Financial Analysis

Claims, Lawsuits, and Other Contingencies Legal Aon and its subsidiaries are subject to numerous claims, tax assessments, lawsuits, and proceedings that arise in the ordinary course of business, which frequently include E&O claims. The damages claimed in these matters are or may be substantial, including, in many instances, claims for punitive, treble, or extraordinary damages. While Aon maintains meaningful E&O insurance and other insurance programs to provide protection against certain losses that arise in such matters, Aon has exhausted or materially depleted its coverage under some of the policies that protect the Company and, consequently, is self-insured or materially self-insured for some claims, including coverage from Aons self-insurance program. Accruals for these exposures, and related insurance receivables, when applicable, are included in the Condensed Consolidated Statements of Financial Position and have been recognized in Other general expense in the Condensed Consolidated Statements of Income to the extent that losses are deemed probable and are reasonably estimable. These amounts are adjusted from time to time as developments warrant. Matters that are not probable and reasonably estimable are not accrued for in the financial statements. The Companys contingencies and exp osures are subject to significant uncertainties, and the determination of likelihood of a loss and estimating any such loss can be complex. The Company is therefore, in certain matte …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Notes In May 2026, Aon Corporation and Aon Global Holdings plcs $600 million 2.850% Senior Notes due May 2027 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as the date of maturity is less than one year. The Company expects to use cash flow from operations and available cash on hand to repay these Senior Notes. In March 2026, Aon North America, Inc.s $600 million 5.125% Senior Notes due March 2027 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as the date of maturity is less than one year. The Company expects to use cash flow from operations and available cash on hand to repay these Senior Notes. In January 2026, Aon Corporations $521 million 8.205% Junior Subordinated Notes due January 2027 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as the date of maturity is in less than one year. The Company expects to use cash flow from operations and available cash on hand to repay these Junior Subordinated Notes. On January 15, 2026, Aon Global Limited issued a notice of redemption to holders of its 2.875% Senior Notes for the redemption of all 500 million ($593 million at February 14, 2026 exchange rates) outstanding aggregate principal amount of the notes, plus accrued and unpaid interest, originally set to mature in May 2026. On February 14, 202 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes revenue from contracts with customers by principal service line (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commercial Risk Solutions $ 2,295 $ 2,178 $ 4,518 $ 4,180 Reinsurance Solutions 711 688 1,990 1,877 Total Risk Capital (1) 3,006 2,866 6,508 6,057 Health Solutions 818 772 1,937 1,798 Wealth Solutions 426 519 846 1,038 Total Human Capital (1) 1,244 1,291 2,783 2,836 Eliminations (4) (2) (11) (9) Total revenue $ 4,246 $ 4,155 $ 9,280 $ 8,884 (1) Includes inter-segment revenue. Refer to Note 16 Segment Information for further information. Consolidated revenue from contracts with customers by geographic area, which is attributed on the basis of where the services are performed, is as follows (in millions): Three Months Ended June 30, 2026 Risk Capital Human Capital Corporate/Eliminations Total U.S. $ 1,392 $ 632 $ (4) $ 2,020 Americas other than U.S. 299 109 408 U.K. 422 210 632 Ireland 22 25 47 Europe, Middle East, & Africa other than U.K. and Ireland 533 185 718 Asia Pacific 338 83 421 Total revenue $ 3,006 $ 1,244 $ (4) $ 4,246 Three Months Ended June 30, 2025 Risk Capital Human Capital Corporate/Eliminations Total U.S. $ 1,324 $ 718 $ (2) $ 2,040 Americas other than U.S. 285 110 395 U.K. 411 199 610 Ireland 24 22 46 Europe, Middle East, & Africa other than U.K. and Ireland 469 165 634 Asia Pacific 353 77 430 Total revenue $ 2,866 $ 1,291 $ (2) $ 4,155 Six Months Ended June 30, 2026 Risk …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements and Financial Instruments Accounting standards establish a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair values as follows: Level 1 observable inputs such as quoted prices for identical assets in active markets; Level 2 inputs other than quoted prices for identical assets in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs in which there is little or no market data which requires the use of valuation techniques and the development of assumptions. The following methods and assumptions are used to estimate the fair values of the Companys financial instruments: Money market funds consist of institutional prime, treasury, and government money market funds. The Company reviews treasury and government money market funds to obtain reasonable assurance that the fund net asset value is $1 per share, and reviews the floating net asset value of institutional prime money market funds for reasonableness. Equity investments consist of equity securities and equity derivatives valued using the closing stock price on a national securities exchange. Over-the-counter equity derivatives are valued using observable inputs such as underlying prices of the underlying security and volatility. On a sample basis, the Company reviews the listing of Level 1 equity securities in the portfolio, agrees the closing stock prices to a national securities exchange, and independently verifies the obser …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets The changes in the net carrying amount of goodwill for the six months ended June 30, 2026 are as follows (in millions): Risk Capital Human Capital Total Balance as of December 31, 2025 $ 9,551 $ 6,246 $ 15,797 Goodwill related to current year acquisitions 201 11 212 Foreign currency translation and other (92) (33) (125) Balance as of June 30, 2026 $ 9,660 $ 6,224 $ 15,884 Other intangible assets by asset class are as follows (in millions): June 30, 2026 December 31, 2025 Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount Customer-related and contract-based $ 7,968 $ 2,901 $ 5,067 $ 7,738 $ 2,644 $ 5,094 Tradenames 718 157 561 716 121 595 Technology and other 365 336 29 369 331 38 Total $ 9,051 $ 3,394 $ 5,657 $ 8,823 $ 3,096 $ 5,727 The estimated future amortization for finite-lived intangible assets as of June 30, 2026 is as follows (in millions): Remainder of 2026 $ 347 2027 652 2028 598 2029 550 2030 501 2031 452 Thereafter 2,557 Total $ 5,657

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Income Taxes The effective tax rate on Net income was 22.0% and 20.8% for the three and six months ended June 30, 2026, respectively. The effective tax rate on Net income was 15.5% and 19.3% for the three and six months ended June 30, 2025, respectively. For the three months ended June 30, 2026, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and an unfavorable impact from discrete items. For the six months ended June 30, 2026, the year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impact of a capital loss offset by the unfavorable impact of other discrete items. For the three and six months ended June 30, 2025, the quarter-to-date and year-to-date tax rates were primarily driven by the geographical distribution of income and certain discrete items, including the tax benefit associated with the sale of certain assets and liabilities and share-based payments partially offset by the unfavorable impact of other discrete items.

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New Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted Accounting for and Disclosure of Environmental Credits and Environmental Credit Obligations In May 2026, the FASB issued new accounting guidance under ASC 818, Environmental Credits and Environmental Credit Obligations , which provides guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The guidance is applicable to environmental credits acquired, generated, or received by an entity and requires expanded disclosures related to the nature, intended use, and financial statement impacts. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the timing of adoption and the impact the guidance will have on the Consolidated Financial Statements and Notes. Accounting for and Disclosure of Software Costs In September 2025, the FASB issued new accounting guidance under ASC 350-40, Intangibles Goodwill and Other Internal Use Software to modernize the criteria for capitalizing software development costs by removing references to development stages and framework updates to better reflect current software development practices. The new guidance is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact the new guidance will have on the Conso …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefits The following table provides the components of the net periodic cost recognized in the Condensed Consolidated Statements of Income for Aons significant U.K., U.S., and other major pension plans, which are located in the Netherlands and Canada. Service cost is reported in Compensation and benefits and all other components are reported in Other income (expense) as follows (in millions): Three Months Ended June 30, U.K. U.S. Other 2026 2025 2026 2025 2026 2025 Service cost $ $ $ $ $ $ Interest cost 36 39 23 25 12 10 Expected return on plan assets, net of administration expenses (48) (45) (29) (30) (15) (14) Amortization of prior-service cost 2 Amortization of net actuarial loss 20 22 11 9 3 4 Net periodic cost $ 10 $ 16 $ 5 $ 4 $ $ Six Months Ended June 30, U.K. U.S. Other 2026 2025 2026 2025 2026 2025 Service cost $ $ $ $ $ $ Interest cost 73 76 47 51 23 19 Expected return on plan assets, net of administration expenses (96) (88) (59) (60) (30) (26) Amortization of prior-service cost 2 1 Amortization of net actuarial loss 40 44 22 18 7 7 Net periodic cost $ 19 $ 33 $ 10 $ 9 $ $ Contributions Assuming no additional contributions are agreed to with, or required by, the pension plan trustees, the Company expects to make total cash contributions of approximately $1 million, $81 million, and $11 million (at December 31, 2025 exchange rates) to its significant U.K., U.S., and other major pension plans, respectively, during 2026. The following table summarizes contrib …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Accelerating Aon United Program In the third quarter of 2023, Aon initiated a three-year restructuring program called the Accelerating Aon United Program (the Program or the AAU Program) with the purpose of streamlining the Companys technology infrastructure, optimizing its leadership structure and resource alignment, and reducing its real estate footprint to align to its hybrid working strategy. The Program includes technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation and technology costs. The Program is an investment in the Companys 3x3 Plan that brings together the best of the firm through its Aon United strategy, delivered as Risk Capital and Human Capital, and Aons Client Leadership model, powered by Aon Business Services. Program charges are recognized within Accelerating Aon United Program expenses on the accompanying Condensed Consolidated Statements of Income and consist of the following cost activities: Technology and other includes costs associated with actions taken to rationalize applications and to optimize technology across the Company. These costs may include termination fees and other non-capitalizable costs associated with Program initiatives, which include professional service fees. Workforce optimization includes costs associated with headcount reduction and other separation-related costs. Asset impairments includes non-cas …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes revenue from contracts with customers by principal service line (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commercial Risk Solutions $ 2,295 $ 2,178 $ 4,518 $ 4,180 Reinsurance Solutions 711 688 1,990 1,877 Total Risk Capital (1) 3,006 2,866 6,508 6,057 Health Solutions 818 772 1,937 1,798 Wealth Solutions 426 519 846 1,038 Total Human Capital (1) 1,244 1,291 2,783 2,836 Eliminations (4) (2) (11) (9) Total revenue $ 4,246 $ 4,155 $ 9,280 $ 8,884 (1) Includes inter-segment revenue. Refer to Note 16 Segment Information for further information. Consolidated revenue from contracts with customers by geographic area, which is attributed on the basis of where the services are performed, is as follows (in millions): Three Months Ended June 30, 2026 Risk Capital Human Capital Corporate/Eliminations Total U.S. $ 1,392 $ 632 $ (4) $ 2,020 Americas other than U.S. 299 109 408 U.K. 422 210 632 Ireland 22 25 47 Europe, Middle East, & Africa other than U.K. and Ireland 533 185 718 Asia Pacific 338 83 421 Total revenue $ 3,006 $ 1,244 $ (4) $ 4,246 Three Months Ended June 30, 2025 Risk Capital Human Capital Corporate/Eliminations Total U.S. $ 1,324 $ 718 $ (2) $ 2,040 Americas other than U.S. 285 110 395 U.K. 411 199 610 Ireland 24 22 46 Europe, Middle East, & Africa other than U.K. and Ireland 469 165 634 Asia Pacific 353 77 430 Total revenue $ …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information Reportable segments were determined using a management approach. They are consistent with how the CODM assesses the performance of the Company and allocates resources based on two segments: Risk Capital and Human Capital. This segmentation allows the CODM, who is our Chief Executive Officer and President, to align the assessment of performance and allocation of resources, based on segment operating income and operating margin, with how the Company addresses client need, accelerating its Aon United strategy through growth in Risk Capital and Human Capital and maximizing value for Aon and its shareholders. Risk Capital supports clients through its Commercial Risk and Reinsurance solution lines. Commercial Risk includes insurance and specialty brokerage, global risk consulting, captives management, and Affinity programs. Reinsurance includes treaty reinsurance, facultative reinsurance, the Strategy and Technology Group, and capital markets. Human Capital supports clients through its Health and Wealth solution lines. Health includes consulting and brokerage, consumer benefits solutions, and talent advisory services. Wealth includes retirement consulting, pension administration, and investments consulting. Refer to Note 3 Revenue from Contracts with Customers for information on revenue by principal service line. The Company does not present assets by reportable segment and this information is not used by the CODM to assess the performance of, or allocate resour …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Principles and Practices New Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted Accounting for and Disclosure of Environmental Credits and Environmental Credit Obligations In May 2026, the FASB issued new accounting guidance under ASC 818, Environmental Credits and Environmental Credit Obligations , which provides guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The guidance is applicable to environmental credits acquired, generated, or received by an entity and requires expanded disclosures related to the nature, intended use, and financial statement impacts. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the timing of adoption and the impact the guidance will have on the Consolidated Financial Statements and Notes. Accounting for and Disclosure of Software Costs In September 2025, the FASB issued new accounting guidance under ASC 350-40, Intangibles Goodwill and Other Internal Use Software to modernize the criteria for capitalizing software development costs by removing references to development stages and framework updates to better reflect current software development practices. The new guidance is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact the …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders Equity Ordinary Shares Aon has a share repurchase program authorized by the Companys Board of Directors (the Repurchase Program). The Repurchase Program was established in April 2012 with $5.0 billion in authorized repurchases, and was increased by $5.0 billion in authorized repurchases in each of November 2014, June 2017, and November 2020. In each of February 2022 and June 2026, authorized repurchases were increased by an additional $7.5 billion, for a total of $35.0 billion in repurchase authorizations. Under the Repurchase Program, the Companys class A ordinary shares may be repurchased through the open market or in privately negotiated transactions, from time to time, based on prevailing market conditions, and will be funded from available capital. The following table summarizes the Companys share repurchase activity (in millions, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shares repurchased 1.9 0.7 3.4 1.3 Average price per share $ 320.77 $ 361.25 $ 321.61 $ 376.76 Repurchase costs recorded to Retained Earnings $ 600 $ 250 $ 1,100 $ 500 At June 30, 2026, the remaining authorized amount for share repurchases under the Repurchase Program was approximately $7.7 billion. Under the Repurchase Program, the Company has repurchased a total of 178.3 million shares for an aggregate cost of approximately $27.3 billion. Weighted Average Ordinary Shares Weighted average ordinary shares outstanding are as follows (in …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing