Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Aon plc (AON) Halal?

FAIL

Aon plc · NYSE: AON · Financials

The short answer

No — Aon plc (AON) does not pass this Shariah stock screen. Its core business is insurance broking: Commercial Risk Solutions ($8,497M, where "revenue primarily includes insurance commissions") and Reinsurance Solutions ($2,793M) together account for about 66% of FY2025 revenue, and brokerage commissions derive from selling and placing conventional insurance contracts — a prohibited line under AAOIFI-style business screens (it is a broker, not an underwriter). The consulting arms (Health, Wealth) are permissible but smaller. Its financials are otherwise clean: interest-bearing debt of $14,967M is ~25.6% of its ~$58.5B market cap (under 33%), and interest income of $17M is ~0.18% of H1 2026 revenue (under 5%). All three third-party screeners that cover AON — Zoya, Musaffa, and ShariaPortfolio — rate it non-compliant. This is a factual screen, not a religious ruling.

Gate 1 — Business activity: FAIL

Aon plc (NYSE: AON) manages two reportable segments per its FY2025 10-K. Risk Capital generated $11,290M of $17,181M total revenue (~66%): Commercial Risk Solutions ($8,497M) — "insurance and specialty brokerage," global risk consulting, captives management, Affinity programs, with "Revenue primarily includes insurance commissions" — and Reinsurance Solutions ($2,793M) — treaty and facultative reinsurance brokerage plus capital markets (insurance-linked securities, capital raising, M&A advisory). Human Capital ($5,907M, ~34%): Health Solutions ($3,839M: health consulting and brokerage) and Wealth Solutions ($2,068M: retirement and investments consulting). The 10-K states the business "generates revenues primarily through commissions, compensation from insurance and reinsurance companies for services we provide to them, and fees from customers." The company does not underwrite insurance itself — it is a broker — but its commissions come from selling and placing conventional insurance contracts (property, casualty, financial and professional lines, cyber, surety, trade credit), which AAOIFI-style business screens treat as a prohibited line. The consulting arms are permissible, but insurance broking dominates revenue. Zoya, Musaffa, and ShariaPortfolio all independently rate AON not compliant. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 the company reported short-term debt and current portion of long-term debt of $2,020M and long-term debt of $12,947M — total interest-bearing debt of $14,967M (mostly senior notes), per the Q2 2026 10-Q balance sheet. Against a market cap of about $58.5B ($275.95/share, October 2, 2026; 212,125,434 shares outstanding per the 10-Q cover), debt ÷ market cap is about 25.6%, below the ~33% ceiling. Cash and cash equivalents of $1,062M plus short-term investments of $205M are about 2.2% of market cap. Fiduciary assets of $20,698M are matched by fiduciary liabilities and excluded as client funds. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Aon's Q2 2026 10-Q discloses a separate Interest income line of $17M for the six months ended June 30, 2026 against total revenue of $9,280M — about 0.18% of revenue, well below the 5% non-compliant income ceiling. Full-year 2025: interest income $19M against total revenue $17,181M, about 0.11% — also below 5%. Gate 3 passes; the failure is the insurance-brokerage business gate. Facts only.

Key figures used

Frequently asked questions

What does Aon do?

Aon plc (NYSE: AON) is an Ireland-domiciled global professional services firm that earns its revenue from risk management, insurance brokerage, and human capital consulting, with about 60,000 employees in more than 120 countries. It manages two reportable segments: Risk Capital ($11,290M of FY2025's $17,181M total revenue, ~66%) — Commercial Risk Solutions ($8,497M: "insurance and specialty brokerage," global risk consulting, captives management, Affinity programs) and Reinsurance Solutions ($2,793M: treaty and facultative reinsurance brokerage, capital markets/insurance-linked securities) — and Human Capital ($5,907M, ~34%) — Health Solutions ($3,839M: health consulting and brokerage) and Wealth Solutions ($2,068M: retirement and investments consulting). The 10-K states the business "generates revenues primarily through commissions, compensation from insurance and reinsurance companies for services we provide to them, and fees from customers." Aon is a broker, not an underwriter. Its Class A ordinary shares trade on the New York Stock Exchange.

Why does Aon fail this Shariah stock screen?

Aon fails this Shariah stock screen on the business gate. About 66% of FY2025 revenue came from Risk Capital — Commercial Risk Solutions ($8,497M), which the 10-K says earns "insurance commissions," and Reinsurance Solutions ($2,793M) — i.e., commission and fee income derived from selling and placing conventional insurance and reinsurance contracts (property, casualty, financial lines, cyber, surety, trade credit), which AAOIFI-style screens treat as a prohibited line. Aon does not underwrite insurance itself — it is a broker — but its commissions come from conventional insurance products. The Human Capital consulting arms (Health, Wealth) are permissible, but insurance broking dominates revenue. All three third-party screeners that cover AON agree: Zoya rates it not Shariah-compliant, Musaffa classifies it "not halal" (October 2026), and ShariaPortfolio says it is "not Shariah Compliant because of its involvement in Insurance Brokers." This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Aon's interest-bearing debt ratio?

At June 30, 2026 Aon carried short-term debt and current portion of long-term debt of $2,020M and long-term debt of $12,947M — total interest-bearing debt of $14,967M (mostly senior notes). Against a market capitalization of about $58.5B ($275.95/share, October 2, 2026; 212,125,434 shares outstanding per the Q2 2026 10-Q cover), debt ÷ market cap is about 25.6%, below the ~33% ceiling. Cash and cash equivalents of $1,062M plus short-term investments of $205M are about 2.2% of market cap. Fiduciary assets of $20,698M are matched dollar-for-dollar by fiduciary liabilities and are excluded as client funds, not company cash or debt. The financial-structure gate passes; the failure is on the business gate (insurance brokerage).

What is Aon's non-compliant income ratio?

Aon's Q2 2026 10-Q discloses a separate Interest income line: $17M for the six months ended June 30, 2026 against total revenue of $9,280M — about 0.18% of revenue, well below the 5% non-compliant income ceiling. On a full-year 2025 basis the 10-K reports interest income of $19M against total revenue of $17,181M, about 0.11%, also below 5%. The income gate passes; the screen fails on the insurance-brokerage business gate.

Do Zoya, Musaffa, or ShariaPortfolio cover Aon?

Zoya covers Aon and rates it not Shariah-compliant based on the company's latest financial reports (FY2025: revenue $17,181M, interest income $19M — zoya.finance/stocks/aon). Musaffa covers AON and classifies it "not halal" as of October 2026 under its AAOIFI methodology (musaffa.com/stock/AON/). ShariaPortfolio covers AON and states it is "not Shariah Compliant because of its involvement in Insurance Brokers and related activities" (spscreener.mxcorporate.com/stock/aon-aon-plc/). This page applies the screen directly from Aon's own filings: the FY2025 Form 10-K (filed February 13, 2026) and the Q2 2026 Form 10-Q (filed July 29, 2026).

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).