Aon Reinsurance Solutions’ organic revenue in the fourth quarter of 2025 increased 8% year-on-year to $379 million. The global brokerage giant reported total revenue of $4.3 billion in the quarter, with organic revenue rising 5%.
Across the business, net income attributable to Aon shareholders rose nearly 140% to $1.7 billion in the fourth quarter of 2025, compared with $716 million in the same period last year, as operating income increased 11% to $1.2 billion and expenses increased 1% to $3.1 billion.
The reinsurance unit, part of Aon Venture Capital, had strong quarter and full-year performance driven by growth in its Reinsurance Solutions and Commercial Risk Solutions businesses.
Organic revenue growth of 8% within Reinsurance Solutions reflected double-digit growth in the Insurance Related Securities and Strategy & Technology groups. Aon also highlighted strong growth in temporary placements due to net new business and strong retention rates, partially offset by modest market impact.
Commercial Risk Solutions’ 4Q25 revenue increased 7%, including 6% organic growth, to more than $2.3 billion year-over-year, compared with nearly $2.2 billion in the prior-year period, driven by strong growth in North America, EMEA and Latin America, driven by net new business and continued strong retention.
In Aon’s Human Capital segment, which includes Health Solutions and Wealth Solutions, both segments generated organic revenue growth of 2% in Q4 2025. Health Solutions revenue increased from $1.07 billion to $1.1 billion, while Wealth Solutions revenue actually declined slightly, from $542 million in Q4’24 to $490 million in Q4’25.
Aon attributed organic revenue growth in the Health business to “strong growth in core Health and Wellbeing and Consumer Benefit Solutions, driven by net new business, continued strong retention and positive market impact, partially offset by slower discretionary spending in Talent Solutions and delayed closing sales.”
For the Wealth segment, organic revenue growth was attributed to “growth in the retirement business, driven by continued strong demand for advisory work in the UK and EMEA, linked to the ongoing impact of regulatory changes, partially offset by the sale of the NFP Wealth business.”
Looking at the full-year results for 2025, total revenue increased by 9% and organic growth by 6% to $17.2 billion. Net profit will increase by 37% to US$3.7 billion in 2025, operating income will increase by 13% to US$4.3 billion, and expenses will increase by 8% year-on-year in 2025 to US$12.8 billion.
For the full year 2025, Aon Reinsurance Solutions achieved revenue of $2.8 billion, an increase of 5%, and organic revenue growth of 6% compared to $2.7 billion in the previous year. Commercial Risk Solutions’ revenue increased 8%, with organic revenue rising 6% to $8.5 billion.
On the human capital side, health solutions revenue increased 15% and 5% organically to $3.8 billion, while health solutions revenue increased 10% and 5% organically to $2.1 billion.
Today, Aon also issued guidance for the year ahead, projecting mid-single-digit or higher organic revenue growth in 2026, adjusted operating margin expansion of 70 to 80 basis points, strong adjusted earnings per share growth, and double-digit free cash flow growth.
Aon President and CEO Greg Case commented: “Our fourth quarter and full-year results reflect strong execution of our 3×3 plan, accelerating our customer-centric Aon alliance strategy. In the fourth quarter, we delivered 5% organic revenue growth and 16% free cash flow growth, and we achieved all full-year targets, including 6% organic revenue growth for the second consecutive year.”
“Our strategic investments in data-driven insights and capabilities through Aon Business Services enable us to meet growing client demands in an increasingly complex environment. We are entering 2026 with strong momentum and are well-positioned to continue serving clients, achieve sustainable growth and create long-term shareholder value.”
