Aon plc (AON) Stock Analysis

Aon plc's Risk Capital segment generated $11.3 billion in 2025 revenue and Human Capital contributed $5.9 billion, producing total consolidated revenue of $17.2 billion across 120+ countries, with approximately 51.8% of that revenue derived from non-U.S. operations attributed to where services are performed. The firm employs roughly 60,000 people and competes against Marsh McLennan, Willis Towers Watson, and Arthur J. Gallagher & Company across virtually every geography.

Aon earns revenue through commissions tied to insurance and reinsurance premiums — a structure that fluctuates with the insurance pricing cycle — and through fees for advisory, analytics, and plan-administration services that are less market-sensitive. Risk Capital's commercial risk brokerage organizes around industry verticals (property, casualty, cyber, energy, and others) and accesses capacity through Global Broking Centers in London, Bermuda, and Singapore. Reinsurance Solutions includes treaty and facultative placement plus capital markets advisory. Human Capital spans health consulting and benefits design for multinational employers, retirement actuarial and pension risk-transfer advisory, and talent benchmarking — each billed as fee-for-service or subscription arrangements. Aon Securities LLC, an indirect subsidiary registered with FINRA and SIPC, handles U.S. investment banking, capital advisory, and broker-dealer activity. The company held $15.2 billion of consolidated debt at year-end 2025, with financial covenants requiring maintenance of specified EBITDA-to-interest and debt-to-EBITDA ratios tested quarterly.