v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information 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 and President, 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 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, total consolidated revenue, segment operating income, and income before income taxes:
Three Months Ended September 30,
Risk CapitalHuman CapitalCorporate/EliminationsTotal Consolidated
20262025202620252026202520262025
Revenue
Total revenue (1)
$2,682$2,525$1,421$1,475$(2)$(3)$4,101$3,997
Expenses
Compensation and benefits1,5261,45572777622282,2752,259
Information technology10394524412156140
Premises54562828118385
Other expenses (2)
39133526829511967778697
Total operating expenses2,0741,9401,0751,143143983,2923,181
Operating income$608$585$346$332$(145)$(101)$809$816
Operating margin22.7%23.2%24.3%22.5%19.7%20.4%
Non-operating income (expense)
Interest income24—
Interest expense(206)(206)
Other income (expense)(15)(13)
Income before income taxes$612$597
Nine Months Ended September 30,
Risk CapitalHuman CapitalCorporate/EliminationsTotal Consolidated
20262025202620252026202520262025
Revenue
Total revenue (1)
$9,190$8,582$4,204$4,311$(13)$(12)$13,381$12,881
Expenses
Compensation and benefits4,6864,4572,2012,34652656,9396,868
Information technology30527214913486462412
Premises163162838733249252
Other expenses (2)
1,1301,0458158923472762,2922,213
Total operating expenses6,2845,9363,2483,4594103509,9429,745
Operating income$2,906$2,646$956$852$(423)$(362)$3,439$3,136
Operating margin31.6%30.8%22.7%19.8%25.7%24.3%
Non-operating income (expense)
Interest income415
Interest expense(564)(624)
Other income (expense)(27)33
Income before income taxes$2,889$2,550
(1)Includes fiduciary investment income for the three and nine months ended September 30, 2026 of $67 million and $176 million, respectively, in Risk Capital and $2 million and $6 million, respectively, in Human Capital. For the three and nine months ended September 30, 2025, includes fiduciary investment income of $72 million and $201 million, respectively, in Risk Capital and $3 million and $7 million, respectively, in Human Capital.
(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
Revenue
Reportable segment revenue includes inter-segment revenue which is eliminated as a Corporate adjustment to reconcile to the Company's Consolidated Total revenue. The following table presents inter-segment revenue:
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Risk Capital$— $— $5 $5 
Human Capital 2 3 8 7 
Total $2 $3 $13 $12 
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 expenses or eliminations.
Non-operating Income (Expense)
The Company’s non-operating income (expense) 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, if any. Other income (expense) consists of equity earnings (loss), 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.