Aon’s Reinsurance Solutions division delivered organic revenue growth of 8% year-on-year to $379 million in the fourth quarter of 2025, as the global broking giant reports total revenue of $4.3 billion for the quarter, reflecting 5% organic revenue growth.
Across the business, net income attributable to Aon shareholders rose by almost 140% in Q4’25 to $1.7 billion compared with $716 million in the prior year quarter, as operating income increased by 11% to $1.2 billion, with a 1% rise in expenses to $3.1 billion.
The reinsurance arm sits within Aon’s Risk Capital unit, which had a strong quarter and full year thanks to growth at Reinsurance Solutions and the Commercial Risk Solutions business.
The 8% organic revenue growth within Reinsurance Solutions reflects double-digit growth in insurance-linked securities and the Strategy and Technology Group. Aon also highlights robust growth in facultative placements as a result of net new business and strong retention, partially offset by a modest market impact.
Commercial Risk Solutions’ Q4’25 revenue increased by 7%, including 6% organic growth, year-on-year to more than $2.3 billion, compared with almost $2.2 billion a year earlier, driven by strong growth in North America, EMEA, and Latin America, again driven by net new business and ongoing strong retention.
In Aon’s Human Capital segment, which houses Health Solutions and Wealth Solutions, organic revenue growth was 2% for both units in Q4’25. Health Solutions revenue increased to $1.1 billion from $1.07 billion, while Wealth Solutions revenue actually fell slightly to $490 million for Q4’25, compared to $542 million in Q4’24.
Aon attributes the organic revenue growth in the Health business to “strong growth in core health and benefits and consumer benefits solutions, driven by net new business, ongoing strong retention and positive market impact, partially offset by slower discretionary spend in Talent Solutions and delayed closed sales.”
For the Wealth division, organic revenue growth is attributed to “growth in Retirement, driven by continued strong demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change, partially offset by the sale of the NFP Wealth business.”
Looking at the full year 2025 performance, total revenue increased by 9%, with 6% organic growth, to $17.2 billion. Net income rose by 37% to $3.7 billion in 2025, while operating income increased by 13% to $4.3 billion, with expenses up 8% year-on-year to $12.8 billion for 2025.
For the full year 2025, Aon’s Reinsurance Solutions generated revenue of $2.8 billion, an increase of 5%, with 6% organic revenue growth, when compared with the prior year’s $2.7 billion. Commercial Risk Solutions’ revenue increased by 8% with 6% organic revenue growth to $8.5 billion.
Within Human Capital, Health Solutions revenue increased by 15%, with 5% organic growth to $3.8 billion, while Health Solutions revenue jumped by 10%, with 5% organic growth, to $2.1 billion.
Today, Aon has also introduced guidance for the year ahead, revealing that it expects mid-single-digit or greater organic revenue growth, 70 to 80 basis points of adjusted operating margin expansion, strong adjusted EPS growth, and double-digit free cash flow growth in 2026.
Greg Case, president and CEO of Aon, commented: “Our fourth-quarter and full-year results reflect the strong execution of our 3×3 Plan, accelerating our client-centric Aon United strategy. In the fourth quarter, we delivered 5% organic revenue growth and 16% free cash flow growth, and we achieved all of our full-year objectives, including a second straight year of 6% organic revenue growth.
“Our strategic investments in data-driven insights and capabilities through Aon Business Services are enabling us to meet rising client demand in an increasingly complex environment. We are entering 2026 with momentum and are well positioned to continue to deliver for our clients, generate sustainable growth and create long-term shareholder value.”
