Aon plc
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
AON$334.81-2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001628280-26-050610
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001628280-26-067879
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 200 previous paragraphs and 220 current paragraphs.
123 unchanged; 71 reworded; 24 added; 6 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
◦Risk Capital operating expenses increased $134 million, or 7%, compared to the prior-year period. For the first nine months of 2026, Risk Capital operating expenses increased $348 million, or 6%, to $6.3 billion compared to the prior-year period; and
Current report
◦Risk Capital operating margin decreased to 22.7% from 23.2%, compared to the prior-year period. For the first nine months of 2026, Risk Capital operating margin increased to 31.6% from 30.8% compared to the prior-year period.
Current report
◦Human Capital operating margin increased to 24.3% from 22.5% compared to the prior-year period. For the first nine months of 2026, Human Capital operating margin increased to 22.7% from 19.8% compared to the prior-year period.
Current report
◦Risk Capital adjusted operating margin increased to 26.6% compared to 26.2% in the prior-year period. For the first nine months of 2026, Risk Capital adjusted operating margin increased to 34.9% compared to 34.4% in the prior-year period.
Current report
◦Human Capital adjusted operating margin increased to 31.0% compared to 30.5% in the prior-year period. For the first nine months of 2026, Human Capital adjusted operating margin increased to 29.4% compared to 28.8% in the prior-year period.
Current report
Pending Acquisition of USI
Current report
On August 31, 2026, Aon entered into the Merger Agreement with USI, pursuant to which Aon will acquire USI for an aggregate estimated purchase price of approximately $17 billion in cash. USI is a leading middle-market provider of property and casualty, employee benefit, personal risk, and retirement solutions, with more than 10,500 colleagues. The Company expects to fund the acquisition with new debt, a portion of which was raised in advance of the closing date, and the remainder is expected to be raised at close of the USI Acquisition. Refer to Note 9 “Debt” for additional information. The USI Acquisition is expected to be completed in the fourth quarter of 2026, subject to satisfaction or waiver of the closing conditions set forth in the Merger Agreement, including applicable regulatory approval.
Current report
(4)Reinsurance Solutions revenue for the three and nine months ended September 30, 2026 includes $24 million of revenue resulting from the reversal of previously constrained revenue.
Current report
(3)In the fourth quarter of 2023, Aon recognized a $197 million charge in connection with transactions for which capital was arranged by a third party, Vesttoo Ltd., and in the third quarter of 2025, certain legal settlement expenses and recoveries were recognized resulting in a $23 million reduction of expense within the Risk Capital segment.
Current report
(5)In the third quarter of 2026, the Company entered into a definitive agreement to acquire USI. As part of the acquisition, Aon incurred $25 million of transaction costs in the three months ended September 30, 2026. Transaction costs include advisory, legal, tax, and other professional or consulting fees required to complete the acquisition. The USI Acquisition also will result in certain integration costs associated with colleague severance, termination of redundant third-party agreements, cash retention awards, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of USI information technology environment and security protocols.
Current report
The increase in free cash flow was driven by a $93 million increase in cash flows from operations, primarily driven by strong adjusted operating income growth which offset the impact of working capital and USI transaction costs. The increase in cash flows from operations was partially offset by a $45 million increase in capital expenditures.
Current report
On September 18, 2026, Aon North America, Inc. entered into a credit agreement in which lenders committed to provide unsecured delayed draw term loan facilities in an aggregate principal amount of $4.0 billion, consisting of a $2.0 billion term loan facility maturing two years after the closing date of the USI Acquisition and a $2.0 billion term loan facility maturing three years after the closing date of the USI Acquisition. The Company intends to use the net proceeds, together with the proceeds of the notes issued on September 17, 2026 described below, for general corporate purposes, including to pay the cash consideration with respect to the USI Acquisition, to settle certain acquired USI debt, and to pay related fees and expenses. The borrowings must be made in a single drawing on the closing date of the acquisition, and can be prepaid at any time without penalty or premium.
Current report
On September 17, 2026, Aon North America, Inc. and Aon Global Holdings plc co-issued $13.5 billion in aggregate principal of Senior Notes which included $2.0 billion 5.350% Senior Notes due 2029, $3.0 billion 5.625% Senior Notes due 2031, $2.0 billion 5.800% Senior Notes due 2033, $2.75 billion 5.950% Senior Notes due 2036, $1.0 billion 6.100% Senior Notes due 2038, $750 million 6.450% Senior Notes due 2046, and $2.0 billion 6.450% Senior Notes due 2056. The Company intends to use the net proceeds from the offering, together with the proceeds of the delayed draw term loans described above, to pay the cash consideration with respect to the USI Acquisition, settle certain acquired USI debt, and to pay related fees and expenses. With the exception of the $2.0 billion 6.450% Senior Notes due 2056, the notes are subject to special mandatory redemption at 101% of their aggregate principal amount, plus accrued and unpaid interest, if any, if the USI Acquisition is not consummated by a specified date, subject to certain extensions, or upon the occurrence of certain other specified events indicating that the acquisition will not be consummated. Refer to Note 7 “Acquisitions and Dispositions of Businesses” for additional information.
Current report
Revolving Credit Facility
Current report
In the third quarter of 2026, S&P’s Global Ratings changed our ‘A-’ outlook to Negative, as compared to a Stable outlook, Moody’s Investor Services changed our ‘Baa2’ outlook to Stable, as compared to a Positive outlook, and Fitch, Inc. placed our ‘BBB+’ rating on Watch Negative, as compared to a Stable outlook, in each case at February 13, 2026 as reported in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current report
All co-issued and outstanding debt securities by Aon North America, Inc. and Aon Global Holdings plc are guaranteed by Aon plc, Aon Corporation, and Aon Global Limited and including the following (collectively, the “Aon North America, Inc. and Aon Global Holdings plc Co-Issued Notes”):
Current report
5.350% Senior Notes due September 2029
Current report
5.625% Senior Notes due September 2031
Current report
5.800% Senior Notes due September 2033
Current report
5.950% Senior Notes due September 2036
Current report
6.100% Senior Notes due September 2038
Current report
6.450% Senior Notes due September 2046
Current report
6.450% Senior Notes due September 2056
Current report
All guarantees of Aon plc, Aon Corporation, and Aon Global Limited of the Aon North America, Inc. and Aon Global Holdings plc Co-Issued Notes are joint and several as well as full and unconditional. Senior Notes rank pari passu in right of payment with all other present and future unsecured debt which is not expressed to be subordinate or junior in rank to any other unsecured debt of Aon North America, Inc. and Aon Global Holdings plc. There are no subsidiaries other than those listed above that guarantee the Aon North America, Inc. and Aon Global Holdings plc Co-Issued Notes.
Removed paragraphs (6)
Previous report
◦Risk Capital operating expenses increased $88 million, or 4%, compared to the prior-year period. For the first six months of 2026, Risk Capital operating expenses increased $214 million, or 5%, to $4.2 billion compared to the prior-year period; and
Previous report
◦Risk Capital operating margin increased to 30.5% from 30.1%, compared to the prior-year period. For the first six months of 2026, Risk Capital operating margin increased to 35.3% from 34.0% compared to the prior-year period.
Previous report
◦Human Capital operating margin increased to 13.4% from 9.1% compared to the prior-year period. For the first six months of 2026, Human Capital operating margin increased to 21.9% from 18.3% compared to the prior-year period.
Previous report
◦Risk Capital adjusted operating margin increased to 34.2%compared to 34.1% in the prior-year period. For the first six months of 2026, Risk Capital adjusted operating margin increased to 38.4% compared to 37.9% in the prior-year period.
Previous report
◦Human Capital adjusted operating margin increased to 21.5% compared to 19.1% in the prior-year period. For the first six months of 2026, Human Capital adjusted operating margin increased to 28.6% compared to 27.9% in the prior-year period.
Previous report
Revolving Credit Facilities
Reworded paragraphs (71)
Previous wording
EXECUTIVE SUMMARY OF SECOND-QUARTER 2026 FINANCIAL RESULTS
Current wording
EXECUTIVE SUMMARY OF THIRD-QUARTER 2026 FINANCIAL RESULTS
Previous wording
The following is a summary of our second quarter of 2026 financial results.
Current wording
The following is a summary of our third quarter of 2026 financial results.
Previous wording
•Revenue increased $91 million, or 2%, reflecting 5% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures largely due to the divestitures of the NFP Wealth business and Stroz Friedberg. For the first six months of 2026, revenue increased $396 million, or 4%, compared to the prior-year period reflecting 5% organic revenue growth and a 3% favorable impact from foreign currency translation partially offset by a 4% unfavorable impact primarily from the divestitures previously described.
Current wording
•Revenue increased $104 million, or 3%, reflecting 6% organic revenue growth, partially offset by a 3% unfavorable impact primarily from divestitures largely due to the sales of the NFP Wealth business and Stroz Friedberg. For the first nine months of 2026, revenue increased $500 million, or 4%, compared to the prior-year period reflecting 5% organic revenue growth and a 2% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact primarily from the divestitures previously described.
Previous wording
◦Risk Capital revenue increased $140 million, or 5%, compared to the prior-year period. For the first six months of 2026, Risk Capital revenue increased $451 million, or 7%, compared to the prior-year period; and
Current wording
◦Risk Capital revenue increased $157 million, or 6%, compared to the prior-year period. For the first nine months of 2026, Risk Capital revenue increased $608 million, or 7%, compared to the prior-year period; and
Previous wording
◦Human Capital revenue decreased $47 million, or 4%, compared to the prior-year period. For the first six months of 2026, Human Capital revenue decreased $53 million, or 2%, compared to the prior-year period.
Current wording
◦Human Capital revenue decreased $54 million, or 4%, compared to the prior-year period. For the first nine months of 2026, Human Capital revenue decreased $107 million, or 2%, compared to the prior-year period.
Previous wording
•Operating expenses increased $35 million, or 1%, compared to the prior-year period due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business, $25 million of net restructuring savings and lower compensation expense. For the first six months of 2026, operating expenses increased $86 million, or 1%, compared to the prior-year period due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, partially offset by lower expenses associated with the sale of the NFP Wealth business and $50 million of net restructuring savings.
Current wording
•Operating expenses increased $111 million, or 3%, compared to the prior-year period due primarily to an increase in expenses associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United Program expenses, partially offset by lower expenses associated with the sale of the NFP Wealth business and $20 million of net restructuring savings. For the first nine months of 2026, operating expenses increased $197 million, or 2%, compared to the prior-year period due primarily to an increase in expenses associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and $70 million of net restructuring savings.
Previous wording
◦Human Capital operating expenses decreased $97 million, or 8%, compared to the prior-year period. For the first six months of 2026, Human Capital operating expenses decreased $143 million, or 6%, to $2.2 billion compared to the prior-year period.
Current wording
◦Human Capital operating expenses decreased $68 million, or 6%, compared to the prior-year period. For the first nine months of 2026, Human Capital operating expenses decreased $211 million, or 6%, to $3.2 billion compared to the prior-year period.
Previous wording
•Operating margin increased to 21.5% from 20.7% in the prior-year period, driven by organic revenue growth of 5% and $25 million of net restructuring savings, partially offset by an increase in operating expenses as previously described. For the first six months of 2026, operating margin increased to 28.3% from 26.1% in the prior-year period, driven primarily by organic revenue growth of 5% and $50 million of net restructuring savings, partially offset by an increase in operating expenses as previously described.
Current wording
•Operating margin decreased to 19.7% from 20.4% in the prior-year period, driven by an increase in operating expenses associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United program expenses, partially offset by the impact of organic revenue growth of 6% and $20 million of net restructuring savings. For the first nine months of 2026, operating margin increased to 25.7% from 24.3% in the prior-year period, driven primarily by organic revenue growth of 5% and $70 million of net restructuring savings, partially offset by an increase in operating expenses as previously described.
Previous wording
•Net income decreased $29 million, or 5%, compared to the prior-year period, due to the factors set forth above and a $73 million decrease in Other income (expense), as described in the Review of Consolidated Results. For the first six months of 2026, Net income increased $228 million, or 14%, compared to the prior-year period, due to the factors set forth above and a $96 million increase in Income tax expense, as described in the Review of Consolidated Results.
Current wording
•Net income increased $16 million, or 3%, compared to the prior-year period, due primarily to a $24 million increase in interest income, partially offset by the factors set forth above and a $2 million increase in Other expense, as described in the Review of Consolidated Results. For the first nine months of 2026, net income increased $244 million, or 12%, compared to the prior-year period, due to the factors set forth above, partially offset by a $95 million increase in income tax expense, as described in the Review of Consolidated Results.
Previous wording
•Diluted earnings per share was $2.58 compared to $2.66 per share for the prior-year period. For the first six months of 2026, Diluted earnings per share was $8.22 compared to $7.10 per share for the prior-year period.
Current wording
•Diluted earnings per share was $2.23 compared to $2.11 per share for the prior-year period. For the first nine months of 2026, Diluted earnings per share was $10.46 compared to $9.21 per share for the prior-year period.
Previous wording
•Cash flows provided by operating activities were $986 million for the first six months of 2026, an increase of $50 million, or 5%, from the prior-year period, as strong adjusted operating income growth offset the cash tax payment related to the sale of NFP Wealth and impact of working capital.
Current wording
•Cash flows provided by operating activities were $2.2 billion for the first nine months of 2026, an increase of $93 million, or 4%, from the prior-year period, as strong operating income growth offset the impact of working capital and USI-related transaction costs.
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, the most directly comparable U.S. GAAP measures and our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the second quarter of 2026:
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, the most directly comparable U.S. GAAP measures and our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the third quarter of 2026:
Previous wording
•Organic revenue growth, a non-GAAP measure defined under the caption “Review of Consolidated Results — Organic Revenue Growth,” was 5% for the second quarter of 2026 and 5% for the first six months of 2026, 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 6% for the third quarter of 2026 and 5% for the first nine months of 2026, 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 28.9% for the second quarter of 2026 compared to 28.2% in the prior-year period. The increase in adjusted operating margin reflects 5% organic revenue growth and $25 million of net restructuring savings, partially offset by increased expenses associated with 5% organic revenue growth and investments in long-term growth. For the first six months of 2026, adjusted operating margin was 34.4% compared to 33.6% for the prior-year period. The increase primarily reflects 5% organic revenue growth and $50 million of net restructuring savings.
Current wording
•Adjusted operating margin, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Operating Margin,” was 27.0% for the third quarter of 2026 compared to 26.3% in the prior-year period. The increase in adjusted operating margin reflects 6% organic revenue growth and $20 million of net restructuring savings, partially offset by an increase in expenses associated with 6% organic revenue growth and investments in long-term growth. For the first nine months of 2026, adjusted operating margin was 32.1% compared to 31.3% for the prior-year period. The increase primarily reflects 5% organic revenue growth and $70 million of net restructuring savings.
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 $3.81 per share for the second quarter of 2026, compared to $3.49 per share for the prior-year period. For the first six months of 2026, adjusted diluted earnings per share was $10.29 per share, compared to $9.17 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 $3.36 per share for the third quarter of 2026, compared to $3.05 per share for the prior-year period. For the first nine months of 2026, adjusted diluted earnings per share was $13.66 per share, compared to $12.22 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 $846 million in the first six months of 2026, an increase of $30 million, or 4%, from the prior-year period, as the $50 million increase in cash flows from operations, primarily driven by strong operating income growth, which more than offset the cash tax payment related to NFP Wealth, impact of working capital and a $20 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 2026, an increase of $48 million, or 3%, from the prior-year period. The increase was driven by a $93 million increase in cash flows from operations, primarily driven by strong adjusted operating income growth which offset the impact of working capital and USI transaction costs. The increase in cash flows from operations was partially offset by a $45 million increase in capital expenditures.
Previous wording
Total revenue increased $91 million, or 2%, in the second quarter of 2026, compared to the prior-year period. The increase reflects 5% organic revenue growth, driven by net new business and ongoing strong retention, and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures largely due to the sales of the NFP Wealth business and Stroz Friedberg. Risk Capital revenue increased $140 million, or 5%, and Human Capital revenue decreased $47 million, or 4%, in the second quarter of 2026 compared to the prior-year period. For the first six months of 2026, total revenue increased $396 million, or 4%, compared to the prior-year period. The increase reflects 5% organic revenue growth and a 3% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from the divestitures previously described. Risk Capital revenue increased $451 million, or 7%, and Human Capital revenue decreased $53 million, or 2%, for the first six months of 2026 compared to the prior-year period.
Current wording
Total revenue increased $104 million, or 3%, in the third quarter of 2026, compared to the prior-year period. The increase reflects 6% organic revenue growth, driven by net new business and ongoing strong retention, partially offset by a 3% unfavorable impact primarily from divestitures largely due to the sales of the NFP Wealth business and Stroz Friedberg. Risk Capital revenue increased $157 million, or 6%, and Human Capital revenue decreased $54 million, or 4%, in the third quarter of 2026 compared to the prior-year period. For the first nine months of 2026, total revenue increased $500 million, or 4%, compared to the prior-year period. The increase reflects 5% organic revenue growth and a 2% favorable impact from foreign currency translation, partially offset by a 3% unfavorable impact primarily from the divestitures previously described. Risk Capital revenue increased $608 million, or 7%, and Human Capital revenue decreased $107 million, or 2%, for the first nine months of 2026 compared to the prior-year period.
Previous wording
Commercial Risk Solutions revenue increased $117 million, or 5%, in the second quarter of 2026, compared to $2.2 billion in the second quarter of 2025. Organic revenue growth was 5% in the second quarter of 2026, reflecting growth in EMEA and North America, driven by net new business and ongoing strong retention. Net market impact was modestly positive. Within North America, performance was highlighted by strong growth in U.S. core P&C and double-digit growth in construction. For the first six months of 2026, revenue increased $338 million, or 8%, compared to $4.2 billion in the first six months of 2025. Organic revenue growth was 6% in the first six months of 2026, reflecting strong growth in North America and EMEA. Market impact was slightly positive in the first half of the year. Performance in North America was highlighted by strong growth in core P&C and double-digit growth in construction and M&A services relative to the prior-year period.
Current wording
Commercial Risk Solutions revenue increased $122 million, or 6%, in the third quarter of 2026, compared to $2.0 billion in the third quarter of 2025. Organic revenue growth was 7% in the third quarter of 2026, reflecting strong growth in North America and EMEA, driven by net new business and ongoing strong retention. Net market impact was slightly positive. Within North America, performance was highlighted by strong growth in M&A services and U.S. core P&C, and growth in construction. For the first nine months of 2026, revenue increased $460 million, or 7%, compared to $6.2 billion in the first nine months of 2025. Organic revenue growth was 6% in the first nine months of 2026, reflecting strong growth in North America and EMEA. Market impact was slightly positive in the first nine months of 2026. Performance in North America was highlighted by strong growth in core P&C and double-digit growth in M&A services and construction relative to the prior-year period.
Previous wording
Reinsurance Solutions revenue increased $23 million, or 3%, in the second quarter of 2026, compared to $688 million in the second quarter of 2025. Organic revenue growth was 5% in the second quarter of 2026, reflecting growth in treaty placements, driven by net new business and strong retention, and double-digit increases in facultative placements and our Strategy and Technology Group. Net market impact was unfavorable in the quarter. For the first six months of 2026, revenue increased $113 million, or 6%, compared to $1.9 billion in the first six months of 2025. Organic revenue growth was 4% in the first six months of 2026, reflecting growth in treaty placements, driven by net new business and strong retention, and double-digit increases in facultative placements and our Strategy and Technology Group. Market impact had an unfavorable impact in the first half of the year.
Current wording
Reinsurance Solutions revenue increased $35 million, or 7%, in the third quarter of 2026, compared to $537 million in the third quarter of 2025. Organic revenue growth was 7% in the third quarter of 2026, reflecting strong growth in treaty placements, driven by net new business and strong retention, and a favorable impact from the reversal of the constraint applied against prior period revenue. Net market impact was unfavorable in the quarter. For the first nine months of 2026, revenue increased $148 million, or 6%, compared to $2.4 billion in the first nine months of 2025. Organic revenue growth was 5% in the first nine months of 2026, reflecting growth in treaty placements, driven by net new business and strong retention, and strong growth in facultative placements as well as double-digit growth in our Strategy and Technology Group. Market impact was unfavorable in the first nine months of 2026.
Previous wording
Health Solutions revenue increased $46 million, or 6%, in the second quarter of 2026, compared to the second quarter of 2025. Organic revenue growth was 5% in the second quarter of 2026, reflecting strong growth in core health and benefits, including particular strength internationally, driven by net new business and ongoing strong retention, as well as growth in Talent Solutions driven by strong growth in talent analytics. Net market impact was slightly negative. For the first six months of 2026, revenue increased $139 million, or 8%, compared to $1.8 billion in the first six months of 2025. Organic revenue growth was 5% in the first six months of 2026, reflecting strong growth in core health and benefits, including strength internationally, driven by net new business and ongoing strong retention.
Current wording
Health Solutions revenue increased $57 million, or 6%, in the third quarter of 2026, compared to the third quarter of 2025. Organic revenue growth was 6% in the third quarter of 2026, reflecting strong growth in core health and benefits, including particular strength internationally, driven by net new business and ongoing strong retention, as well as growth in Talent Solutions driven by talent analytics. Net market impact was modestly positive. For the first nine months of 2026, revenue increased $196 million, or 7%, compared to $2.7 billion in the first nine months of 2025. Organic revenue growth was 5% in the first nine months of 2026, reflecting strong growth in core health and benefits, including strength internationally, driven by net new business and ongoing strong retention.
Previous wording
Wealth Solutions revenue decreased $93 million, or 18%, in the second quarter of 2026, compared to $519 million in the second quarter of 2025 due primarily to the sale of the NFP Wealth business in the fourth quarter of 2025. Organic revenue growth was 5% in the second quarter of 2026, reflecting strong growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change. For the first six months of 2026, revenue decreased $192 million, or 18%, compared to $1.0 billion in the first six months of 2025. The decrease was primarily driven by the unfavorable impact of divestitures, largely due to the sale of the NFP Wealth business, partially offset by 3% organic revenue growth. Organic revenue growth reflected strength in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change.
Current wording
Wealth Solutions revenue decreased $111 million, or 21%, in the third quarter of 2026, compared to $540 million in the third quarter of 2025 due primarily to the sale of the NFP Wealth business in the fourth quarter of 2025. Organic revenue growth was 4% in the third quarter of 2026, reflecting strong growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change. For the first nine months of 2026, revenue decreased $303 million, or 19%, compared to $1.6 billion in the first nine months of 2025. The decrease was primarily driven by the unfavorable impact of divestitures, largely due to the sale of the NFP Wealth business, partially offset by 3% organic revenue growth. Organic revenue growth reflected strength in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change.
Previous wording
Compensation and benefits expense decreased $89 million, or 4%, in the second quarter of 2026 compared to the prior-year period due primarily to lower expenses from the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions, partially offset by the unfavorable impact of foreign currency translation and expenses associated with 5% organic revenue growth and investments in long-term growth. For the first six months of 2026, compensation and benefits increased $55 million, or 1%, compared to the first six months of 2025. The increase was primarily driven by expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions.
Current wording
Compensation and benefits expense increased $16 million, or 1%, in the third quarter of 2026 compared to the prior-year period, due primarily to higher expenses associated with 6% organic revenue growth and investments in long-term growth, partially offset by lower expenses from the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions. For the first nine months of 2026, Compensation and benefits increased $71 million, or 1%, compared to the first nine months of 2025. The increase was primarily driven by expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and savings from Accelerating Aon United restructuring actions.
Previous wording
Information technology, which represents costs associated with supporting and maintaining our infrastructure, increased $26 million, or 19%, in the second quarter of 2026 compared to the prior-year period, due primarily to Aon Business Services investments in ongoing technology initiatives. For the first six months of 2026, information technology increased $34 million, or 13%, compared to the first six months of 2025. The increase was driven by Aon Business Services investments in ongoing technology initiatives.
Current wording
Information technology, which represents costs associated with supporting and maintaining our infrastructure, increased $16 million, or 11%, in the third quarter of 2026 compared to the prior-year period, due primarily to Aon Business Services investments in ongoing technology initiatives. For the first nine months of 2026, Information technology increased $50 million, or 12%, compared to the first nine months of 2025. The increase was driven by Aon Business Services investments in ongoing technology initiatives.
Previous wording
Premises, which represents the cost of occupying offices in various locations throughout the world, was flat in the second quarter of 2026 compared to the prior-year period, as we continued to optimize our real estate footprint and recognize savings from Accelerating Aon United restructuring actions. For the first six months of 2026, premises decreased $1 million, or 1%, compared to the first six months of 2025. The decrease was due primarily to efforts to optimize our real estate footprint and savings from Accelerating Aon United restructuring actions.
Current wording
Premises, which represents the cost of occupying offices in various locations throughout the world, decreased $2 million, or 2%, in the third quarter of 2026 compared to the prior-year period, as we continued to optimize our real estate footprint and recognize savings from Accelerating Aon United restructuring actions. For the first nine months of 2026, Premises decreased $3 million, or 1%, compared to the first nine months of 2025. The decrease was due primarily to efforts to optimize our real estate footprint and 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 2026 compared to the prior-year period. For the first six months of 2026, depreciation of fixed assets increased $2 million, or 2%, compared to the first six months of 2025.
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 increased $2 million, or 4%, in the third quarter of 2026 compared to the prior-year period. For the first nine months of 2026, Depreciation of fixed assets increased $4 million, or 3%, compared to the first nine months of 2025. The increase was due to additional depreciation of new computer software related to technology initiatives.
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 decreased $27 million to $174 million in the second quarter of 2026 compared to the prior-year period, due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business. For the first six months of 2026, amortization and impairment of intangible assets decreased $74 million to $326 million, compared to the first six months of 2025. The decrease was due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business.
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 decreased $18 million to $175 million in the third quarter of 2026 compared to the prior-year period, due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business. For the first nine months of 2026, Amortization and impairment of intangible assets decreased $92 million to $501 million, compared to the first nine months of 2025. The decrease was due primarily to the decrease in intangible assets associated with the sale of the NFP Wealth business.
Previous wording
Other general expenses increased $121 million, or 32%, in the second quarter of 2026 due primarily to non-recurring gains including sales of portfolios in the prior-year period, partially offset by lower expenses associated with the sale of the NFP Wealth business. For the first six months of 2026, other general expenses increased $86 million, or 11%, compared to the first six months of 2025. The increase was due primarily to the absence of non-recurring gains including sales of portfolios in the prior-year period, partially offset by lower expenses associated with the sale of the NFP Wealth business.
Current wording
Other general expenses increased $36 million, or 8%, in the third quarter of 2026 due primarily to a recovery in the prior-year period associated with a legal settlement as well as USI-related transaction costs. For the first nine months of 2026, Other general expenses increased $122 million, or 10%, compared to the first nine months of 2025. The increase was due primarily to the absence of non-recurring gains and recoveries including sales of portfolios and legal settlements in the prior-year period, partially offset by lower expenses associated with the sale of the NFP Wealth business.
Previous wording
Accelerating Aon United Program expenses increased $2 million, or 2%, in the second quarter of 2026 due primarily to costs related to workforce optimization. For the first six months of 2026, Accelerating Aon United Program expense decreased $16 million, or 8%, due primarily to costs related to workforce optimization.
Current wording
Accelerating Aon United Program expenses increased $61 million, or 191%, in the third quarter of 2026 due primarily to costs related to workforce optimization. For the first nine months of 2026, Accelerating Aon United Program expense increased $45 million, or 19%, compared to the first nine months of 2025, due primarily to costs related to technology initiatives and workforce optimization.
Previous wording
Total operating expenses increased $35 million, or 1%, in the second quarter of 2026 due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business, $25 million of net restructuring savings and lower compensation expense. Due to the factors set forth above, total operating income increased $56 million to $915 million in the second quarter of 2026. For the first six months of 2026, total operating expenses increased $86 million, or 1%, due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, partially offset by lower expenses associated with the sale of the NFP Wealth business and $50 million of net restructuring savings. Due to the factors set forth above, total operating income increased $310 million to $2.6 billion for the first six months of 2026.
Current wording
Total operating expenses increased $111 million, or 3%, in the third quarter of 2026 due primarily to an increase in expense associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United Program expenses, partially offset by lower expenses associated with the sale of the NFP Wealth business and $20 million of net restructuring savings. Due to the factors set forth above reflecting the increase in Total revenue of $104 million and an increase in Total operating expenses of $111 million, Total operating income decreased $7 million to $809 million in the third quarter of 2026. For the first nine months of 2026, total operating expenses increased $197 million, or 2%, due primarily to an increase in expenses associated with 5% organic revenue growth and investments in long-term growth, as well as the unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business and $70 million of net restructuring savings. Due to the factors set forth above, total operating income increased $303 million to $3.4 billion for the first nine months of 2026.
Previous wording
Total operating expenses increased $88 million, or 4%, in the second quarter of 2026. The increase was primarily due to an increase in other expenses associated with 5% organic revenue growth in both Commercial Risk Solutions and Reinsurance Solutions and non-recurring gains, including sales of portfolios in the prior-year period. Due to the factors set forth above, Risk Capital operating income increased $52 million, or 6%, in the second quarter of 2026. For the first six months of 2026, Risk Capital total operating expenses increased $214 million, or 5%. The increase was primarily due to an increase in compensation and benefits and in other expenses. The increase in compensation and benefits was due to an increase in expense associated with 6% and 4% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, partially offset by restructuring savings. The increase in other expenses was primarily due to the absence of non-recurring gains, including sales of portfolios in the prior-year period. Due to the factors set forth above, Risk Capital operating income increased $237 million, or 11%, for the first six months of 2026.
Current wording
Total operating expenses increased $134 million, or 7%, in the third quarter of 2026. The increase was primarily due to an increase in other expenses associated with 7% organic revenue growth in both Commercial Risk Solutions and Reinsurance Solutions. Due to the factors set forth above reflecting an increase in Total revenue of $157 million and an increase in Total operating expenses of $134 million, Risk Capital operating income increased $23 million, or 4%, in the third quarter of 2026. For the first nine months of 2026, Risk Capital total operating expenses increased $348 million, or 6%. The increase was primarily due to an increase in compensation and benefits and in other expenses. The increase in compensation and benefits was due to 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 was primarily due to the absence of non-recurring gains, including sales of portfolios in the prior-year period. Due to the factors set forth above, Risk Capital operating income increased $260 million, or 10%, for the first nine months of 2026.
Previous wording
Total operating expenses decreased $97 million, or 8%, in the second quarter of 2026. The decrease was primarily due to a decrease in compensation and benefits and other expenses. The decrease in compensation and benefits was due to lower expenses associated with the sale of the NFP Wealth business, partially offset by an increase in expense associated with 5% organic revenue growth in both Health Solutions and Wealth Solutions. The decrease in other expenses was primarily due to lower amortization and impairment of intangible assets associated with the sale of the NFP Wealth business. Due to the factors set forth above, Human Capital operating income increased $50 million, or 43%, in the second quarter of 2026. For the first six months of 2026, Human Capital total operating expenses decreased $143 million, or 6%. The decrease was primarily due to a decrease in both compensation and benefits and other expenses. The decrease in compensation and benefits was due to lower expenses associated with the sale of the NFP Wealth business, partially offset by an increase in expense associated with 5% and 3% organic revenue growth in Health Solutions and Wealth Solutions, respectively. The decrease in other expenses was primarily due to lower amortization and impairment of intangible assets associated with the sale of the NFP Wealth business. Due to the factors set forth above, Human Capital operating income increased $90 million, or 17%, for the first six months of 2026.
Current wording
Total operating expenses decreased $68 million, or 6%, in the third quarter of 2026. The decrease was primarily due to a decrease in compensation and benefits and other expenses. The decrease in compensation and benefits was due to lower expenses associated with the sale of the NFP Wealth business, partially offset by an increase in expense associated with 6% and 4% organic revenue growth in Health Solutions and Wealth Solutions, respectively. The decrease in other expenses was primarily due to a non-recurring recovery in the prior-year period related to legal settlements as well as lower amortization and impairment of intangible assets associated with the sale of the NFP Wealth business. Due to the factors set forth above, Human Capital operating income increased $14 million, or 4%, in the third quarter of 2026. For the first nine months of 2026, Human Capital total operating expenses decreased $211 million, or 6%. The decrease was primarily due to a decrease in both compensation and benefits and other expenses. The decrease in compensation and benefits was due to lower expenses associated with the sale of the NFP Wealth business, partially offset by an increase in expense associated with 5% and 3% organic revenue growth in Health Solutions and Wealth Solutions, respectively. The decrease in other expenses was primarily due to lower amortization and impairment of intangible assets associated with the sale of the NFP Wealth business. Due to the factors set forth above, Human Capital operating income increased $104 million, or 12%, for the first nine months of 2026.
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 2026, interest income increased $5 million to $5 million compared to the prior-year period and for the first six months of 2026, interest income increased $12 million to $17 million compared to the prior-year period, both primarily reflecting higher cash balances due to the sale of the NFP Wealth business.
Current 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. 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 2026, interest income increased $24 million to $24 million compared to the prior-year period, primarily reflecting higher cash balances as a result of the net proceeds raised from debt issuance. For the first nine months of 2026, interest income increased $36 million to $41 million compared to the prior-year period, primarily reflecting higher average cash balances throughout the period as a result of proceeds from the sale of the NFP Wealth business and debt raised ahead of the USI Acquisition.
Previous wording
Interest expense, which represents the cost of our debt obligations, decreased $33 million to $179 million during the second quarter of 2026 compared to the prior-year period. For the first six months of 2026, interest expense decreased $60 million to $358 million compared to the prior-year period. The decrease in both periods was driven primarily by lower total debt.
Current wording
Interest expense, which represents the cost of our debt obligations, was flat during the third quarter of 2026 compared to the prior-year period. Lower average debt balances during much of the quarter were offset by interest expense associated with debt issued near the end of the quarter to fund the USI Acquisition. For the first nine months of 2026, interest expense decreased $60 million to $564 million compared to the prior-year period, primarily reflecting lower average total debt throughout the period.
Previous wording
Other expense was $17 million for the second quarter of 2026 compared to other income of $56 million for the second quarter of 2025. The decrease was primarily due to the absence of deferred consideration recognized in the prior-year period related to the 2017 sale of our outsourcing business. For the first six months of 2026, other expense was $12 million compared to other income of $46 million for the first six months of 2025. The decrease was primarily due to the absence of deferred consideration recognized in the prior-year period related to the 2017 sale of our outsourcing business, partially offset by the favorable impact of foreign currency remeasurement of assets and liabilities in non-functional currencies and gain from the sale of the NFP Wealth business.
Current wording
Other expense was $15 million for the third quarter of 2026 compared to other expense of $13 million for the third quarter of 2025. The increase in other expense was primarily due to the unfavorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies. For the first nine months of 2026, other expense was $27 million compared to other income of $33 million for the first nine months of 2025. The decrease was primarily due to the absence of deferred consideration recognized in the prior-year period related to the 2017 sale of our outsourcing business, partially offset by the favorable impact of foreign currency remeasurement of assets and liabilities in non-functional currencies and gain from the sale of the NFP Wealth business.
Previous wording
Income before income taxes for the second quarter of 2026 was $724 million, a 3% increase from $703 million compared to the prior-year period. For the first six months of 2026, income before income taxes was $2.3 billion, a 17% increase from $2.0 billion for the first six months of 2025.
Current wording
Income before income taxes for the third quarter of 2026 was $612 million, a 3% increase from $597 million compared to the prior-year period. For the first nine months of 2026, income before income taxes was $2.9 billion, a 13% increase from $2.6 billion for the first nine months of 2025.
Previous wording
The effective tax rate on net income was 22.0% and 20.8% for the three and six months ended June 30, 2026, respectively. The effective tax rate on net income was 15.5% and 19.3% for the three and six months ended June 30, 2025, respectively.
Current wording
The effective tax rate on net income was 20.6% and 20.7% for the three and nine months ended September 30, 2026, respectively. The effective tax rate on net income was 21.3% and 19.8% for the three and nine months ended September 30, 2025, respectively.
Previous wording
For the three months ended June 30, 2026, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and an unfavorable impact from discrete items. For the six months ended June 30, 2026, the year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impact of a capital loss offset by the unfavorable impact of other discrete items.
Current wording
For the three months ended September 30, 2026, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and an unfavorable impact from discrete items. For the nine months ended September 30, 2026, the year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impact of a capital loss offset by the unfavorable impact of other discrete items.
Previous wording
For the three and six months ended June 30, 2025, the quarter-to-date and year-to-date tax rates were 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.
Current wording
For the three 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
Net income attributable to Aon shareholders for the second quarter of 2026 decreased to $551 million, or $2.58 per diluted share, from $579 million, or $2.66 per diluted share, in the prior-year period. Net income attributable to Aon shareholders for the first six months of 2026 increased to $1.8 billion, or $8.22 per diluted share, from $1.5 billion, or $7.10 per diluted share, in the prior-year period.
Current wording
Net income attributable to Aon shareholders for the third quarter of 2026 increased to $476 million, or $2.23 per diluted share, from $458 million, or $2.11 per diluted share, in the prior-year period. Net income attributable to Aon shareholders for the first nine months of 2026 increased to $2.2 billion, or $10.46 per diluted share, from $2.0 billion, or $9.21 per diluted share, in the prior-year period.
Previous wording
(2)Fiduciary investment income for the three months ended June 30, 2026 and 2025 was $58 million and $66 million, respectively. Fiduciary investment income for the six months ended June 30, 2026 and 2025 was $113 million and $133 million, respectively.
Current wording
(2)Fiduciary investment income for the three months ended September 30, 2026 and 2025 was $69 million and $75 million, respectively. Fiduciary investment income for the nine months ended September 30, 2026 and 2025 was $182 million and $208 million, respectively.
Showing the first 40 of 71 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
There was $112 million of cash received during the first nine months of 2025, primarily related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior year period.
Current report — wording carried from elsewhere
Co-Issued Notes - Aon North America, Inc. and Aon Global Holdings plc