Aon’s revenue up in third quarter

Aon on Friday reported third-quarter revenue of just under $4 billion, up 7% over third-quarter 2024 and with 7% organic growth.

Third-quarter net income of $458 million was up $33.5% from $343 million in the prior-year period.

Talent remains a significant driver of sustained growth, and the competitive environment for attracting and retaining top performers is “as intense as ever,” Aon President and CEO Greg Case said Friday morning on Aon’s third-quarter earnings call.

Risk Capital revenue increased $170 million, or 7%, to $2.5 billion, while Human Capital revenue increased $106 million, or 8%, to $1.5 billion.

Within the Risk Capital segment, the Commercial Risk Solutions unit saw revenue grow 7% to just under $2 billion, with 7% organic growth.

Reinsurance Solutions, the other business in Risk Capital, saw revenue grow 7% to $537 million with 8% organic revenue growth.

Aon’s continued expansion in the middle market is translating into strong organic growth, Chief Financial Officer Edmund Reese said on the call.

The 7% third-quarter organic growth “reflected strong performance in our core property/casualty business globally, including double-digit growth in the U.S., with meaningful contribution from the middle market through NFP,” Mr. Reese said.

Construction also delivered double-digit growth, driven by demand from large-scale global infrastructure projects, including data center builds for major tech companies, “reinforcing this category as a strategic priority,” Mr. Reese said.

Insurance-linked securities also had “significant growth,” but off a smaller baseline, he said, and the contribution from NFP was “meaningful.”

Third-quarter fiduciary investment income was $75 million, down 12% vs. the prior year.

Mr. Reese reaffirmed Aon’s full-year 2025 guidance for organic revenue growth of mid-single digits or greater.