Financial Data and Key Metrics Changes - The company reported a 7% organic revenue growth in Q3 2025, with total revenue increasing to $4 billion, reflecting a 7% year-over-year growth [17] - Adjusted operating margin expanded by 170 basis points to 26.3%, and adjusted EPS grew to $3.05, marking a 12% increase [17][22] - Free cash flow increased by 13% year-over-year, reaching $1.1 billion in Q3 [16][25] Business Line Data and Key Metrics Changes - Commercial risk achieved 7% organic revenue growth, driven by strong performance in the core P&C business globally, particularly in the U.S. and EMEA [18] - Health solutions grew by 6%, benefiting from data analytics-driven sales and new business in core offerings [19] - Wealth generated 5% growth, reflecting strength in advisory work in the U.K. and EMEA, although softer demand was noted in the U.S. [19][20] Market Data and Key Metrics Changes - The company noted a significant shift in the risk landscape, with trade and geopolitical volatility entering the top 10 global risks for the first time in nearly two decades [6] - Climate risk and natural disasters reached their highest rankings, emphasizing the need for resilience in managing costs associated with severe weather events [7] - Demand for data center construction is expected to generate over $10 billion in new premium volume in 2026, driven by advancements in AI and cloud infrastructure [11][53] Company Strategy and Development Direction - The company is focused on executing its Aon United strategy and 3x3 plan, which emphasizes deepening client relationships and innovating capital solutions [4][13] - The company aims to strengthen its talent pool, with a 6% increase in revenue-generating hires year-to-date, reflecting a commitment to attracting top talent [9][15] - The company is committed to disciplined capital allocation, balancing investments in growth with returns to shareholders, including a $1 billion capital return through share repurchases for 2025 [26][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance, citing strong momentum and the effectiveness of their growth strategies [16][29] - The company highlighted the importance of advanced analytics and advisory capabilities in navigating a complex risk environment [8][60] - Management acknowledged competitive pressures in talent acquisition but emphasized the company's unique capabilities and integrated solutions as key differentiators [31][34] Other Important Information - The company closed the sale of the NFP wealth business, significantly strengthening its capital position with over $2 billion in proceeds [26] - The company is on track to achieve $150 million in restructuring savings for the full year, contributing to margin expansion [24][28] Q&A Session Summary Question: Talent and Revenue Growth Contribution - The company noted that revenue-generating hires were up 6%, contributing 30 to 35 basis points to organic growth, with expectations for cumulative impacts from future cohorts [30][31] Question: Commercial Risk Growth in the U.S. - Management attributed the double-digit growth in core P&C to strong client relationships and effective use of analytics, emphasizing that growth was driven by day-to-day client interactions rather than pricing strategies [33][34] Question: Health Solutions Growth Drivers - The company highlighted that new business, particularly expansion with existing customers, was a significant driver of the 6% growth in health solutions, alongside rising healthcare costs [38][39] Question: Reinsurance Pricing Environment - Management acknowledged pressure on pricing, particularly in property, but noted strong demand for coverage and growth in facultative placements [41][42] Question: Capital Deployment Strategy - The company emphasized a balanced approach to capital deployment, focusing on debt reduction, strategic acquisitions, and returning capital to shareholders [45][46] Question: Data Center Market Opportunities - Management expressed excitement about the data center market, highlighting the potential for significant premium growth and the company's unique position to provide integrated solutions [49][50]