Aon plc

Aon has moved from a cost-cutting story to a demand story: growth now rests on winning new business with data and analytics rather than on rising insurance prices. The test is whether hiring enough producers and turning data-center wins into fees can outrun falling rates.

• Growth no longer depends on insurance prices going up.

  Property and treaty prices fell steeply in the first half of 2026, yet organic growth still held at 5% in Q2 FY2026. Management says revenue now follows client demand, not pricing, so a soft market now costs Aon far less than it once did. How much of new business comes from new clients versus existing ones?

• Data centers are the largest new market Aon has found.

  Data center program capacity has been raised to $5 billion, and the pipeline behind it is three times last year's. Aon sources capital from pension and sovereign funds, not just insurers, opening a market bigger than reinsurance alone. How much of the data center pipeline converts into booked revenue this year?

• The hiring engine that fuels growth is running below plan.

  Revenue-generating headcount rose only 3% in the first half of 2026, short of the 4% to 8% Aon targets, and the CFO calls the rest "hand-to-hand combat." Those hires generate new business, so a miss shrinks revenue a year later. How much of new business comes from producers hired in the last two years?