Aon and WTW have shared their financial results for the first quarter of 2025, revealing contrasting fortunes for the two brokers. Aon reported a significant revenue increase, while WTW faced a decline.
Aon’s total revenue for the first quarter reached $4.7 billion, marking a 16% rise from $4.1 billion in the same period last year. This growth was driven by the recent acquisition of NFP, as well as a solid organic revenue growth of 5%. However, Aon noted a 2% negative impact from foreign currency translation.
In contrast, WTW’s revenue fell to $2.22 billion, down 5% from $2.34 billion in the previous year. The decline was primarily linked to the sale of TRANZACT, a direct-to-consumer insurance distribution business, which affected their earnings this quarter. WTW’s Chief Financial Officer, Andrew Krasner, explained that while the sale will benefit free cash flow in the long run, it posed challenges in the short term.
Aon’s net income for the quarter was $965 million, a decrease of 10% compared to $1.1 billion last year. On the other hand, WTW reported a net income of $239 million, which is a 23% increase from $194 million in the same quarter last year.
When looking at specific business segments, Aon’s Risk Capital divisions—Commercial Risk Solutions and Reinsurance Solutions—saw organic growth of 5% and 4%, respectively. Their Human Capital divisions—Health Solutions and Wealth Solutions—performed even better, with organic growth of 5% and 8%. Overall, Aon’s Risk Capital revenue rose by $216 million to $3.2 billion, while Human Capital revenue surged by $442 million to $1.5 billion.
WTW’s segments showed mixed results. The Risk & Broking segment achieved organic growth of 7%, generating $1.03 billion in revenue, while the Health, Wealth & Career segment experienced a decline, with revenue falling to $1.17 billion, a 13% drop from the previous year.
As the first quarter wraps up, both companies face different challenges and opportunities. Aon appears to be capitalizing on its recent acquisitions and strong retention rates, while WTW is navigating the aftereffects of its business sale.