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Aon reported net income attributable to shareholders of $716 million during the fourth quarter, a 44% increase from the $498 million reported in Q4 2023.

For full-year 2024, net income attributable to shareholders increased to $2.7 billion, or $12.49 per share on a diluted basis, compared to $2.6 billion, or $12.51 per share, in the prior year.

Q4 revenue increased by 23% to $4.1 billion from $3.4 billion during Q4 2023 – growth that Aon said reflected acquired revenues from NFP and 6% organic revenues. (The acquisition of NFP was completed in April 2024.)

Total revenue in 2024 was up 17% to $15.7 billion from $13.4 billion reported during 2023. During the year, Aon saw 6% organic revenue growth.

“We ended 2024 with another quarter of strong performance and outstanding execution across all aspects of our strategy,” said Greg Case, CEO, . “We generated 6% organic revenue growth for the fourth quarter and full year, with mid-single digit growth or better across all our solution lines. This top-line strength and continued cost efforts drove strong margins, double-digit EPS growth, and $2.8 billion of free cash flow.”

Marsh McLennan reported organic growth of 7% during Q4 and full-year 2024.

Beginning in the fourth quarter, Aon realigned from a single reporting segment to two: Risk Capital (which includes Commercial Risk Solutions and Reinsurance Solutions) and Human Capital (which includes Health Solutions and Wealth Solutions). Risk Capital revenue increased $299 million, or 13%, to $2.5 billion and Human Capital revenue increased $472 million, or 41%, to $1.6 billion.

Q4 results for these business segments were as follows:

Risk Capital

• Commercial Risk Solutions reported Q4 revenue of $2.2 billion, compared with $1.9 billion in Q4 2023. The unit saw Q4 organic revenue growth of 6%, which Aon said reflects mid-single-digit or greater increases across all major geographies driven by net new business and ongoing strong retention. Its performance was highlighted by strength in North America core P&C, strong growth internationally, and an increase in construction business. Results also reflect a double-digit increase in M&A services.
• Reinsurance Solutions reported Q4 revenue of $351 million, compared with $332 million in Q4 2023. The unit reported Q4 organic revenue growth of 6%. Aon said its organic revenue reflects strong growth in the Strategy and Technology Group, as well as strength in treaty, driven by net new business and ongoing strong retention, partially offset by a modest unfavorable market impact. Results also reflect a double-digit increase in insurance-linked securities.

Human Capital

• Health Solutions reported $1.1 billion in Q4 revenue, compared with $763 million in Q4 2023. The unit reported Q4 organic revenue growth of 5%, which Aon reflects strong growth globally in core health and benefits, driven by net new business and ongoing strong retention. The core performance was highlighted by double-digit growth internationally. Results also reflect strength in executive benefits and pharmacy benefits in NFP, partially offset by lower Talent revenue.
• Wealth Solutions reported Q4 revenue of $542 million, compared with $377 million in Q4 2023. The unit saw Q4 organic revenue growth of 8%, which, Aon said, reflects strength in Retirement, driven by continued strong demand for advisory related to pension de-risking and the ongoing impact of regulatory changes. Strong growth in Investments was highlighted by double-digit revenue growth in NFP, driven by net asset inflows and market performance.

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