Aon’s 10.4% increase in 2025 brokerage revenue suggests its investments in hiring, analytics and acquisitions are helping offset softer insurance pricing. Revenue reached $16.99 billion, keeping the firm the world’s second-largest insurance brokerage, while its growth comes as the sector faces tougher market conditions.
Hiring and execution support growth
Aon delivered mid-single-digit organic growth, with acquisitions adding to the expansion. Analysts cited the contribution from producers recruited over several years as a key factor.
“What we saw … was a steadily increasing contribution from these new hires,” said Meyer Shields, managing director at Keefe, Bruyette & Woods in Baltimore. A larger sales force and the firm’s breadth of capabilities helped counter weaker property insurance pricing, he said.
J. Paul Newsome Jr., managing director at Piper Sandler & Co. in Minneapolis, said Aon’s performance reflects both execution and the timing of its hiring. The improvement marks a recovery from a period when its organic growth lagged some peers after the fallout from its abandoned bid for Willis Towers Watson.
Gross revenue rose to $17.18 billion from $15.70 billion a year earlier. The brokerage reported double-digit growth in commercial risk operations in the first quarter, even as property pricing continued to moderate.
Aon reorganizes around client needs
CEO Greg Case has credited the company’s “3×3” plan, announced in 2023, with helping drive growth. The initiative reorganizes Aon around “risk capital” and “human capital” to connect services across the firm. It also includes investment in Aon business services, technology and data, along with a larger role for enterprise client leaders on major accounts.
“We literally broke down this firm and restructured it around risk capital and human capital, because we can deliver more of an integrated set of pieces of content to our clients,” Case said. He said Aon has invested $1.3 billion in the initiative and added AI capabilities across an expanding range of analytical tools.
Those tools include property, casualty and cyber risk analyzers intended to help clients assess exposures and insurance purchasing decisions. The investment comes as AI-related concerns have weighed on brokerage shares, with investors questioning whether automation could reduce the need for intermediaries.
Case argued that AI supports the company’s strategy rather than replacing it. “AI is not a strategy. You have a strategy. AI enables and modifies and accelerates a strategy, and we have literally built our firm to do just that,” he said.
Shields said fears of disintermediation appear overstated, given the complexity of commercial insurance programs. Newsome added that commercial insurance has historically resisted direct distribution, even after insurers made substantial technology investments.
Deals and leadership changes reshape the firm
Acquisitions remain part of Aon’s growth mix, particularly in the middle market. The firm continued expanding through NFP, the brokerage it acquired in 2024, and other transactions. It also sold NFP’s wealth management business earlier this year as it adjusted its portfolio.
“We are absolutely focused on maximizing the application of capital in areas where we think we can have the biggest difference,” Case said.
Aon has also made senior leadership changes in recent months. Anne Corona was named CEO of North America, and Joe Peiser took on expanded responsibility for risk capital operations. The brokerage also announced changes across its global operations.
The operating backdrop is becoming less favorable for brokers as insurance pricing moderates and acquisitions become less attractive. “I don’t think the world’s falling apart for the brokers, but I definitely think it’s just not as good an environment as it was,” Newsome said. Aon’s first-quarter commercial risk growth offers evidence of resilience, though sustaining momentum will depend on execution as pricing and deal conditions shift.