Aon’s Q3 Organic Growth of 7% Outperforms Expectations

Insurance broker Aon reported strong third quarter revenue of $4.0 billion, an increase of 7% from $3.7 billion reported for Q3 2024.

Organic revenue rose 7% during Q3, which was level with last year’s third quarter, but beat Wall Street analysts’ expectations.

Meyer Shields, a managing director at Keefe, Bruyette & Woods (KBW), said the broker’s outperformance in organic growth and in all segments would likely boost shares. Indeed, Aon’s shares were up by 5.10% at 11:15 a.m. EDT on Oct. 31.

Net income attributable to Aon shareholders during Q3 increased 34% to $458 million, compared to $343 million in the prior year period. Adjusted net income attributable to Aon shareholders increased 11% to $660 million compared to $594 million in the prior year period. (Aon’s Q3 financial report can be accessed here.)

“Aon’s 3Q25 adjusted EPS of $3.05 beat the Street’s $2.91 consensus (comprising 22 estimates ranging from $2.75-$3.04) and our $2.94 estimate,” said KBW in an Aon Flash Note, titled “3Q25 First Look: Beats on Strong Organic Growth.”

Revenue for the nine months was $12.9 billion, an increase of 12% from $11.6 billion reported for the same period last year. Organic revenue rose 6% during the nine months, which was level with the same period in 2024. Net income attributable to Aon shareholders for the nine months was $2.0 billion, a 3% increase from $1.9 billion reported during the nine months in 2024.

Aon’s Risk Capital Segment

During Q3 2025, Aon’s Risk Capital business segment, which includes Commercial Risk Solutions and Reinsurance Solutions, saw revenue increase $170 million, or 7%, to $2.5 billion. For the nine months, Risk Capital reported revenue of $8.6 billion, compared to $8 billion during the same period last year.

Commercial Risk Solutions and Reinsurance Solutions

Q3 organic revenue growth of 7% in Commercial Risk Solutions reflects strong growth in North America and EMEA driven by net new business and ongoing strong retention, Aon said. Performance was highlighted by strong growth in core P/C, including double-digit growth in the U.S. and strength in the middle market, as well as double-digit growth in both M&A services and construction. (Q3 2025 revenue in Commercial Risk Solutions was reported at $2 billion, compared with $1.9 billion in Q3 2024).

Reinsurance Solutions saw organic revenue growth of 8%, which Aon said, reflects growth in treaty placements, driven by net new business and strong retention. (Reinsurance Solutions’ Q3 revenue was $537 million, compared with $503 million during Q3 2024).

“Our Aon United strategy, accelerated through our 3×3 Plan, is delivering strong results. We are attracting top talent in high-growth areas, scaling our data analytics across our core Risk Capital and Human Capital businesses, expanding in the middle market and unlocking new sources of capital,” said Greg Case, president and CEO, in a statement. “We are executing with discipline and increasing the value we deliver to our clients – winning in existing markets, creating demand in emerging areas and innovating unique capital solutions.”

Topics Aon