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AON +1.47% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is Aon plc Class A (AON) stock up today?
Aon's Q3 2026 results on Oct 28 remain the main fundamental driver: adjusted EPS of $3.36 rose 10% and beat the $3.32 estimate, organic revenue grew 6%, and adjusted operating margin expanded 70 bps to 27.0%. Nine-month free cash flow reached $1.94B, up 3%, and management reaffirmed full-year 2026 confidence while expecting the debt-funded USI acquisition to close in Q4 2026. Analyst activity has stayed constructive: Cantor ($410), BMO ($380, upgrade), KBW ($376) and Mizuho ($373) are positive, Wells Fargo ($364) is Overweight, UBS stays Neutral at $356, and Raymond James is at Market Perform. The two Nov 13 target raises are the freshest data points and came after the stock had already pulled back from its $350 peak on Nov 5. The stock closed at $338.31 on Nov 13, up 1.5% from $333.42, on 611,743 shares, which is below the late-October volume but above the 580K low on Nov 10. Business news also supports the franchise: the Aon Client Treaty co-insurance rises to 35% from 28.5% for 2027, and the Cortina Lloyd's syndicate launched Nov 6. The main risks are the USI debt load, with deleveraging to 2.8x to 3.0x expected in about 24 months, and the stock's roughly 12% gain since the Oct 27 close of $301.92, which leaves less room for upside versus the $356 to $410 target range.
News behind the analysis
- Keefe, Bruyette & Woods Maintains Outperform on Aon, Raises Price Target to $376KBW kept its Outperform rating on Aon and raised its price target to $376. It is one of the newest analyst actions in the data.
- Mizuho Maintains Outperform on Aon, Raises Price Target to $373Mizuho maintained its Outperform rating and lifted its price target to $373 from $363. The move follows the Q3 results.
- Aon Announces Expansion of Aon Client Treaty for 2027Aon renewed and expanded the Aon Client Treaty, raising co-insurance capacity to 35% from January 1, 2027, up from 28.5%. This adds reinsurance capacity for clients.
- Aon and Blackstone Launch New Lloyd's Syndicate 'Cortina'Aon and funds managed by Blackstone launched Cortina, a new Lloyd's syndicate providing reinsurance capacity for Aon's clients. The launch adds capacity but has no reported financial effect yet.
- BMO Capital Upgrades Aon to Outperform, Raises Price Target to $380BMO upgraded Aon from Market Perform to Outperform and set a $380 price target. The upgrade came the day after the Q3 results.
- Cantor Fitzgerald Maintains Overweight on Aon, Raises Price Target to $410Cantor Fitzgerald kept its Overweight rating and raised its price target to $410, the highest target in the data set. The note followed the Q3 results.
- Wells Fargo Maintains Overweight on Aon, Raises Price Target to $364Wells Fargo kept its Overweight rating and raised its price target to $364 after the Q3 results.
- UBS Maintains Neutral on Aon, Lowers Price Target to $356UBS kept a Neutral rating and cut its price target to $356, the lowest target in the data set. It is the main cautious view among the recent actions.
- Raymond James Upgrades Aon to Market PerformRaymond James moved Aon to Market Perform, a neutral-level rating, after the Q3 results.
About Aon plc Class A
Aon plc is a global professional services firm headquartered in Dublin. It is one of the world's largest insurance and reinsurance brokers and also advises on employee benefits, health and retirement. It is distinctive for its scale in reinsurance broking and for its "Aon United" approach, which pulls risk and people-related advice together into one firm. It reported roughly $17 billion in revenue for 2025 and expects to close its acquisition of USI in Q4 2026.
How it makes money
Aon mostly earns commissions and fees for placing insurance and reinsurance and for advising clients. It does not take on insurance risk itself. Its Risk Capital segment (commercial risk and reinsurance) brings in roughly 70% of revenue. Human Capital (health and wealth/retirement consulting) brings in roughly 30%. It also earns some interest on client premiums it holds before passing them on.
What usually moves AON
- Organic revenue growth and client retention
- Insurance and reinsurance pricing cycles
- Debt and integration from the USI acquisition
- Interest rates affecting income on client funds
- Currency moves and margin expansion