Insurance broker Aon said its adjusted profit jumped in the fourth quarter as clients continued to seek risk management solutions amid a challenging global environment. The company pointed to resilient global insurance spending by individuals and businesses prioritizing coverage against risks such as trade and geopolitical uncertainty and natural disasters.
Quarterly results and segment performance
Aon reported adjusted profit attributable to shareholders of $1.05 billion, or $4.85 per share, for the three months ended December 31, up from $965 million, or $4.42 per share, in the same quarter a year earlier. Total revenue for the quarter rose 4% year-on-year to $4.30 billion.
The firm's risk capital arm, which supports clients in measuring and mitigating risk, produced revenue of $2.7 billion in the quarter, a 7% increase from a year earlier. The results underscore continued demand for services that help clients navigate an array of exposures in a complex risk landscape.
Business strategy and footprint
Founded in 1982 through the merger of the Ryan Insurance Group and Combined International Corporation, Aon has expanded into one of the largest global players in the insurance marketplace, operating in more than 120 countries. The company has been directing investment toward higher-growth areas including construction and energy, while also broadening its reach into the growing middle-tier business segment.
Market reaction and peers
Market moves among industry peers were mixed. Aon shares dipped 1.8% in 2025. By comparison, rival Marsh posted a 12.7% decline over the same period, while WTW recorded a 4.9% rise.
Outlook
Looking ahead to 2026, Aon expects organic revenue growth to be mid-single-digit or greater. Management framed the outlook in the context of ongoing client demand for insurance and risk advisory services, driven by persistent macro and physical risks that shape insurer and buyer behavior.
Context on broker role
The company emphasized the intermediary nature of insurance brokerages, which link customers and insurers and typically earn a portion of premiums as commissions. That structure remains central to how revenue is generated across Aon’s business lines.
While the company highlighted growth in targeted sectors and expanding distribution among middle-tier clients, it framed its near-term expectations conservatively as it monitors demand and pricing dynamics across markets.