TacticScaleWhat Aon Does & How It Makes Money (AON)
Updated October 2026 · reflects Aon's latest reported financials
Global professional services firm for insurance brokerage, risk, and benefits. Aon earns commissions and fees for placing insurance and reinsurance for clients, plus consulting, advisory, and administration fees for its risk, health, retirement, and investment services.
How Aon makes money
Aon earns commissions and fees for placing insurance and reinsurance for clients, plus consulting, advisory, and administration fees for its risk, health, retirement, and investment services.
What Aon does
Aon plc is a Dublin-headquartered professional services firm, incorporated in 1979, serving clients across the Americas, the UK and Europe, the Middle East, Africa, and Asia Pacific. It runs two segments. Risk Capital covers commercial risk solutions (retail and specialty insurance brokerage, global risk consulting, captives management, affinity programs) and reinsurance (treaty and facultative placement, insurance-linked securities, capital raising, and M&A and restructuring advice). Human Capital covers health solutions (benefits consulting and brokerage, consumer benefits, talent advisory) and wealth solutions (retirement consulting, actuarial services, pension risk transfer, pension administration, and investment advisory). Aon acts as an intermediary and advisor rather than an insurer, so it earns commissions and fees instead of taking on underwriting risk itself. Its clients include corporations, insurers, public pensions, endowments, and foundations.
Products & services
- Retail and specialty insurance brokerage
- Treaty and facultative reinsurance brokerage
- Health benefits consulting and brokerage
- Retirement consulting and pension administration
- Investment advisory for pension plans
- Insurance-linked securities and capital markets advisory
What is Aon worth?
On an owner-earnings DCF, Aon's most-likely value is about $424 versus a recent price near $273 (55% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$173) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
American International (AIG) · Arthur J. Gallagher (AJG) · Marsh & McLennan Companies (MRSH) · Reinsurance Group of America (RGA)