Aon plc Class A Ordinary Shares (Ireland)

Aon’s revenues are largely commissions and advisory fees. Pricing is not unconstrained like a monopoly, but the firm can take modest fee increases and expand wallet share as complexity rises.

In 2025, organic growth mix showed continued strong new business and high retention; net market impact from rate and exposure was about 1 point on average, indicating limited reliance on broad pricing tailwinds and suggesting client stickiness and cross‑sell drive more of the uplift.

As Aon migrates more work to its ABS platform and expands facilities like Aon Client Treaty, we see incremental latent pricing power through higher value density per client, rather than across‑the‑board price hikes. Risks: insurance rate softening can dampen commission bases, though mix shift to analytics and capital markets solutions helps offset.