Aon reported steady underlying growth in the fourth quarter and full year of 2025, thanks to margin expansion, strong cash generation and a stronger balance sheet.

The professional services firm posted total revenue of $17.2 billion for the year, up 9 per cent, with organic revenue growth of 6 per cent. Fourth-quarter revenue rose 4 per cent to $4.3 billion, reflecting 5 per cent organic growth, driven by net new business and high client retention.

Adjusted operating margin expanded to 32.4 per cent for the full year, up from 31.5 per cent in 2024, while free cashflow increased 14 per cent to $3.2 billion. Aon said the improvement reflected restructuring savings and operating efficiencies, partially offset by continued investment in technology.

Net income jumped sharply in the fourth quarter, boosted by gains related to the sale of NFP Wealth, which the company said was non-recurring.

Aon’s performance is underpinned by strength in its reinsurance and capital markets activities, a core area of its Bermuda operations. Within its risk capital segment, reinsurance solutions posted 8 per cent organic revenue growth in the fourth quarter, supported by double-digit growth in insurance-linked securities and strong demand for facultative placements.

The company said growth reflected robust client activity, high retention and interest from institutional investors in alternative reinsurance capital.

Greg Case, chief executive, said the results showed the firm’s strategy continuing to deliver.

“Our fourth-quarter and full-year results reflect strong execution of our Aon United strategy,” he said. “We achieved all of our full-year objectives, including a second straight year of 6 per cent organic revenue growth.”

Aon also paid down $1.9 billion of debt during 2025 and met its leverage targets ahead of schedule. Looking ahead, the company expects mid-single-digit or better organic growth and further margin expansion in 2026.