First Take 2Q26 Earnings: Steady as She Goes

Research evidence excerpt

First Take 2Q26 Earnings: Steady as She Goes

Update

July 29, 2026 11:40 AM GMT

Morgan Stanley & Co. LLCMAon PLC | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comSiddhant Shah +1 212 761-6136

Research Associate

Sid.Shah@morganstanley.com +1 212 761-2603

Steady as She Goes Daniel Lee, ACAS

Daniel.Lee4@morganstanley.com +1 212 761-0219

AlphaSignals Earnings Reaction

Aon PLC (AON.N, AON UN)

Unchanged In-line Largely unchanged

Insurance - Property & Casualty | United States of

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS America

Source: Company data, Morgan Stanley Research Stock Rating Overweight

Industry View Attractive

Price target $380.00

Stable momentum into 2H26. Despite softer pricing, Aon continues to post steady Shr price, close (Jul 28, 2026) $381.26

organic growth. Strong new business sustained momentum, more than offsetting Mkt cap, curr (mm) $81,855

52-Week Range $382.28-305.00

weaker pricing. Reinsurance delivered steady results, partly from facultative

placements. In the second half, Health Solutions should matter more due to

seasonality. New business and retention should support broader growth. Overall,

we see solid results in an uncertain macro environment. Management has built a

durable business that should sustain momentum through year-end.

What We Liked

• Reinsurance organic growth: 5% organic growth beat 4% consensus, driven

by net new business, strong retention, and double-digit increases in

facultative placements and the Strategy and Technology Group.

• Wealth organic growth: 5% organic growth beat 4% consensus, reflecting

strong Retirement growth driven by demand in the UK and EMEA.

• Compensation & benefits: The 53.5% C&B expense ratio beat 55.8%