Aon third-quarter results, filed with the SEC, show total revenue that increased 3% to $4.1 billion compared to the prior-year period, reflecting 6% organic revenue growth, partially offset by a 3% unfavorable impact primarily from divestitures.
Total Revenue and Organic Revenue Growth
In its third-quarter earnings release, Aon described the period in its own words: “Aon delivered another quarter of strong performance, including 3% total revenue growth, 6% organic revenue growth and EPS growth.” InsuraBeat has separate coverage of global commercial insurance rates.
Segment Revenue and Organic Growth by Solution Line
Risk Capital revenue increased $157 million, or 6%, to $2.7 billion and Human Capital revenue decreased $54 million, or 4%, to $1.4 billion. The release also comments on organic revenue growth by solution line.
- Commercial Risk Solutions: Organic revenue growth of 7% reflects strong growth in North America and EMEA, driven by net new business and ongoing strong retention.
- Reinsurance Solutions: Organic revenue growth of 7% reflects strong growth in treaty placements, driven by net new business and strong retention, and a favorable impact from the reversal of the constraint applied against prior period revenue.
- Health Solutions: Organic revenue growth of 6% reflects strong growth in core health and benefits, including particular strength internationally, driven by net new business and ongoing strong retention, as well as growth in Talent Solutions driven by talent analytics.
- Wealth Solutions: Organic revenue growth of 4% reflects strong growth in Retirement, driven by continued demand for advisory work in the UK and EMEA related to the ongoing impact of regulatory change.
InsuraBeat has separate coverage of Marsh’s adjusted earnings and reinsurance unit revenue.
Operating Income Declines While Adjusted Operating Income Rises
In the Form 8-K exhibit, Aon reported that operating income decreased $7 million, or 1%, and operating margin decreased 70 basis points to 19.7%, each compared to the prior-year period.
Adjusted operating income increased $55 million, or 5%, and adjusted operating margin increased 70 basis points to 27.0%, each compared to the prior-year period.
The release itemizes several expense lines. Information technology expense increased $16 million, or 11%, compared to the prior-year period, due primarily to Aon Business Services investments in ongoing technology initiatives. Accelerating Aon United Restructuring Program expense increased $61 million, or 191%, compared to the prior-year period, due primarily to costs related to workforce optimization.
InsuraBeat has separate coverage of Marsh’s global insurance market index.
Earnings per Share, Cash Flow and the USI Acquisition
The release also reports net income and adjusted net income attributable to shareholders. Net income attributable to Aon shareholders increased 4% to $476 million compared to $458 million in the prior-year period. Adjusted net income attributable to Aon shareholders increased 8% to $715 million compared to $660 million in the prior-year period.
Aon’s SEC filing also includes cash flow data. Cash flows provided by operations for the first nine months of 2026 increased $93 million, or 4%, to $2.2 billion compared to the prior-year period, as strong adjusted operating income growth offset the impact of working capital and USI-related transaction costs.
On the USI Acquisition, the company said: “We expect the USI Acquisition to close in the fourth quarter of 2026, and will prioritize debt repayment with a path towards deleveraging to our 2.8x-3.0x objective in approximately 24 months.” InsuraBeat has separate coverage of WTW’s AI investment and broking margin.
