Aon’s Reinsurance Solutions delivers 6% organic revenue growth to $688m in Q2’25

Aon, the global insurance and reinsurance broking group, achieved total revenue growth of 11% to $4.2 billion in the second quarter of 2025, with organic growth of 6% in its Reinsurance Solutions arm on the back of double-digit increases in insurance-linked securities (ILS) and facultative placements.

Q2 2025 was another strong quarter for Aon, with revenue growth across all segments and a 10% rise in net income to $579 million compared to $524 million in Q2 2024, while adjusted net income rose 22% year-on-year to $759 million.

Operating income also increased across the group, by 31% year-on-year to $859 million, with Aon reporting an operating margin of 20.7%, up from 17.4% in Q2 2024.

Total organic revenue growth was 6% in Q2 2025 and 5% in H1 2025, with the latter rising to $8.9 billion from $7.8 billion in H1 2024.

By segment, Risk Capital revenue increased by 8% to $2.9 billion, with growth in both Commercial Risk Solutions and Reinsurance Solutions to $2.2 billion and $688 million, respectively, compared with $2.1 billion and $635 million, respectively, in the second quarter of 2024.

Alongside strong growth in ILS and facultative placements, Aon attributes the higher revenue in its reinsurance business to growth in treaty, driven by net new business and ongoing strong retention, partially offset by a modest unfavourable market impact.

6% organic revenue growth in Commercial Risk Solutions, explains Aon, reflects growth across all major geographies driven by net new business and ongoing strong retention.

Elsewhere, Human Capital revenue increased by 15% year-on-year to $1.3 billion in Q2 2025, with 6% organic growth in Health Solutions to $772 million, and 3% organic growth in Wealth Solutions to $519 million. Aon highlights strength in core health and benefits, driven by net new business, ongoing strong retention, and a modestly positive market impact in its Health Solutions arm, and growth in Retirement driven by advisory related to the ongoing impact of regulatory change in its Wealth Solutions unit.

A strong Q2 on the back of a robust Q1 has seen Aon reported a 13% rise in total revenue for the first half of 2025 to the aforementioned $8.9 billion, with growth again occurring in all segments.

Risk Capital revenue increased with 9% year-on-year growth in Commercial Risk Solutions to $4.2 billion, and 4% growth in Reinsurance Solutions to $1.9 billion.

Human Capital revenue rose on the back of 29% growth in Health Solutions to $1.8 billion, and 25% revenue growth in Wealth Solutions to more than $1 billion.

Greg Case, President and Chief Executive Officer of Aon, commented: “We delivered strong second quarter results, including 6% organic revenue growth, 19% growth in adjusted EPS, and 59% free cash flow growth.

“This performance reflects the growing demand for our advice and solutions, driven by an increasingly complex environment and the need to unlock new sources of capital. Our solutions are resonating with clients and we are effectively meeting that demand. The continued successful execution of our Aon United strategy – operationalized by our 3×3 Plan and powered by Aon Business Services – is fueling sustainable organic growth, margin expansion and free cash flow growth, as we invest in our business. Looking ahead, we remain confident in our outlook and are reaffirming our full-year 2025 guidance.”

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