Aon has reported its financial results for the first quarter of 2025. Total revenue for the first quarter rose 16% to $4.7 billion from a year ago, driven by the contribution from NFP, 5% organic revenue growth and a 2% negative impact from foreign currency translation.

Risk capital revenue increased by $216 million, or 7%, to $3.2 billion, while Human Capital revenue grew by $442 million, or 40%, to $1.5 billion.

Meanwhile, net income attributable to Aon shareholders decreased by 10% to $965 million, compared to $1.1 billion in the same period last year. Adjusted net income attributable to Aon shareholders increased by 9% to $1.2 billion, up from $1.1 billion in the prior year.

Interest income decreased by $23 million compared to the previous year, primarily due to the absence of interest earned on $5 billion in term debt proceeds, which were used to fund the NFP acquisition. Interest expense increased by $62 million, driven by the higher debt levels related to the acquisition.

Operating expenses for the first quarter were up 25% to $3.3 billion, largely due to the inclusion of NFP’s operating expenses, higher costs associated with the 5% organic revenue growth, increased amortization related to the NFP acquisition, and investments in long-term growth initiatives. These increases were partially offset by $40 million in net restructuring savings. Risk Capital operating expenses rose by $204 million, or 11%, to $2.0 billion, and Human Capital operating expenses increased by $426 million, or 59%, to $1.1 billion.

Other expenses were $10 million, compared to other income of $75 million in the prior year, mainly due to deferred consideration from the 2017 sale of Aon’s outsourcing business, which was higher in the prior period. Adjusted other expense increased to $30 million, up from $7 million in the previous year, primarily due to a rise in non-cash pension expenses.

Aon has reiterated its 2025 guidance, which includes mid-single-digit or greater organic revenue growth, adjusted operating margin expansion, strong adjusted EPS growth, and double-digit growth in free cash flow.