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Morningstar’s Analysis

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Economic Moat




Small Top-Line Decline and Margin Expansion for Aon in Second Quarter

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Aon’s second-quarter results were largely similar to what we’ve seen from peers, and we think they highlight the relative resilience of the business model. While the company endured a modest revenue decline, Aon was actually able to expand margins in this period. Overall, we see nothing to materially alter our view and will maintain our $205 fair value estimate and narrow moat rating.

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Company Profile

Business Description

Aon is a leading global provider of insurance and reinsurance brokerage and human resource solutions. Its operations are tilted toward its brokerage operations. Headquartered in London, Aon has about 50,000 employees and operations in 120 countries around the world.

122 Leadenhall Street, The Aon Centre, The Leadenhall Building
London, EC3V 4AN, Ireland
T +44 2076235500
Sector Financial Services
Industry Insurance Brokers
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 50,000