Aon (NYSE: AON) is a global professional services firm specializing in risk, retirement, and health solutions. Founded by Patrick Ryan, Aon has grown into one of the world’s largest insurance and reinsurance brokers. Shares recently traded near $354 per share, giving the company a market value of roughly $74.7B.
After a volatile period for insurance and brokerage stocks, Aon’s shares remain below prior highs even as margins and returns on capital remain strong.
Looking at who owns Aon and how insiders have been trading helps clarify how large investors may be thinking about the company’s long term earnings durability, balance sheet leverage, and valuation at current levels.
Who Are Aon’s Top Shareholders?
Aon’s shareholder base is led by large institutional investors that tend to hold through market cycles, which can help support long term ownership stability. Active managers adjusted positions in both directions, pointing to a mix of valuation discipline and continued confidence in the business.
- The Vanguard Group: 19,884,676 shares (9.25%), ~$6.9B value. Cut holdings by 317,511 shares (-1.57%).
- Capital World Investors: 12,076,697 shares (5.62%), ~$4.2B value. Cut holdings by 67,540 shares (-0.56%).
- BlackRock Institutional Trust: 10,297,638 shares (4.79%), ~$3.6B value. Added 42,605 shares (+0.42%).
- State Street Investment Management: 9,229,464 shares (4.29%), ~$3.2B value. Added 105,154 shares (+1.15%).
- MFS Investment Management: 8,252,259 shares (3.84%), ~$2.9B value. Cut holdings by 200,695 shares (-2.37%).
- Geode Capital Management: 5,113,297 shares (2.38%), ~$1.8B value. Cut holdings by 474,982 shares (-8.50%).
- Berkshire Hathaway: 4,100,000 shares (1.91%), ~$1.4B value. Position unchanged.
The pattern of modest trims and selective adds suggests institutions are weighing valuation against Aon’s steady cash generation, and for investors the unchanged Berkshire Hathaway stake stands out as a signal that some long term holders continue to view Aon as a durable, high quality business.
Hedge Fund Highlights
One notable move came from Dodge & Cox, which built a sizable position in Aon, now holding roughly $1.2B value of shares. The position suggests the firm may see appeal in Aon’s consistent earnings profile and pricing power as a global insurance broker.
Berkshire Hathaway maintained its roughly $1.4B value stake without meaningful changes. While not an aggressive move, it appears Berkshire continues to treat Aon as a long term compounder rather than a tactical opportunity.
On the trimming side, Morgan Stanley Investment Management reduced its position by more than 2.1M shares, representing a sharp percentage decline. This move may reflect valuation sensitivity or portfolio rebalancing rather than a clear shift in views on Aon’s underlying business quality.
Meanwhile, Polen Capital Management and Mawer Investment Management both reduced exposure by high single to mid teen percentages. Taken together, it looks like some active managers are becoming more selective around Aon’s upside, even as the company’s fundamentals remain intact for investors evaluating long term positioning.
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Aon’s Recent Insider Trades
Insider filings show several small transactions across directors and officers. The activity appears limited relative to Aon’s overall size and does not materially change insider ownership levels.
- Lester B. Knight III (Director): Disposed 7,878 shares via indirect ownership on 12/4/25.
- Anne Corona (Officer): Sold 65 shares at ~$346.51 on 11/20/25.
- Lori Goltermann (Officer): Sold 68 shares at ~$346.51 on 11/20/25.
- Andy Marcell (Officer): Sold 42 shares at ~$346.51 on 11/20/25.
- Mindy F. Simon (Officer): Sold 606 shares at ~$350.13 on 11/13/25.
- Gloria Santona (Director): Reported a 17,736 share transaction tied to indirect ownership on 11/11/25.
These trades appear small and fragmented, and it looks like none meaningfully shift insider exposure. While motivations are not confirmed, the activity does not suggest a strong directional signal.
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What the Ownership & Insider Trade Data Tell Us
Aon’s ownership remains anchored by large passive institutions, with active managers showing a mix of trimming and selective buying. Insider activity appears modest and does not materially alter the ownership picture.
For investors, the combined signals suggest Aon continues to be viewed as a high quality, cash generative business with durable margins and predictable earnings, though recent ownership trends point to a more measured stance on valuation rather than broad concern about the company’s long term fundamentals.
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