Aon plc reported its third‑quarter 2025 financial results, showing total revenue of $3.997 billion, a 7% year‑over‑year increase from $3.70 billion in Q3 2024.
Diluted earnings per share climbed 34% to $2.11, up from $1.57 in the same quarter last year, while adjusted earnings per share rose 11% to $660 million.
Operating income increased 31% to $816 million, and adjusted operating income grew 15% to $1.051 billion, reflecting a margin expansion to an adjusted operating margin of 26.3% from 24.6% in Q3 2024.
Cash provided by operations grew 13% to $1.148 billion, and free cash flow increased 13% to $1.079 billion, supporting the company’s capital‑allocation strategy.
The risk‑capital segment generated $2.5 billion in revenue, driven by $1.988 billion from commercial risk solutions and $537 million from reinsurance. The human‑capital segment produced $1.5 billion, led by $935 million in health solutions and $540 million in wealth solutions.
The Accelerating Aon United Program recorded $32 million in expenses, down from $69 million in Q3 2024, contributing to net restructuring savings of $35 million.
Share repurchases totaled 0.7 million shares for $250 million, leaving $1.6 billion of share‑repurchase authorization.
Effective tax rate for the quarter was 19.2%, lower than the 21.3% reported in the original article.
Net income attributable to shareholders rose 34% to $458 million, and adjusted net income increased 11% to $660 million, underscoring the impact of operational efficiencies and the integration of the NFP acquisition.
Management reaffirmed confidence in meeting full‑year 2025 targets, projecting mid‑single‑digit organic revenue growth and margin expansion of 80‑90 basis points, and reiterated its plan to return $1 billion to shareholders through share repurchases in 2025.
The NFP acquisition, completed in 2024, continues to deliver synergies, with the combined entity reporting $1.2 billion in incremental revenue and $200 million in cost savings in Q3 2025.
Aon remains on track to deliver double‑digit free‑cash‑flow growth and to return $1 billion to shareholders through share repurchases in 2025.
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