Earnings Conference Call Fourth Quarter 2025 January 30, 2026 Safe Harbor Statement This communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either ...

Core Insights - NFP, a property and casualty insurance broker and part of Aon, has acquired Hamilton Insurance Agency, which has been active in the senior housing and long-term care insurance market for nearly 50 years [1][2] Company Overview - Hamilton Insurance, based in Fairfax, Virginia, has provided insurance solutions, risk management, integrated benefits administration, and digital tools since 1982 [2] - The company is led by the Zuccari family, with Alan Zuccari serving as president, CEO, and founder [2] Leadership Changes - Following the acquisition, Alan Zuccari will take on the role of chairman emeritus, while Joe Zuccari will join NFP as senior vice-president [2] - Jason Zuccari will continue as managing director and will lead the development of a new vertical within NFP [3] Strategic Alignment - The Zuccari family expressed excitement about joining NFP, highlighting that NFP's integrated approach and commitment to client success align with their values [3] - NFP's president for the Atlantic region, Ethan Foxman, emphasized that Hamilton's reputation in senior living and long-term care complements NFP's vision [4] Additional Assets - The acquisition includes Hamilton's BeneLink Connect platform for benefits administration and its electronic risk management assistant tool [4] Previous Acquisitions - Earlier in the year, NFP acquired Pilot Benefits Group, which is expected to enhance NFP's group benefits business, particularly among non-profit organizations [5]

Core Insights - NFP has promoted Caleb Noel to Executive Vice President (EVP) and Chief Financial Officer (CFO) [1][2] - Noel will report to Doug Hammond, CEO of NFP, and will lead a finance team that includes Mike Campbell, the newly promoted EVP, Chief Accounting Officer [2] - The appointment follows the sale of Wealthspire Advisors and related platforms to Madison Dearborn Partners, which closed on October 30, 2025 [3] Company Background - Caleb Noel has a 23-year tenure with NFP, having held various corporate finance and operational roles, most recently as Senior Vice President, Finance and Operations [3] - Prior to NFP, Noel served as Vice President of Finance for Scottish Holdings and worked as an analyst in the investment banking division of Prudential Securities [4] Leadership Comments - Doug Hammond expressed confidence in Noel's ability to enhance NFP's financial strategies and long-term value due to his extensive experience and understanding of the business [5] - Noel expressed enthusiasm for his new role, emphasizing collaboration and driving financial excellence as key objectives for the company's growth [5]

Leadership Changes - Wealthspire announced the elevation of nine executives to its leadership team following its formation as a unified registered investment advisor, backed by Madison Dearborn Partners [1] - The new leadership team includes Mike LaMena as CEO and Carl Nelson as president, both of whom have significant experience in the investment advisory sector [2] Executive Appointments - Mike Goss takes on the roles of chief revenue officer and president of Wealthspire Institutional, responsible for developing a unified strategy across various advisory services [3] - Brad Long will serve as chief investment officer, overseeing investment philosophy and portfolio construction [5] - Brett Schneider will be the CFO, managing financial strategy and performance [5] - Other key appointments include Veronica Moo as general counsel, Nataly Sogoloff as chief people officer, and Steve Frampton as CTO [5] Company Overview - Wealthspire launched earlier this year with approximately $580 billion in total client assets, including $80 billion in wealth client assets and $500 billion in retirement plan assets [4] - The firm aims to leverage synergies between wealth and retirement services to drive growth, similar to other large RIAs [4]

Core Insights - The acquisition of NFP by Aon was primarily aimed at enhancing Aon's position in the middle-market insurance sector, leading to the decision to sell off wealth and retirement advisory divisions, with Madison Dearborn as the returning buyer [1][2] Group 1: Acquisition and Business Structure - Madison Dearborn has a history with NFP, having acquired it for $1.3 billion in 2013 and selling it to Aon for $13.4 billion approximately ten years later [2] - The newly formed Wealthspire will serve as the overarching brand for four affiliates, aiming to bridge wealth, institutional advisory, retirement markets, and family office services [4][5] - Wealthspire enters the registered investment advisor (RIA) space with a significant asset size of $580 billion, with a strong focus on retirement assets amounting to about $500 billion [6][12] Group 2: Leadership and Integration - Carl Nelson, previously of NFP, will serve as president of Wealthspire, overseeing integration and acquisition efforts [10] - The institutional division will be integrated into Wealthspire Retirement Advisory, led by Mike Goss, who will also serve as chief revenue officer [11] - Eric Sontag will head the individual wealth business, maintaining his role from the previous merger that formed Wealthspire [12] Group 3: Strategic Focus and Future Plans - Wealthspire plans to raise $1 billion in debt financing for technology, employee investment, and consistent mergers and acquisitions across business lines [12][13] - The company aims to develop wealth and technology platforms over time, focusing on serving clients with varying assets and life stages [14] - There is an emphasis on aligning the wealth and retirement divisions to capitalize on client referrals and business opportunities [7][8]

Financial Performance - Aon achieved 7% organic revenue growth in Q3 2025, consistent with Q3 2024[8, 9] - Adjusted operating margin expanded by 170 basis points to 26.3%[8, 9, 15] - Adjusted earnings per share (EPS) grew by 12%[8, 9] - Free cash flow increased by 13% to $1.079 billion in Q3 2025[8, 9] Segment Performance - Commercial Risk Solutions and Reinsurance Solutions both experienced organic revenue growth of 7% and 8% respectively[10, 24] - Health Solutions saw organic revenue growth of 6%, while Wealth Solutions grew by 5%[10, 24] Capital Allocation - The company remains disciplined in capital allocation, balancing strategic investments with capital return to shareholders[8] - Capital return to shareholders included $161 million in dividends and $411 million in share repurchases in Q3 2025[19] Guidance and Outlook - Aon is on track to achieve its full-year 2025 financial commitments and expects to enter 2026 with strong momentum[8] - The company anticipates mid-single-digit or greater organic revenue growth for the full year 2025[12, 20]

Core Insights - Aon plc has signed a definitive agreement to sell a significant majority of NFP's wealth business, including Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth, to Madison Dearborn Partners for an estimated total consideration of $2.7 billion [1][3][7] - The transaction aligns with Aon's strategy to focus on its core Risk Capital and Human Capital capabilities, enhancing its position in the middle market [1][2] Financial Details - The total after-tax cash proceeds from the transaction are expected to be approximately $2.2 billion [3] - The businesses being sold represent approximately $127 million in EBITDA for the trailing twelve-month period ending June 30, 2025 [3] Strategic Implications - Aon's CEO, Greg Case, emphasized the company's commitment to investing in its core wealth and retirement business, which includes institutional retirement and investment consulting [2] - Madison Dearborn Partners aims to support the growth of the acquired businesses, focusing on organic growth and acquisitions to enhance client value [3][9] Leadership and Structure - Post-transaction, the acquired businesses will operate under a unified brand, led by Michael LaMena as CEO and Carl Nelson as President [2][3] Advisors Involved - UBS Investment Bank served as the lead financial advisor to Aon, while Goldman Sachs acted as the financial advisor to Madison Dearborn Partners [4]

Aon (AON) 2025 Capital Markets Day Summary Company Overview - **Company**: Aon - **Event**: 2025 Capital Markets Day - **Date**: June 09, 2025 Key Industry Insights - The insurance and risk management industry is valued at approximately **$4.6 trillion** in premiums and **$56.5 trillion** in assets, indicating significant growth potential [16][17] - Global insured losses from natural catastrophes amount to **$145 billion**, highlighting the industry's resilience and demand [18] - Health costs in the U.S. represent **20%** of GDP, emphasizing the importance of health management services [18] - The retirement sector shows that **80%** of individuals are concerned about their retirement preparedness [19] - Over a **20-year period**, the broker index has consistently outperformed the S&P 500, demonstrating the industry's resilience across various economic conditions [20][21] Core Company Strategies - **Aon United Strategy**: Aon aims to address complex client needs and drive sustainable growth through a unified platform [4][10] - **3x3 Plan**: Aon is operationalizing its strategy with a focus on client-centric services, aiming for mid-single-digit organic growth, annual margin improvement, and double-digit free cash flow [9][15][29] - **Investment in Talent**: Aon has made significant talent hires and sector investments to enhance its capabilities [12][29] Financial Performance - Over the past **10 years**, Aon has achieved: - **5%** organic revenue growth - **1,300 basis points** adjusted margin expansion - **11%** adjusted EPS growth - **12%** free cash flow per share growth - **15%** total return to shareholders [28][29] Client Demand and Megatrends - Aon identified four megatrends affecting clients globally: trade, technology, weather, and workforce [35] - Clients are increasingly concerned about supply chain volatility, technological changes, climate impacts, and workforce management [37][40] - The interconnectivity of these megatrends creates operational challenges for clients, necessitating integrated solutions [45][49] Aon United and Innovation - Aon United serves as a differentiator, allowing for integrated solutions backed by advanced data and analytics [95][102] - The **Better Decisions Lab** showcases innovative capabilities and tools that enhance client service [5][78] - Aon Business Services (ABS) is a critical component, providing operational excellence and efficiency [99][105] Employee Engagement and Culture - Aon reports an **86%** employee engagement rate, indicating a strong organizational culture and alignment with the company's mission [109] Future Outlook - Aon is committed to leveraging its strong foundation and the 3x3 plan to accelerate growth and enhance client service [110] - The company aims to capture new demand in emerging areas such as cyber risk management, with a market potential of **$15 billion** [80] Conclusion - Aon is positioned to capitalize on a growing and resilient industry, with a strong focus on client needs, innovative solutions, and a commitment to long-term shareholder value creation [10][82]

Financial Data and Key Metrics Changes - For the full year 2024, the company achieved organic revenue growth of 6% and total revenue growth of 17% [5][20] - Adjusted operating income increased by 17%, leading to a 10% growth in adjusted earnings per share (EPS) [5][20] - Free cash flow reached $2.8 billion, reflecting strong operating income growth and working capital improvements [29][20] Business Line Data and Key Metrics Changes - In Q4, organic revenue growth for commercial risk was 6%, driven by strength in North American core P&C business and international contributions [21][22] - Reinsurance organic revenue also grew by 6% in Q4, supported by strong treaty placements and interest in catastrophe bonds [23] - Health solutions experienced 5% growth in Q4, while wealth solutions delivered 8% organic revenue growth, driven by demand for pension risk transfer consulting [24] Market Data and Key Metrics Changes - The company noted a flat net market impact from growth and exposures in rates, with a modestly negative rate impact in reinsurance [24][25] - The overall market remains under-penetrated, with increasing demand driven by megatrends in trade, technology, weather, and workforce [76] Company Strategy and Development Direction - The company is executing its 3x3 plan, focusing on risk capital and human capital, Aon client leadership, and Aon Business Services [8][15] - The integration of NFP is progressing well, with expectations of achieving $45 million to $60 million in targeted acquired EBITDA in 2025 [19][42] - Continued investment in client-facing talent and innovative technology-driven solutions is prioritized to support growth [15][36] Management's Comments on Operating Environment and Future Outlook - Management highlighted increasing volatility and complexity in client environments, necessitating enhanced risk management solutions [6][7] - The company expects to maintain mid single-digit or greater organic revenue growth, continued margin expansion, and strong adjusted EPS growth in 2025 [5][36] - Management expressed confidence in achieving a double-digit compound annual growth rate (CAGR) in free cash flow from 2023 to 2026 [20][36] Other Important Information - The company paid down $2.1 billion in debt and returned $1.6 billion in capital to shareholders through dividends and share repurchases [19][29] - Adjusted operating margin for Q4 was 33.3%, reflecting a 140 basis point expansion [26] Q&A Session Summary Question: Integration of NFP and future M&A opportunities - Management confirmed that the integration of NFP is on track and expressed confidence in pursuing additional M&A opportunities as the platform becomes more integrated [43][44][46] Question: Growth in Reinsurance Solutions and ILS market - Management noted that the ILS business is a smaller component of reinsurance but is driving growth, with interest in catastrophe bonds and other innovative risk transfer solutions [51][53] Question: Retention improvement efforts and M&A Services rebound - Management highlighted strengthening retention rates, particularly in North America, and noted that M&A services are expected to pick up modestly [60][63] Question: Seasonal expectations for Q1 in commercial risk - Management indicated that there are no specific seasonal expectations for Q1, but they remain committed to achieving mid single-digit growth [72][74] Question: EPS growth guidance - Management provided detailed guidance on organic revenue growth and margin expansion, indicating confidence in achieving strong EPS growth [85][88]