Total Revenue (Q1 2025)

+16% (from $4,070M to $4,729M)

Total revenue growth was driven by the benefits from the NFP acquisition and robust organic growth across segments, building on the $4,070M baseline in Q1 2024. " "

Commercial Risk Solutions

+11% (from $1,808M to $2,002M)

Commercial Risk Solutions grew due to increased net new business, strong retention, and better performance in core P&C and M&A services, enhancing the performance relative to the previous period’s $1,808M. " "

Health Solutions

+40% (from $733M to $1,026M)

Health Solutions surged as a result of double-digit growth in core health and benefits backed by the integration of NFP’s revenue, compared to its prior performance at $733M. " "

Wealth Solutions

+41% (from $370M to $519M)

Wealth Solutions experienced strong growth driven by high demand for advisory services in investments and retirement, and the positive effects of NFP integration built upon the previous $370M level. " "

Reinsurance Solutions

+2% (from $1,167M to $1,189M)

Reinsurance Solutions remained essentially flat with only a modest organic growth of 2%, as gains in treaty and facultative placements were partly offset by market conditions, compared to the prior $1,167M. " "

U.S. Revenue

+32% (from $1,512M to $2,002M)

U.S. revenue increased sharply as core market demand strengthened combined with enhanced performance in key segments, building on last year’s $1,512M baseline. " "

Ireland Revenue

+36% (from $33M to $45M)

Ireland’s revenue grew due to improved operational efficiencies and stronger local market conditions relative to the previous period’s $33M. " "

Net Income

-10% (from $1,093M to $982M)

Net income decline was driven by margin pressure—despite revenue gains, increased operating costs (including higher integration and interest expenses) reduced margins from $1,093M to $982M compared to Q1 2024. " "

Operating Expenses

+25% (from $2,605M to $3,268M)

Operating expenses surged due to inclusion of NFP’s costs (such as higher compensation, intangible asset amortization, and integration costs) along with investments in long-term growth, increasing from $2,605M in Q1 2024 to $3,268M. " "

Basic Net Income Per Share

-17% (from $5.38 to $4.46)

EPS declined largely because of the diluted effect from an increased share count and lower net income—fueled by higher operating expenses and interest costs—reducing earnings per share from $5.38 to $4.46 compared to the previous quarter. " "

Organic Revenue Growth

FY 2025

Mid-single-digit or greater organic revenue growth " " "

mid-single-digit or greater organic revenue growth " " " " "

no change

Margin Expansion

FY 2025

Approx 85 basis points of margin expansion via $150M in restructuring savings " "

80 to 90 basis points of margin expansion " " " " "

no change

Free Cash Flow Growth

FY 2025

Double-digit free cash flow growth, including over $300M from NFP contributions " " "

Double-digit free cash flow growth " " " "

no change

EBITDA from NFP Acquisitions

FY 2025

$45M to $60M of EBITDA " "

$45M to $60M of EBITDA "

no change

EPS Growth

Q2 2025

no prior guidance

15% to 18% adjusted EPS growth based on baseline of $2.93 " "

no prior guidance

NFP Acquisition and Integration

In Q3 2024, executives described strong revenue and operational synergies with some early-stage integration costs. " " " In Q4 2024, the focus was on robust revenue synergies and solid integration progress with healthy producer retention " "

In Q1 2025, the acquisition is viewed very positively with synergies exceeding expectations, margin expansion of over 100 basis points, and manageable integration costs, despite some execution risks " " "

Improved sentiment and stronger operational results in Q1, with consistent emphasis on synergy benefits despite ongoing integration challenges.

Organic Revenue Growth and EPS/Margin Expansion

Q3 2024 reported mid‐ to high-single-digit organic growth with robust EPS and margin expansion. " " Q4 2024 showed 6% Q4 organic growth, double-digit full-year EPS growth, and notable margin expansion driven by restructuring and cost savings " "

Q1 2025 saw a 5% organic revenue growth with adjusted EPS impacted by NFP integration and higher interest expenses, though margin expansion of 85bps was achieved through restructuring savings " "

A slight moderation in quarterly performance in Q1 compared to previous periods, but full-year guidance remains strong.

Reinsurance Performance and Pricing Environment Dynamics

In Q3 2024, reinsurance posted 7% organic growth with active negotiations amid pricing pressure. " " Q4 2024 reported 6% growth with a modestly negative rate impact and client-driven mitigation strategies " "

In Q1 2025, reinsurance organic growth slowed to 4%, affected by a significant multiyear extension and softer market conditions, with pricing environment challenges evident in some areas " "

A downward shift in organic growth and tougher pricing conditions in Q1 compared to stronger earlier-quarter performance.

Increased Financing Costs and Higher Interest Expense

Q3 2024 noted an increase of $94 million in interest expense from higher debt levels " , while Q4 2024 reported $206 million in expense, up $82 million year-over-year "

Q1 2025 reported a $206 million interest expense, up $62 million year-over-year, reflecting continued pressure from NFP–related debt, with expectations of a modest further rise "

Persistent financing cost pressures remain across periods, with Q1 showing a slightly lower year-over-year increase relative to past quarters.

M&A Pipeline Momentum and Revenue Accretion

Q3 2024 emphasized a strong, middle-market–focused M&A pipeline with revenue synergies and an expectation of future EBITDA contributions. " " Q4 2024 highlighted targeted tuck-in acquisitions and robust revenue accretion from NFP, including $36 million acquired EBITDA " "

Q1 2025 maintained robust momentum with a continued strong pipeline in the middle market, expecting $45–60 million of EBITDA addition from NFP acquisitions and clear accretive revenue impacts " " "

The M&A strategy remains steady and positive, with consistent pipeline strength and revenue accretion expectations across periods.

Strategic Investments and Priority Hiring

In Q3 2024, there was a clear focus on hiring in priority areas and deploying advanced analytics and tools (e.g. Health Efficiency Analyzer) to boost performance. " " In Q4 2024, strategic hiring in construction, energy, and health solutions underpinned strong growth " "

Q1 2025 continued to stress priority hiring in client-facing roles, particularly in construction, energy, and health solutions, with investments in ABS capabilities aiding market wins " "

A consistent emphasis on strategic talent investments is evident, with Q1 reaffirming initiatives that have driven growth in previous periods.

Capital Allocation Strategies Including Share Repurchases

Q3 2024 saw a combined return of $1.2 billion via dividends and share repurchases. " In Q4 2024, Aon returned $1.6 billion (including $1 billion in repurchases) and aggressively managed debt reduction " "

Q1 2025 reported $397 million returned through repurchases and a dividend increase, as part of a disciplined approach to reach leverage targets by Q4 2025 " " "

Capital allocation remains a key focus, with consistent strategies across periods even as absolute figures differ by quarter.

Market Risks (FX, Tax Policy, Pension Expense)

Q3 2024 focused primarily on tax policy uncertainty with an 18% tax rate, while FX and pension expense issues were not highlighted. " " Q4 2024 provided detailed analysis on FX-related EPS headwinds, tax rate guidance, and rising pension expense " " "

Q1 2025 explicitly noted FX headwinds (with a 3–7% stronger USD), a 20.9% Q1 tax rate (lower by 160 bps from Q1 2024), and increased noncash pension expense contributing to other expenses " " "

There is a heightened emphasis on FX and pension risks in Q1 compared to Q3, with overall market risks (including tax uncertainty) consistently managed across periods.

Health Solutions Segment Expansion in Emerging Markets

Q3 2024 featured a robust discussion on emerging markets expansion with double-digit growth in EMEA, Asia-Pacific, and Latin America, bolstered by advanced tools and local expertise. " " " In Q4 2024, the focus was more generally on 5% growth in the segment without specific emerging market detail "

Q1 2025 highlighted strong international growth in health solutions, with double-digit increases driven by core benefits and new business, though less segmented by emerging market specifics than Q3 " " "

While emerging markets were a strong focus in Q3, Q1 emphasizes international growth more generally, indicating a variable regional focus across periods.

Free Cash Flow Constraints (Extraordinary Items & Restructuring Charges)

Q3 2024 acknowledged extraordinary items (including integration and restructuring charges) with expectations for double-digit free cash flow growth despite quarter‐to‐quarter variability. " " Q4 2024 detailed extraordinary costs, restructuring charges, and savings measures impacting free cash flow, while remaining confident in recovery " " "

In Q1 2025, free cash flow was constrained by NFP integration costs, restructuring payments, and seasonal factors; however, management maintained confidence in achieving double-digit annual free cash flow growth " "

All periods recognize free cash flow challenges from extraordinary and restructuring charges; the message remains cautiously optimistic about full-year recovery driven by NFP and operational improvements.

Impact of Lower Interest Rates on Fiduciary Investment Income

Q3 2024 detailed that a 100 bp rate drop equated to roughly a $70 million annual impact, contributing less than 20 bp to margin expansion. " " Q4 2024 noted a 20 bp dilution on margins from lower rates "

Q1 2025 reported an average rate decline of 110 bps, causing a 20 bp margin impact and a 15% decline in fiduciary investment income " "

The negative effects of lower interest rates on fiduciary investment income are consistent across periods, with Q1 showing a slightly deeper rate decline but a similar overall margin impact.