Human Capital revenue increased $442 million, or 40%, to $1.5 billion compared to the prior year period, largely due to the NFP acquisition. This demonstrates a successful strategic move to expand market presence.

The company achieved 5% organic revenue growth, indicating continued success in its core business operations, driven by net new business and ongoing strong retention.

The Accelerating Aon United Program generated $40 million of net restructuring savings, contributing to profitability despite increased expenses related to the NFP acquisition.

The decline in operating margin is attributed to the integration of NFP, indicating challenges in efficiently absorbing the acquired business. Management will need to focus on improving integration processes to restore margins.

Diluted earnings per share was $4.43 compared to $5.35 per share for the prior year period, indicating a decline in profitability on a per-share basis despite revenue growth.

Cash flows provided by operating activities decreased $169 million, or 55%, from $309 million in the prior year period, primarily due to higher payments related to incentive compensation, interest and restructuring.

The company reported a 2% unfavorable impact from foreign currency translation on revenue, highlighting the ongoing risk associated with operating in numerous countries.

The company is subject to numerous claims, lawsuits, and proceedings, including E&O claims, with potentially substantial damages. Aon has exhausted or materially depleted its coverage under some of the policies that protect the Company and, consequently, is self-insured or materially self-insured for some claims.

The current macroeconomic and geopolitical environment is subject to a number of uncertainties, including geopolitical conflicts, tariffs or changes in trade policies, capital markets volatility, and inflation. These and other factors may contribute to slower or negative economic growth and a challenging business environment for our clients.

While Commercial Risk Solutions revenue increased, the market impact was flat in the quarter, indicating a stable competitive environment without significant gains or losses.

Reinsurance Solutions revenue increased, with organic revenue growth reflecting growth in treaty, driven by net new business and ongoing strong retention, indicating a strong competitive position in this segment.

Talent revenue was lower in the quarter as strength in advisory was offset by a decline in analytics due to a change in the timing of survey data delivery, indicating some competitive pressure or execution challenges in the analytics portion of the business.

Operating expenses increased $663 million, or 25%, to $3.3 billion, due primarily to the inclusion of NFP's ongoing operating expenses, indicating a need for improved cost management and synergy realization.

The Accelerating Aon United Program contributed $40 million of net restructuring savings, partially offsetting the increase in operating expenses, demonstrating some success in improving efficiency.

Compensation and benefits expense increased $366 million, or 19%, primarily due to the inclusion of operating expenses from NFP and expense associated with 5% organic revenue growth, indicating a need for better cost control in this area.

Information technology expenses increased $12 million, or 10%, compared to the prior year period, indicating continued investment in technology infrastructure and related initiatives.

The company continues to support certain technology projects to drive long-term growth and real estate projects to align with our Smart Working strategy, including projects related to our AAU restructuring program.

The Accelerating Aon United Program includes technology-related costs to facilitate streamlining and simplifying operations, indicating a focus on improving efficiency through technology.

The company repurchased 0.6 million shares for $250 million, demonstrating a commitment to returning capital to shareholders.

Total debt increased $616 million compared to December 31, 2024, reflecting financing for the NFP acquisition.

Capital expenditures amounted to $56 million, primarily related to new build out and the refurbishing of office facilities, software development costs, and computer equipment purchases, indicating a focus on improving infrastructure and supporting a smart working strategy.

Management of corporate sustainability risks including those related to ESG matters is an increasingly important priority for our clients. At Aon, helping clients manage risk including those relating to corporate sustainability and ESG - is at the core of what we do.

Aon offers a wide range of risk assessment, consulting, and advisory solutions, many of which are significant parts of our core business offerings, designed to address and manage corporate sustainability and ESG issues for clients, and to enable our clients to create more sustainable value.

Ireland, the U.K., Singapore, and many E.U. member states, among others, have enacted legislation to implement the global minimum tax that is generally consistent with the OECD's proposed Pillar Two tax regime.

The current macroeconomic and geopolitical environment is subject to a number of uncertainties, including geopolitical conflicts, tariffs or changes in trade policies, capital markets volatility, and inflation.

These and other factors may contribute to slower or negative economic growth and a challenging business environment for our clients.

While we remain confident in the resilience and strength of our business and financial model, due to the global nature of our business, the current macroeconomic and geopolitical environment could negatively impact our financial condition and results of operations.