Aon plc has appointed Karl Hamann (pictured) as chief executive officer for the Philippines, effective April 1, subject to regulatory approval, as the firm adjusts its Southeast Asia leadership structure following its 2025 results.
Hamann will relocate to Manila for the role and will continue to report to Andrew Minnitt, head of Southeast Asia. He will oversee Aon’s operations in the Philippines and coordinate with regional solution line leaders across the firm’s risk and human capital businesses. The appointment follows the tenure of Darren Oliver, who will move into a regional role as head of market development, APAC Health Solutions, based in Singapore. In that position, Oliver will focus on health and benefits-related activities across Asia-Pacific, including Southeast Asia markets.
In a statement on the leadership change, Minnitt said: “Karl brings a rare combination of on-the-ground experience, commercial discipline, and an ability to lead with clarity through change. His familiarity with the Philippines market and his track record across the region make him exceptionally well placed to guide the business forward. I’m confident he will build on the strong momentum that Darren established in recent years, supporting both our clients and colleagues as the market continues to evolve.”
Hamann has more than three decades of experience in insurance, risk advisory, and operational leadership across Asia-Pacific and other regions. He has previously held CEO roles in the Philippines, Papua New Guinea, Malaysia, Singapore, and South Asia. He joined Aon in 2022 as CEO of Indonesia. In that position, he led initiatives related to business modernisation, commercial execution, and integration with Aon’s broader network. His new posting represents a return to the Philippine market, where he has held leadership responsibilities in the past.
“The Philippines has been an important part of my professional journey, and I’m excited to re-engage with the market in this new capacity. Darren has laid down a solid platform for the business, and I’m eager to work with the team to continue strengthening our support for clients and driving the next phase of growth,” Hamann said. Commenting on the wider leadership moves, Minnitt said the appointments “reflect Aon’s continued investment in developing talent and strengthening alignment across Southeast Asia – creating greater opportunities for our colleagues while ensuring we remain well positioned to support clients’ evolving needs in a rapidly changing environment.”
The Philippines appointment forms part of Aon’s ongoing implementation of its Aon United strategy and associated 3x3 Plan. Under that framework, the firm has been seeking closer coordination between its risk, capital, and human capital capabilities and more integrated leadership across geographies. For Asia, this has included efforts to align country CEOs with regional product and solution lines, with markets such as the Philippines, Indonesia, Malaysia, and Singapore positioned within a connected Southeast Asia platform. For insurance and reinsurance professionals, this approach is intended to facilitate consistent delivery of advisory and placement services, as well as cross-border support for multinational and regional clients. Aon has stated that its 2026 guidance assumes mid-single-digit or higher organic revenue growth, adjusted operating margin expansion of 70 to 80 basis points, growth in adjusted earnings per share and double-digit free cash flow growth. Leadership assignments in key markets, including the Philippines, sit against that financial and strategic outlook.
The executive moves follow Aon’s release of results for the three and 12 months ended Dec. 31, 2025. For the fourth quarter of 2025, Aon reported total revenue of $4.3 billion (all figures are in US dollars), an increase of 4% compared with the prior-year period. The result reflected 5% organic revenue growth and a 2% favourable impact from foreign currency translation, partially offset by a 3% unfavourable impact from acquisitions, divestitures, and other items. Risk capital revenue in the quarter rose $171 million, or 7%, to $2.7 billion. Human capital revenue declined $16 million, or 1%, to $1.6 billion, reflecting changes in client activity and business mix within that segment.
Total operating expenses in the fourth quarter increased 1% to $3.1 billion. According to the company, the increase was mainly associated with higher expenses supporting organic revenue growth, foreign currency effects, and higher costs under the Accelerating Aon United Program. These were partially offset by lower expenses following the sale of NFP Wealth, $50 million of net restructuring savings recognised in the quarter, and reduced compensation expense. By segment, Risk capital operating expenses rose $143 million, or 8%, to $1.9 billion, while human capital operating expenses fell $110 million, or 10%, to $1.0 billion.
Foreign currency translation had a favourable impact of $0.09 per share on diluted earnings per share and $0.10 per share on adjusted earnings per share in the quarter. If exchange rates remain at current levels, Aon estimates a favourable impact of approximately $0.36 per share in the first quarter of 2026 and approximately $0.39 per share for full-year 2026. The effective tax rate for the fourth quarter was 22.9%, compared with 17.6% a year earlier. On an adjusted basis, excluding the tax impact of certain non-GAAP items, the adjusted effective tax rate was 20.0%, up from 16.7%. The company cited changes in the geographic distribution of income and a lower favourable impact from discrete tax items as the main drivers.
For full-year 2025, Aon reported total revenue of $17.2 billion, up 9% from the prior year. The increase reflected 6% organic revenue growth, a 2% contribution from acquisitions, and a 1% favourable impact from foreign currency translation. Net income attributable to Aon shareholders for 2025 was $3.7 billion, or $17.02 per diluted share, compared with $2.7 billion, or $12.49 per diluted share, in the previous year. Adjusted net income per diluted share was $17.07, an increase of 9% from $15.60 in 2024, and included a $0.01 per-share unfavourable impact from foreign currency translation. During 2025, Aon repurchased approximately 2.7 million Class A ordinary shares for about $1.0 billion at an average price of $365.91 per share. As of Dec. 31, 2025, the firm had approximately $1.3 billion of remaining authorisation under its share repurchase program.
The company also reduced debt by $1.9 billion during the year and reported that it achieved its leverage objective in the fourth quarter of 2025. Management has indicated that its current balance sheet position is expected to allow ongoing capital deployment through mergers and acquisitions as well as returns to shareholders in 2026. For insurance professionals in Asia, Hamann’s appointment in Manila, combined with these financial metrics and capital actions, indicates that Aon is positioning its Philippine operation within a wider Southeast Asia structure at a time of continued transaction, capital management, and earnings activity at group level.
