Aon plcAON
Aon plc Segments Disclosure
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, 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 accounting policies of the reportable segments are the same as those described in Note 2 “Summary of Significant Accounting Principles and Practices.”
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 resources to the Company’s reportable segments. As such, segment assets are not provided to the CODM.
The following tables include information about Aon’s reportable segments, including total segment revenue, consolidated revenue, segment operating income, and income before income taxes:
Year Ended December 31, 2025 | |||||||||||||||||||||||
| (millions, except per share data) | Risk Capital | Human Capital | Corporate/Eliminations | Total Consolidated | |||||||||||||||||||
| Revenue | |||||||||||||||||||||||
Total revenue (1) | $ | 11,290 | $ | 5,907 | $ | (16) | $ | 17,181 | |||||||||||||||
| Expenses | |||||||||||||||||||||||
| Compensation and benefits | 5,832 | 3,060 | 93 | 8,985 | |||||||||||||||||||
| Information technology | 372 | 186 | 10 | 568 | |||||||||||||||||||
| Premises | 216 | 116 | 5 | 337 | |||||||||||||||||||
Other expenses (2) | 1,434 | 1,135 | 378 | 2,947 | |||||||||||||||||||
| Total operating expenses | 7,854 | 4,497 | 486 | 12,837 | |||||||||||||||||||
| Operating income | 3,436 | 1,410 | (502) | 4,344 | |||||||||||||||||||
| Operating margin | 30.4 | % | 23.9 | % | 25.3 | % | |||||||||||||||||
| Non-operating expenses | |||||||||||||||||||||||
| Interest income | 19 | ||||||||||||||||||||||
| Interest expense | (815) | ||||||||||||||||||||||
| Other income (expense) | 1,211 | ||||||||||||||||||||||
| Income before income taxes | $ | 4,759 | |||||||||||||||||||||
(1)Includes fiduciary investment income of $262 million in Risk Capital and $9 million in Human Capital for 2025.
(2)Includes expenses related to depreciation of fixed assets, amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and other general expenses.
Year Ended December 31, 2024 | |||||||||||||||||||||||
| (millions, except per share data) | Risk Capital | Human Capital | Corporate/Eliminations | Total Consolidated | |||||||||||||||||||
| Revenue | |||||||||||||||||||||||
Total revenue (1) | $ | 10,517 | $ | 5,209 | $ | (28) | $ | 15,698 | |||||||||||||||
| Expenses | |||||||||||||||||||||||
| Compensation and benefits | 5,417 | 2,739 | 127 | 8,283 | |||||||||||||||||||
| Information technology | 368 | 168 | 3 | 539 | |||||||||||||||||||
| Premises | 215 | 110 | — | 325 | |||||||||||||||||||
Other expense (2) | 1,225 | 1,049 | 442 | 2,716 | |||||||||||||||||||
| Total operating expenses | 7,225 | 4,066 | 572 | 11,863 | |||||||||||||||||||
| Operating income | 3,292 | 1,143 | (600) | 3,835 | |||||||||||||||||||
| Operating margin | 31.3 | % | 21.9 | % | 24.4 | % | |||||||||||||||||
| Non-operating expenses | |||||||||||||||||||||||
| Interest income | 67 | ||||||||||||||||||||||
| Interest expense | (788) | ||||||||||||||||||||||
| Other income (expense) | 348 | ||||||||||||||||||||||
| Income before income taxes | $ | 3,462 | |||||||||||||||||||||
(1)Includes fiduciary investment income of $307 million in Risk Capital and $8 million in Human Capital for 2024.
(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
Year Ended December 31, 2023 | |||||||||||||||||||||||
| (millions, except per share data) | Risk Capital | Human Capital | Corporate/Eliminations | Total Consolidated | |||||||||||||||||||
| Revenue | |||||||||||||||||||||||
Total revenue (1) | $ | 9,524 | $ | 3,864 | $ | (12) | $ | 13,376 | |||||||||||||||
| Expenses | |||||||||||||||||||||||
| Compensation and benefits | 4,800 | 2,003 | 99 | 6,902 | |||||||||||||||||||
| Information technology | 385 | 148 | 1 | 534 | |||||||||||||||||||
| Premises | 204 | 88 | 2 | 294 | |||||||||||||||||||
Other expense (2) | 1,189 | 528 | 144 | 1,861 | |||||||||||||||||||
| Total operating expenses | 6,578 | 2,767 | 246 | 9,591 | |||||||||||||||||||
| Operating income | 2,946 | 1,097 | (258) | 3,785 | |||||||||||||||||||
| Operating margin | 30.9 | % | 28.4 | % | 28.3 | % | |||||||||||||||||
| Non-operating expenses | |||||||||||||||||||||||
| Interest income | 31 | ||||||||||||||||||||||
| Interest expense | (484) | ||||||||||||||||||||||
| Other income (expense) | (163) | ||||||||||||||||||||||
| Income before income taxes | $ | 3,169 | |||||||||||||||||||||
(1)Includes fiduciary investment income of $270 million in Risk Capital and $4 million in Human Capital for 2023.
(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
Revenue
Reportable segment revenue includes inter-segment revenue of $11 million for Risk Capital and $5 million for Human Capital for 2025, $16 million for Risk Capital and $12 million for Human Capital for 2024, and $6 million for Risk Capital and $6 million for Human Capital for 2023. This inter-segment revenue is eliminated as a Corporate adjustment to reconcile to the Company's Consolidated Total revenue.
Segment Operating Expenses
The Company’s segment operating expenses are generally attributed to the function of the business. Segment expenses exclude governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment. These expenses are considered Corporate/Eliminations.
Non-operating Expenses
The Company’s non-operating income (expenses) primarily consist of Interest income, Interest expense and Other income (expense) which are not allocated to our reportable segments, as the CODM assesses performance based on operating income results. Interest income represents income earned, net of expense, on operating cash balances, including our multi-currency cash pool, and other income producing investments. Interest income does not include interest earned on funds held on behalf of clients. If interest expense on these assets exceeds interest income for the period, the net amount is reported as interest expense for both the quarterly and year-to-date periods. Interest expense represents the cost of debt obligations and net interest expense on operating cash balances and other income-producing investments. Other income (expense) consists of equity earnings, realized gains or losses on the sale of investments, gains on the disposal of businesses, gains or losses on derivatives, and gains or losses on foreign currency remeasurement.
Entity-Wide Disclosures
The following table includes consolidated long-lived assets, net by geographic area (in millions). Long-lived assets are comprised of Fixed assets, net, Operating lease right-of-use assets, and finance lease assets classified as Other non-current assets:
| As of December 31 | Total | United States | Americas other than U.S. | United Kingdom | Ireland | Other Europe, Middle East, & Africa | Asia Pacific | ||||||||||||||||||||||||||||||||||
| 2025 | $ | 1,379 | $ | 539 | $ | 129 | $ | 147 | $ | 28 | $ | 301 | $ | 235 | |||||||||||||||||||||||||||
| 2024 | $ | 1,357 | $ | 598 | $ | 117 | $ | 144 | $ | 28 | $ | 261 | $ | 209 | |||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.