Insurance and reinsurance broking firm Aon recorded organic revenue growth of 7% to $4 billion for the third quarter of 2025, with a strong performance across the business, including at Reinsurance Solutions which saw organic revenue growth of 8% to $537 million.
The solid growth at Aon’s Reinsurance Solutions arm continued in the quarter, which the firm attributes to growth in treaty on the back of net new business and strong retention, partially offset by “a modest unfavorable net market impact, and double-digit increases in both facultative placements and our Strategy and Technology Group.”
Insurance-linked securities growth was also strong in the quarter, although Aon says that its overall contribution to growth in the period was modest.
The reinsurance business sits within Aon’s Risk Capital division, as does Commercial Risk Solutions, which delivered 7% organic revenue growth to $1.988 billion, reflecting strong growth in North America and EMEA, again driven by net new business and ongoing strong retention.
Overall, the Risk Capital unit generated revenue of $2.5 billion for Q3’25, an increase of 7% on the prior year.
Within the Human Capital segment, which includes Health Solutions and Wealth Solutions, revenue rose 8% year-on-year to $1.5 billion.
The Health Solutions arm, driven by strength in talent analytics and core health and benefits, witnessed organic revenue growth of 6% to $935 million. Wealth Solutions revenue increased by 5% on an organic basis to $540 million, driven by growth in Retirement and Investments.
Group-wide, Aon’s operating income rose 31% to $816 million for Q3’25 and increased by 14% to $3.136 billion for 9M’25, with an improved operating margin of 20.4% and 24.3%, respectively.
For the third quarter, net income attributable to Aon shareholders rose by 34% to $458 million, and rose 3% for the nine month period to just over $2 billion.
Greg Case, President and CEO of Aon, commented on the results: “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. 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.”
“Our strong capital position, fueled by robust cash generation and disciplined portfolio management, enables us to execute our capital allocation model – balancing high-return investment for future growth and capital return to shareholders,” Case added. “We remain confident in achieving our full-year 2025 financial targets and are well positioned to deliver sustainable growth in 2026 and beyond.”
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