Aon Reports 6% Organic Revenue Growth, Boosted by Commercial, Reinsurance Lines

Insurance broker Aon reported second quarter revenue of $4.2 billion, an 11% increase from $3.8 billion in Q2 2024.

Aon said its Q2 revenue reflected 6% organic revenue growth (versus 5% in Q2 2024), along with the contribution from last year’s acquisition of NFP and 1% favorable impact from foreign currency translation.

“Organic revenue growth in Q2 ’25 was in line with our mid-single-digit or greater guidance range,” said Greg Case, president and CEO of Aon, during an analysts’ call on July 25 to discuss Q2 results. “Growth was broad-based with three of our four solution lines – Commercial Risk, Reinsurance and Health – each delivering 6% organic revenue growth, reflecting strong new business performance and high retention.”

Revenue for the first half was $8.884 billion, an increase of 13% from $7.830 billion in H1 2024, with H1 2025 organic growth of 5%.

(Broker competitor Marsh McLennan reported organic revenue of 4% during both Q2 2025 and H1 2025).

Q2 net income attributable to Aon shareholders increased 10% to $579 million, compared to $524 million in the prior year period. Adjusted net income attributable to Aon shareholders increased 22% to $759 million, compared to $624 million in the prior year period.

For the six months ended June 30, 2024, Aon reported net income attributable to shareholders of $1.544 billion, a 3% drop from $1.595 billion in H1 2024. Adjusted net income during H1 2025 was $1.995 billion, a 14% increase from $1.757 billion in the same period last year.

Risk Capital Business Segment

Aon’s Risk Capital business segment, which includes Commercial Risk Solutions and Reinsurance Solutions, saw revenue increase $216 million, or 8%, to $2.9 billion, while Human Capital revenue increased $166 million, or 15%, to $1.3 billion.

Commercial Risk Solutions reported revenue of $2.178 billion during Q2 2025, an 8% increase from $2.015 billion during the same period last year. Organic revenue growth of 6% in Commercial Risk Solutions “reflects growth across all major geographies driven by net new business and ongoing strong retention. Performance was highlighted by strong growth globally in core P&C and strength in M&A services relative to the prior year,” Aon said.

“In Commercial Risk, the 6% organic revenue growth in Q2 reflected strong performance in our core P/C business, with meaningful contributions from both North America and EMEA, as well as strength in M&A services relative to prior year, and double-digit growth in construction,” commented Case during the question-and-answer section of the analysts’ call. “Notably, construction and renewable energy projects remain key areas of focus for us with activity levels continuing to be robust.”

Reinsurance Solutions also reported strong revenue growth of $688 million, an 8% increase from $635 million in Q2 2024. Organic revenue growth of 6% in Reinsurance Solutions reflects double-digit increases in insurance-linked securities (ILS) and facultative placements, as well as growth in treaty, driven by net new business and ongoing strong retention, Aon said.

Case attributed the company’s strong performance in Reinsurance Solutions, in large part, to its ILS business. “In Reinsurance, organic revenue growth was 6%, driven by double-digit growth in our insurance-linked securities business, where we continue to lead the market in cat bond placements, now totaling $50 billion outstanding.”

“In 2021 we did basically no deals, 2020 nothing. In ’24, we did 109. And year-to-date ’25, we’re already at roughly 100. I mean, this is truly remarkable in terms of what the opportunity is here,” Case told the analysts during the Q&A session.

Double-digit growth of facultative placements in EMEA and Asia Pacific provided another area strong performance, helping to offset “softer April 1 property renewals where rates declined 5% to 20%,” he said.

“Looking ahead, we continue to expect full year organic revenue growth in line with our mid-single-digit, or greater, objective, supported by higher limits at July 1 renewals, continued momentum in international facultative placements and strong demand for analytics from our strategy and technology group.”