Aon (AON) Morgan Stanley US Financials Conference 2026 summary

Business performance and growth drivers

• Organic revenue growth has accelerated, outperforming industry averages, with Commercial Risk 440 basis points above peers.

• Integration of the NFP acquisition has improved retention and delivered over $42 million in EBITDA last year.

• Free cash flow is at double-digit levels, leverage is below targets, and ROIC remains industry-leading.

• New business, especially from priority hires and Aon Client Leadership, is the largest contributor to growth.

• Retention rates have improved, supported by analytics, higher-level client relationships, and enhanced client service.

Market environment and segment trends

• Organic growth remains resilient despite a softer market, with 6% top-line growth in 2024 and 2025 and 7% in Commercial Risk.

• Growth drivers include new business, retention, pricing exposure, and tailwinds from M&A and data center spending.

• Specialty, MGA, and MGU businesses are experiencing strong growth.

• Commercial Risk benefits from core growth, M&A, and construction, while Reinsurance and Health see strength in international and regulatory-driven segments.

Pricing, risk, and carrier dynamics

• Pricing has low correlation to organic growth (R-squared 0.11), while nominal GDP is more significant (R-squared 0.67).

• Property rates are declining in large markets but more stable in the middle market; casualty rates are decelerating but still growing.

• Value is derived from placing complex insurance and designing solutions, not from rate changes.