Aon PLC Class A

AON: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Aon Earnings: Growth Moderates but Stays Solid

Brett Horn

Jan 31, 2025

Aon’s fourth-quarter results showed growth slowing slightly sequentially and coming in a bit below peers. However, the differentials are minor and growth is still a bit above our long-term expectations. Overall organic revenue growth was 6% year over year in the quarter, and excluding the NFP acquisition, the company is making strides in improving margins. We will maintain our $313 fair value estimate for the narrow-moat company. We see shares as overvalued, as we believe the market is overly focused on the tailwinds the company and its insurance brokerage peers have enjoyed recently.

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Aon PLC Class A

Aon Earnings: Growth Moderates but Stays Solid

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