Aon plc Class A Ordinary Shares (Ireland)

The model is tollbooth‑like: recurring risk and benefits advisory tied to renewal cycles across diversified industries and geographies. 2025 delivered 6% organic growth and double‑digit free cash flow growth, and management guided to mid‑single‑digit or greater organic growth with continued margin expansion and double‑digit FCF growth in 2026. Retention in the mid‑90s provides high revenue durability, and diversified solution lines help balance insurance rate cycles.

Compared with cyclical carriers, brokers like Aon typically show steadier cash conversion due to fee orientation and working‑capital discipline. Key uncertainties remain around macro exposure and rate cycles, but overall visibility is high.