Aon sees global P&C insurers’ 2025 RoAE near record at 16.8%

Aon analysis found global property and casualty insurers’ return on average equity rose to 16.8% in 2025, the highest since 2009 tracking began.

Profitability gains were backed by stronger underwriting income, favorable market conditions, a relatively benign catastrophe year.

Momentum softened as the share of carriers improving year-on-year fell to 60% from 74%.

Premium growth slowed to 5.2% for a fourth straight year, below the decade average, less than half the 2021 pace.

Combined operating ratio improved to 91.1%, the lowest of the decade, while performance dispersion widened across the sector.