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12:30
Jul 29 ◎

AON FY2026 Q2 Watch

Aon PLC (AON) FY2026 Q2 Earnings Call

AON ▾

Edmund Reese

Management's tone is confident and optimistic, reaffirming full-year guidance despite a transitioning pricing cycle, driven by strong new business generation and structural advantages.

"We are reaffirming our 2026 full year guidance, including mid single digit or greater organic revenue growth, 70 to 80 basis points of margin expansion, strong adjusted earnings growth, and double digit free cash flow growth."

AON WATCH

HIGH

12:30
May 01 ◎

AON FY2026 Q1 Watch

Aon PLC (AON) FY2026 Q1 Earnings Call

MMC AON ACGL CB TRV ▾

Edmund

Management disclosed that fiducary investment income declined 18% year-over-year in Q1 due to lower interest rates, even though average balances rose, signaling margin pressure from rate environment. — Declining fiduciary investment income may pressure brokers' revenue growth industry-wide as interest rates fall, though diversification and new business wins can help offset.

"the synergies that we are getting from NFP, particularly as we utilize our facilities like Aon Client Treaty in London, is just another contributor to the growth here."

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Edmund

Management reaffirmed guidance for mid-single-digit or greater organic revenue growth and 70-80 bps of margin expansion for FY2026, citing broad-based strength in commercial risk, data center demand, and productivity gains from AI and restructuring, indicating a confident outlook despite a softer pricing environment.

"We are reaffirming our 2026 full-year guidance for mid-single-digit or greater organic revenue growth supported by continued new business wins, the compounding contributions from our revenue-generating hires, and accretive growth in middle"

AON WATCH

Edmund

Management highlighted that commercial risk organic growth was 6%+ for four consecutive quarters even in a lower rate environment, driven by double-digit growth in construction (including data centers) and 12 points of new business contribution, with equal mix of new logos and expanding mandates. — Sustained high-single-digit growth in commercial risk despite soft property pricing suggests brokers are gaining share via analytics and data center-driven construction demand, potentially pressuring insurers to compete on coverage and limits.

"commercial risk has been 6% or better for the last four quarters. And we're not surprised with the strength in commercial risk because the results reflect what I just said in the script there, our intentional strategic decisions."

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Edmund

Management noted that property pricing was down 15% in Q1, while casualty grew mid-single digits, D&O saw a slight uptick, and cyber grew at low single-digit rates, with net market impact remaining positive at 1 point. — Continued property rate declines could pressure insurers' premium growth, but diversification and commercial rate firming in casualty/D&O may offset, keeping pricing power in the broker's favor.

"Property was down 15% in this quarter. Casualty, like mid-single digit growth. D&O, a little bit of an uptick in price there. Cyber at low single digit rates."

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Edmund

Management mentioned that NFP integration and Aon Client Treaty in London are contributing to commercial risk growth through synergies, indicating cross-selling benefits from the NFP acquisition. — Successful NFP integration could enhance Aon's competitive positioning in middle market, pressuring peers like Marsh and Gallagher to step up M&A or innovation to retain share.

"the synergies that we are getting from NFP, particularly as we utilize our facilities like Aon Client Treaty in London, is just another contributor to the growth here."

BRO WATCH

HIGH

13:30
Jan 30 ◎

AON FY2025 Q4 Watch

Aon PLC (AON) FY2025 Q4 Earnings Call

NFP AON ▾

Greg Case

Aon is finding additional NFP integration synergies by bringing it onto its ABS platform, which should drive future growth and efficiencies.

"We substantially advanced our middle market strategy, including great progress in building upon our independent and connected strategy with NFP. The business is performing well with strong producer retention"

NFP WATCH

Edmund Reese

Management is confident in sustaining mid-single-digit growth with continued margin expansion, driven by operational leverage from ABS and a strong capital position.

"Our full year 26 guidance includes mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, strong adjusted EPS growth, in double-digit free cash flow growth."

AON WATCH

HIGH

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