Aon plc

Previous wording

EXECUTIVE SUMMARY OF SECOND QUARTER 2025 FINANCIAL RESULTS

Current wording

EXECUTIVE SUMMARY OF THIRD QUARTER 2025 FINANCIAL RESULTS

Previous wording

The following is a summary of our second quarter of 2025 financial results.

Current wording

The following is a summary of our third quarter of 2025 financial results.

Previous wording

•Revenue increased $395 million, or 11%, to $4.2 billion compared to the prior year period. The increase reflects 6% organic revenue growth, the contribution from NFP and a 1% favorable impact from foreign currency translation. Risk Capital revenue increased $216 million, or 8%, to $2.9 billion and Human Capital revenue increased $166 million, or 15%, to $1.3 billion compared to the prior year period. For the first six months of 2025, Revenue increased $1.1 billion, or 13%, to $8.9 billion compared to the prior year period. The increase reflects the contribution from NFP, 5% organic revenue growth, and a 1% unfavorable impact from foreign currency translation. Risk Capital revenue increased $432 million, or 8%, to $6.1 billion and Human Capital revenue increased $608 million, or 27%, to $2.8 billion compared to the prior year period.

Current wording

•Revenue increased $276 million, or 7%, to $4.0 billion compared to the prior year period. The increase reflects 7% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 1% unfavorable impact from acquisitions, divestitures and other items. Risk Capital revenue increased $170 million, or 7%, to $2.5 billion and Human Capital revenue increased $106 million, or 8%, to $1.5 billion compared to the prior year period. For the first nine months of 2025, Revenue increased $1.3 billion, or 12%, to $12.9 billion compared to the prior year period. The increase reflects the contribution from NFP and 6% organic revenue growth. Risk Capital revenue increased $602 million, or 8%, to $8.6 billion and Human Capital revenue increased $714 million, or 20%, to $4.3 billion compared to the prior year period.

Previous wording

•Operating expenses increased $192 million, or 6%, to $3.3 billion compared to the prior year period due primarily to the inclusion of NFP’s ongoing operating expenses, an increase in intangible asset amortization associated with the NFP acquisition and an increase in expense associated with 6% organic revenue growth and investments in long-term growth, partially offset by transaction costs incurred in the prior year period, lower Accelerating Aon United program expense and $35 million of net restructuring savings. Risk Capital operating expenses increased $136 million, or 7%, to $2.0 billion and Human Capital operating expenses increased $139 million, or 13%, to $1.2 billion compared to the prior year period. For the first six months of 2025, Operating expenses increased $855 million, or 15%, to $6.6 billion compared to the prior year period due primarily to the inclusion of NFP’s ongoing expenses, an increase in intangible asset amortization associated with the NFP acquisition, an increase in expense associated with 5% organic revenue growth and investments in long-term growth, partially offset by transaction costs incurred in the prior year period and $75 million of net restructuring savings. Risk Capital operating expenses increased $340 million, or 9%, to $4.0 billion and Human Capital operating expenses increased $565 million, or 32%, to $2.3 billion compared to the prior year period.

Current wording

•Operating expenses increased $83 million, or 3%, to $3.2 billion compared to the prior year period due primarily to an increase in expense associated with 7% organic revenue growth and an unfavorable impact from foreign currency translation, partially offset by lower Accelerating Aon United program expenses, $35 million of net restructuring savings and a reduction in integration costs related to NFP. Risk Capital operating expenses increased $146 million, or 8%, to $1.9 billion and Human Capital operating expenses decreased $24 million, or 2%, to $1.1 billion compared to the prior year period. For the first nine months of 2025, Operating expenses increased $938 million, or 11%, to $9.7 billion compared to the prior year period due primarily to the inclusion of NFP’s ongoing expenses, an increase in intangible asset amortization associated with the NFP acquisition and other acquisitions completed in the year, an increase in expense associated with 6% organic revenue growth and investments in long-term growth, partially offset by $110 million of net restructuring savings and transaction costs incurred in the prior year period. Risk Capital operating expenses increased $486 million, or 9%, to $5.9 billion and Human Capital operating expenses increased $541 million, or 19%, to $3.5 billion compared to the prior year period.

Previous wording

•Operating margin increased to 20.7% from 17.4% in the prior year period, driven by organic revenue growth of 6% and $35 million of net restructuring savings, partially offset by the addition of NFP and an increase in operating expenses as previously described. Risk Capital operating margin increased to 30.1% from 29.6% and Human Capital operating margin increased to 9.1% from 8.0% compared to the prior year period. For the first six months of 2025, Operating margin decreased to 26.1% from 27.1% in the prior year period, driven primarily by the addition of NFP and an increase in operating expenses as previously described, partially offset by organic revenue growth of 5% and $75 million of net restructuring savings. Risk Capital operating margin decreased to 34.0% from 35.0% and Human Capital operating margin decreased to 18.3% from 21.4% compared to the prior year period.

Current wording

•Operating margin increased to 20.4% from 16.7% in the prior year period, driven by organic revenue growth of 7% and $35 million of net restructuring savings, partially offset by an increase in operating expenses as previously described. Risk Capital operating margin decreased to 23.2% from 23.8% and Human Capital operating margin increased to 22.5% from 14.8% compared to the prior year period. For the first nine months of 2025, Operating margin increased to 24.3% from 23.8% in the prior year period, driven primarily by organic revenue growth of 6% and $110 million of net restructuring savings, partially offset by the inclusion of ongoing operating expenses from NFP and an increase in operating expenses related to organic growth as previously described. Risk Capital operating margin decreased to 30.8% from 31.7% and Human Capital operating margin increased to 19.8% from 18.9% compared to the prior year period.

Previous wording

•Due to the factors set forth above, Net income increased $56 million, or 10%, to $594 million compared to the prior year period. For the first six months of 2025, Net income decreased $55 million, or 3%, to $1.6 billion compared to the prior year period.

Current wording

•Due to the factors set forth above, Net income increased $115 million, or 32%, to $470 million compared to the prior year period. For the first nine months of 2025, Net income increased $60 million, or 3%, to $2.0 billion compared to the prior year period.

Previous wording

•Diluted earnings per share was $2.66 compared to $2.46 per share for the prior year period. For the first six months of 2025, Diluted earnings per share was $7.10 compared to $7.72 per share for the prior year period.

Current wording

•Diluted earnings per share was $2.11 compared to $1.57 per share for the prior year period. For the first nine months of 2025, Diluted earnings per share was $9.21 compared to $9.20 per share for the prior year period.

Previous wording

•Cash flows provided by operating activities was $936 million for the first six months of 2025, an increase of $114 million, or 14%, from $822 million in the prior year period, primarily due to strong adjusted operating income growth and days sales outstanding improvements, partially offset by higher payments related to incentive compensation, interest, and restructuring.

Current wording

•Cash flows provided by operating activities was $2.1 billion for the first nine months of 2025, an increase of $249 million, or 14%, from $1.8 billion in the prior year period, primarily due to strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by higher payments related to incentive compensation, interest and restructuring.

Previous wording

We focus on four key metrics that are not presented in accordance with U.S. GAAP that we communicate to shareholders: organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP metrics should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the second quarter of 2025:

Current wording

We focus on four key metrics that are not presented in accordance with U.S. GAAP that we communicate to shareholders: organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP metrics should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the third quarter of 2025:

Previous wording

•Organic revenue growth, a non-GAAP measure defined under the caption “Review of Consolidated Results — Organic Revenue Growth,” was 6% for the second quarter of 2025 and 5% for the first six months of 2025, driven by net new business and ongoing strong retention.

Current wording

•Organic revenue growth, a non-GAAP measure defined under the caption “Review of Consolidated Results — Organic Revenue Growth,” was 7% for the third quarter of 2025 and 6% for the first nine months of 2025, driven by net new business and ongoing strong retention.

Previous wording

•Adjusted operating margin, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Operating Margin,” was 28.2% for the second quarter of 2025 compared to 27.4% in the prior year period. The increase in adjusted operating margin primarily reflects 6% organic revenue growth and $35 million of net restructuring savings, partially offset by the addition of NFP and increased expenses. Risk Capital adjusted operating margin increased to 34.1%compared to 33.6% in the prior year period. Human Capital adjusted operating margin increased to 19.1% compared to 18.7% in the prior year period. For the first six months of 2025, adjusted operating margin was 33.6% compared to 33.8% for the prior year period. The decrease primarily reflects the addition of NFP and increased expenses, partially offset by 5% organic revenue growth and $75 million of net restructuring savings. Risk Capital adjusted operating margin remained flat at 37.9% in both periods. Human Capital adjusted operating margin increased to 27.9% compared to 27.5% in the prior year period.

Current wording

•Adjusted operating margin, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Operating Margin,” was 26.3% for the third quarter of 2025 compared to 24.6% in the prior year period. The increase in adjusted operating margin primarily reflects 7% organic revenue growth and $35 million of net restructuring savings, partially offset by increased operating expenses. Risk Capital adjusted operating margin decreased to 26.2%compared to 27.5% in the prior year period. Human Capital adjusted operating margin increased to 30.5% compared to 25.2% in the prior year period. For the first nine months of 2025, adjusted operating margin was 31.3% compared to 30.8% for the prior year period. The increase primarily reflects 6% organic revenue growth and $110 million of net restructuring savings. Risk Capital adjusted operating margin decreased to 34.4% compared to 34.8% in the prior year period. Human Capital adjusted operating margin increased to 28.8% compared to 26.6% in the prior year period.

Previous wording

•Adjusted diluted earnings per share, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Diluted Earnings per Share,” was $3.49 per share for the second quarter of 2025, compared to $2.93 per share for the prior year period. For the first six months of 2025, adjusted diluted earnings per share was 9.17 per share, compared to $8.50 per share for the prior year period.

Current wording

•Adjusted diluted earnings per share, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Diluted Earnings per Share,” was $3.05 per share for the third quarter of 2025, compared to $2.72 per share for the prior year period. For the first nine months of 2025, adjusted diluted earnings per share was $12.22 per share, compared to $11.16 per share for the prior year period.

Previous wording

•Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $816 million in the first six months of 2025, an increase of $95 million, or 13%, from $721 million in the prior year period, reflecting a $114 million increase in Cash flows from operations, primarily driven by strong operating income growth and improvements in days sales outstanding, partially offset by higher payments related to incentive compensation, interest, and restructuring, and a $19 million increase in capital expenditures.

Current wording

•Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $1.9 billion in the first nine months of 2025, an increase of $223 million, or 13%, from $1.7 billion in the prior year period, reflecting a $249 million increase in Cash flows from oper ations, primarily driven by strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by higher payments related to incentive compensation, interest, and restructuring, and a $26 million increase in capital expenditures.

Previous wording

Total revenue increased $395 million, or 11%, to $4.2 billion in the second quarter of 2025, compared to the prior year period. The increase reflects 6% organic revenue growth, the contribution from NFP, and a 1% favorable impact from foreign currency translation. Risk Capital revenue increased $216 million, or 8%, to $2.9 billion and Human Capital revenue increased $166 million, or 15%, to $1.3 billion in the second quarter of 2025 compared to the prior year period. For the first six months of 2025, Revenue increased $1.1 billion, or 13%, to $8.9 billion compared to the prior year period. The increase reflects the contribution from NFP, 5% organic revenue growth, and a 1% unfavorable impact from foreign currency translation. Risk Capital revenue increased $432 million, or 8%, to $6.1 billion and Human Capital revenue increased $608 million, or 27%, to $2.8 billion for the first six months of 2025 compared to the prior year period.

Current wording

Total revenue increased $276 million, or 7%, to $4.0 billion in the third quarter of 2025, compared to the prior year period. The increase reflects 7% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 1% unfavorable impact from acquisitions, divestitures and other items. Risk Capital revenue increased $170 million, or 7%, to $2.5 billion and Human Capital revenue increased $106 million, or 8%, to $1.5 billion in the third quarter of 2025 compared to the prior year period. For the first nine months of 2025, Total revenue increased $1.3 billion, or 12%, to $12.9 billion compared to the prior year period. The increase reflects the contribution from NFP and 6% organic revenue growth. Risk Capital revenue increased $602 million, or 8%, to $8.6 billion and Human Capital revenue increased $714 million, or 20%, to $4.3 billion for the first nine months of 2025 compared to the prior year period.

Previous wording

Commercial Risk Solutions revenue increased $163 million, or 8%, to $2.2 billion in the second quarter of 2025, compared to $2.0 billion in the second quarter of 2024. Organic revenue growth was 6% in the second quarter of 2025, reflecting growth across all major geographies driven by net new business and ongoing strong retention. Performance was highlighted by strong growth globally in core P&C and strength in M&A services relative to the prior year. Market impact was modestly positive. For the first six months of 2025, revenue increased $357 million, or 9%, to $4.2 billion, compared to $3.8 billion in the first six months of 2024. Organic revenue growth was 5% in the first six months of 2025, reflecting growth across all major geographies driven by net new business and ongoing strong retention. Performance was highlighted by strong growth globally in core P&C. Results also reflect a modest tailwind from M&A services in the first six months of 2025 relative to the prior year period. Market impact was modestly positive in the first half of the year.

Current wording

Commercial Risk Solutions revenue increased $136 million, or 7%, to $2.0 billion in the third quarter of 2025, compared to $1.9 billion in the third quarter of 2024. Organic revenue growth was 7% in the third quarter of 2025, reflecting strong growth in North America and EMEA driven by net new business and ongoing strong retention. 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. Market impact was modestly positive. For the first nine months of 2025, revenue increased $493 million, or 9%, to $6.2 billion, compared to $5.7 billion in the first nine months of 2024. Organic revenue growth was 6% in the first nine months of 2025, reflecting growth across all major geographies driven by net new business and ongoing strong retention. Performance was highlighted by strong growth globally in core P&C. Results also reflect a modest tailwind from M&A services in the first nine months of 2025 relative to the prior year period. Market impact was modestly positive.

Previous wording

Reinsurance Solutions revenue increased $53 million, or 8%, to $688 million in the second quarter of 2025, compared to $635 million in the second quarter of 2024. Organic revenue growth was 6% in the second quarter of 2025, reflecting double-digit increases in insurance-linked securities and facultative placements. Results also reflect growth in treaty, driven by net new business and ongoing strong retention, partially offset by a modest unfavorable market impact. For the first six months of 2025, revenue increased $75 million, or 4%, to $1.9 billion, compared to $1.8 billion in the first six months of 2024. Organic revenue growth was 4% in the first six months of 2025, reflecting growth in treaty, driven by net new business and ongoing strong retention. Results also reflect a double-digit increase in facultative placements and insurance-linked securities. Market impact had a modest unfavorable impact in the first half of the year.

Current wording

Reinsurance Solutions revenue increased $34 million, or 7%, to $537 million in the third quarter of 2025, compared to $503 million in the third quarter of 2024. Organic revenue growth was 8% in the third quarter of 2025, reflecting growth in treaty placements, driven by 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 had significant growth, though its overall contribution to growth was modest. For the first nine months of 2025, revenue increased $109 million, or 5%, to $2.4 billion, compared to $2.3 billion in the first nine months of 2024. Organic revenue growth was 5% in the first nine months of 2025, reflecting growth in treaty, driven by net new business and ongoing strong retention, and a double-digit increase in facultative placements. Insurance-linked securities had significant growth, though its overall contribution to growth is modest. Market impact was modestly unfavorable.

Previous wording

Health Solutions revenue increased $110 million, or 17%, to $772 million in the second quarter of 2025, compared to $662 million in the second quarter of 2024. Organic revenue growth was 6% in the second quarter of 2025, reflecting strength in core health and benefits, driven by net new business, ongoing strong retention, and a modestly positive market impact. The core performance was highlighted by double-digit growth internationally. Results also reflect strength in executive benefits and pharmacy benefits in NFP. For the first six months of 2025, revenue increased $403 million, or 29%, to $1.8 billion, compared to $1.4 billion in the first six months of 2024. Organic revenue growth was 6% in the first six months of 2025, reflecting strength globally in core health and benefits, driven by net new business, ongoing strong retention, and a modestly positive market impact. Strength in the core was partially offset by lower revenue in Consumer Benefits Solutions in the first six months of 2025. Talent revenue was lower in the first half of the year as strength in advisory was offset by a decline in analytics due to a change in the timing of survey data delivery.

Current wording

Health Solutions revenue increased $65 million, or 7%, to $935 million in the third quarter of 2025, compared to $870 million in the third quarter of 2024. Organic revenue growth was 6% in the third quarter of 2025, reflecting strength in talent analytics and core health and benefits, driven by net new business, ongoing strong retention and positive market impact. For the first nine months of 2025, revenue increased $468 million, or 21%, to $2.7 billion, compared to $2.3 billion in the first nine months of 2024. Organic revenue growth was 6% in the first nine months of 2025, reflecting strength globally in core health and benefits, driven by net new business, ongoing strong retention, and a modestly positive market impact. Strength in the core was partially offset by lower revenue in Consumer Benefits Solutions in the first nine months of 2025. Talent revenue was higher in the first nine months of 2025 driven by strength in analytics as well as in advisory.

Previous wording

Wealth Solutions revenue increased $56 million, or 12%, to $519 million in the second quarter of 2025, compared to $463 million in the second quarter of 2024. Organic revenue growth was 3% in the second quarter of 2025, reflecting growth in Retirement driven by advisory related to the ongoing impact of regulatory change. In Investments, results reflect strength in NFP, driven by net asset inflows and market performance. For the first six months of 2025, revenue increased $205 million, or 25%, to $1.0 billion, compared to $833 million in the first six months of 2024. Organic revenue growth was 6% in the first six months of 2025, reflecting strength in Investments, highlighted by double-digit revenue growth in NFP, driven by net asset inflows and market performance. Growth in Retirement in the first half of the year was driven by continued demand for advisory related to the ongoing impact of regulatory changes and pension de-risking.

Current wording

Wealth Solutions revenue increased $41 million, or 8%, to $540 million in the third quarter of 2025, compared to $499 million in the third quarter of 2024. Organic revenue growth was 5% in the third quarter of 2025, reflecting growth in Retirement driven by advisory work related to the ongoing impact of regulatory change and strong growth in Investments driven by strength in NFP as a result of net asset inflows and market performance. For the first nine months of 2025, revenue increased $246 million, or 18%, to $1.6 billion, compared to $1.3 billion in the first nine months of 2024. Organic revenue growth was 5% in the first nine months of 2025, reflecting strength in Retirement and Investments. Growth in Retirement was driven by continued demand for advisory work related to the ongoing impact of regulatory changes. Growth in Investments, including double-digit revenue growth in NFP, was driven by net asset inflows and market performance.

Previous wording

Compensation and benefits expense increased $230 million, or 11%, in the second quarter of 2025 compared to the prior year perioddue primarily to the inclusion of operating expenses from NFP and expense associated with 6% organic revenue growth, partially offset bysavings from Accelerating Aon United restructuring actions. For the first six months of 2025, compensation and benefits increased $596 million, or 15%, compared to the first six months of 2024. The increase was primarily driven by the inclusion of operating expenses from NFP and expense associated with 5% organic revenue growth, partially offset by savings from Accelerating Aon United restructuring actions.

Current wording

Compensation and benefits expense increased $109 million, or 5%, in the third quarter of 2025 compared to the prior year perioddue primarily to the expense associated with 7% organic revenue growth and the unfavorable impact of foreign currency translation, partially offset by savings from Accelerating Aon United restructuring actions. For the first nine months of 2025, compensation and benefits increased $705 million, or 11%, compared to the first nine months of 2024. The increase was primarily driven by the inclusion of operating expenses from NFP and expense associated with 6% organic revenue growth, partially offset by savings from Accelerating Aon United restructuring actions.

Previous wording

Information technology, which represents costs associated with supporting and maintaining our infrastructure, increased $4 million, or 3%, in the second quarter of 2025 compared to the prior year period due primarily to the inclusion of ongoing operating expenses from NFP. For the first six months of 2025, information technology expenses increased $16 million, or 6%, compared to the first six months of 2024. The increase was due primarily to the inclusion of ongoing operating expenses from NFP.

Current wording

Information technology, which represents costs associated with supporting and maintaining our infrastructure, decreased $1 million, or 1%, in the third quarter of 2025 compared to the prior year period. For the first nine months of 2025, information technology expenses increased $15 million, or 4%, compared to the first nine months of 2024. The increase was due primarily to the inclusion of ongoing operating expenses from NFP, partially offset by savings from Accelerating Aon United restructuring actions.

Previous wording

Premises, which represents the cost of occupying offices in various locations throughout the world, increased $3 million, or 4%, in the second quarter of 2025 compared to the prior year period, due primarily to the inclusion of ongoing operating expenses from NFP. For the first six months of 2025, premises increased $14 million, or 9%, compared to the first six months of 2024. The increase was due primarily to the inclusion of ongoing operating expenses from NFP.

Current wording

Premises, which represents the cost of occupying offices in various locations throughout the world, decreased $3 million, or 3%, in the third quarter of 2025 compared to the prior year period due primarily to ongoing efforts to optimize our real estate footprint and savings from Accelerating Aon United restructuring actions. For the first nine months of 2025, premises increased $11 million, or 5%, compared to the first nine months of 2024. The increase was due primarily to the inclusion of ongoing operating expenses from NFP, partially offset by savings from Accelerating Aon United restructuring actions.

Previous wording

Depreciation of fixed assets primarily relates to software, leasehold improvements, furniture, fixtures, and equipment, computer equipment, buildings, and vehicles. Depreciation of fixed assets increased $2 million, or 4%, in the second quarter of 2025 compared to the prior year period. For the first six months of 2025, depreciation of fixed assets increased $4 million, or 4%, compared to the first six months of 2024.

Current wording

Depreciation of fixed assets primarily relates to software, leasehold improvements, furniture, fixtures, and equipment, computer equipment, buildings, and vehicles. Depreciation of fixed assets was flat in the third quarter of 2025 compared to the prior year period. For the first nine months of 2025, depreciation of fixed assets increased $4 million, or 3%, compared to the first nine months of 2024.

Previous wording

Amortization and impairment of intangibles primarily relates to finite-lived customer-related and contract-based, technology, and tradename assets. Amortization and impairment of intangible assets increased $73 million to $201 million in the second quarter of 2025 compared to the prior year period due primarily to an increase in intangible assets related to the acquisition of NFP. For the first six months of 2025, amortization and impairment of intangible assets increased $256 million to $400 million, compared to the first six months of 2024. The increase was due primarily to an increase in intangible assets related to the acquisition of NFP.

Current wording

Amortization and impairment of intangibles primarily relates to finite-lived customer-related and contract-based, technology, and tradename assets. Amortization and impairment of intangible assets increased $19 million to $193 million in the third quarter of 2025 compared to the prior year period due primarily to an increase in intangible assets related to acquisitions completed during the year. For the first nine months of 2025, amortization and impairment of intangible assets increased $275 million to $593 million, compared to the first nine months of 2024. The increase was due primarily to an increase in intangible assets related to the acquisition of NFP as well as other acquisitions completed during the year.

Previous wording

Other general expenses decreased $82 million, or 18%, in the second quarter of 2025 due primarily to a decrease in transaction and integration costs. For the first six months of 2025, other general expenses increased $16 million, or 2%, compared to the first six months of 2024. The increase was due primarily to the inclusion of operating expenses from NFP and integration costs, partially offset by transaction costs incurred in the prior year period.

Current wording

Other general expenses decreased $4 million, or 1%, in the third quarter of 2025 due primarily to lower transaction and integration-related costs and the favorable impact of legal settlements and recoveries, partially offset by an increase in expense associated with 7% organic revenue growth. For the first nine months of 2025, other general expenses increased $12 million, or 1%, compared to the first nine months of 2024. The increase was due primarily to the inclusion of operating expenses from NFP and integration costs, partially offset by transaction costs incurred in the prior year period.

Previous wording

Accelerating Aon United Program expenses decreased $38 million in the second quarter of 2025 and decreased $47 million in the first six months of 2025, each compared to the prior year period due to lower costs related to workforce optimization and asset impairments, partially offset by higher costs related to technology and other costs.

Current wording

Accelerating Aon United Program expenses decreased $37 million in the third quarter of 2025 and decreased $84 million in the first nine months of 2025, each compared to the prior year period due to lower costs related to workforce optimization.

Previous wording

Total operating expenses increased $192 million, or 6%, to $3.3 billion in the second quarter of 2025 due primarily to the inclusion of NFP’s ongoing operating expenses, an increase in intangible asset amortization associated with the NFP acquisition, and an increase in expense associated with 6% organic revenue growth and investments in long-term growth, partially offset by transaction costs incurred in the prior year period, lower Accelerating Aon United program expense and $35 million of net restructuring savings. Due to the factors set forth above, Total operating income increased $203 million to $859 million in the second quarter of 2025. For the first six months of 2025, Total operating expenses increased $855 million, or 15%, to $6.6 billion due primarily to intangible asset amortization associated with the NFP acquisition, an increase in 5% organic revenue growth and investments in long-term growth, partially offset by $75 million of net restructuring savings. Due to the factors set forth above, Total operating income increased $199 million to $2.3 billion for the first six months of 2025.

Current wording

Total operating expenses increased $83 million, or 3%, to $3.2 billion in the third quarter of 2025 due primarily toan increase in expense associated with 7% organic revenue growth and an unfavorable impact from foreign currency translation, partially offset by lower Accelerating Aon United program expenses and $35 million of net restructuring savings and a reduction in integration costs related to NFP. Due to the factors set forth above, Total operating income increased $193 million to $816 million in the third quarter of 2025. For the first nine months of 2025, Total operating expenses increased $938 million, or 11%, to $9.7 billion due primarily to an increase in expense associated with 6% organic revenue growth, investments in long-term growth, and intangible asset amortization associated with the NFP acquisition, partially offset by $110 million of net restructuring savings. Due to the factors set forth above, Total operating income increased $392 million to $3.1 billion for the first nine months of 2025.

Previous wording

Risk Capital Total operating expenses increased $136 million, or 7%, to $2.0 billion in the second quarter of 2025. The increase was primarily due to an increase in Compensation and benefits. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 6% organic revenue growth in both Commercial Risk Solutions and Reinsurance Solutions, partially offset by restructuring savings. Due to the factors set forth above, Risk Capital Operating income increased $80 million, or 10%, to $864 million in the second quarter of 2025. For the first six months of 2025, Risk Capital Total operating expenses increased $340 million, or 9%, to $4.0 billion. The increase was primarily due to an increase in Compensation and benefits and in Other expenses. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 5% and 4% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, partially offset by restructuring savings. The increase in Other expenses is primarily due to increased Amortization and impairment from the NFP Transaction. Due to the factors set forth above, Risk Capital Operating income increased $92 million, or 5%, to $2.1 billion for the first six months of 2025.

Current wording

Risk Capital Total operating expenses increased $146 million, or 8%, to $1.9 billion in the third quarter of 2025. The increase was primarily due to an increase in Compensation and benefits. The increase in Compensation and benefits is due to an increase in expense associated with 7% and 8% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, partially offset by restructuring savings. Due to the factors set forth above, Risk Capital Operating income increased $24 million, or 4%, to $585 million in the third quarter of 2025. For the first nine months of 2025, Risk Capital Total operating expenses increased $486 million, or 9%, to $5.9 billion. The increase was primarily due to an increase in Compensation and benefits and in Other expenses. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 6% and 5% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, partially offset by restructuring savings. The increase in Other expenses is primarily due to increased Amortization and impairment from the NFP Transaction. Due to the factors set forth above, Risk Capital Operating income increased $116 million, or 5%, to $2.6 billion for the first nine months of 2025.

Previous wording

Human Capital Total operating expenses increased $139 million, or 13%, to $1.2 billion in the second quarter of 2025. The increase was primarily due to an increase in both Compensation and benefits and Other expenses. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 6% and 3% organic revenue growth in Health Solutions and Wealth Solutions, respectively. The increase in Other expenses is primarily due to increased Amortization and impairment of intangible assets acquired from the NFP Transaction. Due to the factors set forth above, Human Capital Operating income increased $27 million, or 30%, to $117 million in the second quarter of 2025. For the first six months of 2025, Human Capital Total operating expenses increased $565 million, or 32%, to $2.3 billion. The increase was primarily due to an increase in both Compensation and benefits and Other expenses. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 6% organic revenue growth in both Health Solutions and Wealth Solutions. The increase in Other expenses is primarily due to increased Amortization and impairment of intangible assets acquired from the NFP Transaction. Due to the factors set forth above, Human Capital Operating income increased $43 million, or 9%, to $520 million for the first six months of 2025.

Current wording

Human Capital Total operating expenses decreased $24 million, or 2%, to $1.1 billion in the third quarter of 2025. The decrease was primarily due to a decrease in Other expenses. The decrease in Other expenses is primarily due to lower transaction and integration-related costs. Due to the factors set forth above, Human Capital Operating income increased $130 million, or 64%, to $332 million in the third quarter of 2025. For the first nine months of 2025, Human Capital Total operating expenses increased $541 million, or 19%, to $3.5 billion. The increase was primarily due to an increase in both Compensation and benefits and Other expenses. The increase in in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 6% and 5% organic revenue growth in Health Solutions and Wealth Solutions, respectively, partially offset by restructuring savings. The increase in Other expenses is primarily due to increased Amortization and impairment of intangible assets acquired from the NFP Transaction. Due to the factors set forth above, Human Capital Operating income increased $173 million, or 25%, to $852 million for the first nine months of 2025.

Previous wording

Interest income represents income earned, net of expense, on operating cash balances and other income-producing investments. Interest income does not include interest earned on funds held on behalf of clients. During the second quarter of 2025, interest income decreased $31 million to an insignificant amount and for the first six months of 2025, Interest income decreased $54 million to $5 million compared to the prior year period, due primarily to interest earned in the prior year period on the investment of $5 billion of term debt proceeds which were used to fund the purchase of NFP.

Current wording

Interest income represents income earned, net of expense, on operating cash balances, including our multi-currency cash pool, and other income-producing investments. Interest income does not include interest earned on funds held on behalf of clients. If interest expense on these assets exceeds interest income for the period, the net amount is reported as interest expense for both the quarterly and year-to-date periods. During the third quarter of 2025, there was no Interest income, reflecting $3 million of net interest expense that was presented as Interest expense. There was $4 million of Interest income in the third quarter of 2024. For the first nine months of 2025, Interest income was $5 million compared to $63 million the prior year period.

Previous wording

Interest expense, which represents the cost of our debt obligations, decreased $13 million to $212 million during the second quarter of 2025 compared to the prior year period, reflecting lower total debt. For the first six months of 2025, Interest expense increased $49 million to $418 million compared to the prior year period. The increase was driven primarily by an increase in total debt, primarily to fund the purchase of NFP.

Current wording

Interest expense, which represents the cost of our debt obligations and net interest expense on operating cash balances and other income-producing investments, decreased $7 million to $206 million during the third quarter of 2025 compared to the prior year period, reflecting lower total debt, and $3 million of net interest expense on operating cash balances and other income-producing investments. For the first nine months of 2025, Interest expense increased $42 million to $624 million compared to the prior year period. The increase was driven primarily by an increase in average total debt, primarily to fund the purchase of NFP.

Previous wording

Other income was $56 million for the second quarter of 2025 compared to Other income of $236 million for the second quarter of 2024. The decrease was primarily due to gains related to the sale of a business in the prior year period, partially offset by deferred consideration from the 2017 sale of our outsourcing business. For the first six months of 2025, Other income was $46 million compared to Other income of $311 million for the first six months of 2024. The decrease was primarily related to gains related to the sale of a business in the prior year period.

Current wording

Other expense was $13 million for the third quarter of 2025 compared to Other income of $35 million for the third quarter of 2024. The decrease was due to gains related to the sale of businesses in the prior year period and and an increase in non-cash pension expense, partially offset by the favorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies . For the first nine months of 2025, Other income was $33 million compared to Other income of $346 million for the first nine months of 2024. The decrease was primarily related to gains related to the sale of a businesses in the prior year period.

Previous wording

Income before income taxes for the second quarter of 2025 was $703 million, a 1% increase from $698 million compared to the prior year period. For the first six months of 2025, Income before income taxes was $2.0 billion, an 8% decrease from $2.1 billion for the first six months of 2024.

Current wording

Income before income taxes for the third quarter of 2025 was $597 million, a 33% increase from $449 million in the prior year period. For the first nine months of 2025, Income before income taxes was $2.6 billion, a 1% decrease compared to the first nine months of 2024.

Previous wording

The effective tax rate on Net income was 15.5% and 19.3% for the three and six months ended June 30, 2025, respectively. The effective tax rate on Net income was 22.9% and 23.1% for the three and six months ended June 30, 2024, respectively.

Current wording

The effective tax rate on Net income was 21.3% and 19.8% for the three and nine months ended September 30, 2025, respectively. The effective tax rate on Net income was 20.9% and 22.8% for the three and nine months ended September 30, 2024, respectively.

Previous wording

For thethree and six months ended June 30, 2025, the tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the tax benefit associated with the anticipated sale of certain assets and liabilities classified as held for sale and share-based payments partially offset by the unfavorable impact of other discrete items.

Current wording

For thethree and nine months ended September 30, 2025, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items. The year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the tax benefit associated with the sale of certain assets and liabilities and share-based payments partially offset by the unfavorable impact of other discrete items.

Previous wording

For the three and six months ended June 30, 2024, the tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impacts of share-based payments offset by the unfavorable impact of discrete items.

Current wording

For the three and nine months ended September 30, 2024, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items. The year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impacts of share-based payments offset by the unfavorable impact of other discrete items.

Previous wording

The Company is analyzing the impacts of the One Big Beautiful Bill Act but does not anticipate a material impact on its global effective tax rate, results of operations, cash flows or financial condition in 2025 and future periods.

Current wording

The Company continues to analyze the impacts of the One Big Beautiful Bill Act but does not anticipate a material impact on its global effective tax rate, results of operations, cash flows or financial condition in 2025 and future periods.

Previous wording

Net income attributable to Aon shareholders for the second quarter of 2025 increased to $579 million, or $2.66 per diluted share, from $524 million, or $2.46 per diluted share, in the prior year period. Net income attributable to Aon shareholders for the first six months of 2025 decreased to $1.5 billion, or $7.10 per diluted share, from $1.6 billion, or $7.72 per diluted share, in the prior year period.

Current wording

Net income attributable to Aon shareholders for the third quarter of 2025 increased to $458 million, or $2.11 per diluted share, from $343 million, or $1.57 per diluted share, in the prior year period. Net income attributable to Aon shareholders for the first nine months of 2025 increased to $2.0 billion, or $9.21 per diluted share, from $1.9 billion, or $9.20 per diluted share, in the prior year period.

Previous wording

We use supplemental information related to Organic revenue growth to help us and our investors evaluate business growth from ongoing operations. Organic revenue growth is a non-GAAP measure that includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges. This supplemental information related to organic revenue growth represents a measure not in accordance with U.S. GAAP and should be viewed in addition to, not instead of, Total revenue in our Condensed Consolidated Financial Statements. Industry peers provide similar supplemental information about their revenue performance, although they may not make identical adjustments. A reconciliation of this non-GAAP measure to the reported Total revenue is as follows (in millions, except percentages):

Current wording

We use supplemental information related to Organic revenue growth to help us and our investors evaluate business growth from ongoing operations. Organic revenue growth is a non-GAAP measure that includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, which are adjusted from Organic revenue growth upon classification as held for sale, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges. This supplemental information related to organic revenue growth represents a measure not in accordance with U.S. GAAP and should be viewed in addition to, not instead of, Total revenue in our Condensed Consolidated Financial Statements. Industry peers provide similar supplemental information about their revenue performance, although they may not make identical adjustments. A reconciliation of this non-GAAP measure to the reported Total revenue is as follows (in millions, except percentages):

Previous wording

(2)Fiduciary investment income for the three months ended June 30, 2025 and 2024 was $66 million and $75 million, respectively. Fiduciary investment income for the six months ended June 30, 2025 and 2024 was $133 million and $154 million, respectively.

Current wording

(2)Fiduciary investment income for the three months ended September 30, 2025 and 2024 was $75 million and $85 million, respectively. Fiduciary investment income for the nine months ended September 30, 2025 and 2024 was $208 million and $239 million, respectively.

Previous wording

(3)Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that Organic revenue growth includes Organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges.

Current wording

(3)Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that Organic revenue growth includes Organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures and held for sale disposal groups (including a significant majority of NFP’s Wealth business, which is adjusted from Organic revenue growth upon classification as held for sale in September), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges.