### At a GlanceAon's second-quarter results met expectations, with management emphasizing the execution of its "Aon United" strategy and "3x3 Plan," achieving sustained growth amid a shifting pricing environment. Revenue growth was driven by client demand for complex risk and human capital solutions, rather than reliance on the pricing cycle.

Key Data: Second-quarter organic revenue grew 5%, with all four solution lines achieving 5% growth; adjusted operating margin expanded 70 basis points to 28.9%; adjusted earnings per share were $3.81, up 9% year-over-year.

Business Progress: The company expanded the global deployment of its AI-driven claims management platform, "Aon Claims Copilot," and announced an increase in the underwriting capacity of its data center lifecycle insurance program to $5 billion. Management emphasized that by integrating risk capital and human capital, the company is helping clients navigate complex challenges such as data infrastructure, cybersecurity, and workforce transformation, and has successfully attracted private capital into the insurance market.

Guidance & Outlook: The company reaffirmed its full-year 2026 guidance, including achieving mid-single-digit or higher organic revenue growth, margin expansion of 70 to 80 basis points, strong adjusted EPS growth, and double-digit free cash flow growth.

Risk/Highlight Signals: Management noted that while the reinsurance market faces 15% to 20% rate pressure, strong new business and client retention offset the impact. Additionally, the company expressed confidence that its stock price is below intrinsic value, having repurchased $1.1 billion in shares during the first half of the year.