Aon plc (AON): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of a global powerhouse, trying to map out exactly how Aon plc generates its revenue and sustains growth heading into late 2025. Forget the simple broker image; their core is the integrated Aon United strategy, expertly blending complex Risk Capital and Human Capital consulting, all powered by proprietary data. With over 60,000+ colleagues globally and nine-month 2025 revenues reaching $12.881 billion, their success rests on delivering actionable insights so clients can make better decisions, which is why their cost structure heavily favors tech investment. Below, we dissect the nine building blocks of their Business Model Canvas, showing you the precise partnerships, key activities, and revenue streams that define their current market position.

Aon plc (AON) - Canvas Business Model: Key Partnerships

You're looking at the structure Aon plc uses to build its value, and the external relationships are critical for delivering on its promises, especially in a volatile risk environment.

Aon plc relies on a network of strategic alliances to drive digital transformation and enhance client offerings across risk, retirement, and health solutions. This approach recognizes that the pace of technology advancement and evolving client demands are too complex to tackle entirely in-house.

The firm actively engages with the InsurTech and FinTech ecosystems. For instance, Aon's collaboration with Zesty.ai, an InsurTech startup, integrates AI and Big Data analytics, leveraging over 130bn data points to refine property underwriting capabilities. Furthermore, Aon's acquisition of CoverWallet demonstrates a commitment to owning digital distribution platforms for small and medium-sized businesses.

A significant strategic data and digital alliance is in place with The Bank of New York Mellon Corporation. This collaboration, focused on Environmental, Social, and Governance (ESG) needs globally, involves exploring opportunities to make Aon's proprietary ESG fund ratings available to asset owners. This helps clients better understand how asset managers incorporate ESG into their processes, supporting net-zero reporting transparency.

For claims efficiency, Aon partners with technology firms like Claim Central. This alliance specifically uses technology, such as live video streaming, to conduct remote inspections. The goal is to increase the efficiency of the claims process, which helps reduce the claim's lifecycle and cost, while also improving the policyholder experience.

Aon's core business of risk placement is underpinned by its global network of insurance and reinsurance carriers. The health of this network is telling: Aon reported that global reinsurer capital reached US$715 billion as of September 30, 2024, marking a $45 billion increase since the end of 2023. This capacity supported market conditions where global insured catastrophe losses reached $100 billion in the first half of 2025, with many regions, like the Pacific, seeing property price reductions up to 20 percent in Q2 2025.

To address climate risk, Aon collaborates with The Climate Service. This partnership is designed to drive greater awareness of climate risks through scenario analyses. This helps clients manage the financial impacts, offering opportunities to reduce earnings volatility and improve balance sheet resilience against events like the 2024 natural disasters which caused $368 billion in global economic losses.

Here's a quick view of some of these key external relationships and their context:

These external relationships are structured to create an ecosystem effect, where Aon gains early adoption of innovative technology and new growth sources, while partners benefit from Aon's market access and expertise. The benefits for clients include access to technology that materially increases revenues or decreases costs.

The scale of Aon's engagement with the carrier market is evident in the recent market dynamics:

• Global insured catastrophe losses were $100 billion in H1 2025.
• Insurers retained approximately 90 percent of natural catastrophe insured losses over 2023 and 2024.
• A cohort of 25 global reinsurers tracked by Aon showed an average combined ratio of 91.4% through the first nine months of 2024.
• In Q3 2025, double-digit property price decreases were common.
• Aon's Transaction Solutions Global Claims Study handled over 1,600 global claims, securing $1.75 billion in recoveries for clients.

The reliance on external data and technology is a defintely core part of the strategy.

Aon plc (AON) - Canvas Business Model: Key Activities

You're looking at the core actions Aon plc takes to run its business as of late 2025, grounded in the latest reported figures. These are the gears turning the strategy.

Delivering integrated risk and human capital consulting solutions (Aon United).

Aon plc is structurally changing its model to put clients at the center, which management calls the Aon United strategy. This involves aligning capabilities around two primary categories of client need: Risk Capital and Human Capital. The firm is focused on delivering more integrated solutions for top priorities like climate change and workforce resilience.

The firm's operations are tilted toward its brokerage operations. The Aon United strategy is operationalized by the 3x3 Plan.

Executing the 3x3 Plan to drive organic growth and margin expansion.

The execution of the 3x3 Plan is directly linked to achieving financial targets. Management reaffirmed its 2025 guidance for sustainable, mid-single digit or greater organic revenue growth with enhanced earnings power. The commitment includes delivering a double-digit free cash flow CAGR over the 2023-2026 3x3 Plan period.

Recent performance validates this execution:

• Q3 2025 organic revenue growth was 7%.
• Q3 2025 adjusted operating margin reached 26.3%.
• For the first half of 2025, total revenue was $8.9 billion, with organic growth of 5%.
• For the twelve months ending September 30, 2025, total revenue was $17.028B, a 14.08% increase year-over-year.

The firm is using innovation at scale through Aon Business Services to drive top-line growth while simultaneously expanding margins.

Scaling proprietary data and analytics across all solution lines.

Aon is scaling its data analytics across its core Risk Capital and Human Capital businesses. This involves using advanced data, technologies, and scenario modeling to develop integrated risk management programs. For example, data analytics and predictive models guide efficient human resource strategies to attract and retain talent. Strategic investments in areas like cyber risk and climate modeling are noted as creating durable advantages.

Broking complex commercial risk and reinsurance placements globally.

The Risk Capital segment, which includes Commercial Risk Solutions and Reinsurance Solutions, is a major driver of activity.

In Q2 2025, Reinsurance Solutions saw double-digit increases in insurance-linked securities (ILS) and facultative placements. The market in Q3 2025 showed ample capacity and competition for preferred risks, especially in property and cyber.

Disciplined middle-market M&A, like the integration of NFP.

The integration of NFP, acquired in April 2024, is a key activity contributing to current results. The integration is expected to be dilutive to adjusted EPS in 2025, breakeven in 2026, and accretive in 2027.

The NFP integration has already generated financial benefits:

• $80 million in revenue synergies materialized in Q2 2025.
• Expected synergies by 2026 are $175 million.
• The deal is expected to generate more than $2.8 billion in value creation, net of ~$400 million in transaction and integration costs.

Further portfolio management includes a recent divestiture. Aon signed an agreement to sell a significant majority of NFP's wealth business for an estimated total consideration of $2.7 billion, with an expected close in late Q4 2025. The divested businesses represented approximately $127 million in EBITDA for the trailing twelve-month period ending June 30, 2025, with expected after-tax cash proceeds of approximately $2.2 billion. This transaction reinforces Aon's focus on core Risk Capital and Human Capital capabilities.

Finance: draft 13-week cash view by Friday.

Aon plc (AON) - Canvas Business Model: Key Resources

You're looking at the core assets Aon plc uses to deliver its value propositions. These aren't just line items; they're the engines of the business.

The human capital base is substantial, with the firm reporting 60,000 colleagues globally as of year-end 2024, a figure that supports the '60,000+' mentioned in the strategy. This expertise is deployed across an extensive global network spanning operations in over 120 countries.

Aon plc's proprietary data assets are critical, especially in the cyber space. The Cyber Quotient Evaluation (CyQu) is a patented global cyber e-submission platform.

Here are the hard numbers related to these key resources:

The global operating model is powered by Aon Business Services (ABS), which drives efficiency across Risk Capital and Human Capital solutions.

For financial capital deployment, the Q3 2025 activity saw the repurchase of 0.7 million class A ordinary shares. The firm's balance sheet shows Total Cash at $1.17B against Total Debt of $17.62B as of a recent reporting period in 2025.

You can see the deployment of expertise through the firm's service lines:

• Commercial Risk Solutions
• Reinsurance Solutions
• Retirement Solutions
• Health Solutions
• Data & Analytic Services

Finance: draft 13-week cash view by Friday.

Aon plc (AON) - Canvas Business Model: Value Propositions

You're looking at the core offerings that make Aon plc indispensable to its clients right now. It's about translating complex global uncertainty into manageable business decisions.

Integrated solutions at the intersection of Risk Capital and Human Capital.

Aon structures its value around these two core pillars, which you can see reflected in the revenue performance through the third quarter of 2025. The combined strength allows for holistic risk and people management.

For context on the full year 2024, Total Revenue was $15,698 million, with Risk Capital at $10,517 million and Human Capital at $5,209 million before certain intercompany eliminations.

Actionable analytic insights to quantify and manage volatility.

The firm emphasizes using data to move beyond simple placement. This is evident in the organic growth across solution lines, such as Health Solutions showing 6% organic revenue growth in Q3 2025. Aon's strength is in its advanced analytics tools and consultancy services that help manage volatility.

Clarity and confidence for clients to make 'better decisions.'

This value proposition is supported by the firm's financial stability and commitment to shareholders. Aon announced a 10% increase to its quarterly dividend in Q1 2025, marking the 15th consecutive year of dividend growth. Management is on track to reach its leverage objective of 2.8-3.0x Debt/EBITDA by Q4 2025.

Access to diverse and alternative risk capital, including captives.

Clients are actively looking beyond traditional insurance. Favorable market conditions in mid-2025 offered opportunities for clients to leverage a combination of captives, parametric triggers, structured, and facultative solutions alongside standard risk transfer.

Tailored advisory services for complex risks like cyber and climate change.

The focus on complex, data-driven solutions is critical for emerging threats. Aon's 2025 Cyber Risk Report revealed specific financial impacts:

• Cyber events causing reputation risks resulted in an average shareholder value decline of 27 percent.
• Malware and Ransomware attacks were responsible for 60 percent of all reputation risk events identified.
• These reputation risk events made up only 45 percent of total cyber incidents analyzed.

Aon operates in over 120 countries, providing locally relevant solutions enabled by data and analytics.

Finance: draft 13-week cash view by Friday.

Aon plc (AON) - Canvas Business Model: Customer Relationships

You're looking at how Aon plc structures its connection with clients to drive that mid-single-digit or greater Organic revenue growth they targeted for 2025. Honestly, it's all about embedding themselves deeply into the client's decision-making process.

Dedicated, high-touch Aon Client Leadership Model for all segments

Aon plc is executing on its commitment to deliver to all client segments through the Aon Client Leadership model, a key pillar of the 3x3 Plan initiated in 2024. This isn't just a slogan; it's a structural directive. For instance, the firm appointed Anne Corona as CEO of enterprise clients and global chief commercial officer in March 2025, a move supporting the next-generation Aon Client Leadership strategy aimed at integrated solutions. You see the focus on the largest clients already; in 2024, their globally connected approach covered nearly 1,000 of their most critically important global clients. Plus, new business for that Enterprise Client Group was up five points above the Aon average in 2024.

Long-term, advisory relationships focused on enterprise-wide resilience

The relationships are designed to be long-term and advisory, moving beyond transactional policy placement to address enterprise-wide resilience, especially given the four interconnected megatrends-Trade, Technology, Weather, and Workforce-driving complexity in 2025. This advisory focus is central to their Risk Capital and Human Capital capabilities. The firm's Q1 2025 Total revenue hit $4.7 billion, reflecting robust demand for these solutions. The goal is to help clients make better decisions on these linked risk and people issues.

Digital self-service and analytical tools for client-led insights

To power these advisory relationships, Aon is deploying AI and advanced analytics to turn data into real-time, actionable insights. They named Magnus Roe as global chief data and analytics officer in March 2025 to advance these capabilities, helping clients make data-informed decisions. Cyber risk remains the top global concern in 2025, and risk managers are actively using advanced analytics to align coverage with their risk tolerance. This digital push is a core part of the 3x3 Plan.

Managed services for ongoing administration of health and wealth programs

For the Human Capital side, especially health and wealth administration, the scale of client engagement is significant, often involving managing cost pressures. Here's a snapshot of the data points Aon is dealing with in their client service delivery for 2025:

Also, in benefits governance, leading multinationals are three times more likely to have their global benefits strategy reviewed and endorsed by senior management. If onboarding takes 14+ days, churn risk rises, so efficiency in administration matters.

Leveraging Aon Business Services for standardized, efficient service delivery

The entire client service structure is accelerated by Aon Business Services (ABS), which is designed to create additional capacity for client-facing colleagues and deliver services faster and more effectively. The goal of the 3x3 Plan is to use the global ABS platform to ensure consistently excellent service. This platform supports the firm's overall financial execution; for example, Aon reported Q2 2025 sales of US$4.16 billion, with net income attributable to shareholders at $579 million for the quarter, showing operational scale supports client delivery. You can see the commitment to efficiency; in 2024, the firm realized savings from Accelerating Aon United restructuring actions, partially offsetting compensation increases.

• The firm operates in over 120 countries.
• The Aon United strategy aims for connectivity across solution lines.
• The CEO noted that accelerating ABS helps redefine how capabilities are delivered.

Aon plc (AON) - Canvas Business Model: Channels

You're looking at how Aon plc gets its value propositions-the risk capital and human capital expertise-into the hands of its clients. It's a multi-pronged approach that blends physical presence with sophisticated digital tools. This isn't just about selling insurance; it's about delivering integrated advice across a massive global footprint.

The foundation of Aon plc's channel strategy is its sheer scale. As of early 2025, the firm provides clients with locally relevant solutions in over 120 countries. This physical network of local offices and client-facing colleagues is crucial for understanding regional regulatory nuances and specific client needs, which is vital when you consider their Full Year 2024 Total Revenue hit $15,698 million.

To handle the volume generated by this global reach and to drive efficiency, Aon plc relies on specialized support structures.

• Centralized Client Service Hubs manage back and middle-office support functions.
• These hubs help maintain the 6% Organic revenue growth Aon plc delivered in Full Year 2024.
• They ensure standardized service delivery across disparate geographies.

The push toward digital channels is significant, especially in the complex cyber risk space. The CyQu e-submission platform is a prime example of how Aon plc streamlines the insurance intake process directly with the client.

This platform isn't just for data collection; it's a direct advisory channel. It uses analytics to offer peer comparisons and security control benchmarks, helping clients enhance their control posture annually. It definitely helps move the needle on risk management decisions.

For the re/insurer segment, the advisory channel is more consultative, using proprietary tools to guide strategy. The Profitable Growth Tool, for instance, is a direct advisory service built on Aon plc's analysis of over 100 global re/insurers.

This tool allows insurers to self-assess and then meet with Aon plc experts to define actionable steps. It's a high-touch advisory channel that supports the firm's broader strategy, which is expected to generate enough Free Cash Flow in 2025 to support $1 billion in share repurchases.

Finally, the most direct channel remains the engagement with client leadership teams. This is where the integrated advice from both Risk Capital and Human Capital expertise is delivered to the C-suite to shape major decisions.

• Direct engagement focuses on aligning risk and people strategies.
• This is where the value of integrated data and analytics is conveyed to drive action.
• It supports the firm's goal of delivering mid-single-digit or greater Organic revenue growth in 2025.

Finance: draft 13-week cash view by Friday.

Aon plc (AON) - Canvas Business Model: Customer Segments

You're looking at Aon plc's client base as of late 2025, which is clearly segmented to address varying levels of complexity and scale across the global economy. The firm's reported total revenue for the nine months ended September 30, 2025, was $12,881 million, reflecting a 7% organic revenue growth in the third quarter alone.

Aon plc structures its client service around major solution lines, which directly map to these customer groups. For the twelve months ending June 30, 2025, the revenue breakdown by these major service lines was:

This structure shows Commercial Risk Solutions as the largest revenue generator.

Large global corporations (Enterprise clients) with complex risk profiles.

This group represents Aon plc's most sophisticated clients, where the globally connected approach is key. In 2024, the firm's Enterprise Client Group covered nearly 1,000 of its most critically important global clients. These clients drive significant activity within the Commercial Risk Solutions and Reinsurance Solutions segments. The company's 2025 guidance reaffirms a commitment to delivering mid-single digit or greater organic revenue growth, which is heavily influenced by retaining and expanding share with these large accounts.

Middle Market clients, a key growth focus following the NFP acquisition.

The acquisition of NFP was explicitly designed to expand Aon plc's presence in this large and fast-growing segment. The NFP platform specifically targets businesses with revenues generally between $50 million to $2 billion. The total consideration for the NFP acquisition was estimated at $13.4 billion at the time of close, funded by $7 billion in cash and $6.4 billion in Aon stock. For Aon plc, the transaction is expected to be dilutive to adjusted Earnings Per Share (EPS) in 2025, with positive impacts to free cash flow estimated to begin in 2026. Aon expects $2.8 billion in value creation from synergies, including $350 million in annual savings by 2026.

Reinsurance companies (ceding companies) requiring capital and treaty solutions.

These clients are served primarily through the Reinsurance Solutions segment, which generated $2.73 billion in revenue for the twelve months ending June 30, 2025. In the fourth quarter of 2024, Reinsurance organic revenue reached 6%, supported by strong treaty placements and increased insurance-linked securities, such as catastrophe bonds.

Financial Institutions, Healthcare, Technology, and Energy sectors.

These industry verticals are served across the solution lines. The Health Solutions segment generated $3.74 billion in revenue for the twelve months ending June 30, 2025. Growth in Commercial Risk Solutions, which brought in $8.22 billion, is driven by client demand across these complex sectors, especially as they navigate transitions related to Technology and Weather megatrends.

Aon plc's overall market valuation reflects investor confidence in this strategy, with a price-to-earnings ratio of 27.2x as of November 20, 2025, which is higher than the industry average of 13x.

Governments and public sector entities.

While specific revenue data for this group isn't broken out, these entities are served through the broader Commercial Risk and Human Capital solution sets, requiring the same integrated advice on risk and human capital management that Aon plc offers its other large clients. The company operates in over 120 countries, providing a global footprint to serve these public sector needs.

Finance: draft 13-week cash view by Friday.

Aon plc (AON) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Aon plc's operations as of late 2025. Honestly, for a firm this size, the cost structure is dominated by people and technology, which makes sense given the service-based nature of the business.

Predominantly variable cost driven by Compensation and benefits (Q3 YTD: $6.868 billion)

Compensation and benefits is Aon plc's largest cost component, which is typical for a professional services firm. This cost scales with revenue generation, making it largely variable. For the nine months year-to-date (YTD) ending September 30, 2025, this expense reached $6.868 billion. Compare that to the $6.163 billion recorded for the same period in 2024, showing a clear increase driven by 7% organic revenue growth and foreign exchange impacts, though partially offset by restructuring savings. The expense for the third quarter (Q3) alone in 2025 was $2.259 billion.

Here's a quick look at the personnel cost trend:

Significant investment in Information technology and proprietary platforms

Aon plc continues to invest heavily in its technology backbone to support its Aon United strategy and Aon Business Services (ABS). Information technology expense for Q3 2025 was $140 million, with the YTD figure reaching $412 million. While this is an increase from the $397 million recorded YTD in 2024, the Q3 2025 figure actually showed a slight decrease of $1 million compared to Q3 2024, suggesting some efficiency gains are starting to materialize in that specific quarter.

Integration and restructuring costs related to the Accelerating Aon United program

Costs associated with the Accelerating Aon United program, which focuses on standardizing operations and integrating platforms, are winding down but still present. For Q3 2025, the expense for this program was $32 million. This represents a significant year-over-year reduction, decreasing by $37 million, or 54%, compared to Q3 2024's $69 million. The initial plan projected total cash charges of approximately $900 million over three years, with expected savings of $250 million targeted for 2025. You should also note the integration costs related to the NFP acquisition were lower in Q3 2025 compared to the prior year.

General and administrative expenses for global real estate and operations

General and administrative costs, often captured in Selling, General & Administrative (SG&A) expenses, are being actively managed. SG&A expenses for the twelve months ending September 30, 2025, totaled $1.653 billion, marking a 5.7% decline year-over-year from 2024's $1.641 billion. This reduction is partly due to real estate optimization efforts. Premises expense, a component of these operational costs, decreased by 3% in Q3 2025 compared to the prior year period, directly reflecting savings from the Aon United restructuring actions.

Key operational cost movements include:

• Amortization and impairment of intangible assets rose to $193 million in Q3 2025.
• Other general expense was $425 million in Q3 2025, a slight decrease of $4 million year-over-year.
• Depreciation of fixed assets remained flat in Q3 2025 compared to the prior year.

Interest expense on debt, partially offset by interest income

Financing costs reflect Aon plc's debt structure. For Q3 2025, the reported Interest income was - (zero or negligible) on the Consolidated Statements of Income. However, looking at earlier periods, Interest expense in Q2 2025 was ($418) million, which was a decrease from the prior year, reflecting lower total debt. For Q1 2025, the Interest expense was ($206) million. Interest income for the six months ended June 30, 2025, was $5 million.

Finance: draft 13-week cash view by Friday.

Aon plc (AON) - Canvas Business Model: Revenue Streams

You're looking at how Aon plc brings in money, which is heavily reliant on fees and commissions from its core professional services across risk and human capital.

Total revenue for the first nine months of 2025 was reported at $12.881 billion. This reflects a 12% total revenue increase compared to the first nine months of 2024, which was $11.551 billion.

Organic revenue growth remains a key driver for Aon plc, with the company reaffirming its expectation to deliver mid-single-digit or greater growth for the full year 2025.

The revenue streams are primarily generated through the following activities:

• Commission and fee income from Commercial Risk Solutions: This is a major component of the Risk Capital segment.
• Reinsurance brokerage fees and commissions from Reinsurance Solutions: This segment showed specific growth metrics, with 8% organic revenue growth reported for the third quarter of 2025.
• Consulting and advisory fees from Human Capital (Health and Wealth Solutions): This area saw significant top-line expansion.

Here's a look at some of the segment revenue figures we have for the first half of 2025, which gives you a sense of the scale of these streams:

The Human Capital segment, which includes Health Solutions and Wealth Solutions, showed a substantial 40% year-over-year revenue increase in the first quarter of 2025, reaching $1.5 billion for that quarter.

To be defintely clear, the growth in the first nine months of 2025 was supported by strong execution against the 3x3 Plan, which is designed to scale data analytics and drive sustainable top-line growth across these core areas.