AON · Aon plc

Aon plc delivered strong Q1 2026 results, with total revenue up 6% to $5.0 billion, driven by 5% organic growth from net new business and strong retention across segments, plus 4% favorable foreign currency translation, offset by 3% divestiture impact. Risk Capital revenue surged 10% to $3.5 billion, led by 7% organic growth in Commercial Risk Solutions (double-digit in North America M&A, P&C, construction; strong EMEA) and 4% in Reinsurance Solutions (treaty and facultative placements). Human Capital was flat at $1.5 billion, with 4% organic growth in Health Solutions (core benefits, international strength) offset by 1% in Wealth Solutions amid soft U.S. advisory demand. Operating expenses rose 2% to $3.3 billion, tied to revenue growth and investments, but mitigated by $25 million net restructuring savings, NFP Wealth sale benefits, and lower amortization. This yielded 17% GAAP operating income growth to $1.7 billion (34.1% margin) and 8% adjusted growth to $2.0 billion (39.1% margin, +70 bps). Adjusted EPS rose 14% to $6.48, with $0.36 FX tailwind; effective tax rate improved to 20.3% adjusted. CEO Greg Case highlighted execution of Aon United strategy and 3x3 Plan amid rising client demand for integrated solutions. Capital allocation remained disciplined: $662 million returned ($500 million repurchasing 1.5 million shares; 10% dividend hike announced April 10), with $0.8 billion buyback capacity left. Cash flow soared, operations up 207% to $430 million, FCF up 332% to $363 million. Reaffirmed full-year guidance underscores confidence in durable growth, margin expansion, and double-digit FCF amid expanding addressable market via analytics and technology investments.