Aon plc

Aon plc is a global professional services firm that provides risk capital and human capital solutions — insurance brokerage, reinsurance intermediation, health and benefits consulting, and retirement advisory — to clients in more than 120 countries, generating $17.2 billion in revenue in fiscal 2025. It is one of the three dominant insurance brokers, alongside Marsh McLennan and Willis Towers Watson, and the second-largest by revenue.

This is a story about a capital-light compounder that has deliberately reshaped itself over the past two years. The April 2024 acquisition of middle-market broker NFP for $9.1 billion, the October 2025 divestiture of NFP's wealth-management businesses for $2.3 billion, and a three-year restructuring program called Accelerating Aon United have together rewritten the income statement, the balance sheet, and the portfolio. The question is whether these moves will prove to be a one-time financial re-engineering or the foundation for a structurally higher growth rate.

The file turns on a single judgment: whether a firm whose historical shareholder return has averaged roughly 16% annually under CEO Greg Case's two-decade tenure can sustain above-GDP organic growth through a softening insurance pricing cycle while digesting its largest-ever acquisition and completing a major restructuring — all at once.