Global insurance and reinsurance broking group Aon has reported results for the three and twelve months ended December 31, 2024. Total revenue in 2024 increased 17% to USD 15.7 billion compared to the prior year reflecting acquired revenues from NFP and 6% organic revenue growth.

According to the report, Aon closed the year with another strong quarter of performance and delivered an outstanding full year 2024, with 6% organic revenue growth, strong margins, double-digit adjusted EPS growth and USD 2.8 billion of Free Cash Flow.

Total revenue in the fourth quarter increased 23% to USD 4.1 billion compared to the prior year period. Risk Capital revenue increased USD 299 million, or 13%, to USD 2.5 billion and Human Capital revenue increased USD 472 million, or 41% to USD 1.6 billion.

Total operating expenses in the fourth quarter increased 18% to USD 3.1 billion compared to the prior year period due primarily to the inclusion of NFP's ongoing operating expenses, an increase in expense associated with 6% Organic revenue growth, an increase in intangible asset amortization associated with the acquisition of NFP and investments in long-term growth, partially offset by a non-recurring charge in connection with certain settlement expenses in the prior year period and USD 40 million of restructuring savings realized in the quarter. Risk Capital operating expenses increased USD 88 million, or 5%, to USD 1.8 billion and Human Capital operating expenses increased USD 376 million, or 49%, to USD 1.1 billion.

Total revenue in 2024 increased 17% to USD 15.7 billion compared to the prior year reflecting acquired revenues from NFP and 6% Organic revenue growth.

Net income attributable to Aon shareholders increased to USD 2.7 billion, or USD 12.49 per share on a diluted basis, compared to USD 2.6 billion, or USD 12.51 per share, in the prior year. Adjusted net income per share increased 10% to USD 15.60 on a diluted basis, including an unfavorable impact of USD 0.12 per share from foreign currency translation, compared to USD 14.14 in the prior year.

Fourth Quarter 2024						Full Year 2024
	2024		2023		Change		2024		2023		Change
Total revenue	$4,147		$3,375		23 %		$15,698		$13,376		17 %
Organic revenue growth (Non-GAAP)					6 %						6 %
Operating margin	26.3 %		23.1 %				24.4 %		28.3 %
Adjusted operating margin (Non-GAAP)	33.3 %		33.8 %				31.5 %		31.6 %
Diluted EPS	$3.28		$2.47		33 %		$12.49		$12.51		— %
Adjusted EPS (Non-GAAP)	$4.42		$3.89		14 %		$15.60		$14.14		10 %
Cash provided by operations	$1,200		$1,261		(5) %		$3,035		$3,435		(12) %
Free cash flow (Non-GAAP)	$1,145		$1,212		(6) %		$2,817		$3,183		(11) %

"We ended 2024 with another quarter of strong performance and outstanding execution across all aspects of our strategy", said Greg Case, CEO. "We generated 6% Organic revenue growth for the fourth quarter and full year, with mid-single digit growth or better across all our solution lines. This top-line strength and continued cost efforts drove strong margins, double-digit EPS growth, and USD 2.8 billion of free cash flow. As expected, executing our 3x3 Plan creates differentiation in how we serve our clients across Risk Capital and Human Capital, powered by Aon Business Services. As clients navigate increasingly complex market dynamics, demand for our solutions remains strong. We are well-positioned to build on our momentum in 2025 and drive long-term value creation for our colleagues, clients and shareholders", Greg Case added.

Full report can be found here.