Aon delivered another quarter of strong performance, including 2% total revenue growth, 5% organic revenue growth and operating margin expansion.
The brokers continues to execute its Aon United strategy, accelerated by the 3x3 Plan, to meet rising client demand. It is also reaffirming 2026 guidance of mid-single-digit or greater organic revenue growth, 70-80 basis points of adjusted operating margin expansion, strong adjusted EPS growth and double-digit free cash flow growth.
"Our second-quarter results demonstrate the consistency of our execution and the strength of our business model," said Aon President and CEO Greg Case. "We delivered 5% organic revenue growth, operating margin expansion, and 9% adjusted EPS growth, reflecting robust client demand, disciplined execution, and durable through-the-cycle performance."
"The structural advantage created by our Aon United strategy, coupled with AI-enabled analytical insights and innovative capital solutions, continues to differentiate Aon in the marketplace," he said. "As clients navigate increasing complexity, we are expanding our addressable market, creating new opportunities with both traditional and non-traditional sources of capital, and generating the financial flexibility to invest for growth while returning significant capital to shareholders. We remain confident in our strategy, our outlook, and our ability to deliver sustainable long-term value."
Total revenue in the second quarter increased 2% to $4.2bn compared to the prior-year period, reflecting 5% organic revenue growth and a 1% favorable impact from foreign currency translation, partially offset by a 4% unfavorable impact primarily from divestitures. Risk Capital revenue increased $140m, or 5%, to $3.0bnand Human Capital revenue decreased $47m, or 4%, to $1.2bn.
Total operating expenses in the second quarter increased 1% to $3.3bn compared to the prior-year period due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower expenses associated with the sale of the NFP Wealth business, $25m of net restructuring savings, and lower compensation expense. Risk Capital operating expenses increased $88m, or 4%, and Human Capital operating expenses decreased $97m, or 8%.