Aon has reported net income attributable to shareholders of $1.7bn for the fourth quarter of 2025 (Q4 2025), a 136% jump compared to $716m recorded a year earlier.

Diluted net income per share attributable to shareholders reached $7.82, compared to $3.28 in Q4 2024.

The UK-based insurer’s operating income increased by 11% in the quarter to $1.2bn.

In the three months to December 2025, total revenue stood at $4.3bn, up 4% year-on-year.

This result included 5% organic revenue growth and a 2% positive impact from foreign currency movements, partially offset by a 3% negative impact linked to acquisitions, divestitures and other factors.

Risk Capital revenue reached $2.7bn for Q4, an increase of $171m, or 7%. In contrast, Human Capital revenue dropped by $16m (1%) to $1.6bn.

Risk Capital has two sub segments – Commercial Risk Solutions and Reinsurance Solutions.

Commercial Risk Solutions revenue rose by 7% to $2.3bn, with organic growth of 6%.

The segment saw growth across North America, Europe, the Middle East and Africa, and Latin America, supported by new business and retention levels. US Property and Casualty and Construction lines also recorded growth.

Reinsurance Solutions generated $379m in revenue for the quarter, up 8%. The segment’s organic growth was 8%, driven by insurance-linked securities and the Strategy and Technology Group.

Within Human Capital, Health Solutions delivered a 3% increase in revenue to $1.1bn, with organic growth at 2%, driven by growth in core health benefits and consumer benefits solutions.

Human Capital also includes the Wealth Solutions subsegment, which recorded an organic revenue rise of 2%, indicating growth in Retirement.

Aon’s operating expenses in Q4 2025 totalled $3.1bn, a 1% increase from the same period last year.

For the full year ending December 2025, total revenue reached $17.2bn, reflecting a 9% increase on the previous year.

Organic revenue grew by 6%, acquisitions contributed 2% and currency effects added another percentage point.

Full-year net income attributable to shareholders increased by 39% to $3.7bn, with diluted earnings per share of $17.02. This compares to $2.7bn or $12.49 per diluted share in 2024.

During the year, Aon repurchased around 2.7 million class A ordinary shares at an average price of $365.91 each, spending around $1bn on buybacks.

At the end of 2025, the company had roughly $1.3bn remaining under its share repurchase authorisation.

Aon president and CEO Greg Case said: “Our fourth-quarter and full-year results reflect the strong execution of our 3×3 Plan, accelerating our client-centric Aon United strategy.

“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.”

Earlier this month, Aon extended Case’s employment agreement until December 2030.