Aon has reported strong third-quarter results for 2025, with continued growth in its pensions and retirement advisory business contributing to a 7 per cent year-over-year rise in total revenues.

For the three months to 30 September 2025, the global professional services firm recorded total revenue of USD 3.99bn, while operating income increased by 31 per cent to USD 816m.

In addition, adjusted earnings per share rose 12 per cent to USD 3.05, and free cash flow was up 13 per cent to USD 1.08bn.

Aon’s human capital segment - which includes its retirement, wealth and benefits operations - also reported organic growth of 8 per cent over the quarter, reflecting strong demand for advisory services from pension schemes and employers navigating evolving funding, governance and member outcome challenges.

According to the investor report, its wealth solutions business, covering retirement and investment consultancy, remained a "key growth driver", supported by continued activity around pension scheme de-risking and endgame planning.

In particular, the group stated that it continued to invest in data analytics and digital tools to enhance its support for schemes in areas such as funding strategy, longevity risk, and member engagement.

The report showed that Aon contributed USD 149m to its defined benefit (DB) pension plans during the quarter, consistent with the same period last year, bringing total contributions for the first nine months of 2025 to USD 463m.

However, the company also noted that changes in the funded status of DB pension plans continued to be a “material risk factor” for its business.

In its financial breakdown, Aon reported that interest income was negligible in the third quarter and decreased by USD 4m compared to the prior year, while interest expense decreased by USD 7m, reflecting lower total debt.

The firm also reported an “other expense” of USD 13m, compared to other income of USD 35m in the prior-year period.

This shift was primarily due to non-cash pension expense and the absence of prior-year gains from business sales, partially offset by favourable exchange rate impacts on the remeasurement of assets and liabilities in non-functional currencies.

Aon chief executive officer, Greg Case, said the results demonstrated “continued momentum across both our risk capital and human capital capabilities”, adding that the firm’s integrated “Aon United” strategy and data-driven 3x3 growth plan positioned it well to deliver “differentiated value and sustainable growth” to clients.

Meanwhile, the firm reaffirmed its full-year outlook, stating that it remained well-positioned to deliver strong results into 2026 and beyond, supported by sustained demand for advisory services and investments in analytics, technology, and talent.

Indeed, the second half of 2025 is expected to remain "very busy" for the UK bulk purchase annuity (BPA) market, with its analysis revealing that, despite lower overall volumes, the number of BPA deals remained strong in H1.

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