$ 1,208
$ 1,091Amortization and impairment of intangible assets95
76
90
109
—
—
185
185Change in the fair value of contingent consideration(7)
—
(1)
(5)
—
—
(8)
(5)Accelerating Aon United Program expenses (3)34
11
7
1
88
57
129
69Transaction and integration costs (4)(5)5
6
10
10
(4)
24
11
40Adjusted operating income$    917
$    855
$    664
$    579
$           (56)
$          (54)
$ 1,525
$ 1,380Operating margin29.2 %
30.0 %
35.0 %
28.8 %

28.1 %
26.3 %Adjusted operating margin33.9 %
33.7 %
41.6 %
35.9 %

35.5 %
33.3 %
Twelve Months Ended December 31,
Risk Capital
Human Capital
Corporate/Eliminations (2)
Total Consolidated(millions, except percentages)2025
2024
2025
2024
2025
2024
2025
2024Revenue$ 11,290
$ 10,517
$ 5,907
$ 5,209
$           (16)
$          (28)
$ 17,181
$ 15,698

Operating income$ 3,436
$ 3,292
$ 1,410
$ 1,143
$         (502)
$         (600)
$ 4,344
$ 3,835Amortization and impairment of intangible assets354
211
424
292
—
—
778
503Change in the fair value of contingent consideration—
6
22
21
—
—
22
27Accelerating Aon United Program expenses (3)82
114
16
27
267
248
365
389Legal settlements (6)(23)
—
—
—
—
—
(23)
—Transaction and integration costs (4)(5)22
12
33
53
22
120
77
185Adjusted operating income$ 3,871
$ 3,635
$ 1,905
$ 1,536
$         (213)
$         (232)
$ 5,563
$ 4,939Operating margin30.4 %
31.3 %
23.9 %
21.9 %

25.3 %
24.4 %Adjusted operating margin34.3 %
34.6 %
32.2 %
29.5 %

32.4 %
31.5 %(1)Certain noteworthy items impacting operating income in 2025 and 2024 are described in this schedule. The items shown with the caption "adjusted" are non-GAAP measures.(2)Segment expenses exclude governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.(3)Total charges are expected to include technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation costs.(4)Transaction costs include advisory, legal, accounting, regulatory, and other professional or consulting fees required to complete the NFP Transaction. No transaction costs were recognized for the three and twelve months ended December 31, 2025. No transaction costs were recognized for the three months ended December 31, 2024. For the twelve months ended December 31, 2024, $90 million of transaction costs were recognized in Total operating expenses and $6 million were recognized in Other income (expense) related to the extinguishment of acquired NFP debt.(5)The NFP Transaction has and will continue to result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. Aon incurred $11 million and $40 million of integration costs in the three months ended December 31, 2025 and 2024, respectively, and $77 million and $95 million of integration costs in the twelve months ended December 31, 2025 and 2024, respectively.(6)In the fourth quarter of 2023, Aon recognized a $197 million charge in connection with transactions for which capital was arranged by a third party, Vesttoo Ltd., and in the third quarter of 2025, certain legal settlement expenses and recoveries were recognized resulting in a $23 million reduction of expense within the Risk Capital segment. Aon plcReconciliation of Non-GAAP Measures - Diluted Earnings Per Share (Unaudited) (1)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

(millions, except percentages)
2025
2024
%Change
2025
2024
%ChangeAdjusted operating income
$    1,525
$    1,380
11 %
$    5,563
$    4,939
13 %Interest income
14
4
250 %
19
67
(72) %Interest expense
(191)
(206)
(7) %
(815)
(788)
3 %Other income (expense): (2)

Adjusted other income (expense) - pensions
(22)
(14)
57 %
(87)
(49)
78 %Adjusted other income (expense) - other (3)(4)(5)
1
16
(94) %
(9)
62
(115) %Adjusted other income (expense)
(21)
2
(1,150) %
(96)
13
(838) %Adjusted income before income taxes
1,327
1,180
12 %
4,671
4,231
10 %Adjusted income tax expense (6)
265
197
35 %
910
849
7 %Adjusted net income
1,062
983
8 %
3,761
3,382
11 %Less: Net income attributable to redeemable and nonredeemable
noncontrolling interests
11
18
(39) %
55
66
(17) %Adjusted net income attributable to Aon shareholders
1,051
965
9 %
3,706
3,316
12 %Adjusted diluted net income per share attributable to Aon shareholders
$     4.85
$     4.42
10 %
$    17.07
$    15.60
9 %Weighted average ordinary shares outstanding - diluted
216.5
218.3
(1) %
217.1
212.5
2 %Effective tax rates (6)

U.S. GAAP
22.9 %
17.6 %

21.2 %
21.4 %

Non-GAAP
20.0 %
16.7 %

19.5 %
20.1 %

(1)Certain noteworthy items impacting operating income in 2025 and 2024 are described in this schedule. The items shown with the caption "adjusted" are non-GAAP measures.(2)For the three months ended December 31, 2025, Other income was $1.2 billion compared to Other income of $2 million for the three months ended December 31, 2024. For the twelve months ended December 31, 2025 and 2024, Other income was $1.2 billion and $348 million, respectively. Adjusted other expense for the three months ended December 31, 2025 was $21 million compared to Adjusted other income of $2 million for three months ended December 31, 2024. Adjusted other expense for the twelve months ended December 31, 2025 was $96 million compared to Adjusted other income of $13 million for the twelve months ended December 31, 2024.(3)Adjusted other income (expense) excluded gains related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior-year period. During the twelve months ended December 31, 2025, a gain of $108 million was recognized, which was all recognized in the first six months of 2025. During the twelve months ended December 31, 2024, a gain of $84 million was recognized, which was all recognized in the first nine months of 2024.(4)Adjusted other income (expense) excluded gains from dispositions of $257 million related to the sale of a business for the twelve months ended December 31, 2024. For the twelve months ended December 31, 2025, Adjusted other income (expense) excluded gains from the disposal of NFP wealth totaling $1,199 million.(5)Adjusted other income (expense) excluded $6 million of debt extinguishment charges related to the repayment of NFP debt, which is considered a transaction related cost incurred in the second quarter of 2024.(6)Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with changes in the fair value of contingent consideration, certain legal settlements, Accelerating Aon United Program expenses, certain transaction and integration costs related to the acquisition of NFP, certain gains from dispositions, and deferred consideration from a prior-year sale of business, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. Aon plcConsolidated Statements of Financial Position

As of December 31,

2025
2024(millions)
(unaudited)

Assets

Current assets

Cash and cash equivalents
$                    1,195
$                    1,085Short-term investments
1,603
219Receivables, net
4,209
3,803Fiduciary assets (1)
17,889
17,566Other current assets
878
759Total current assets
25,774
23,432Goodwill
15,797
15,234Intangible assets, net
5,727
6,743Fixed assets, net
702
637Operating lease right-of-use assets
677
711Deferred tax assets
748
654Prepaid pension
603
556Other non-current assets
756
998Total assets
$                  50,784
$                  48,965

Liabilities, redeemable noncontrolling interests, and equity

Liabilities

Current liabilities

Accounts payable and accrued liabilities
$                    2,861
$                    2,905Short-term debt and current portion of long-term debt
589
751Fiduciary liabilities
17,889
17,566Other current liabilities
1,887
1,773Total current liabilities
23,226
22,995Long-term debt
14,660
16,265Non-current operating lease liabilities
641
685Deferred tax liabilities
340
319Pension, other postretirement, and postemployment liabilities
1,084
1,127Other non-current liabilities
1,285
1,144Total liabilities
41,236
42,535

Redeemable noncontrolling interests
89
125

Equity

Ordinary shares - $0.01 nominal value     Authorized: 500 shares (issued: 2025 - 214.5 ; 2024 - 216.0)
2
2Additional paid-in capital
13,438
13,173Accumulated deficit
(245)
(2,309)Accumulated other comprehensive loss
(3,843)
(4,745)Total Aon shareholders' equity
9,352
6,121Nonredeemable noncontrolling interests
107
184Total equity
9,459
6,305Total liabilities, redeemable noncontrolling interests and equity
$                  50,784
$                  48,965(1)Includes cash and short-term investments of $7.4 billion and $7.2 billion as of December 31, 2025 and 2024, respectively. Aon plcConsolidated Statements of Cash Flows

Year ended December 31,

2025
2024(millions)
(unaudited)

Cash flows from operating activities

Net income
$             3,750
$             2,720Adjustments to reconcile net income to cash provided by operating activities:

Gain from sales of businesses
(1,201)
(337)Depreciation of fixed assets
188
183Amortization and impairment of intangible assets
778
503Share-based compensation expense
432
474Deferred income taxes
(141)
(311)Other, net
(133)
(134)Change in assets and liabilities:

Receivables, net
(257)
(312)Accounts payable and accrued liabilities
(155)
393Accelerating Aon United Program liabilities
27
17Current income taxes
114
—Pension, other postretirement and postemployment liabilities
(16)
(18)Other assets and liabilities
95
(143)Cash provided by operating activities3,481
3,035Cash flows from investing activities

Proceeds from investments
145
212Purchases of investments
(172)
(172)Net sales (purchases) of short-term investments - non fiduciary
(1,379)
151Acquisition of businesses, net of cash and funds held on behalf of clients
(394)
(3,506)Sale of businesses, net of cash and funds held on behalf of clients
2,349
700Capital expenditures
(263)
(218)Cash provided by (used for) investing activities286
(2,833)Cash flows from financing activities

Share repurchase
(1,000)
(1,000)Proceeds from issuance of shares
70
79Cash paid for employee taxes on withholding shares
(208)
(202)Commercial paper issuances, net of repayments
(24)
(591)Issuance of debt
—
7,926Repayment of debt
(1,850)
(4,928)Increase in fiduciary liabilities, net of fiduciary receivables
(366)
280Cash dividends to shareholders
(629)
(562)Redeemable and nonredeemable noncontrolling interests, and other financing activities
(198)
(206)Cash provided by (used for) financing activities(4,205)
796Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients
678
(387)Net increase in cash and cash equivalents and funds held on behalf of clients
240
611Cash, cash equivalents and funds held on behalf of clients at beginning of year
8,333
7,722Cash, cash equivalents and funds held on behalf of clients at end of year
$             8,573
$             8,333Reconciliation of cash and cash equivalents and funds held on behalf of clients:

Cash and cash equivalents
$             1,195
$             1,085Cash and cash equivalents and funds held on behalf of clients classified as held for sale
—
1Funds held on behalf of clients
7,378
7,247Total cash and cash equivalents and funds held on behalf of clients
$             8,573
$             8,333

View original content:https://www.prnewswire.com/news-releases/aon-reports-fourth-quarter-and-full-year-2025-results-302674595.htmlSOURCE Aon Corporation

Original: Aon Reports Fourth-Quarter and Full-Year 2025 Results