Here are 1-2 brief analogies to describe Aon:

• Aon is like a Deloitte or Accenture for corporate risk management, insurance brokerage, and employee benefits.
• Aon is like the Goldman Sachs for corporate risk and human capital solutions.

• Risk Solutions

• Commercial Risk Brokerage: Aon advises businesses on risk management and arranges tailored insurance coverage for various exposures, including property, liability, and cyber risks.
• Reinsurance Solutions: Aon assists insurance companies in managing their own risk portfolios by facilitating the placement of reinsurance coverage with other insurers globally.

• Health Solutions

• Health & Benefits Brokerage and Consulting: Aon helps organizations design, implement, and manage comprehensive employee health, welfare, and benefits programs to attract and retain talent.

• Wealth Solutions

• Retirement & Investment Consulting: Aon provides consulting services to institutional clients regarding pension plans, defined contribution plans, and broader investment strategies.

Aon plc (symbol: AON)

• Large multinational corporations across diverse industries (e.g., manufacturing, technology, financial services, retail)
• Mid-sized businesses seeking risk management, human capital, and health solutions
• Public sector entities, government organizations, and non-profit organizations

Greg Case, Chief Executive Officer

Greg Case is the President and Chief Executive Officer of Aon, having joined the company in 2005. Before his time at Aon, he was involved with McKinsey & Company, where he served on the Governing Shareholder Council and led the Global Insurance and Financial Services Practice. His prior experience also includes working for the investment banking firm of Piper, Jaffray and Hopwood, and at the Federal Reserve Bank.

Edmund Reese, Executive Vice President and Chief Financial Officer (effective July 29, 2024)

Edmund Reese will assume the role of Executive Vice President and Chief Financial Officer at Aon, effective July 29, 2024, succeeding Christa Davies. He brings over 25 years of financial leadership from large public companies in the financial services, payments, and technology sectors. Most recently, he served as the CFO of Broadridge Financial Solutions since 2020. Prior to that, Reese held significant roles at American Express, including Senior Vice President and CFO of its largest business unit, Global Consumer Services Group, and also led Investor Relations and served as CFO of Global Business Services. His earlier career included positions as CFO of the US advisory group at Merrill Lynch and CFO of the corporate client group and stock plan services at Citigroup Smith Barney.

Eric Andersen, Strategic Advisor to the President and Chief Executive Officer

Eric Andersen serves as Strategic Advisor to the President and Chief Executive Officer of Aon, having transitioned from his role as President through June 2026. He joined Aon in 1997 through the acquisition of Minet and has held numerous leadership positions during his extensive career at the company, including Chief Executive Officer of Aon Benfield and Chief Executive Officer of Aon Risk Solutions Americas.

Lori Goltermann, Chief Executive Officer, Regions and North America

Lori Goltermann is the CEO of Regions and North America at Aon, with a career spanning over three decades at the firm, which she joined in 1993. Her previous roles at Aon include CEO of Aon's U.S. Commercial Risk and Health Solutions businesses, CEO of the U.S. Health Solutions practice, and leading the Private Equity Mergers & Acquisitions Practice.

Darren Zeidel, Executive Vice President, General Counsel and Company Secretary

Darren Zeidel is the Executive Vice President, General Counsel and Company Secretary of Aon, a position he assumed in 2019. He joined Aon in 2012 and has held various leadership roles within the legal team. Notably, as Global Chief Counsel for Aon Hewitt, he played a leading role in the divestiture of the outsourcing business. Before joining Aon, Zeidel worked at Honeywell in various general counsel roles within its aerospace strategic business unit and at Honeywell UOP. He began his legal career as an associate in the Mergers & Acquisitions group at Skadden, Arps, Slate, Meagher & Flom LLP.

Aon plc (AON), a global professional services firm, faces several key business risks, with a strong emphasis on interconnected threats in a volatile global environment.

The three most significant risks to Aon's business are:

1. Cyberattacks and Data Breaches: Consistently ranked as the top global risk in Aon's own surveys, cyberattacks and data breaches pose a critical threat. This risk encompasses computer crime, hacking, viruses, and malicious codes, and is closely linked to potential damage to Aon's brand and reputation, especially given its role in managing sensitive client information and providing risk solutions.
2. Business Interruption: This risk regularly appears among the top concerns for businesses, including Aon. The interconnected nature of modern operations means that disruptions, whether from cyber incidents, natural catastrophes, or other events, can have widespread and simultaneous impacts across industries and companies, directly affecting Aon's ability to deliver its services.
3. Failure to Attract or Retain Top Talent: As a professional services firm, Aon's success is heavily reliant on its human capital. Chronic employee shortages, a widening skills gap, and workers' demands for better work/life balance make it vital for Aon to maintain competitive employee value propositions and well-being strategies. While its ranking might fluctuate, Aon emphasizes that human capital challenges are deeply connected to every aspect of business resilience, especially as AI transforms the workforce.

Aon plc (AON) operates primarily through two main segments: Risk Capital and Human Capital, which encompass Commercial Risk, Reinsurance, Health, and Wealth solutions.

Here are the addressable market sizes for Aon's main products and services:

• Commercial Risk Solutions: The global commercial insurance market size was valued at USD 922.5 billion in 2024 and is projected to reach USD 1,684.0 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 6.2% from 2025-2033. North America held the largest share of this market in 2024.
• Reinsurance Solutions: The global reinsurance market size was valued at approximately USD 581.3 billion in 2024 and is expected to reach USD 1,165.7 billion by 2033, growing at a CAGR of 8.04% during 2025-2033. North America was the largest market for reinsurance, contributing over 44% of revenue share in 2024.
• Health Solutions: The global benefits consulting service market size reached approximately USD 45 billion in 2023 and is projected to grow to USD 74 billion by 2032, with a CAGR of 6.2%. Another estimate for the global Benefits Consulting Service market places its current value at USD 102 billion, projected to reach USD 172.2 billion by 2030. North America holds the largest share, with a market size of approximately USD 20 billion in 2023.
• Wealth Solutions: The broader global wealth management market was valued at USD 1.25 trillion in 2020 and is projected to reach USD 3.43 trillion by 2030. More specifically, the global WealthTech Solutions market was over USD 7.86 billion in 2025 and is projected to reach USD 32.64 billion by 2035. North America is expected to hold the largest revenue share in the WealthTech Solutions market.

Expected Drivers of Future Revenue Growth for Aon (AON) Over the Next 2-3 Years:

1. Aon United Strategy and Integrated Solutions: Aon's "Aon United" strategy is a core driver, focusing on addressing complex client needs at the intersection of Risk Capital and Human Capital. This integrated approach, powered by Aon Business Services (ABS), aims to deepen client relationships by providing actionable insights and innovative solutions, leading to new business wins and strong client retention. The company highlights its ability to meet fast-evolving client needs and transform the client experience, which is expected to drive sustainable top-line growth.
2. Expansion in Middle Market and New Business Generation: Aon is actively expanding its presence and capturing demand in the middle market segment. The acquisition of NFP is explicitly mentioned as enabling Aon to unlock this fast-growing market, enhancing distribution, and further accelerating the Aon United strategy. This expansion, coupled with a focus on winning new business and deepening relationships with existing clients through data-led solutions, is a significant contributor to organic revenue growth. New business contributed 5 points to organic revenue growth in Q3 2025.
3. Growth in Data Center Insurance and Emerging Risks: Aon is actively capitalizing on the burgeoning demand for data center construction and related insurance. The company projects over $10 billion in new premium volume from data center insurance by 2026, indicating this as a substantial driver of future growth. More broadly, Aon is developing new capabilities for emerging risks, such as those related to AI and supply chain volatility, which are expected to create new demand categories and innovative capital solutions for clients.
4. Leveraging Data & Analytics and Aon Business Services (ABS): Aon emphasizes its investments in data capabilities and analytics to enable smarter and faster decisions for clients. Aon Business Services (ABS) is a key enabler of this, driving scale benefits and operational efficiency, which in turn supports revenue growth and margin expansion. The company's analytic capabilities provide predictive insights, helping clients manage risk and benefits budgets, and are experiencing high demand.
5. Strategic Capital Allocation and Tuck-in Acquisitions: While not a direct driver of *organic* revenue, Aon's disciplined capital allocation strategy, including targeted tuck-in acquisitions, is expected to contribute to overall revenue growth. The company's increased capital flexibility, partly from the divestiture of its NFP wealth business, allows for strategic investments that can further enhance growth prospects. Furthermore, Aon expects double-digit free cash flow growth over the 2023-2026 period, which provides capital for these growth-oriented investments.

Aon Capital Allocation Decisions (Last 3-5 Years)

• In November 2020, Aon's board authorized a new $5 billion share buyback program, supplementing an existing program that had approximately $1.1 billion remaining as of September 30, 2020.
• An additional $7.5 billion share repurchase authorization was announced in February 2022, increasing the total authorization to approximately $9.2 billion.
• As of September 30, 2025, approximately $1.6 billion remained authorized for share repurchases under the program. Aon repurchased 0.7 million shares for approximately $250 million in the three months ended September 30, 2025, and 2.0 million shares for approximately $750 million in the nine months ended September 30, 2025.

• In connection with the acquisition of NFP, completed in April 2024, approximately $6 billion of the purchase price was funded by Aon stock.
• Proceeds from the issuance of shares amounted to $60 million for the nine months ended September 30, 2025.
• The Ireland Reorganization in 2020 involved the issuance of approximately 231 million Class A ordinary shares of Aon plc.

• Aon acquired NFP for $13.4 billion, with the transaction announced in December 2023 and completed in April 2024. This strategic investment aimed to expand Aon's presence in the US mid-market and wholesale segment.
• The proposed merger with Willis Towers Watson, announced in 2020, was terminated in July 2021, resulting in Aon paying a $1 billion termination fee.
• Aon made four acquisitions in 2024, including the technology assets and intellectual property of Humn.ai in March 2024 to enhance its commercial fleet proposition.

• Aon consistently incurs capital expenditures, with quarterly averages ranging from $50 million to $70 million, signifying ongoing investments to support business growth.
• Capital expenditures are identified as one of the primary uses of Aon's liquidity, supporting operating expenses and investments.
• Aon's management aims for a double-digit free cash flow compound annual growth rate (CAGR) over the 2023-2026 period, partly driven by strategic investments and operational efficiency, which would include capital expenditures.