Two of the three big broking groups Insurance Business examined still earn most of their revenue from risk broking, according to an analysis by Matthew Sellers published on 23 October. The article compares the segment accounts of Marsh, Aon and WTW to ask whether they are still brokerages.
In 2025, Marsh took 64% of segment revenue from Risk and Insurance Services and 36% from Consulting. Aon took 66% from Risk Capital and 34% from Human Capital. WTW was the exception: 55% came from Health, Wealth & Career and 45% from Risk & Broking.
In the first half of 2026, the share of revenue from the segment outside risk broking was 53% at WTW, 34% at Marsh and 30% at Aon. Operating income shows a similar pattern, although the measures differ: Marsh's Consulting segment produced 23% and Aon's Human Capital segment 24% of segment adjusted operating income, while WTW's Health, Wealth & Career produced 56% of segment operating income.
The author cautions that each of these non-broking segments contains a sizeable benefits brokerage business, so the splits overstate pure consulting and are best read as a guide to mix. On that basis he concludes that Aon and Marsh remain brokerages by any financial measure, while WTW's mix leans the other way.
The article links shifts in mix to deals. Marsh absorbed McGriff, its largest acquisition. Aon's purchase of NFP lifted Human Capital to 34.3% of revenue in 2025, and the later sale of NFP's wealth business cut it to 30.0% in the first half of 2026. WTW sold TRANZACT, which sat in Health, Wealth & Career. At Aon, Risk Capital earned a 38.4% margin in the first half, against 28.6% for Human Capital.
Read the source
Insurance Business ↗News publisher · 23 Oct 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
