Aon PLC

Thank you for holding the second quarter 2025 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 this 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 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 filing, all of which are available on our website. It is now my pleasure to turn the call over to Greg Case, CEO of Aon PLC. Thank you. Please go ahead.

Thank you, Donna. Good morning and welcome to our second quarter earnings call. I'm joined today by Edmund Reese, our CFO, and as always, we posted a detailed financial presentation on our website, which Edmund will reference in his remarks. To begin, we want to take a moment to reflect on the momentum coming out of our investor day, where we detailed why and how our client-centric Aon United strategy drives sustainable top line growth and exceptional free cash flow for share growth. Aon United, operationalized and accelerated by the 3x3 plan, is driving meaningful performance demonstrated in our Q2 results with continued momentum as we enter the second half of 2025 and look ahead to 2026. Let's start with some Q2 highlights. We delivered a strong quarter in line with our expectations, including 6% organic revenue growth, 19% adjusted EPS growth, and 59% free cash flow growth. For clients facing an increasingly complex operating environment, our work to deliver for them has never been more essential, and we remain confident in our ability to meet their evolving needs, both now and over the long term. At investor day, we discussed how market reality shaping the current operating landscape are complex and constantly evolving. Clients of all sizes, industries, and geographies are challenged with how to address and respond to the interconnected mega trends of trade, technology, weather, and workforce. And the pressure is only growing. In the weeks following investor day alone, we've seen several major developments that demonstrate the impact and connectivity of these mega trends. The enactment of US tax legislation and continued shifts in the global tariff landscape, severe flooding and convective storms across the US alongside record-breaking heat waves in both the US and Europe, events that have driven historic first-half catastrophe losses, disrupted supply chains, displaced workforces, and caused widespread property damage. And significant workforce changes announced by some of the world's largest technology companies, citing the accelerated impact of AI on roles and responsibilities. These events and many others reinforce the importance of our and united strategy as we help clients make better decisions and achieve better outcomes in what is arguably the most complex operating environment they've ever faced. Our strategy is working. As we detailed at investor day, the industrial strength foundation powering and united and driving sustainable top-line growth and margin expansion is AI on business services. With ABS fully operationalized, we're winning more share in core markets, capturing demand in existing markets, and creating new demand in new categories. Let me highlight a few specific examples from the second quarter. We are winning more in the core by deepening relationships with existing clients. One of the world's largest investment firms who previously engaged us solely on risk capital topics recently awarded us their US and global benefits advisory business. This win was driven by two key factors. First, our integrated risk capital and human capital structure is unique in our industry and allows clients to employ a holistic risk strategy across their full business. Leveraging our scale in analytics, this leading global company could see their business differently across their own internal silos. And second, our differentiated human capital analytics provide globally comparable insights that help them make better data driven decisions. We are also capturing demand in existing markets by developing new capabilities. In the second quarter, we launched Aon Broker Copilot and placed our first client program, a game changer for our brokers, advisors, and clients. This capability leverages Aon's global scale, proprietary data, and embedded AI to provide an enhanced view into how the global insurance market is pricing risk. Arming our team with insight into real time market behavior, Broker Copilot augments predictive broking, enabling Aon brokers to match capital to risk in an unparalleled manner. And another example of how ABS assets support our colleagues to capture new demand and serve clients with superior solutions. And finally, we're creating new demand in new ways by innovating on behalf of clients in categories like cyber, an expected area to drive outsize growth for Aon as sourcing sufficient and tailored cyber insurance remains a pressing concern for clients. In Q2, we developed and placed a first of its kind cyber reinsurance offering, Aon Surge Stop Loss, which enables enhanced protection against cumulative cyber losses. Unlike traditional reinsurance products that require a specific event driven

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