Aon plc (AON) 10-Year Financial Performance & Capital Metrics

AON • • Insurance & Managed Care

Financial ServicesInsurance BrokersFull-Service Insurance BrokersGlobal Full-Service Brokers

AboutAon plc, a professional services firm, provides advice and solutions to clients focused on risk, retirement, and health worldwide. It offers commercial risk solutions, including retail brokerage, cyber, and global risk consulting solutions, as well as acts as a captives management; and health solutions, such as health and benefits brokerages, and health care exchanges. The company also provides treaty and facultative reinsurance, as well as insurance-linked securities, capital raising, strategic advice, restructuring, and mergers and acquisitions services; and corporate finance advisory services and capital markets solutions products. In addition, it offers strategic design consulting services on their retirement programs, actuarial services, and risk management services; advice services on developing and maintaining investment programs across a range of plan types, including defined benefit plans, defined contribution plans, endowments, and foundations for public and private companies, and other institutions; and advice and solutions that help clients in risk, health, and wealth through commercial risk, reinsurance, health, and wealth solutions. Further, the company offers CoverWallet; Affinity; Aon Inpoint; CoverWallet; and ReView services. Aon plc was founded in 1919 and is headquartered in Dublin, Ireland.Show more

Revenue $15.7B +17.4%
Combined Ratio 75.57% +5.4%
Net Income $2.65B +3.5%
Return on Equity 93.32%
Medical Cost Ratio 52.76% +2.3%
Operating Margin 24.43% -13.7%
Net Margin 16.91% -11.8%
ROA 6.4% -16.8%
Equity / Assets 13.13% +701.0%
Book Value per Share 30.26 +936.0%
Tangible BV/Share -73.16 -59.7%
Debt/Equity 2.78

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 75.6% combined ratio
✓Excellent 3Y average ROE of 401.8%
✓13 consecutive years of dividend growth
✓Low loss ratio of 52.8%

✗Weaknesses

✗High debt to equity ratio of 2.8x
✗Expensive at 11.4x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.68%

5Y7.35%

3Y8.79%

TTM14.08%

Profit (Net Income) CAGR

10Y6.63%

5Y11.62%

3Y28.36%

TTM12.07%

EPS CAGR

10Y10.36%

5Y14.42%

3Y31.05%

TTM5.32%

ROCE

10Y Avg17.38%

5Y Avg22.88%

3Y Avg26.58%

Latest20.04%

Peer Comparison

Global Full-Service Brokers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AONAon plc	74.12B	344.84	27.61	17.36%	16.03%	33.65%	3.8%	2.78
MMCMarsh & McLennan Companies, Inc.	89.29B	182.26	22.28	7.57%	15.6%	26.87%	4.46%	1.62
WTWWillis Towers Watson Public Limited Company	31.45B	328.49	-342.18	4.71%	21.58%	27.09%	4.03%	0.74

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	9.48B	9.41B	10B	10.77B	11.01B	11.07B	12.19B	12.48B	13.38B	15.7B
Revenue Growth %	-0.21%	-0.01%	0.06%	0.08%	0.02%	0%	0.1%	0.02%	0.07%	0.17%
Medical Costs & Claims+	5.61B	5.51B	6B	6.1B	6.05B	5.91B	6.74B	6.48B	6.9B	8.28B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	3.88B	3.9B	4B	4.67B	4.96B	5.16B	5.46B	6B	6.47B	7.42B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.23%	0.01%	0.03%	0.17%	0.06%	0.04%	0.06%	0.1%	0.08%	0.15%
Operating Expenses+	2.29B	2.08B	2.93B	3.12B	2.79B	2.38B	3.37B	2.33B	2.69B	3.58B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	338M	319M	891M	769M	564M	413M	326M	264M	256M	686M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.59B	1.81B	1.06B	1.54B	2.17B	2.78B	2.09B	3.67B	3.79B	3.83B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.19%	0.14%	-0.41%	0.45%	0.4%	0.28%	-0.25%	0.76%	0.03%	0.01%
EBITDA+	1.93B	2.13B	1.96B	2.31B	2.73B	3.19B	2.42B	3.93B	4.04B	4.52B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	273M	282M	282M	278M	307M	334M	322M	406M	484M	788M
Non-Operating Income	-114M	128M	98M	20M	-8M	-19M	-163M	107M	132M	-415M
Pretax Income+	1.43B	1.4B	685M	1.25B	1.87B	2.47B	1.93B	3.16B	3.17B	3.46B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	175M	148M	250M	146M	297M	448M	623M	510M	541M	742M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.39B	1.4B	1.23B	1.13B	1.53B	1.97B	1.25B	2.59B	2.56B	2.65B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.01%	0.01%	-0.12%	-0.08%	0.35%	0.29%	-0.36%	1.06%	-0.01%	0.04%
EPS (Diluted)+	4.88	5.16	4.70	4.59	6.37	8.45	5.55	12.14	12.51	12.49
EPS Growth %	0.05%	0.06%	-0.09%	-0.02%	0.39%	0.33%	-0.34%	1.19%	0.03%	-0%
EPS (Basic)	4.93	5.21	4.74	4.62	6.42	8.49	5.59	12.23	12.60	12.55
Diluted Shares Outstanding	283.8M	270.3M	260.7M	247M	240.6M	233.1M	226.1M	213.2M	205M	212.5M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	27.16B	26.61B	26.09B	26.42B	29.41B	32.11B	31.93B	32.7B	33.96B	48.97B
Asset Growth %	-0.09%	-0.02%	-0.02%	0.01%	0.11%	0.09%	-0.01%	0.02%	0.04%	0.44%
Total Investment Assets+	491M	409M	586M	226M	191M	382M	356M	512M	414M	10.63B
Long-Term Investments	135M	119M	57M	54M	53M	74M	64M	60M	45M	90M
Short-Term Investments	356M	290M	529M	172M	138M	308M	292M	452M	369M	10.54B
Total Current Assets+	13.97B	13.15B	13.68B	14.37B	16.48B	18.68B	19.03B	20.72B	21.7B	23.43B
Cash & Equivalents	384M	431M	756M	656M	790M	884M	544M	690M	778M	1.08B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	10.04B	10.12B	9.65B	10.56B	12.25B	14.22B	14.91B	16.36B	17.17B	581M
Goodwill & Intangibles+	10.63B	10.97B	10.09B	9.32B	8.95B	9.31B	8.93B	8.74B	8.65B	21.98B
Goodwill	8.45B	8.75B	8.36B	8.17B	8.16B	8.67B	8.43B	8.29B	8.41B	15.23B
Intangible Assets	2.18B	2.22B	1.73B	1.15B	783M	640M	492M	447M	234M	6.74B
PP&E (Net)	765M	765M	564M	588M	1.55B	1.6B	1.31B	1.26B	1.31B	1.36B
Other Assets	1.49B	3.17B	1.31B	1.53B	1.63B	1.73B	1.75B	1.06B	1.05B	1.46B
Total Liabilities	21B	21.08B	21.44B	22.2B	25.96B	28.52B	30.77B	33.13B	34.7B	42.53B
Total Debt+	5.87B	6.34B	6.12B	6.41B	8.57B	8.93B	10.42B	11.68B	12.03B	17.89B
Net Debt	5.48B	5.92B	5.36B	5.76B	7.78B	8.04B	9.88B	10.99B	11.25B	16.81B
Long-Term Debt	5.14B	5.87B	5.67B	5.99B	6.63B	7.28B	8.23B	9.82B	9.99B	16.27B
Short-Term Debt	562M	336M	299M	251M	712M	448M	1.16B	945M	1.2B	751M
Total Current Liabilities+	13.12B	12.49B	12.76B	13.3B	15.57B	17.42B	19.07B	20.31B	21.65B	23B
Accounts Payable	1.77B	1.6B	1.96B	1.94B	1.94B	2.02B	2.19B	2.11B	2.26B	2.9B
Deferred Revenue	394M	393M	311M	251M	270M	296M	321M	250M	270M	280M
Other Current Liabilities	10.26B	10.28B	10.04B	10.77B	12.35B	14.36B	15.03B	16.62B	17.44B	18.61B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	2.6B	2.62B	2.69B	2.5B	2.48B	2.52B	2.17B	2.15B	2.26B	2.24B
Total Equity+	6.16B	5.53B	4.65B	4.22B	3.45B	3.58B	1.16B	-429M	-742M	6.43B
Equity Growth %	-0.07%	-0.1%	-0.16%	-0.09%	-0.18%	0.04%	-0.68%	-1.37%	-0.73%	9.67%
Shareholders Equity	6.11B	5.47B	4.58B	4.15B	3.38B	3.5B	1.06B	-529M	-826M	6.12B
Minority Interest	57M	57M	65M	68M	74M	88M	97M	100M	84M	309M
Retained Earnings	4.12B	3.81B	2.3B	2.09B	1.25B	1.04B	-1.69B	-2.77B	-3.4B	-2.31B
Common Stock	3M	3M	2M	2M	2M	2M	2M	2M	2M	2M
Accumulated OCI	-3.42B	-3.91B	-3.5B	-3.91B	-4.03B	-3.86B	-3.87B	-4.62B	-4.37B	-4.75B
Return on Equity (ROE)	0.22%	0.24%	0.24%	0.26%	0.4%	0.56%	0.53%	7.1%	-	0.93%
Return on Assets (ROA)	0.05%	0.05%	0.05%	0.04%	0.05%	0.06%	0.04%	0.08%	0.08%	0.06%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.95x	1.15x	1.32x	1.52x	2.48x	2.49x	9.00x	-	-	2.78x
Book Value per Share	21.72	20.47	17.83	17.08	14.33	15.37	5.12	-2.01	-3.62	30.26
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.01B	2.33B	734M	1.69B	1.83B	2.78B	2.18B	3.22B	3.44B	3.04B
Operating CF Growth %	0.22%	0.16%	-0.68%	1.3%	0.09%	0.52%	-0.22%	0.48%	0.07%	-0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.42B	1.43B	1.26B	1.17B	1.57B	2.02B	1.31B	2.65B	2.56B	2.72B
Depreciation & Amortization	543M	509M	891M	769M	564M	413M	326M	264M	256M	686M
Stock-Based Compensation	340M	331M	319M	338M	317M	312M	449M	397M	438M	474M
Deferred Taxes	-256M	-24M	-8M	-225M	-36M	9M	11M	-252M	-373M	-311M
Other Non-Cash Items	-48M	-39M	-747M	-68M	-12M	-26M	-142M	116M	88M	-471M
Working Capital Changes	8M	119M	-984M	-302M	-571M	57M	230M	48M	462M	-63M
Cash from Investing+	-138M	-954M	2.79B	31M	-229M	-679M	49M	-449M	-188M	-2.83B
Capital Expenditures	-290M	-222M	-183M	-240M	-225M	-141M	-137M	-196M	-252M	-218M
Acquisitions	189M	-772M	3.22B	-68M	13M	-338M	204M	-81M	-30M	-2.81B
Purchase of Investments	-266M	-64M	-296M	-80M	-113M	-264M	-91M	-282M	-67M	-172M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	-19M	0	0	0	0	0	0	0
Cash from Financing+	-1.69B	-1.29B	-3.27B	-1.7B	-247M	-1.77B	-1.92B	-1.79B	-2.87B	796M
Dividends Paid	-323M	-345M	-364M	-382M	-410M	-412M	-447M	-463M	-489M	-562M
Share Repurchases	-1.55B	-1.26B	-2.4B	-1.47B	-1.96B	-1.76B	-3.54B	-3.2B	-2.7B	-1B
Stock Issued	0	0	0	0	0	0	55M	58M	72M	79M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	-69M	-206M	-157M	-184M	1.01B	132M	258M	416M	-115M	-128M
Net Change in Cash+	10M	47M	325M	-100M	1.42B	629M	72M	431M	646M	611M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	374M	384M	431M	756M	4.52B	5.94B	6.57B	6.64B	7.08B	7.72B
Cash at End	384M	431M	756M	656M	5.94B	6.57B	6.64B	7.08B	7.72B	8.33B
Free Cash Flow+	1.72B	2.1B	551M	1.45B	1.61B	2.64B	2.04B	3.02B	3.18B	2.82B
FCF Growth %	0.24%	0.22%	-0.74%	1.62%	0.11%	0.64%	-0.23%	0.48%	0.05%	-0.11%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	6.06	7.78	2.11	5.85	6.69	11.33	9.04	14.18	15.53	13.26

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	83.26%	80.75%	89.35%	85.66%	80.31%	74.87%	82.86%	70.6%	71.7%	75.57%
Medical Cost Ratio	59.12%	58.6%	60.04%	56.67%	54.97%	53.36%	55.26%	51.9%	51.6%	52.76%
Return on Equity (ROE)	21.65%	23.87%	24.09%	25.58%	39.96%	56%	52.94%	710.29%	-	93.32%
Return on Assets (ROA)	4.87%	5.19%	4.65%	4.32%	5.49%	6.4%	3.92%	8.01%	7.69%	6.4%
Equity / Assets	22.69%	20.79%	17.82%	15.97%	11.73%	11.16%	3.63%	-1.31%	-2.18%	13.13%
Book Value / Share	21.72	20.47	17.83	17.08	14.33	15.37	5.12	-2.01	-3.62	30.26
Debt / Equity	0.95x	1.15x	1.32x	1.52x	2.48x	2.49x	9.00x	-	-	2.78x
Revenue Growth	-21.3%	-0.75%	6.26%	7.72%	2.26%	0.48%	10.18%	2.35%	7.19%	17.36%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Risk Capital	-	-	-	-	-	-	-	-	-	10.52B
Risk Capital Growth	-	-	-	-	-	-	-	-	-	-
Human Capital	-	-	-	-	-	-	-	-	-	5.21B
Human Capital Growth	-	-	-	-	-	-	-	-	-	-
Commercial Risk Solutions	-	-	-	-	-	-	6.63B	6.71B	7.04B	-
Commercial Risk Solutions Growth	-	-	-	-	-	-	-	1.21%	4.88%	-
Reinsurance	-	-	1.43B	-	1.69B	1.81B	2B	2.19B	2.48B	-
Reinsurance Growth	-	-	-	-	-	7.59%	10.09%	9.66%	13.29%	-
Health	-	-	1.51B	-	1.67B	1.66B	2.15B	2.22B	2.43B	-
Health Growth	-	-	-	-	-	-0.72%	30.15%	3.25%	9.40%	-
Wealth Solutions	-	-	-	-	-	-	1.43B	1.37B	1.43B	-
Wealth Solutions Growth	-	-	-	-	-	-	-	-4.14%	4.68%	-
P&C Advisory	-	-	4.17B	-	4.67B	4.69B	-	-	-	-
P&C Advisory Growth	-	-	-	-	-	0.36%	-	-	-	-
Retirement	-	-	1.75B	-	1.82B	1.75B	-	-	-	-
Retirement Growth	-	-	-	-	-	-3.52%	-	-	-	-
Data Solutions	-	-	1.14B	-	1.18B	1.17B	-	-	-	-
Data Solutions Growth	-	-	-	-	-	-1.10%	-	-	-	-
Risk and Insurance Brokerage Services	7.43B	7.49B	-	-	-	-	-	-	-	-
Risk and Insurance Brokerage Services Growth	-	0.79%	-	-	-	-	-	-	-	-
Consulting	4.3B	4.18B	-	-	-	-	-	-	-	-
Consulting Growth	-	-2.79%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	6.06B	6.08B	4.42B	4.68B	5.02B	5.03B	5.46B	5.67B	5.92B	7.67B
UNITED STATES Growth	-	0.25%	-27.20%	5.69%	7.25%	0.32%	8.49%	3.79%	4.54%	29.43%
Europe, Middle East, And Africa	1.91B	1.76B	2.02B	2.41B	2.34B	2.24B	2.56B	2.44B	2.67B	2.9B
Europe, Middle East, And Africa Growth	-	-7.81%	15.06%	19.16%	-3.11%	-4.36%	14.71%	-4.76%	9.37%	8.53%
UNITED KINGDOM	1.53B	1.38B	1.44B	1.55B	1.5B	1.58B	1.68B	1.66B	1.82B	1.98B
UNITED KINGDOM Growth	-	-9.76%	4.21%	8.29%	-3.41%	5.13%	6.46%	-1.25%	9.58%	8.58%
Asia Pacific	1.13B	1.42B	1.14B	1.19B	1.24B	1.22B	1.33B	1.47B	1.59B	1.68B
Asia Pacific Growth	-	25.31%	-19.77%	4.31%	4.47%	-1.13%	8.99%	10.49%	7.80%	5.48%
IRELAND	-	-	-	-	-	84M	127M	99M	113M	146M
IRELAND Growth	-	-	-	-	-	-	51.19%	-22.05%	14.14%	29.20%
Americas, Other than United States	1.05B	995M	976M	940M	919M	911M	1.03B	1.14B	1.26B	-
Americas, Other than United States Growth	-	-5.51%	-1.91%	-3.69%	-2.23%	-0.87%	12.73%	10.71%	10.82%	-

Frequently Asked Questions

Valuation & Price

Aon plc (AON) has a price-to-earnings (P/E) ratio of 27.6x. This suggests investors expect higher future growth.

Growth & Financials

Aon plc (AON) grew revenue by 17.4% over the past year. This is strong growth.

Yes, Aon plc (AON) is profitable, generating $2.73B in net income for fiscal year 2024 (16.9% net margin).

Dividend & Returns

Yes, Aon plc (AON) pays a dividend with a yield of 0.77%. This makes it attractive for income-focused investors.

Aon plc (AON) has a return on equity (ROE) of 93.3%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Aon plc (AON) has a combined ratio of 75.6%. A ratio below 100% indicates underwriting profitability.

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