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The brokers Aon and WTW both reported organic revenues of 5% for the first quarter of the year, level with Q1 2024.

Aon’s total revenue in the first quarter increased 16% to $4.7 billion compared to $4.1 billion during Q1 2024, which Aon attributed to the contribution from the NFP acquisition (completed in April 2024) as well as 5% organic revenue growth and a 2% unfavorable impact from foreign currency translation.

WTW’s revenue was $2.22 billion for Q1 2025, a decrease of 5% from $2.34 billion reported for the same period last year, which the broker attributed primarily to its January 2025 sale of TRANZACT, the direct-to-consumer insurance distribution business, which has created some earnings headwinds.

WTW’s Chief Financial Officer Andrew Krasner explained that TRANZACT historically recorded cash inflows in the first half of the year, followed by larger cash outflows in the second half of the year. “So on a full-year basis, TRANZACT’s sale will be a net tailwind to free cash flow. But it was a headwind this quarter and will be for Q2 as well,” he said during the company’s recent analysts’ call.

(Marsh McLennan reported Q1 2025 organic revenue of 4%, compared with 9% during Q1 2024).

Net Income

Aon’s Q1 2025 net income attributable to shareholders dropped 10% to $965 million, compared with $1.1 billion in the prior-year quarter.

WTW’s Q1 net income was $239 million, a 23% increase from the $194 million reported for the prior-year first quarter.

Aon Business Segments

Turning to the brokers’ business segments, Aon reported that its two Risk Capital businesses – Commercial Risk Solutions and Reinsurance Solutions – had organic growth of 5% and 4%, respectively. On the other hand, its two Human Capital businesses – Health Solutions and Wealth Solutions – had organic revenue growth of 5% and 8%, respectively.

Risk Capital’s revenue increased $216 million, or 7%, to $3.2 billion and Human Capital revenue increased $442 million, or 40%, to $1.5 billion.

Organic revenue growth of 5% in Commercial Risk Solutions “reflects growth across all major geographies driven by net new business and ongoing strong retention,” Aon said, noting that performance was highlighted by strong growth globally in core property/casualty business. (Commercial Risk Solutions reported Q1 revenue of $2 billion, compared with $1.8 billion in Q1 2024).

Organic revenue growth of 4% in Aon’s Reinsurance Solutions business reflects “growth in treaty, driven by net new business and ongoing strong retention,” Aon said, noting that these results also reflect a double-digit increase in facultative placements and insurance-linked securities. (Reinsurance Solutions reported Q1 revenue of $1.18 billion, compared with $1.16 billion in Q1 2024).

WTW Business Segments

WTW’s business segments – Risk & Broking (R&B) and Health, Wealth & Career (HWC) reported organic growth of 7% and 3%, respectively.

“The R&B segment had revenue of $1.03 billion in the first quarter of 2025, an increase of 5% (7% increase constant currency and organic) from $978 million in the prior year,” WTW said.

WTW’s HWC segment had revenue of $1.17 billion in the first quarter of 2025, a decrease of 13% (12% decrease constant currency and organic growth of 3%) from $1.34 billion in the prior year quarter.

Topics Agencies Aon