Aon plc delivered second-quarter 2025 adjusted earnings that beat analyst forecasts, supported by solid organic revenue expansion across its divisions and enhanced operational efficiencies.
The company reported adjusted earnings per share of $3.49, exceeding the consensus estimate of $3.40. Total revenue rose by 11% to $4.16 billion, just shy of the expected $4.17 billion, while reflecting a 6% organic increase compared to the same period last year. Following the results, Aon (NYSE:AON) shares climbed 1%.
Within its segments, the Risk Capital division—which includes Commercial Risk Solutions and Reinsurance Solutions—experienced an 8% revenue boost to $2.9 billion. Meanwhile, the Human Capital segment recorded 15% revenue growth to $1.3 billion. Both divisions achieved 6% organic growth, driven by strong performances in property and casualty insurance, M&A advisory, and health benefits offerings.
“We delivered strong second quarter results, including 6% organic revenue growth, 19% growth in adjusted EPS, and 59% free cash flow growth,” said Greg Case, president and CEO of Aon.
“This performance reflects the growing demand for our advice and solutions, driven by an increasingly complex environment and the need to unlock new sources of capital.”
Adjusted operating income increased 14% to $1.17 billion, while the adjusted operating margin expanded by 80 basis points to 28.2%. Aon credited this improvement to organic growth, contributions from its NFP acquisition, and $35 million in net restructuring savings.
Free cash flow for the first half of 2025 rose 13% to $816 million compared to the previous year, benefiting from solid operating income growth and better management of receivables.
The company reiterated its full-year 2025 outlook, confident in its prospects due to strong first-half results and continued progress with its Aon United strategy.
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