AON

Aon (AON) is back in focus after reporting second quarter 2026 adjusted earnings of $3.81 per share, which topped expectations even as revenue slightly missed, and the company reaffirmed its full year outlook. Aon’s recent earnings beat and reaffirmed guidance come after a mixed price run, with the 90 day share price return up 10.92% while the 1 year total shareholder return is slightly down 2.26%. Recent executive changes and the Sidecar X launch have kept investor attention on how the business is being positioned for future opportunities and risks. Scan how Aon compares with other established insurers by reviewing a curated group of companies that combine positive cash generation with balance sheet strength in the list of solid balance sheet and fundamentals (52 results). The earnings surprise, reaffirmed outlook and recent 10.9% move in Aon now put the focus on what you are paying for that profile. Does the current valuation still leave enough upside to justify the risk? Aon’s most followed valuation narrative pegs fair value at about $399.47 a share versus the latest close of $355.40, which points to a meaningful gap that investors are trying to explain. Read the complete narrative. Want to see what makes that gap plausible? The whole narrative leans on steady revenue expansion, slightly leaner margins and a richer earnings multiple several years out. The interesting part is how those elements combine into a single fair value number. Result: Fair Value of $399.47 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Aon’s story still depends on soft insurance markets not eroding revenue and on higher debt from the NFP deal not squeezing future earnings power. Find out about the key risks to this Aon narrative. The SWS DCF model points to upside for Aon, yet the current P/E of 19.3x tells a more cautious story. It is well above the US Insurance industry at 11.3x and the fair ratio of 13.7x. That gap suggests a real valuation risk if sentiment or earnings expectations reset. For a closer look at what this premium implies for Aon’s risk and reward profile compared with peers, take a moment to review the See what the numbers say about this price — find out in our valuation breakdown. Seen enough to sense where sentiment on Aon is heading? Now is a good time to review the details yourself and weigh both sides of the story with the 3 key rewards and 1 important warning sign. If Aon has sharpened your focus on valuation and risk, now is the moment to widen your watchlist and let data driven screens surface fresh opportunities. Spot potential hidden value by checking companies that screen as 45 high quality undervalued stocks before price and sentiment fully catch up. Strengthen your income ideas by reviewing a focused set of high yield stocks in the 12 dividend fortresses. Reduce downside surprises by concentrating on companies that pass tight risk checks through the 75 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AON. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

It has been about a month since the last earnings report for Aon (AON). Shares have lost about 4.6% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Aon due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Aon plc before we dive into how investors and analysts have reacted as of late. Aon Q2 Earnings Beat Estimates on New Business Wins, Strong Retention Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year.  The top line missed the consensus mark by 0.4%. Organic revenue growth was 5%. The quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. Total operating expenses inched up 1% year over year to $3.3 billion due to higher expenses related to organic revenue growth, investments in long-term growth and unfavorable foreign currency translation. This was partly offset by lower expenses associated with the sale of NFP Wealth. The metric was in line with our estimate. Adjusted operating income amounted to $1.2 billion, up 5% year over year and in line with our estimate. The metric benefited from organic revenue growth, scale improvements in scale improvements in Aon Business Services (ABS) and net restructuring savings, partially offset by growth investments. Adjusted operating margin improved 70 basis points year over year to 28.9%. Commercial Risk Solutions: Organic revenues rose 5% year over year in the second quarter on the back of new business and strong retention rates across North America and EMEA. Revenues in this solution line advanced 5% year over year to $2.3 billion, in line with the Zacks Consensus Estimate. Reinsurance Solutions: Organic revenues grew 5% year over year, driven by increased treaty placements, new business wins and strong client retention, along with growth in facultative placements. Revenues amounted to $711 million, which improved 3% year over year but missed the consensus mark by 1%. Health Solutions: Organic revenues inched up 5% year over year as a result of new business growth, strong retention rates and positive market impact. The solution line’s revenues increased 6% year over year to $818 million, which beat the Zacks Consensus Estimate by 0.4%. Wealth Solutions: Organic revenue growth of 5% was driven by expansion in Retirement and continued demand for advisory services in the UK and EMEA amid ongoing regulatory changes. Revenues totaled $426 million, down 18% year over year. The metric lagged the consensus mark by 3.2%. Aon exited the second quarter with cash and cash equivalents of $1.1 billion, which declined 11.1% from the 2025-end level. Total assets of $53.3 billion increased 5% from the 2025-end figure. Long-term debt amounted to $12.9 billion, down 11.7% from the figure as of Dec. 31, 2025. Short-term debt and the current portion of long-term debt totaled $2 billion. Aon generated cash flow from operations of $556 million, which decreased 30% year over year. Adjusted free cash flow decreased 34% year over year to $483 million. Aon bought back 1.9 million Class A ordinary shares for roughly $600 million in the second quarter of 2026. It also returned $175 million to shareholders through dividends. As of June 30, 2026, the company had approximately $7.7 billion remaining under its share repurchase authorization. Aon expects mid-single-digit or higher organic revenue growth in 2026. The company anticipates adjusted operating margin expansion of 70-80 basis points. It projects strong growth in adjusted EPS for the year. Free cash flow is likely to grow at a double-digit rate, while the tax rate is expected to be in the 19.5-20.5% range. In the past month, investors have witnessed a downward trend in estimates review. At this time, Aon has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Aon has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Aon belongs to the Zacks Insurance - Brokerage industry. Another stock from the same industry, Brown & Brown (BRO), has gained 0.7% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Brown & Brown reported revenues of $1.68 billion in the last reported quarter, representing a year-over-year change of +30.4%. EPS of $1.07 for the same period compares with $1.03 a year ago. For the current quarter, Brown & Brown is expected to post earnings of $1.09 per share, indicating a change of +3.8% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.8% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Brown & Brown. Also, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Aon plc (AON) : Free Stock Analysis Report Brown & Brown, Inc. (BRO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CHICAGO, August 25, 2026--(BUSINESS WIRE)--The latest iteration of the Semi-Annual U.S. Insurance Labor Market Study, conducted by The Jacobson Group, the leading provider of talent to the insurance industry, and Aon (NYSE: AON), a leading global professional services firm, found 89% of respondents intend to increase or maintain staff size in the next 12 months. "While about half of carriers plan to increase their staff sizes in the next 12 months, it seems many companies are hiring to backfill key positions and bring in new talent, rather than hiring for growth, given revenue expectations," said Jeffrey Blair, Senior Vice President of Executive Search and Business Development at The Jacobson Group. "Lower employee turnover, both voluntary and involuntary is a positive trend that may indicate more stability for carriers, but also make recruiting for certain positions more challenging if incumbents are not actively looking to leave their current employer," added Jeff Rieder, Head of Performance Benchmarking, Strategy and Technology Group, Aon. Some of the study’s key findings include the following: In the next 12 months, 49% of insurance carriers plan to increase staff. Eleven percent plan to decrease staff, up from 7% in January and down from 14% one year ago. Technology, underwriting and claims roles remain the industry’s greatest need. Seventy-eight percent of companies expect revenue growth during the next 12 months, up six points from January’s study. Compared to July 2025, recruiting difficulty has decreased in nine of 12 categories. Actuarial, technology and executive roles are the most challenging to fill. During the next six months, 74% of carriers expect most employees to work a hybrid schedule, up three points from January. Seven percent require employees in the office every day, unchanged from January’s study. If carriers follow through on their plans, the industry will see a 0.78% increase in employment during the next 12 months. For more highlights and commentary, view the full results summary and recorded webcast. The insurance labor market study has been conducted semi-annually since 2009. Collecting revenue and hiring projections from carriers across all sectors of the industry, it provides a valuable look at the insurance labor market outlook and hiring trends. The study’s next iteration will occur in January 2027. To be alerted when it opens, sign up for labor study notifications. About The Jacobson Group: The Jacobson Group is the leading provider of talent to the insurance industry. For more than 50 years, Jacobson has been connecting insurance organizations with professionals at all levels across all industry verticals. Jacobson provides insurance talent solutions to support virtually any human capital need. We offer executive search services and comprehensive staffing solutions, including professional recruiting, temporary staffing and interim experts. Follow The Jacobson Group on LinkedIn, X, Instagram and Facebook. About Aon: Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here. Aon UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of regulated products and services in the UK. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Tel: 020 7623 5500. Aon is not responsible for the content of the third party website. View source version on businesswire.com: https://www.businesswire.com/news/home/20260825343235/en/ Contacts The Jacobson GroupWhitney [email protected] AonAndrew Wragg+44 (0) 7595 [email protected]

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Aon stock has delivered a 32.6% total return over the past five years, yet today the intrinsic value estimate from an Excess Returns model points to meaningful upside, while the current earnings multiple suggests the shares trade at a premium. With the stock around US$355.83 and investors weighing recent headlines on both new insurance facilities and client disputes, the signals on value are not fully aligned. A 32.6% return over five years indicates Aon has rewarded patient shareholders, even though the most recent one year period shows a small decline. Growth in Aon's role in complex risk solutions, such as its expanded work on war risk reinsurance and broader use of data and analytics, can support the intrinsic value case, while reputational and contract risks highlighted by disputes like the Columbus City Schools loss may weigh on how the market prices that cash flow profile. Aon scores 3 out of 6 on value checks, which points to a mixed picture rather than a straightforward bargain or an obviously expensive stock. The issue now is whether investors should pay more attention to the Excess Returns intrinsic value estimate, which suggests the stock is undervalued by around 32.8%, or to the richer market multiples that imply expectations are already high. Find out why Aon's -2.1% return over the last year is lagging behind its peers. The Excess Returns model looks at how much profit Aon generates above the return shareholders typically require. On this view, Aon is treated as a business with stable, relatively mature economics rather than a high growth story. The model uses a Book Value of $45.27 per share and a Stable EPS of $22.97 per share, with both figures tied to the company’s historic return profile. With a Cost of Equity of $4.23 per share, Aon’s estimated Excess Return of $18.73 per share implies the business earns more on its equity base than investors usually ask for. The Average Return on Equity of 41.51% and a Stable Book Value assumption of $55.33 per share feed into an intrinsic value estimate of about $529 per share, compared with a current share price near $355. Despite the Columbus City Schools dispute highlighting reputational and contract risk, the market price still sits well below what the Excess Returns model suggests the equity is worth. On this Excess Returns view, Aon stock appears undervalued at current levels according to the model’s assumptions. Our Excess Returns analysis suggests Aon is undervalued by 32.8%. Track this in your watchlist or portfolio, or discover 50 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Aon. The P/E ratio suits Aon because earnings remain a central yardstick for mature, fee-heavy businesses. On this measure, Aon trades on about 19.3x earnings, which is below the peer average near 25.8x and above the broader insurance industry average around 11.5x. That indicates the market is already paying a premium to the sector for Aon, while still pricing it below closer peers. The tailored fair P/E for Aon is estimated at about 13.7x. This is lower than the current 19.3x, so the stock appears overvalued on this framework even though it does not sit at the very top of the peer range. The gap suggests investors are willing to pay more for Aon’s earnings stream than the model implies based on its profile and risks. On the P/E multiple, Aon stock appears overvalued compared with what the fair ratio and sector benchmarks would suggest. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives aim to connect Aon's valuation puzzle with concrete expectations for its future growth, margins and earnings that would need to hold for the stock to be worth materially more or less than today’s price. They sit on the company’s Community page. Each one ties a fair value to a specific storyline about Aon's potential catalysts and risks so you can watch over time which version of events appears to be unfolding. If you have a number driven view on whether Aon's expanding role in areas like the Ukraine war risk reinsurance facility or the Columbus City Schools findings should matter more for the long term story, share a Narrative on the Community page and put your thesis on record. This gives you a clear way to track how your case holds up as new results and news come through. Do you think there's more to the story for Aon? Head over to our Community to see what others are saying! Aon sits in a genuine valuation tug of war. The Excess Returns intrinsic value estimate points to the stock as undervalued, while the P/E view flags it as overvalued relative to a tailored fair multiple. That split largely comes down to whether you focus on the cash flow power of Aon’s mature model or on what the current earnings multiple already assumes about growth and sentiment. The crux from here is whether Aon can sustain its earnings profile without reputational or contract issues, such as the Columbus City Schools dispute, eroding the case that the current discount is an opportunity rather than a value trap. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AON. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Wednesday, July 29, 2026 at 8:30 a.m. ET President and Chief Executive Officer - Gregory C. Case Chief Financial Officer - Edmund Reese Operator: Good morning and thank you for holding. Welcome to Aon plc's Second Quarter 2026 Conference Call. At this time, all parties will be in a listen-only mode until the question-and-answer portion of today's call. I would also like to remind all parties that this call is being recorded. If anyone has an objection, you may disconnect your line at any time. It is important to note that some of the comments in today's call may constitute certain statements that are forward-looking in nature. As defined by the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. For information concerning these risk factors, please refer to our earnings release for this quarter and to our most recent quarterly or annual SEC filings. All of which are available on our website. Now it is my pleasure to turn the call over to Gregory C. Case, President and CEO of Aon plc. Gregory C. Case: Thanks, Dylan, and good morning, everyone. Thank you for joining our second quarter earnings call. I am here today with Edmund Reese, our CFO. And as always, the financial presentation, which Edmund will reference, is available on our website. Consistent execution, the strength of our Aon United strategy accelerated through the 3x3 Plan, the resilience of our business model produced second quarter and first half results in line with objectives. In addition, our investments in talent, technology, and innovative capital solutions continue to strengthen the value we deliver, expand our addressable market and drive sustainable growth. As we enter the second half of 2026, we are well positioned to deliver on our strategic and financial commitments and continue generating long-term shareholder value. My remarks today focus on three areas. First, our client demand continues to grow as organizations navigate increasingly interconnected risk and workforce challenges. Second, our organizational structure, which brings together risk capital and human capital and is supported by Aon Business Services, and our substantial investments, drive our ability to meet client demand and differentiate Aon in the marketplace. And third, how our investments are translating into strong client impact durable growth, and confidence in our ability to deliver through the cycle performance. Let's start with the external landscape. The environment facing our clients continues to evolve rapidly. Geopolitical uncertainty remains elevated, Economic growth remains uneven. Cyber threats continue to increase in frequency and sophistication. Climate-related risks continue to challenge traditional underwriting and capital allocation models. At the same time, organizations are adapting to profound workforce changes. The common thread across these developments is increasing complexity. As complexity rises, decision-making becomes more difficult and the cost of being wrong is more consequential. Clients are seeking greater clarity around risk exposure, capital allocation, and workforce strategy. They need integrated solutions and trusted partners who can help them navigate uncertainty, rather than simply react to it. This is creating growing demand for the capabilities that distinguish Aon in the marketplace. Our expansion of Aon Claims Copilot during the quarter is one example. Building on our successful launch in November, our expansion across North America Asia Pacific and EMEA, brings a substantial portion of our global claims management information onto a single technology platform. Claims Copilot, recently recognized by Business Insurance, as the innovation of the year enables delivery of a globally consistent claims experience for clients, while strengthening our ability to generate insights to inform placement negotiation, and broader risk strategies. This expansion underscores our continued investment in AI-enabled technology and innovation to help clients navigate the current environment. Importantly, Claims Copilot enhances our strong track record of claims performance. Over the past decade, we have helped clients recover more than $10 billion in financial value, from overturned denials through our advocacy. By combining that expertise with Claims Copilot, we are helping clients achieve better outcomes. The same dynamics that increase demand for our capabilities are also driving demand both within the segments where Aon is historically strong and in areas where we see opportunities to expand our addressable market. Our enterprise large and middle market clients have complex needs. They are seeking insight, advice, and execution, not just transactions. And their decisions depend on combining data analytics expertise and judgment. Organizations are increasingly seeking to new sources of capital to fund growth and managing volatility. Aon, is creating opportunities to engage with private equity firms and other capital providers helping clients access the risk-bearing capacity necessary to support their strategic objectives. The opportunities we see today are the result of deliberate decisions we have made over the years. Aon United remains at the center of our strategy and underpins our competitive advantage. The concept is simple. Yet powerful. By bringing together expertise across risk capital and human capital, we create more value for clients, expand access to capital, and drive growth. Aon Business Services is foundational to this strategy. And over the last several years, we have accelerated investment to improve our ability to diagnose risk access capital, deliver better outcomes for clients. Our advantage has never been rooted in technology alone. It always comes from combining deep expertise trusted relationships, and proprietary insights to help clients navigate important decisions. And that is particularly evident in areas where we develop substantial proprietary data and expertise. Within Talent Solutions, for example, we are helping clients understand how AI will reshape workforce strategies. Our ongoing investments and capabilities such as Radford McLagan compensation database and our proprietary AI sensitivity tool are enhancing insight we bring to clients as they assess the impact of AI on their organizations. And make informed talent decisions. And as clients reskill and redeploy talent, we are helping them strengthen the employee experience. For example, through Aon Activate, our data-led, AI-powered total rewards and benefits platform organizations can deliver a more connected, personalized experience across benefits, well-being, pensions, and rewards. These capabilities are helping clients address both sides of the workforce transformation. Enabling employees to adapt to the changing nature of work, while enhancing the experience that supports them. Across the firm, we see growing evidence our technology investments are enabling our strategy and enhancing value for clients. Organizations increasingly turn to us to help them navigate some of their most important strategic decisions around digital infrastructure and data centers. A recent engagement with one of the world's largest technology companies demonstrates the value of our integrated approach. As the client accelerated its investment in large-scale digital infrastructure, traditional risk solutions were no longer sufficient. We brought together expertise across commercial risk and reinsurance to help redesign the client's risk financing strategy. Expand available capacity, and improve operational efficiency. Importantly, the client was looking for a strategic partner. That could help reimagine the process using technology. Integrate more effectively with its own sophisticated systems, and create a more data-driven approach to managing risk, and capital. And this is not a one-off example, but reflects a broader opportunity as companies across tech are turning to Aon to help address their complex risk resilience, and capital challenges through coordinated solutions. The scale of this opportunity and the value we bring to clients further reflected in the continued expansion of our data center lifecycle insurance program. Last week, we announced an increase in program capacity to $5 billion while broadening the integrated risk solutions we provide to support digital infrastructure assets throughout their lifecycle. We are also seeing increasing demand from private equity and other capital providers as they seek differentiated insights and capability to deploy capital more effectively. As we deepen our relationships with these firms, we are creating and helping connect institutional funds with opportunity. While creating new sources of capital for clients and providing investors with access to uncorrelated risk and return streams. In doing so, we are expanding the addressable market. Strengthening resilience, and reducing the protection gap for clients. Demand for our integrated capabilities is proving equally powerful in the middle market. Where we continue to see increased adoption of data-driven analytics and greater collaboration across solution lines. We are expanding our middle market platform through our programmatic tuck-in strategy, have deployed more than $350 million in capital year-to-date. Including opportunities that enhance our MGU and MGA capabilities. At the same time, we continue to draw on our ABS platform to accelerate NFP's growth. The success we are seeing today reinforces our confidence in continuing to invest behind these opportunities, to further expand and strengthen our middle market platform over time. Taken together, these examples demonstrate how we connect risk, capital, and people solutions to drive stronger client outcomes and expand our opportunities. The continued demand for our capabilities reinforces the power of what we have created by integrating risk capital and human capital and is translating into strong financial performance and momentum. Turning briefly to our second quarter results. We delivered 5% organic revenue growth, achieving mid-single-digit or greater organic growth across all solution lines. 70 basis points of adjusted operating margin expansion 9% adjusted EPS growth and $483 million of free cash flow. Edmund will discuss our financial performance and capital allocation strategy in greater detail, but I will note that our balance sheet remains strong and flexible. Supporting our disciplined approach to capital allocation. Looking ahead, we are confident in the trajectory of the business. The environment will continue to evolve. Pricing conditions will change. New technologies will emerge. Capital and client needs will continue to become more complex and interconnected. However, these dynamics increase the relevance of Aon's capabilities. Organizations increasingly need insight, expertise, and execution that span risk, capital, and workforce decisions. They need partners capable of helping them operate confidently amid uncertainty. Now more than ever, we are exceptionally well positioned to meet that need. Our organizational alignment around risk capital, human capital, supported by Aon Business Services further strengthens our ability to bring together distinctive capabilities on behalf of clients. As our capabilities expand and client relationships deepen, we continue to see growing opportunities to create value. And for our 3x3 Plan, we are focused on continuing to execute with discipline, and build on capabilities that support growth well beyond the plan. Finally, to our more than 60,000 colleagues around the world, Thank you. Thank you for your commitment to our clients, each other, and your Aon United strategy. Your dedication continues to drive our success and position us for long-term growth. Now let me turn the call over to Edmund. Edmund? Edmund J. Reese: Thank you, Greg, and good morning, everyone. Before turning to the details of our second quarter results, I want to frame today's discussion on the continuation of a consistent theme through the cycle performance. Over the past several quarters, disciplined execution across our business and financial model has translated into a consistently strong performance. In line with or above industry across the key financial metrics including organic revenue growth. As we move into the second half of 2026, our underlying business and financial model the foundation of that performance remains unchanged. What has evolved is the environment in which we are executing. We are operating in a period characterized by both the transitioning pricing cycle and an accelerated pace of technological change. Periods like this increase the dispersion across outcomes. and bring into sharper focus to business models that are structurally advantaged and built to perform through the cycle. Against that backdrop, our results continue to reflect differentiated performance. We are delivering top-line growth, expanding margins, and generating strong free cash flow. Our consistency, particularly in a changing environment, is an important signal. It reflects not just execution in a single period or given quarter, but the durability and persistence we expect from our underlying model That durability is grounded in structural decisions we have made over time. Our client-centric organizational model Aon United, now established over more than 15 years. Aligns how we deliver solutions, invest in talent, and allocate capital. Combined with our early and continued investments, in data and increasingly AI-enabled analytical capabilities, we are enhancing the quality, speed, and relevance of the insights we deliver to clients. As value continues to shift toward insight-led decision-making that drives client outcomes, that advantage becomes even more pronounced. We also recognize that the current pace of technological change broadens the range of potential long-term outcomes. Importantly, our disciplined approach remains consistent. We continue to make deliberate high-conviction investments, many of which generate value today. And build strategic advantage over time. Regardless of how the technology landscape evolves, these investments act as catalysts to strengthen our competitive advantage and support sustained growth that compounds. Areas like this tend to further differentiate strong businesses. And as we look at our performance and our positioning, we believe that is exactly what is occurring. In the changing environment, consistent performance is the clearest signal. And that is what our results continue to demonstrate. So with that framing, let's turn to our second quarter results. On slide 5, you see the second quarter results. Organic revenue growth was 5%, and total revenue increased 2% year-over-year to $4.2 billion. Adjusted operating margin expanded by 70 basis points for the quarter and reached 28.9%. Adjusted EPS was $3.81, up 9% year-over-year. And finally, we generated $483 million in free cash flow. Let's get into the details of these results starting with organic revenue growth on Slide 6. Organic revenue growth was 5% in the quarter, in line with our mid-single-digit for better guidance. Growth was broad-based with all four solution lines, delivering 5% organic revenue growth, reflecting the strength of our diversified business mix, and the consistency of the growth drivers underpinning our performance. That consistency is most evident in new business which has contributed nine to 11 points for nine consecutive quarters. Providing a durable foundation for sustainable growth through varying market conditions. And commercial risk organic revenue growth was 5% reflecting continued strength in our core P&C business. Where new business generation and higher retention drove meaningful contribution from EMEA and North America. Construction delivered a fifth consecutive quarter of double-digit growth as we continue to convert our record data center pipeline. Additionally, our MGA and MGU platforms benefited from ongoing client demand for specialized underwriting solutions. M&A services were lower year-over-year against the Q2 2025 comparison that benefited from elevated closed deal activity. While this tempered overall commercial risk growth in the quarter, announced transaction volumes are up over 60% which is reflected in a stronger second half pipeline. Reinsurance delivered 5% organic revenue growth to despite meaningful rate pressure in the market. Treaty growth reflected continued strong new business activity including the addition of new logos, which more than offset 15% to 20% lower rates. While facultative placements continue to perform well globally. Growth was further supported by double-digit performance in our strategy and technology group, underscoring the increasing value clients place on analytics, and access to alternative capital solutions. Finally, as part of our risk capital structure, reinsurance performance reflects continued contribution from our data center development efforts. Given that we typically deliver approximately three quarters of annual treaty revenue during the first half of the year, we have strong visibility into our full-year outlook. The strength of our results through six months combined with the continued momentum in international facultative placements, and strong demand for our strategy and technology group solutions. Reinforces our confidence in delivering full-year organic revenue growth consistent with our mid-single-digit or greater objective. Health solutions grew 5% in the quarter driven by continued strength our core health and benefits business, particularly in EMEA where demand for global benefits remains strong. Growth also benefited from improved performance in talent solutions as we converted a strong pipeline. Along with contribution from NFP, particularly in executive benefits. Employers continue to face rising health care costs, evolving workforce needs, and increasing benefits complexity. All of which drive demand for our health analytics. Finally, wealth generated 5% organic revenue growth. Reflecting sustained demand for regulatory and valuation work across the U.K. and EMEA. In addition, the demand for increased pension risk transfer solutions in the U.S. as plan sponsors resume evaluating derisking opportunities and seek to improve balance sheet efficiency. Turning to the key components of our Q2 organic revenue growth on slide 7. A key driver of predictability in our revenue profile is the consistency of our new business performance. In Q2, new business contributed 10 points to organic revenue growth supported by a balanced mix of new client wins and expanding our share of wallet with existing clients. Our sustained investment in revenue-generating talent is a meaningful driver of the consistent new business contribution. The 2024 and 2025 cohorts contributed approximately 100 basis points of organic revenue growth in the quarter. With their impact increasing as productivity ramps. Revenue generating headcount is up 3% year-to-date. And given the opportunities we continue to see across priority growth areas, including construction, energy, and health, We remain on track to expand this population by 4% to 8% despite the competitive talent market. Retention remained strong at a mid-90s level. Continued improvement in commercial risk up 40 basis points and reinsurance up 20 basis points. Reflect increased engagement through our enterprise client group, enhanced service delivery from ABS, and our ability to provide differentiated access to both traditional and alternative forms of capital. Net new business contributed 5 points to organic revenue growth in the quarter. Net market impact, which captures the impact of rate and exposure, was modestly positive and within our expected zero to two-point range despite softer pricing environment in P&C and reinsurance. Importantly, these results reflect the durability of our business model, across market cycles. With growth driven by business investment and client demand rather than pricing cycles. And one final point on revenue, second quarter fiduciary investment income was $58 million. down 12% from the prior year as higher average balances were more than offset by lower interest rates. On slide 8, Q2 adjusted operating income was up 5% to $1.2 billion, and adjusted operating margin expanded 70 basis points to 28.9%. This margin expansion reflects the impact of lower rates on investment income from fiduciary balances, benefit from the Aon United restructuring program, and most importantly, continued operating leverage enabled by our scalable ABS platform. All of which were in line with our expectations. The scale advantages created through ABS, including AI-enabled productivity improvements and disciplined expense management, continue to lower unit costs across our operations, while increasing our capacity to invest. This is the power of the ABS growth engine. Generating operating leverage that funds growth investments enabling us to broaden the addressable market and deliver sustainable top-line growth, while continuing to expand margins. Restructuring savings were $25 million in the quarter, contributing approximately 60 basis points to our adjusted operating margin. We remain on track to deliver $100 million of savings in 2026, advancing toward our goal of $450 million in total savings by 2027 with 2026 marking the final year of our restructuring investment. Moving the interest, other income, and taxes on slide 9, Interest income was $5 million in the second quarter driven by interest earned on proceeds from the sale of NFP wealth. Interest expense came in at $179 million. $33 million lower than last year, primarily due to lower average debt balances. We expect Q3 2026 interest expense to be approximately $185 million. Other expense was $15 million lower than last year driven by remeasurements of balance sheet currency exposures and lower noncash pension expense. We estimate Q3 2026 other expense to range between $15 million and $20 million Finally, the Q2 effective tax rate was 20.1%. up 360 basis points over Q2 2025 which benefited from a favorable discrete tax item. We continue to expect a full-year tax rate of 19.5% to 20.5%. Turning now to free cash flow and capital allocation on slide 10. We generated $483 million of free cash flow in the second quarter. As expected, Q2 2026 free cash flow included $267 million of tax impact from the NFP wealth sale proceeds. Importantly, strong operating income growth offset that headwind highlighting the strength of our cash generation. Through the first six months of the year, free cash flow is up 4% and we remain confident in our ability to deliver double-digit free cash flow growth in 2026. Running the capital on the right-hand side of the page our strong free cash flow generation enables us to continue to execute our disciplined capital allocation model. Balancing investment for growth with capital return to shareholders. We remained active on M&A and allocated $29 million to targeted tuck-in acquisitions in middle market to align with our strategic priorities and return thresholds. Consistent with last quarter, shareholder return represented the largest use of capital in Q2. In total, we returned $775 million, including $600 million in share repurchases. Given the dislocation in the market, we opportunistically accelerated repurchases during the first half of the year reflecting our conviction that Aon's share price remains well below the firm's intrinsic value. As always, our objective is disciplined capital allocation. That maximizes long-term shareholder value. We have exceeded our objective of at least $1 billion in share repurchases for the year and we have continued strategic flexibility. We remain well positioned to allocate capital towards the highest return opportunities available, whether through high return accretive M&A or incremental shareholder return. I will conclude my prepared remarks on slide 11 with a few thoughts on our financial objectives and 2026 guidance. Our second quarter results and our results through the first half of 2026 reflect the strength of our business, and financial model. Disciplined execution of the 3x3 Plan, and the durability of our through the cycle performance. The underlying drivers of growth remain firmly in place. We are generating sustainable organic revenue growth through consistent new business generation and high retention. Translating that growth into strong earnings through operating leverage, and converting those earnings into double-digit free cash flow growth. As a result, we are reaffirming our 2026 full-year guidance, including mid-single-digit or greater organic revenue growth, 70 to 80 basis points of margin expansion, strong adjusted earnings growth, and double-digit free cash flow growth. Before we move to Q&A, I want to leave you with one final thought. The structural advantage we have built through our Aon United strategy operationalized through risk capital, human capital, and ABS. And our investment in AI-embedded technology within ABS, are increasingly differentiating our performance and serving as a catalyst for durable growth. We enter the second half of the year with greater visibility, significant financial flexibility, and confidence in our ability to continue creating value for clients, which fuels sustainable growth and long-term shareholder value creation. With that, let's open the line for questions. Dylan, back to you. Operator: Thank you. We will now be conducting a question-and-answer session. We ask that you please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one on your telephone keypad. The confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. Before pressing the star keys. One moment, while we poll for questions. Our first question comes from David Motemaden with Evercore. Please go ahead. David Motemaden: Just had a question on Commercial Risk, Edmund, you had called out M&A services. As something that tempered the growth this quarter. I am just wondering if you could maybe size that And you also mentioned a stronger second half pipeline. How we should think about that contributing for the rest of the year. Edmund J. Reese: Sorry, David. Good morning, and, thanks for the questions. I was on mute there for a moment. The momentum I think the first thing I would say about commercial risk is the momentum continues to build here. Remember, we are in a lower rate environment commercial risk was 5% in the quarter, 6% through the first six months, well within our mid-single-digit or greater results. You are right that I highlighted M&A services muted the growth for the quarter. And remember, it was growing over an elevated Q2. But the important point is that announced transactions are up over 60%. That is reflected in our pipeline. We get the revenue on M&A as the deals close. And I will say that M&A becomes a tailwind for the rest of the year given our leadership role, within TMT. But the important thing here is that every other significant component of revenue within commercial risk was mid-single-digit or greater. The growth was broad-based across the regions. I talked about strength in EMEA. Talked about strength in North America in our core P&C business. I also emphasized the growth in the priority areas. You saw a fifth consecutive double-digit quarter in construction. That is data center, but I would also highlight defense builds and pharmaceutical builds as well. And we are progressing in the specialty business, especially as we combine NFP with our legacy platforms and integrate some of the companies that we just acquired. For us, the key is the consistency of the growth drivers here. New business was up over 10% contribution. That is the thing to focus on. that is very much supported by the priority hires that we have. Retention was up another quarter by 40 basis points. that is our Aon Client Treaty helping us win RFPs, and we are rolling that out across our different clients. And the net market contribution was still positive. So M&A will be a tailwind as we move forward. We will continue to focus on our investments, the drivers of growth, talent, and technology. that is what gives us confidence in the guidance moving forward. But, Greg, anything you want to add on this? Gregory C. Case: Well, I think that was a terrific summary. I would say, David, look step back for a second. Edmund talked about 5% with a little bit of headwind from one of our strongest businesses on M&A services. With a strong second half. But what I would just add is just a reflection on the observation on risk capital. You see it in commercial risk. We may talk about it in reinsurance as well. Risk capital, this construct where you are bringing an integrated view to a client in a very unique way, bringing content, capability, and expertise. Our colleagues showing up together in the most important environments. This is a source of great strength. And it really is cutting across the entire business, as Edmund described. I think about some of the some of the work we have done on the data center front, some of the biggest balance sheets in the world, and our ability to bring new insight around how they understand, exposure, how they transact risk, how they execute it, how they access capital, access capital well beyond traditional, including traditional well beyond, is just really a proof point around the strength of risk capital. And you saw that show up in quarter as well, along with all the details that Edmund described. David Motemaden: Great. No, thank you for that. Maybe just following up, just on the pricing environment. Within commercial risk, as well. So you know, noted the modestly positive market impact. what is your outlook on that as we go forward throughout the rest of the year, the pricing environment? Is obviously changing. It sounds like casualty pricing is moderating around the edges. Do you guys think that you can continue to offset some of the moderating pricing and market impact with net new business? Gregory C. Case: Well, let me start, then I mean, feel free to add as well here. But listen, we start I will start. He will probably finish as well. We are absolutely committed to mid-single-digit or greater under any pricing cycle. This is not about pricing cycle for us. This is about client need and client response. And for us, are gonna drive mid-single-digit or greater irrespective. But the commentary, if you step back, think about it from a macro view, versus quarter to quarter, demand continues to outpace supply as you think about the complexity of risks. We are talking about that. Risks are going up. In all the different traditional areas. We talk about the four megatrends in trade, technology, weather, workforce. The new areas, data centers. All these are sources of demand. And as that, you know, as that demand continues to increase for all these reasons, that is going to work its way through pricing conditions over time, in our view, over the long-term. And we are seeing a number of different things that are happening in the micro markets, and you are right on property is down. Casualty is still going up but slower, and we are seeing flattening in different areas. But net, the real punch line here for us is we support clients in different pricing environments, unit pricing environments. It changes the way we help them change the way they think about their overall structure. And again, that is back to the power of what risk capital is all about. Helping them understand, measure, and mitigate risk, some through insurance, some through retention, whole range of different approaches. And that is the that is the power of client leadership you know, with what we are doing in the 3x3. Edmund J. Reese: David, this is one of the--to Gregory's point, this is one of the most important questions that emphasize on the call. It was the key theme in our prepared remarks, which was performance through the cycle. Q2 is a heavy property quarter. And reinsurance, as you know, is weighted towards the first half of the year. So those are the two biggest areas of pricing impact, and we are still performing despite the rate pressure there. And that reiterates the point that we have been making, that our organic growth is more correlated to business investment in property and equipment, so nominal GDP, much less correlated to pricing. Gregory's point is exactly right that we look at these as micro markets. Property has been down to Gregory's point, casualty still growing but maybe growing at a lower rate. there is a different dynamic on D&O, a different dynamic on cyber, which are probably flat to low-single-digit. And we see differences by client segment as well. More muted, declines in the middle market, for instance. So when you think about that, we still expect the net market impact to be in line with our expectations of zero to two points. it is been positive throughout this, and we expect that to continue here. So to Gregory's final point, that has us confident in our mid-single-digit guidance or greater moving forward. David Motemaden: Awesome. Thank you. Operator: Our next question comes from Rob Cox from Goldman Sachs. Please go ahead. Rob Cox: Hey, good morning. Just a question on the reinsurance business. So the 5% organic growth, which I think is impressive, compared to any period with this level of property cap pricing declines. And maybe the answer relates to some of your prepared remarks But my question is, if you think there is something that has structurally changed within Aon's reinsurance business to make it more resilient here, or is there something unique about this time frame from a cyclical standpoint with facultative or cat bonds that is supporting the growth? Gregory C. Case: Well, Rob, Edmund just described in a prior question as one of the most important on performance in the cycle. Your question around is structure changing and making a difference to our ability to serve clients. We will spend all day long on that if we want to. The answer is a resounding yes. It has been 15 years of continuous investment around connecting the firm. Operationalizing through risk capital and human capital, and then creating this massive engine called Aon Business Services which coordinates data and content such that we can bring it together on behalf of clients. And to us, Q2 in reinsurance is another example of exceptional performance in the quarter, but really, this is this is a series of, you know, great performance quarters and real momentum in the first half of the year and going forward. For all the reasons that Edmund described in his remarks and the pricing cycle, etcetera, all you described by the way, I would just highlight as well, we are disproportionately privileged to have the share we have got on the on the property side. We are glad to have it. So this is maximum pressure from that standpoint. What we have done against that is just continue to grow the business. And this, again, reflects the power of risk capital. This is, if you think about it, integrated capability. You know, the ability to kinda help clients calibrate exposure, not just insurers, but clients around the world. When you think about the biggest technology, the technology example I provided in my remarks, was, you know, a very, very large sophisticated client. Massive balance sheet, trying to think about data center investment digital infrastructure investment, how do they calibrate exposure? How do they think about their risk strategy? Then seriously, having done that, that requires a level of analytics that is not just commercial risk analytics. it is reinsurance analytics. It is it is what Aon Business Services gives us that no one's ever had before. But the data source and dataset we have got, the way that it is been curated, the way that the fidelity of that content is just different. And if you show up not just with the content, with a group of colleagues who are together acting on behalf of a client, you are going beyond somebody's P&L. You are going beyond who gets credit. You are just serving a client. And we are seeing that show through, and you see that in reinsurance where just a disproportionate amount of content that actually is provides tremendous value across our entire portfolio beyond the reinsurance piece, in addition to just basic raw horsepower in treaty and fac. I mean, ILS, a record first half, and we are, you know, we are we are near half the business. On the ILS front. So it is absolutely core in the key areas capital advisory. But really, this construct of risk capital, the organization of risk capital and human capital and how they put together that is different. That exists nowhere else. And for us, that client response to that has been tremendous, you see it in Q2 and reinsurance. Rob Cox: Thank you. And just a follow-up. Wanted to ask on AI adoption It seems like from the outside, there is somewhat of a divergence between large insurance brokers with respect to partnering with external firms or building internally to achieve their AI strategy. Was just hoping you could talk about Aon's approach with respect to that and your confidence that it is the right move for Aon. Gregory C. Case: Well, listen. I would build off, Rob, the history here. We did not start with an AI strategy. That to us does not exist. AI accelerates what we have been working on. And, actually, in many respects, the track we laid down over the last 15 years to connect our firm, then again, how we operationalize this risk capital, human capital, and Aon Business Services means we have already been doing multiple, multiple years of work connecting the dots such that we can actually bring together a data lake different than anyone else could do. We could curate it and create fidelity around that data in way no one else could do. We could then, by the way, that is not enough. It is not just about the analytics. It is about how you get it in the hands of the great practitioners, the trusted advisers who sit across the table from clients. And that is it is, again, the organization of risk capital and human capital and how we deliver it. All those things, Rob, are in place. And then all of a sudden, we get we get an acceleration opportunity, and that is AI. And we have been doing artificial intelligence for quite some time, and, you know, engineering of our business for quite some time, machine learning, but really, it is a generative AI, which is an accelerant for us. So for Aon, this is a massive opportunity to actually accelerate what we have already been working on. It is not a new strategy, an accelerator. And we are working with all the partners. And we are happy to chat with them. By the way, one of the things we bring to the table that is fundamentally different is not just productivity orientation. We are we orient around revenue. We orient around growth. If you think about the analyzers that we have got, the risk analyzers, the health analyzers, Think about what we have done in Aon Client Treaty, what we are we just announced what we are doing on the overall global exchange in terms of how we are thinking about our business. So these are things that are revenue-generating engines on behalf of clients that are driven and reinforced through our ABS strategy with AI. So you know, for us, it is not about coming up with something new and hoping we have the right strategy. We tap into the best partners in the world and everywhere we can to accelerate proven strategy. And Edmund, I think, described it very well at the end of his remarks. This is what is making a difference for us. And it is making a difference for us with clients in terms of how many we win, how we retain them and what we do with them. And it is just a very integrated approach data-driven, analytics-driven through our colleagues that really is responding to very specific client needs. And that is really that is how we think about it. Rob Cox: Got it. Thanks for all the color. Operator: Our next question comes from Tracy Benguigui with Wolfe Research. Please go ahead. Tracy Benguigui: Good morning. You have linked commercial risk organic revenue growth to nominal GDP rather than price but it is worth noting that hyperscaler CapEx is roughly $750 billion. It probably counts to two points. Of nominal GDP. So let's say ex-hyperscaler closer to 3.5%. So on that note, I am curious, what is the largest known limit or shared underwriting capacity available per data center development since I think individual projects could reach $20 billion to $50 billion And given hyperscaler's balance sheet dwarfs the entire insurance industry, is this mostly risk self-insured with more fee-based rather than commission-based. Edmund J. Reese: So it is it is a great question. We actually just had one of our leaders leading this actually write an article on that particular or actually respond to an article on that particular item. First, for us, you know that we have now increased our facility itself to $5 billion. Over 30 carriers participating in that. We think because of the point that you are raising, we will actually need nontraditional capital as well, and we have been working with it. But to answer your specific question, we started out doing sort of single-billion-dollar types of data centers. We now, I think in that article, you saw can do for a single facility up to $1.3 billion for a single facility. But the point is these facilities are costing the amount that you just talked about. You mentioned $15 billion to $20 billion. We think some are $40 billion to $50 billion, and that is going to require capital that goes beyond traditional insurance capital. And that is back to the remarks Gregory was making at the beginning. The key for us is that we have a leadership position here. We talked about a pipeline being up over three times what it was last year. We are seeing that flow through our revenue. We have been advising on data centers. We have engineering expertise. Our facility is one of the largest out there. It is a driver of growth for us moving forward, but we think there is an opportunity for all to grow thinking about the size of these facilities. Gregory C. Case: But, Greg, yes. I just said, you summarized it perfectly. And Tracy, this is it. I mean, this is this is the old game. If you think about the next big frontier and what we can do together as an industry, this is the fight for relevance. How do we bring it? You are 100% correct. On a $4 trillion capital pool, which is the insurance world, which we love, wonderful partners every day, it is not big enough. But by the way, tremendous expertise, tremendous insight. What we have to do is draw capital into our industry in a way in which they see the opportunity for meaningful return, and they come in and serve. And against that pool, Tracy, it is not the $4 trillion. It is a $250 trillion pool. So this is accessing pension, sovereign funds, private equity, etcetera. And look what Aon's doing. We are doing traditional in the way Edmund described. In addition, the content that we have is drawing capital from outside the industry into this category. And ask yourself, what is the engine that does that? It is not our goodwill. It is our content. It is our analytics. When we can do the work and show them exactly how to come into our industry, how and where they are gonna make a return, and have it durable enough that they will bet their balance sheet. A pension fund, a sovereign fund, a private equity firm, then we have increased capacity. The TAM is always there in the insurance world, you know, addressable market. We just cannot access it because we cannot actually bring capital in until Aon came along with this construct called risk capital. And the data and the analytics to pull it in. So for us, we love your challenge. And by the way, the knife edge here is if we bring it in, we are becoming more and more relevant. If you do not, we will do fine work, but we will not actually make a meaningful difference as an industry. What the potential is here. We like our chances because we think the return opportunity is tremendous. And frankly, the way to think about risk management in a data center goes way beyond just the build of the ongoing performance. If you get the risk management right and you get the you get the risk dispersed in the in the right and understood in the right way, you frankly can change the operating cost of a data center. You can change the volatility Although, remember, business interruption here is gonna be measured in millions of dollars a minute. You change the game, and that is our aspiration. And that is what we are trying to do with risk capital. And it is a massive opportunity. We think it is unique in our industry's history. I am really enthused on this topic. Tracy Benguigui: I appreciate the response, but can you just clarify this more fee-based business? Gregory C. Case: it is value-based business. Show up with a client and you provide value, you then provide compensation. it is all the different angles. We are not discriminating in either way. We provide value. We do fine. And if we do not provide value, we are not relevant. We do not get we do not--we do not get compensated. From our standpoint, we think the opportunity for you know, value creation in so many different angles. The build, the operations. By the way, not just the hyperscaler. it is also the money being raised to fund the hyperscalers. it is the builders who, frankly, cannot get in the game. I mean, there are 50 builders, 100 builders trying to do this. Many of them have never really done this before. They cannot get financing unless they get the risk capital and their risk management right. They cannot, you know, so in our view is there is opportunities here all along the value chain, and all of which, by the way, if you add value and help them succeed, you are gonna do very, very well from a payment standpoint. Tracy Benguigui: Great. And my follow-up is, I believe at our RIMS conference, Joe Peiser has spoken about a pricing correction over 18 months rather than a traditional soft cycle is that correction included in your organic revenue outlook? Edmund J. Reese: Look. Again, you I mean, you hit on it the beginning of your first question. We think the correlation explanation of variance between pricing and our organic revenue growth is low. We continue to emphasize sort of the nominal GDP point that you just raised. But we do think in listening to Joe's comments, I think they are indicative. We do think this pricing cycle and environment is more nuanced than a single cycle. We view these, as Gregory said earlier, as a collection of micro markets across geography, across product and segment. Some of those products are going in different directions right now. The key point, and I think the point that Joe was raising, is that structural risk trends primarily loss severity argue against an extended prolonged softness. So the duration is likely measured. And we are also beginning to see sort of underwriting focus limiting some of the aggressive price competition as you look at the carriers here. For us, our focus is gonna continue to be client-centric. We are hyper-focused on helping our clients in this environment, expand their coverage, increase the limits. Gregory's point is the right one. The point that he just made that the value capture is not in the rate; it is in our placement complexity in the solution design. So zero to two points is what is showing in our results today. And as of now, we continue to expect that moving forward. That has us strongly in line with the guidance that we have set. Thank you so much. Operator: Our next question comes from Bob Huang with Morgan Stanley. Please go ahead. Bob Huang: My first question is around capital. Edmund, I know you kind of addressed the buyback. And maybe just if you can help us unpack a little bit, right, like, first half, like you said, over a billion dollars of buyback already. Just given the strong earnings and the cash flow generation, going forward. Is there a reason not to think that you cannot maintain the current buyback momentum? Or in other words, is there a reason to believe the current level of capital cannot be maintained? Edmund J. Reese: It can absolutely be maintained. We talked about coming into 2026 with over $7 billion of capacity. What we are playing for here is the strategic flexibility given the position that we are in right now. The first point I would make is that share repurchases are a key part of the balanced capital allocation model. The $1.1 billion in the first half, we have clearly hit that objective to the point that you have made, and I am very pleased to say 79% of the capital deployment in the first half has been shareholder return. With buybacks representing the majority of that. But we are very excited about the position of strength we are in and the strategic flexibility. That means that we are evaluating the pipeline opportunities. We determine whether they fit our strategic objectives. We determine whether they fit our financial criteria, which I have talked about before. I would be happy to go into detail about that. We will not let if we do not see those objectives being met, we will not let any excess cash sit on the balance sheet. We will return that and do more share repurchases here. So this is, Bob, just a continuation of our capital allocation model. We are looking at investment for growth, because that is what helps the medium and the long-term with capital return to shareholders, and we continue to be in a good position of strength with flexibility moving forward here. Bob Huang: Got it. Really appreciate that. The second question is on the international EMEA business is one of the callouts you had on commercial risk solutions. Can you maybe talk about the durability of growth in the EMEA segment? Intuitively, feels like EMEA may be seeing the similar pricing pressure as U.S., but GDP growth kinda really varies depending on jurisdiction. Just curious about your thoughts on the EMEA side. Related to commercial risk solutions. Edmund J. Reese: Yeah. The GDP growth is more uneven in the international markets, but not disruptive. Is what I would I would say. You know, when you think about the regulatory environment and the geopolitical environment, that increases demand, for our business. And you think about our global footprint, we have a very diversified portfolio and a moderate sensitivity to any particular international region. So you are seeing strong growth across these markets that I have been calling out in EMEA, but I would also go Latin America into that mix. With solid GDP growth is actually seeing more foreign direct investment that is actually higher than that in GDP growth. Helping us in those markets. Commercial risk, our efforts on the new business side and now in specialty and then health on global benefits, plus the regulatory environment. I just read an article this morning that I think will actually drive more demand, on the regulatory front in the U.K. and EMEA. Those things are helping to drive that business. So for us, it is really this diversified portfolio you might see uneven levels of growth in individual markets. But this diversified portfolio gives us resilient growth, and the international locations continue to be strong contributors for us. Alright. Bob Huang: Really appreciate that. Thank you. Operator: Our next question comes from Katie Fleischer with Autonomous Research. Please go ahead. Katie Fleischer: Thanks. Good morning. I guess I would circle back to the discussion of growth in revenue-generating producers. I think the 3% year-to-date is a little bit below the full-year guide there. Could you help us understand if that was subject to any you know, impacts from timing and when hires are made? And then could you also help us understand what is driving your confidence and being able to accelerate that pace of growth back up to the 4% to 8% range? Edmund J. Reese: Wow. Through six months, we are quite excited by 3% growth. Through the first six months. This is this is you know, our recruiting efforts and the recruiting efforts of other firms, I would say, are intense right now. The competition intense, so we are not immune to that. We are up 3% through the first six months. Our 2024 and 2025 cohorts are contributing over 100 basis points. We are seeing the contribution from them to show up in the areas that we have been focused on, construction, energy, health. So because we are at 3% through six months, we are maintaining that 4% to 8% objective. We have always said we would like to be at the higher end of that objective. We have sort built our plans upon achieving that, but the competitive environment is intense. We do think that the capabilities that we have that allow us to help and retain clients, those things are helping us attract and retain folks. And for us, it is not about, but we always say it is not about the quantity. It is about the quality of folks in areas that are growing higher than GDP. So we feel good about the 4% to 8%, but this is gonna be hand-to-hand combat the rest of the year for us to get to where we want to be. Gregory C. Case: Well, listen, Edmund. You covered it very well. I would just highlight one thing, Katie. We are fortunate. We have a lot of momentum on the client front at risk capital and human capital. We talked a lot about on the call. But think about it. If you are a colleague and you want to be a practitioner in our world, the opportunity to come in no matter how good you are, and it really is not just number and percentage, but really quality leaders. If you can be better professionally, if you get more content capability, more stuff to do your business, to do your work, it makes us more attractive. And we have lots of folks seeking us out, and so we have been very fortunate. And we take this at a very measured pace to accomplish what Edmund described. And in the end, you know, we have got great momentum here as well. And they will contribute, but not just number, but really capability as they come in. Katie Fleischer: Yeah. So certainly, I understand the very competitive environment. I am just trying to understand the bridge, right, from 3% year-to-date to 4% on the full-year guide versus getting all the way up to 6% or, you know, better than the midpoint of the full-year guide. Do you think that your relative value proposition to new hires will help you win additional producers in the back half of the year here? Like, is that enough to set you apart from competitors? Gregory C. Case: Well, listen. The history over the last number of years would say the answer to that is absolutely yes. But, again, the highest quality 4% is better than a lower quality 7% or 8%. So what we are going for is true leaders who come in, practitioners who can make a difference, and then what we you know, our aspiration is we help them even be better. And our colleagues, you know, lead the way with the content capability we have got. So from our standpoint, we are quite enthusiastic about the momentum we have on bringing colleagues into the firm, the right colleagues. We are even more enthusiastic about the momentum as they come in together and working with our colleagues in the risk capital, human capital construct we described, bringing you know, frankly, opportunities to wow clients in ways that other people cannot do. And so for us, it is it is we are very optimistic, and we have made great progress. And I just would reinforce Edmund's point: 3% for the first half, great progress, and we will continue to drive it. Sometimes it will be higher. Sometimes it will be lower, but the momentum is exceptionally strong. Katie Fleischer: Thank you. I appreciate the color. Operator: Thank you. I would now like to turn the call back over to Gregory C. Case for closing remarks. Please go ahead. Gregory C. Case: Thanks, Dylan. Listen. Just wanted to say on behalf of Edmund and me, thanks, everyone, for joining. We appreciate it. And look forward to catching up with you next quarter. Take care. Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in Aon Plc, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aon Plc wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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American International Group, Inc. AIG reported second-quarter 2026 adjusted earnings per share (EPS) of $2, which topped the Zacks Consensus Estimate of $1.89. The bottom line increased 10.5% year over year. Adjusted operating revenues advanced 3.9% year over year to $7.1 billion. However, the top line missed the consensus mark by 2.2%. The quarterly earnings were driven by improved underwriting results in the North America Commercial and Global Personal segments, supported by lower catastrophe losses. However, the upside was partly offset by lower investment income and elevated benefits, losses and expenses. American International Group, Inc. price-consensus-eps-surprise-chart | American International Group, Inc. Quote Net premiums written totaled $7.5 billion, reflecting 9% year-over-year growth, driven by organic expansion in selected businesses and contributions from recent strategic transactions. Total net investment income declined 23.1% year over year to $1.1 billion, but beat the consensus mark by 14.9%. The decrease was primarily due to changes in the fair value of its investments in Corebridge and equity securities. AIG also sold its remaining Corebridge stake for aggregate proceeds of about $710 million. Total benefits, losses and expenses amounted to $5.8 billion, up 4.9% year over year, mainly due to higher losses and loss adjustment expenses incurred. Adjusted return on equity improved 50 basis points year over year to 10.2%, reflecting enhanced profitability and capital efficiency. Underwriting income for the General Insurance segment rose 10% year over year to $686 million. This result significantly outperformed the Zacks Consensus Estimate by 9.1%. The segment’s combined ratio improved 30 basis points to 89%, reflecting significantly stronger underwriting performance compared with the prior-year quarter. The segment’s net premiums written increased 9% year over year to $3.1 billion in the second quarter. The uptick was driven by Retail Casualty and Financial Lines. Underwriting income grew 24% year over year to $372 million. This increase was mainly driven by lower catastrophe-related losses, lower operating expense and higher favorable prior-year development. The combined ratio improved 190 basis points to 84%, reflecting significantly stronger underwriting performance year over year. The segment reported net premiums written of $2.6 billion, up 11% year over year. The growth was mainly driven by Property and Marine. Underwriting income decreased 33% year over year to $200 million in the quarter and missed the Zacks Consensus Estimate by 35.8%. The combined ratio deteriorated 540 basis points to 91.3%. This was mainly due to higher catastrophe charges, rate pressure and a higher acquisition ratio. Net premiums written totaled $1.8 billion, which improved 7% year over year. The increase was mainly driven by growth in the High Net Worth and Accident and Health businesses. Underwriting income rose to $114 million compared to $25 million a year ago. The combined ratio improved 560 basis points to 92.9%. This was driven by a lower accident-year loss ratio, improved High Net Worth commission terms, reduced operating expenses and reduced catastrophe losses. Net investment income and other fell 58% year over year to $39 million. This was mainly due to lower parent liquidity and reduced dividends from Corebridge. Interest expense declined 2% to $99 million. Adjusted pre-tax loss widened 41% year over year to $142 million. AIG ended the second quarter with a cash balance of $1.5 billion compared with $1.3 billion at the end of 2025. Total assets were $163.5 billion, higher than $161.3 billion at the end of 2025. Long-term debt totaled $9 billion at the second-quarter end, which fell 0.7% from year-end 2025. Total shareholders’ equity fell to $40.6 billion from $41.1 billion at year-end 2025. Adjusted book value per share improved to $79.98 from $76.62 in the prior-year quarter. AIG returned capital to its shareholders through approximately $641 million in share repurchases and $263 million in dividends during the second quarter of 2026. The company announced a cash dividend of 50 cents per common share, to be paid on Sept. 30, 2026, to its shareholders of record as of Sept. 16. AIG currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader insurance space that have also reported their quarterly results: MetLife, Inc. MET, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed: MetLife reported second-quarter 2026 adjusted operating earnings per share (EPS) of $2.43, which beat the Zacks Consensus Estimate by 5.6%. The bottom line advanced 20% year over year. Adjusted operating revenues improved 6.4% year over year to $19.1 billion. MET’s second-quarter earnings benefited from improved net investment income, favorable underwriting results and solid business volume growth across segments. Growth in adjusted PFOs and strong performances in Group Benefits, Asia and EMEA also supported results. However, higher expenses and a wider-than-expected loss in the Corporate & Other unit partially offset the upside. Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American International Group, Inc. (AIG) : Free Stock Analysis Report The Hartford Insurance Group, Inc. (HIG) : Free Stock Analysis Report MetLife, Inc. (MET) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MetLife, Inc. MET reported second-quarter 2026 adjusted operating earnings per share (EPS) of $2.43, which beat the Zacks Consensus Estimate by 5.6%. The bottom line advanced 20% year over year. Adjusted operating revenues improved 6.4% year over year to $19.1 billion. The top line missed the consensus mark by 1.4%. MetLife’s second-quarter earnings benefited from improved net investment income, favorable underwriting results and solid business volume growth across segments. Growth in adjusted PFOs and strong performances in Group Benefits, Asia and EMEA also supported results. However, higher expenses and a wider-than-expected loss in the Corporate & Other unit partially offset the upside. MetLife, Inc. price-consensus-eps-surprise-chart | MetLife, Inc. Quote Adjusted PFOs, excluding pension risk transfer (PRT), were $13 billion. The metric rose 5% year over year. Adjusted net investment income grew 7% year over year to $5.6 billion on the back of growth in assets and investments in a higher-rate environment. Total expenses of $18.1 billion escalated 10.8% year over year due to increased policyholder benefits and claims, and other expenses, net of capitalization of DAC. Adjusted expense ratio, excluding total notable items related to adjusted other expenses and PRT, deteriorated 100 basis points year over year to 20.8%. Net income of $705 million rose 1% year over year in the second quarter. Adjusted return on equity, excluding total notable items, improved 240 bps year over year to 17%. Group Benefits: The segment reported adjusted earnings of $503 million in the second quarter, reflecting a 25% year-over-year increase and beating the Zacks Consensus Estimate by 16.6%. The strong performance was driven by improved underwriting results and continued business volume growth. Adjusted PFOs rose 1% year over year to $6.5 billion. RIS: Adjusted earnings totaled $377 million, which rose 2% year over year but missed the consensus mark by 7.1%. Improved volumes growth and favorable recurring interest margins benefited the metric. Adjusted PFOs, excluding PRT, advanced 19% year over year to $1.3 billion. Asia: The unit recorded adjusted earnings of $420 million, which rose 21% year over year and beat the Zacks Consensus Estimate by 5.2%. The metric was supported by improved variable investment income, favorable equity markets and higher volume. Adjusted PFOs remained flat year over year to $1.7 billion in the quarter. Latin America: Adjusted earnings of $268 million increased 15% year over year on a reported basis and 4% year over year on a constant-currency basis. The metric topped the consensus estimate by 11.2%, driven by higher volume and favorable market factors. Adjusted PFOs were $1.9 billion, up 16% year over year on a reported basis and 6% on a constant-currency basis, driven by solid business growth and strong persistency across the region. EMEA: The segment recorded adjusted earnings of $108 million in the second quarter, which advanced 8% year over year and beat the Zacks Consensus Estimate by 15.3%. Strong volumes aided the metric. Adjusted PFOs rose 12% year over year to $806 million on the back of strong policy renewal across the region and solid sales momentum. MetLife Investment Management: The segment recorded adjusted earnings of $57 million, which advanced 6% year over year on the back of strong business growth and expense management. However, the metric missed the Zacks Consensus Estimate by 6.1%. Corporate & Other: The unit incurred an adjusted loss of $160 million, wider than the prior-year quarter’s loss of $142 million. It also came higher than the Zacks Consensus Estimate of adjusted loss of $150.5 million. MetLife exited the second quarter with cash and cash equivalents of $19.3 billion, down from $22 billion at the end of 2025. Total assets were $759.4 billion as of June 30, 2026, compared with $745.2 billion as of 2025-end. Long-term debt totaled $14.2 billion, lower than $14.5 billion at the end of 2025, while short-term debt amounted to $460 million. Total equity was $27.7 billion compared with $28.7 billion as of 2025-end. Book value per share increased 7.8% year over year to $38.59 as of June 30, 2026. MetLife bought back shares worth $700 million in the second quarter. It pursued additional repurchases of roughly $225 million in July 2026. Management paid common stock dividends of $400 million in the quarter under review. Management earlier expected a pre-tax variable investment income of around $1.6 billion for 2026. The expense ratio was earlier projected to be 12.1%. Corporate & Other adjusted losses were earlier projected to be between $500 million and $700 million. The effective tax rate was projected to be 24-26%. MetLife earlier expected adjusted PFOs in the Group Benefits business to rise in the range of 4-7% annually. Adjusted PFOs in the Latin America unit were earlier expected to witness high-single-digit growth on a constant-currency basis, while those in the EMEA unit were earlier guided to grow at a high-single-digit rate on a reported basis. MetLife still aims to achieve an adjusted return on equity in the range of 15-17%. The company also continues to expect to deliver double-digit adjusted EPS growth in the near term. MET currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader insurance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed: RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line also improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MetLife, Inc. (MET) : Free Stock Analysis Report The Hartford Insurance Group, Inc. (HIG) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CNO Financial Group, Inc. CNO reported second-quarter 2026 adjusted earnings per share (EPS) of $1.26, which beat the Zacks Consensus Estimate by 27.3%. The bottom line rose from 87 cents a year ago. Operating revenues of $1.3 billion advanced 13% year over year. The top line surpassed the consensus mark by 32%. The strong quarterly results were supported by strong collected premiums from annuity, life and health products along with a notable rise in net investment income. Nevertheless, the upside was partly offset by a rise in total benefits and expenses as a result of higher insurance policy benefits. CNO Financial Group, Inc. price-consensus-eps-surprise-chart | CNO Financial Group, Inc. Quote Total insurance policy income rose 4.5% year over year to $680.7 million, higher than the Zacks Consensus Estimate of $660 million. The metric was aided by improved collected premiums from annuity, life and health products. Net investment income was $597 million, which improved from the year-ago period of $483.7 million. General account assets grew 8.9% year over year to $411.9 million. Policyholder and other special-purpose portfolios totaled $185.1 million compared with the prior-year quarter’s $105.4 million. Fee revenues and other income declined 36.4% year over year to $22.2 million. Annuity collected premiums of $536 million rose 3% year over year, while health collected premiums increased 5.5% to $432 million. Collected premiums from life products totaled $249.3 million, which rose 1.5% year over year. The total collected premiums advanced 3.6% year over year to $1.2 billion. New annualized premiums for health products rose 18.2% year over year, while the same for life products declined 3.8%. Annuity, Health and Life products accounted for 21.7%, 52.8% and 25.5%, respectively, of CNO's insurance margin. Total benefits and expenses rose 8.9% year over year to $1.1 billion due to higher insurance policy benefits. CNO Financial exited the second quarter with unrestricted cash and cash equivalents of $1.3 billion, which rose 68.4% from the 2025-end level. Total assets of $39.9 billion rose 6.8% from the figure at 2025-end. The debt-to-capital was 34% at the second-quarter end, which deteriorated 40 basis points (bps) from the 2025-end figure. Total shareholders’ equity declined 1.8% from the 2025-end level to $2.6 billion. Book value per common share was $27.96, which increased 0.1% from the figure at 2025-end. Operating return on equity, excluding significant items, improved 190 bps year over year to 13.1% at the second-quarter end. CNO Financial rewarded its shareholders with $60 million in the form of share buybacks and $16.8 million in dividends during the second quarter. As of June 30, 2026, the company had a leftover repurchase capacity of $300.4 million. CNO Financial raised its full-year 2026 guidance, indicating confidence in the current operating trajectory. The company now expects operating EPS to be in the range of $4.60-$4.80, up from the previously guided range of $4.25-$4.45. The mid-point of which now indicates a 6.8% increase from the 2025 reported figure of $4.40. For 2026, management still anticipates excess cash flow of $200-$250 million to the holding company. The company now projects the expense ratio to be in the band of 18.8-19% for 2026. It estimates the effective tax rate to be around 21.5%. Management still aims to achieve leverage within the band of 25-28%. CNO currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader finance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed: RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line also improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNO Financial Group, Inc. (CNO) : Free Stock Analysis Report The Hartford Insurance Group, Inc. (HIG) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Virtu Financial, Inc. VIRT reported second-quarter adjusted earnings per share (EPS) of $1.82, which beat the Zacks Consensus Estimate by 8.3%. The bottom line increased 19% year over year. Adjusted Net Trading Income rose 26.4% year over year to $717.9 million, surpassing the consensus estimate by 8.4%. The strong quarterly results were driven by higher commissions and technology services revenues, increased interest and dividend income, and solid Market Making performance. However, higher operating expenses partially offset these gains. Virtu Financial, Inc. price-consensus-eps-surprise-chart | Virtu Financial, Inc. Quote Revenues from commissions, net and technology services rose 16.7% year over year to $179.5 million. The metric beat the Zacks Consensus Estimate and our model estimate of $177.9 million. Interest and dividend income increased 13.6% year over year to $145.9 million, beating both the Zacks Consensus Estimate and our estimate of $134.5 million. Adjusted EBITDA increased 18.2% year over year to $436.8 million. Adjusted EBITDA margin decreased year over year to 60.8% from 65.1% a year ago. Total operating expenses rose 29.9% year over year to $847.4 million, exceeding our estimate of $633.7 million. The increase was due to higher costs related to brokerage, exchange, clearance fees and payments for order flow, net, communication and data processing, interest and dividends expense and employee compensation and payroll taxes. Market Making: Adjusted net trading income totaled $579.9 million in the second quarter, climbing 28.4% year over year. The metric surpassed the Zacks Consensus Estimate of $517 million. The unit’s revenues increased 28.3% year over year to $1 billion, beating both the Zacks Consensus Estimate and our estimate of $708.2 million. Execution Services: The unit recorded adjusted net trading income of $138 million in the quarter under review, representing an increase of 18.7% year over year. The metric missed the Zacks Consensus Estimate of $145 million and our estimate of $139.8 million. The unit’s total revenues declined 19.1% year over year to $173.5 million, missing both the consensus estimate and our estimate of $177.2 million. Virtu Financial ended the second quarter with cash and cash equivalents of $1.1 billion, up 0.7% from the 2025-end level. Total assets of $27.5 billion increased 36.4% from the 2025-end level. Long-term borrowings, net, amounted to $2 billion, down 0.7% from the figure as of Dec. 31, 2025. Short-term borrowings totaled $353.9 million. Total equity of $2.3 billion was up from the 2025-end level of $2 billion. Virtu Financial did not buy back shares in the second quarter of 2026. It announced a quarterly cash dividend of 24 cents per share, payable on Sept. 15, 2026, to its shareholders of record as of Sept. 1, 2026. Virtu Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Several companies in the Finance space, including Aon plc AON, RenaissanceRe Holdings Ltd. RNR and AMERISAFE, Inc. AMSF, have already reported their financial results for the June quarter of 2026. Here’s how they have performed: Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Aon’s total revenues of $4.2 billion grew 2% year over year.  The top line missed the consensus mark by 0.4%. Organic revenue growth was 5%. The quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line also improved 5.1% year over year.  RNR’s total operating revenues declined 6.7% year over year to $2.64 billion. The top line missed the consensus mark by 1%. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, the upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. AMERISAFE reported second-quarter adjusted earnings per share of 44 cents, which missed the Zacks Consensus Estimate by 17%. The bottom line declined 17% year over year.  Operating revenues increased 10.3% year over year to $83.95 million and topped the Zacks Consensus Estimate by 1%. AMERISAFE’s quarterly results were affected by higher expenses and weaker underwriting margins, with additional pressure from lower investment income. Strong premium growth partly offset these headwinds. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Virtu Financial, Inc. (VIRT) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report AMERISAFE, Inc. (AMSF) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MarketAxess Holdings Inc. MKTX reported second-quarter 2026 adjusted earnings per share of $1.95, which beat the Zacks Consensus Estimate by 3.7%. However, the bottom line decreased 2.5% year over year. Total revenues were $218.4 million, which fell 0.5% year over year. However, the top line beat the consensus mark by 0.5%. The quarterly results were aided by solid growth in emerging markets and Eurobonds trading volumes. Increased information services, technology services and post-trade services revenues also contributed to the upside. The gains were partly offset by higher expenses and lower commission revenues, along with weaker high-grade and high-yield trading volumes. MarketAxess Holdings Inc. price-consensus-eps-surprise-chart | MarketAxess Holdings Inc. Quote Commission revenues declined 3% year over year to $186.9 million. The metric missed the Zacks Consensus Estimate of $188.9 million and our estimate of $196.2 million. Information services revenues of $16.1 million grew 23% year over year. The metric beat the consensus mark of $14.1 million and our estimate of $13.2 million. Post-trade services revenues increased 5% year over year to $11.6 million, while technology services revenues rose 8% to $3.8 million. Total expenses were $128.5 million, which rose 1% year over year in the quarter due to higher technology and communications costs, professional and consulting fees, and marketing and advertising. The metric was lower than our estimate of $138.3 million. MarketAxess’ net income fell 4% year over year to $68.3 million but came in higher than our estimate of $67.1 million. The net income margin of 31.3% deteriorated 110 basis points year over year. The high-grade trading volume of MarketAxess was $461.1 billion in the second quarter, which declined 4% year over year and lagged the Zacks Consensus Estimate of $473.4 billion. The ADV of the same product category totaled $7.4 million, which fell 4% year over year and missed the Zacks Consensus Estimate of $7.6 million. High-yield trading volume of $96.7 billion fell 8% year over year, while ADV declined 8% to $1.6 billion. Other credit trading volume rose 2% year over year to $40.7 billion, whereas ADV for the same product category increased 2% to $657 million. Trading volume and ADV of emerging markets rose 12% each on a year-over-year basis to $279 billion and $4.5 billion, respectively. The Eurobonds’ trading volume rose 2% and ADV improved 1% on a year-over-year basis. The total credit trading volume of $1 trillion rose 1% year over year. Total credit ADV inched up 0.3% to $16.9 billion. Total rates’ trading volume and ADV of this product category each declined 19% on a year-over-year basis. MarketAxess exited the second quarter with cash and cash equivalents of $245.8 million, which fell from the 2025-end level of $519.7 million. Total assets of $2.4 billion rose 25.2% from the figure at 2025-end. The company had $112 million in outstanding borrowings under its credit facility at the end of the second quarter. Total stockholders’ equity of $1.2 billion rose 8.1% from the 2025-end level. Net cash provided by operating activities was $26.8 million in the second quarter of 2026 compared with $103.7 million in the prior-year quarter. The free cash flow declined 21.3% year over year to $88.9 million in the second quarter of 2026. As of July 29, 2026, $205 million remained available under the board-authorized share repurchase program. The board declared a quarterly cash dividend of 78 cents per share, which will be paid out on Sept. 2, 2026, to its shareholders of record as of Aug. 19. MKTX has entered into a definitive agreement to be acquired by Intercontinental Exchange, Inc. MKTX currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Here are some stocks from the broader finance space that have also reported their quarterly results: RenaissanceRe Holdings Ltd. RNR, Aon plc AON and The Hartford Insurance Group, Inc. HIG. Here's how they have performed: RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line also improved 5.1% year over year. Total operating revenues declined 6.7% year over year to $2.64 billion. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, RNR’s upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Total revenues of $4.2 billion grew 2% year over year. AON’s quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. Hartford delivered second-quarter fiscal 2026 earnings per share of $3.42, up 6% year over year and above the Zacks Consensus Estimate of $3.12 by 9.6%. Revenues came in at $5.23 billion, which improved 6.8% year over year. HIG’s quarterly results benefited from higher investment income, premium growth in Business Insurance and improving Personal Insurance profitability. Strong new business expansion in Small Business and favorable pricing trends supported results. However, the upside was partly offset by an increased expense level, higher catastrophe losses and weaker Employee Benefits profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MarketAxess Holdings Inc. (MKTX) : Free Stock Analysis Report The Hartford Insurance Group, Inc. (HIG) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4% The quarterly earnings were supported by higher net investment income and lower expenses. Improved profitability in the Life Insurance and Retirement Plan Services segments also contributed to the upside. Nevertheless, these gains were partly offset by lower sales in the Annuities and Group Protection segments. Lincoln National Corporation price-consensus-eps-surprise-chart | Lincoln National Corporation Quote LNC's estimated RBC ratio remained above 420% at the end of the reported quarter. Insurance premiums inched up 2% year over year to $1.7 billion, marginally missing the Zacks Consensus Estimate by 0.01%. Fee income was $1.4 billion, which improved 4.3% year over year but missed the consensus mark by 0.4%. Net investment income advanced 10.5% year over year to $1.6 billion and beat the consensus mark by 10.8%. Meanwhile, other revenues of $202 million rose 9.8% year over year in the quarter under review. Total expenses declined 9.3% year over year to $2.9 billion. Interest credited rose 11.8% year over year to $1 billion. Lincoln National reported net income of $1.3 billion, up 90.6% year over year from $699 million. The Annuities and Life Insurance segments form part of LNC’s Retail Solutions business, while Group Protection and Retirement Plan Services units make up the Workplace Solutions business. The Annuities segment's operating income totaled $287 million, flat year over year, and missed the Zacks Consensus Estimate by 2.6%. Favorable equity markets and higher spread income were partly offset by variable annuity outflows and the $12 million impact of the previously disclosed net investment income reallocation to non-operating income. The segment's operating revenues increased 10.5% year over year to $1.3 billion. Total annuity deposits were $3.5 billion, which fell 12.5% year over year. The Life Insurance segment recorded operating income of $57 million, which improved from $32 million in the prior-year quarter and beat the Zacks Consensus Estimate of $26.7 million. The increase was driven by favorable mortality, partly offset by lower alternative investment income. Operating revenues declined 1.9% year over year to $1.6 billion. Total Life Insurance sales of $216 million advanced 78.5% year over year. Total deposits grew 30.6% year over year to $1.7 billion. The Group Protection segment's operating income decreased 15% year over year to $147 million but beat the Zacks Consensus Estimate of $142 million. Operating revenues increased 2.5% year over year to $1.6 billion, driven by a 2.5% rise in insurance premiums. Sales of $155 million declined 17.1% year over year. The Retirement Plan Services segment recorded operating income of $49 million, which grew 32.4% year over year and outpaced the Zacks Consensus Estimate of $44.1 million. The increase was driven by spread expansion and favorable equity markets. Operating revenues increased 6.6% year over year to $353 million. Total deposits rose 4% year over year to $3.7 billion. Other Operations reported an operating loss of $90 million, narrower than the prior-year quarter's loss of $91 million and better than the Zacks Consensus Estimate of a loss of $93.7 million. Lincoln National exited the second quarter with cash and invested cash of $10.2 billion, up from $9.5 billion as of 2025-end. Total assets increased to $429.8 billion from $417.2 billion as of 2025-end. Long-term debt rose to $6.5 billion from $5.9 billion as of Dec. 31, 2025. Total stockholders' equity increased to $11.3 billion from $10.9 billion as of 2025-end. Book value per share, excluding accumulated other comprehensive income (AOCI), was $77.39, up from $73.10 as of 2025-end. Adjusted income from operations ROE declined 130 basis points year over year to 11.6%. Lincoln National paid quarterly common dividends of $86 million, up 11.7% from the prior-year quarter’s level. Management had earlier projected that the Annuities, Life Insurance, Group Protection and Retirement Plan Services units would account for 58-60%, 8-9%, 24-25% and 8-9%, respectively, of the company's total operating income in 2026. Management had earlier projected an RBC ratio of more than 420% in 2026 and over the long term. LNC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Several companies in the insurance space, including Aon plc AON, RenaissanceRe Holdings Ltd. RNR and AMERISAFE, Inc. AMSF, have already reported their financial results for the June quarter of 2026. Here’s how they have performed: Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Aon’s total revenues of $4.2 billion grew 2% year over year.  The top line missed the consensus mark by 0.4%. Organic revenue growth was 5%. The quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line also improved 5.1% year over year.  RNR’s total operating revenues declined 6.7% year over year to $2.64 billion. The top line missed the consensus mark by 1%. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, the upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. AMERISAFE reported second-quarter adjusted earnings per share of 44 cents, which missed the Zacks Consensus Estimate by 17%. The bottom line declined 17% year over year.  Operating revenues increased 10.3% year over year to $83.95 million and topped the Zacks Consensus Estimate by 1%. AMERISAFE’s quarterly results were affected by higher expenses and weaker underwriting margins, with additional pressure from lower investment income. Strong premium growth partly offset these headwinds. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lincoln National Corporation (LNC) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report AMERISAFE, Inc. (AMSF) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Aon (AON) is back in focus after reporting second quarter 2026 results, with sales of US$4,246 million and net income of US$551 million, alongside an update on its long running share buyback program. See our latest analysis for Aon. At a share price of US$360.55, Aon’s recent 30 day share price return of 4.95% and 90 day share price return of 15.74% sit alongside a 5 year total shareholder return of 43.20%, which indicates momentum building over the longer horizon. If this earnings update has you thinking about where else capital could work hard, it may be worth scanning companies connected to AI infrastructure through the 57 AI infrastructure stocks Aon’s solid multi year shareholder gains and the latest quarter’s mixed profit picture create a real fork in the road. Is most of the share price progress already in the rear view mirror, or does the valuation still leave room ahead? Aon closed at $360.55, and on a P/E of 19.5x, the stock sits at a premium to much of the US insurance sector while still screening as undervalued on some models. The P/E ratio compares Aon’s share price to its earnings per share, so a higher multiple means investors are currently paying more for each dollar of earnings. For a fee based, asset light business that is already profitable, this can reflect expectations around earnings quality and consistency rather than rapid growth. There is a clear tension here. On one side, Aon is described as trading at 32.9% below an estimate of its fair value, and the SWS DCF model suggests a future cash flow value of $537.55 per share versus the current $360.55. On the other side, the stock is described as expensive on a P/E basis compared with both the wider US insurance industry average of 12.1x and an estimated fair P/E of 12.6x. That spread hints at a market that is pricing Aon well above what historic relationships would imply, while the DCF suggests the valuation could still move closer to the higher fair value level. Relative to peers, Aon’s 19.5x P/E is far above the US insurance industry’s 12.1x average. This implies investors are paying a sizable premium for its earnings profile. Compared with the estimated fair P/E of 12.6x, the current multiple also sits well above the level the market could move towards if pricing reverted to that benchmark. Explore the SWS fair ratio for Aon Result: Price-to-Earnings of 19.5x (OVERVALUED) However, Aon’s premium P/E and reliance on fee based advisory work mean that any pressure on client spending or changes in regulation could quickly challenge that optimistic pricing. Find out about the key risks to this Aon narrative. The SWS DCF model presents a different perspective on Aon. It points to an estimated future cash flow value of $537.55 per share compared with the current $360.55. That gap suggests the stock appears undervalued using this approach, even with a 19.5x P/E that looks rich. Which signal should carry more weight for you? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Aon for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 55 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With mixed signals around Aon’s valuation, it makes sense to look past headlines and focus on the underlying data. To balance the 1 or more risks that investors are watching against the 1 or more rewards that support the Aon story, review the 3 key rewards and 1 important warning sign If Aon has sharpened your focus on quality, now is the time to widen your search and line up other stocks that could complement your portfolio. Spot potential high yield payers by running through a curated set of 9 dividend fortresses that may offer income alongside capital growth potential. Target quality at a reasonable price with the 55 high quality undervalued stocks that filters for companies combining stronger fundamentals with more modest valuations. Protect your downside by reviewing the 81 resilient stocks with low risk scores and concentrating on businesses that score better on resilience and financial strength. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AON. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]