Aon Analyses $2 Trillion of Insurance Premiums to Identify Top Profitable Growth Performers

 Aon plc (NYSE: AON), a leading global professional services firm, published its latest Profitable Growth research that provides a long-term analysis of re/insurer financials to help identify the best performing companies of the past ten years.

By comparing compound annual growth rates (CAGR) with returns on average equity (RoAE) for 120 re/insurers writing nearly $2T of gross written premium (GWP), Aon identifies the firms that successfully achieved profitable growth through soft and hard market cycles from 2013 to 2024. The data confirms a clear pattern: strategic focus and relevance consistently drive stronger financial outcomes — regardless of market conditions.

Key findings of the study include:

• In 2024, the analysis group delivered a 14.7 percent RoAE – this represented a six-percentage point improvement on 2013-2023 average of 8.7 percent. The group’s combined operating ratio (COR) of 93.6 percent was the lowest since 2006 and a 3.4 percentage point improvement on the 10-year average.
• In 2024, the group’s GWP increased 7.5 percent to $1.9T. Despite exceeding the 2013-2023 CAGR of 6.4 percent*, this figure represented a third year of decelerating growth rates, from the high of 10.2 percent in 2021.
• A high variance in profitability for different property and casualty segments.
• For the third consecutive year, the segments with the lowest CORs were those with the most globally diversified portfolios in both insurance and reinsurance, and the most specialised.

Aon’s report “Relevance Through the Market Cycle: Five Strategic Imperatives for Insurers” builds on its former analyses of the seven key characteristics of top-performing insurers across risk appetites:

• Speed and agility;
• Data and analytics;
• Underwriting;
• Talent;
• Distribution; and,
• Capital.

Paul Campbell, global growth leader in the Strategy and Technology Group for Aon, said: “In a market defined by volatility, insurers must embed strategic relevance into every decision to outperform through the cycle. We are collaborating with clients on strategies to become top performing insurers to smooth volatility in financial results, become more relevant to customers and make their firms a more attractive proposition to investors.”

Sherif Zakhary, CEO of Strategy and Technology Group and Inpoint for Aon, added: “Insurers must pivot from product suppliers to performance partners which means being proactive, insightful and deeply attuned to client needs across geographies and sectors. However, legacy operating models, rigid capital structures and siloed distribution strategies are holding some insurers back. This is why Aon’s Strategy and Technology Group has built its data-driven approach and nurtured its talent to create and execute clients plans for resilience and growth.”

Building on its research into top-performing carriers, Aon is recommending five actionable strategies to clients to enhance relevance and competitiveness:

1. Redefine growth strategy;
2. Align capital with strategy;
3. Invest in data-driven decision making;
4. Understand client and channel needs;
5. Rethink talent strategy for the next cycle.

The latest update arrives at the beginning of Aon’s Reinsurance Renewal Season, which involves a series of events and strategies designed to help clients achieve profitable growth as the industry approaches the key January 1, 2026, reinsurance renewal period.

For more information, please visit: https://www.aon.com/en/events/reinsurance-renewal

Notes

* excludes the impact of foreign exchange currency fluctuations.

 All figures in U.S. dollars unless otherwise stated.

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About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.

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