Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [4][13] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months [13] - Total net income was $1.7 billion over the same period [13] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [13] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year-over-year [15][16] - Infrastructure and renewable power businesses remain at the forefront of global investment opportunities, with significant initiatives announced [18] Market Data and Key Metrics Changes - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][23] - The real estate business showed strong performance with 96% occupancy in the Super Core portfolio and 95% in the Core Plus portfolio [19] - Leasing activity in high-quality assets remains strong, with rents on newly signed leases averaging 15% above those expiring [20] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key growth drivers [8] - Strategic transactions include the acquisition of Just Group in the U.K. and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [9][17] - The company aims to leverage its scale and expertise to capture opportunities in energy transition and AI infrastructure [10][18] Management's Comments on Operating Environment and Future Outlook - The economic backdrop remains constructive, with healthy corporate earnings and open capital markets supporting real assets [4][6] - Management anticipates a period of declining real yields and low nominal rates, which would benefit real asset investments [7] - The company expects continued growth in financial results over the remainder of the year and into 2026 [23] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - The board declared a quarterly dividend of $0.06 per share, consistent with the previous quarter's dividend [24] Q&A Session Summary Question: Discussion on AI and humanoids creating another leg for Brookfield - Management emphasized that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [28][30] Question: Update on the reinsurance agreement in Japan - The reinsurance agreement is expected to scale over time, with a focus on long-duration low-risk liabilities [32] Question: Timeline for achieving the 200 basis point target net investment yield spread - Management indicated that achieving the target is a medium to long-term goal, with expectations for spread to broaden as capital is deployed [38] Question: Impact of the Oaktree acquisition on share repurchases - The acquisition will not materially impact the company's buyback strategy, with plans to repurchase shares issued as part of the transaction [40] Question: Progress on the Just acquisition and its financial implications - Management is working through regulatory approvals and expects to scale PRT origination significantly post-acquisition [47] Question: Downside protections for nuclear project investments - Investments in nuclear projects will be structured to provide strong downside protection, focusing on scaling Westinghouse's services [52][54] Question: Outlook for Carry Generation and realizations - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting this outlook [59][61]

Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [5][14] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months, with total net income of $1.7 billion [14][15] - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][25] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [14] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year over year [17] - The infrastructure and renewable power businesses remain at the forefront of secular trends, with significant initiatives announced for next-generation power and AI infrastructure [20] Market Data and Key Metrics Changes - Economic activity and corporate earnings remain healthy, with capital markets open and transaction activity picking up across most asset classes [5] - The real estate recovery is gaining momentum, with strong leasing activity and high occupancy rates in the Super Core and Core Plus portfolios [20][21] - The company has advanced $75 billion of monetizations across its franchise, including various asset classes [21][24] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [9] - Strategic transactions include the acquisition of Just Group in the UK and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [10][19] - The company aims to leverage its scale and expertise in real assets to capture opportunities in energy transition and AI infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, noting potential policy easing from the Federal Reserve and the benefits of real assets in a low nominal rate environment [6][8] - The company anticipates continued strong growth in its results over the remainder of the year and into 2026, supported by a record $180 billion of deployable capital [9][25] - Management highlighted the importance of disciplined capital deployment and the potential for significant growth in AI and renewable energy sectors [29][79] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - A quarterly dividend of $0.06 per share was declared, consistent with the previous quarter's dividend [26] - The company maintains a conservatively capitalized balance sheet with high levels of liquidity [25] Q&A Session Summary Question: How do you see humanoids and AI potentially creating another leg of the stool for Brookfield over time? - Management indicated that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [29][31] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - Management confirmed that the reinsurance agreement is a flow arrangement that will build over time, with a focus on growth in both the UK and Japan markets [33][34] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that achieving the target is a medium to long-term goal, with expectations for the spread to widen as attractive investment opportunities arise [37][38] Question: What is the impact of the Oaktree acquisition on share repurchases? - Management confirmed that the acquisition will not impact the broader buyback strategy, with a portion of shares issued being repurchased [41] Question: Can you elaborate on the trajectory of the insurance business and spread dynamics? - Management acknowledged the current spread of 165 basis points, emphasizing a disciplined approach to capital deployment and a focus on long-term performance [44][46] Question: What are the downside protections sought in nuclear project investments? - Management indicated that investments in nuclear projects will be structured to provide strong downside protection, with a focus on scaling Westinghouse's services [53][55] Question: How is the outlook for Kerry Generation shaping up for 2026? - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting continued activity [61][62]

Core Insights - Aon plc reported third-quarter 2025 adjusted earnings of $3.05 per share, exceeding the Zacks Consensus Estimate by 5.5%, with a 12% increase year-over-year [1][10] - Total revenues rose 7% year-over-year to $4 billion, surpassing the consensus mark by 1.4%, driven by new business growth and strong retention rates [1][10] - Organic revenue growth was recorded at 7% [1] Financial Performance - Total operating expenses increased 3% year-over-year to $3.2 billion, influenced by organic revenue growth and increased intangible asset amortization [3] - Adjusted operating income advanced 15% year-over-year to $1.1 billion, beating estimates by 1.9%, with an adjusted operating margin of 26.3%, improving by 170 basis points [4] Segmental Performance - **Risk Capital**: - Commercial Risk Solutions saw organic revenues grow 7% year-over-year to $2 billion, exceeding the Zacks Consensus Estimate by 1.1% [5] - Reinsurance Solutions experienced an 8% organic revenue increase to $537 million, surpassing the consensus mark of $531.4 million [6] - **Human Capital**: - Health Solutions reported a 6% organic revenue growth, with revenues of $935 million, beating the Zacks Consensus Estimate of $927.4 million [7] - Wealth Solutions improved by 5% year-over-year, with revenues growing 8% to $540 million, exceeding the consensus mark of $524.4 million [8] Financial Position - As of September 30, 2025, Aon had cash and cash equivalents of $1.1 billion, a 0.9% increase from the end of 2024, and total assets of $51.6 billion, up from $49 billion [9] - Long-term debt decreased to $15.1 billion from $16.3 billion at the end of 2024, while cash flow from operations rose to $1.1 billion, up from $1 billion a year ago [11] Capital Deployment - Aon repurchased 0.7 million class A ordinary shares for approximately $250 million in the third quarter, with a remaining capacity of around $1.6 billion under its repurchase authorization [12] Forward Guidance - Aon expects mid-single-digit or higher organic revenue growth for 2025 and beyond, with anticipated expansion in adjusted operating margin and strong growth in adjusted EPS [13] - The Aon United Restructuring program is projected to achieve total annual run-rate savings of approximately $350 million by the end of 2026 [14]

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 is scheduled to report its third-quarter 2025 results on October 31, 2025, with earnings estimated at $2.89 per share and revenues of $3.94 billion [1][6] Earnings Estimates - The earnings estimate has remained stable over the past 60 days, indicating a year-over-year increase of 6.3%, while revenue is projected to grow by 5.9% year-over-year [2] - Aon has beaten the consensus estimate for earnings in three of the last four quarters, with an average surprise of 3% [3] Earnings Prediction Model - Aon's earnings prediction model suggests a likely earnings beat, supported by a positive Earnings ESP of +0.60% and a Zacks Rank of 3 (Hold) [4] Revenue Growth by Segment - Commercial Risk Solutions is expected to see a revenue growth of 6.1% from $1.85 billion a year ago, with a forecast of 5% organic growth [5][6] - Health Solutions is projected to grow by 6.6% year-over-year, supported by global expansion initiatives [7] - Reinsurance Solutions is estimated to grow by 5.6% from $503 million last year, aided by favorable retention rates and new business generation [8] - Wealth Solutions is expected to see a 5.1% increase from $499 million, driven by sustained demand for advisory services [9] Expense Outlook - Total operating expenses are projected to rise by 3.5%, primarily due to increased compensation and benefits costs, with general expenses estimated at $411.3 million and compensation costs exceeding $2.2 billion [11][10] Peer Performance Comparison - Marsh & McLennan reported adjusted earnings of $1.85 per share, surpassing estimates by 3.4% with an 11% year-over-year increase [12] - Hartford Insurance reported adjusted operating earnings of $3.78 per share, exceeding estimates by 20.8% and climbing 49% year-over-year [13] - RenaissanceRe reported operating income of $15.62 per share, beating estimates by 64.6% and soaring 52.7% year-over-year [14]

Financial Performance - Underlying profit before tax increased by 9% year-over-year at constant currency, driven by a 5% growth in operating income[4] - Wealth Solutions achieved a record quarter, with income up 27% year-over-year at constant currency, supported by strong performance in Investment Products[4] - Global Banking income rose by 23% year-over-year at constant currency, supported by strong origination and distribution volumes[4] - The company is upgrading its 2025 income growth guidance to be towards the upper end of the 5-7% range[4] - The company now expects to deliver an underlying Return on Tangible Equity (RoTE) of around 13% in 2025, exceeding previous guidance and accelerating delivery by a year[4] Key Metrics - Underlying RoTE was 13.4%, up 260 basis points year-over-year[7] - The income-to-cost jaws were positive at 1%[8] - The CET1 ratio was 14.2%, down 18 basis points quarter-over-quarter[9] - Tangible Net Asset Value (TNAV) per share was 1,684 cents, up 4 cents quarter-over-quarter[10] Expenses and Credit Quality - Operating expenses increased by 4% year-over-year at constant currency, driven by targeted business investments[11] - Credit impairment was $195 million[6] - The loan-loss rate was 24 basis points in the quarter[20]

Core Insights - Associated Banc-Corp announced the appointment of Mike Lebens as the new Twin Cities market president effective January 1, 2026, succeeding Paul Schmidt [1][3] - The grand opening of the new IDS Center branch in downtown Minneapolis marks a significant investment in the market, enhancing customer experience and expanding the bank's footprint [2][4] Leadership Transition - Mike Lebens joined Associated in May 2024 from Wells Fargo Bank, where he held various leadership roles for 22 years [2] - Paul Schmidt, the current market president, announced his retirement plans for the end of 2025, having served in his role since 2022 [3] Branch Opening Details - The new IDS Center branch features 1,665 square feet of retail space and over 6,000 square feet of office space, representing a 400 square feet increase from the previous Baker Center branch [4][7] - The branch will offer a comprehensive range of banking services, including personal banking, commercial banking, wealth solutions, commercial real estate services, and private banking [6] Market Presence and Strategy - Associated Banc-Corp is expanding its presence in the Greater Twin Cities area, with plans to move its Minneapolis offices to the IDS Center's 43rd floor, which will more than double its current footprint [8] - The bank operates nearly 200 locations across Wisconsin, Illinois, Minnesota, and Missouri, with total assets of $44 billion, making it the largest bank holding company based in Wisconsin [9]

Core Insights - Voya Financial, Inc. (VOYA) shares are trading at a discount compared to the Zacks Life Insurance industry, with a forward price-to-earnings multiple of 1.12X, lower than the industry average of 1.92X, the Finance sector's 4.17X, and the Zacks S&P 500 Composite's 8.58X [1] - The company has a market capitalization of $7.10 billion and has been trading above its 200-day simple moving average, indicating a short-term bullish trend [2] - Voya Financial's shares have gained 7% year-to-date, outperforming the industry's growth of 0.5% [3] Growth Projections - The Zacks Consensus Estimate for Voya Financial's 2025 earnings per share indicates a year-over-year increase of 42.7%, with revenues expected to reach $1.29 billion, implying a 20.2% year-over-year improvement [4] - For 2026, the consensus estimates for earnings per share and revenues indicate increases of 16% and 8.3%, respectively, from the 2025 estimates [4] Capital Generation and Strategic Partnerships - Voya expects excess capital generation to rise by $100 million in 2025, driven by strategic partnerships and strong underlying business performance [7][14] - The partnership with Allianz Global Investors has added scale, diversification, and growth potential to Voya's Investment Management segment [7][12] Segment Performance - Voya's earnings have grown 12.2% over the past five years, outperforming the industry average of 7.8%, with a long-term earnings growth rate expected at 15.3% [8] - The Wealth Solutions segment is experiencing significant growth due to improved business results, higher surplus income, and lower administrative expenses [11] - The Investment Management segment is benefiting from higher investment capital returns and improved fee revenues [12] - The Health Solutions segment is expected to grow across all product lines with favorable retention [13] Analyst Sentiment - Three out of five analysts covering Voya have raised their estimates for 2025, and four analysts have raised estimates for 2026 in the past 30 days, leading to a 0.8% and 1.2% increase in the Zacks Consensus Estimates for 2025 and 2026, respectively [9] Financial Flexibility and Shareholder Value - Voya Financial's capital levels remain strong, with an expectation of improved excess capital generation and high free cash flow conversion [14] - The company increased its quarterly dividend by 12.5% starting in Q3 2024 and generated approximately $200 million of excess capital in the quarter [15] - Voya plans to resume share repurchases targeting $200 million in the second half of 2025 [15] Conclusion - Voya Financial is well-positioned for growth due to improved investment income, higher average equity markets, positive net flows, and strategic partnerships, making it an attractive option for potential investors [16][17]

Financial Data and Key Metrics Changes - Distributable earnings before realizations increased 13% year over year to $1,300,000,000, equating to $0.80 per share for the quarter and $5,300,000,000 or $3.36 per share for the last twelve months [5][15] - Total distributable earnings including realizations were $1,400,000,000 or $0.88 per share for the quarter and $5,900,000,000 or $3.71 per share over the last twelve months, with total net income of $2,900,000,000 [15] Business Line Data and Key Metrics Changes - The asset management business generated distributable earnings of $650,000,000 or $0.41 per share in the quarter, and $2,700,000,000 or $1.72 per share over the last twelve months [16] - Wealth Solutions business delivered distributable operating earnings of $391,000,000 or $0.25 per share in the quarter and $1,600,000,000 or $1.02 per share over the last twelve months [18] - Strong fundraising across flagship funds led to inflows of $22,000,000,000 during the quarter, including over $5,000,000,000 from retail and wealth solutions clients [17] Market Data and Key Metrics Changes - Global equities hit all-time highs, credit spreads tightened dramatically, and interest rates remained largely unchanged, with expectations of potential cuts in the near future [6] - The company completed GBP55 billion of asset sales this year, including GBP35 billion in the quarter, generating excellent returns [7][22] Company Strategy and Development Direction - The company is focusing on digitalization, deglobalization, and decarbonization as key themes for capital deployment [7] - A new AI infrastructure strategy is being launched, focusing on developing AI factories to meet the growing demand for compute capacity [9] - The company plans to enhance its capital structure to support low-risk, long-duration insurance operations, indicating a shift towards integrating insurance with investment strategies [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment is becoming increasingly constructive, supporting increased monetizations and strong demand for high-quality assets [6][7] - The company anticipates continued growth in financial results over the remainder of the year, supported by strong underlying fundamentals [27] Other Important Information - The company announced an agreement to acquire Just Group for $3,200,000,000, which is expected to significantly accelerate growth in the insurance business [19] - A quarterly dividend of $0.09 per share was declared, and a three-for-two stock split of Class A limited voting shares was approved [27] Q&A Session Summary Question: Growth in P&C business and scaling plans - Management indicated that the focus is on low-risk liabilities, particularly in the annuity business, with potential for organic growth in P&C if competitive advantages are identified [29][30] Question: Market conditions and carried interest - Management noted that while market conditions are improving, the timing of carried interest realization remains broadly in line with previous expectations, with significant contributions expected next year [35][36] Question: Just Group acquisition financing - Management stated that details on the financing facility for the Just Group acquisition are limited due to UK takeover rules, but it is a public to private transaction [40] Question: AI infrastructure strategy and investor support - Management confirmed that they are engaging with large shareholders for potential cornerstone investments in the new AI infrastructure strategy [48] Question: Wealth Solutions business spread and cash distributions - Management clarified that the spread remains consistent with previous quarters, and the reduction in cash distributions is primarily due to one-time income from the residential land and housing business last year [56][57]

Core Insights - Aon plc reported second-quarter 2025 adjusted earnings of $3.49 per share, exceeding the Zacks Consensus Estimate by 2.7% and reflecting a 19.1% increase year-over-year [1][10] - Total revenues rose 11% year-over-year to $4.2 billion, surpassing the consensus mark by 0.7%, with organic revenue growth at 6% [1][10] Financial Performance - The strong quarterly results were driven by new business growth and solid retention rates, particularly in Aon's Risk Capital and Human Capital segments, aided by NFP acquisition synergies and net restructuring savings [2] - Total operating expenses increased 6% year-over-year to $3.3 billion, influenced by higher costs from the NFP acquisition and long-term growth investments [3] - Adjusted operating income advanced 14% year-over-year to $1.2 billion, with an adjusted operating margin of 28.2%, improving by 80 basis points year-over-year [4] Segmental Performance - **Risk Capital**: - Commercial Risk Solutions saw organic revenues grow 6% year-over-year, with revenues of $2.2 billion, an 8% increase [5] - Reinsurance Solutions experienced organic revenue growth of 6%, with revenues increasing 8% year-over-year to $688 million, surpassing the consensus estimate [6] - **Human Capital**: - Health Solutions reported organic revenue growth of 6%, with revenues climbing 17% year-over-year to $772 million, exceeding the consensus estimate [7] - Wealth Solutions saw organic revenues improve 3% year-over-year, with revenues growing 12% to $519 million, though it missed the consensus mark [8] Financial Position - As of June 30, 2025, Aon had cash and cash equivalents of $1 million, down from $1.1 billion at the end of 2024, while total assets increased to $54 billion from $49 billion [11] - Long-term debt decreased to $15.5 billion from $16.3 billion, with total short-term debt and current portion of long-term debt at $1.8 billion [11] - Cash flow from operations rose to $796 million from $513 million a year ago, with adjusted free cash flows increasing 59% year-over-year to $732 million [12] Capital Deployment - Aon repurchased 0.7 million class A ordinary shares for approximately $250 million in the second quarter, with a remaining repurchase capacity of around $1.8 billion [13] Forward Guidance - Aon expects mid-single-digit or higher organic revenue growth for 2025 and beyond, with anticipated expansion in adjusted operating margin and strong growth in adjusted EPS [14] - The Aon United Restructuring program is projected to achieve annual run-rate savings of approximately $350 million by the end of 2026 [15]