Greg Case
Chief Executive Officer at AON
Thank you, and good morning, everyone. Welcome to our third quarter conference call. I'm joined by Christa Davies, our Chief Financial Officer; and Eric Andersen, our President. As in previous quarters, for your reference, we posted a detailed financial presentation on our website. We want to begin by thanking our 50,000 colleagues. 2021 continues to be a remarkable year. And as a result of our colleagues' hard work, dedication and perseverance, we've delivered outstanding results in Q3 and year-to-date. This performance is an extraordinary accomplishment and a direct result of their efforts, working together as one firm to bring the best of Aon to clients. We're also proud to report that our client feedback continues to be outstanding as net promoter scores are at a five-year high. Additionally, Aon's colleague engagement is at the highest levels we've seen over the past decade, consistent with top quartile employers.
This client feedback and colleague engagement are directly reflected in our firm's sustained momentum and financial performance. In deep appreciation for all that our colleagues do for our clients and our firm, we were excited to establish in Q3 the Aon United growth ownership plan. This unique program rewards every colleague with a stock-based award to share in the current and future success of our firm, and we're thrilled to recognize and support our colleagues in this way. Overall, as we reflect on Q3 and the first nine months of 2021, our momentum, defined by client delivery, colleague engagement and financial results, is exceptional, even more promising as what we see in the opportunity ahead. Our conversations with clients reinforce substantial and growing unmet demand to support them in making better decisions to protect and grow their businesses in an increasingly volatile world.
This opportunity to create new markets to serve our clients is the catalyst for our innovation agenda and a source of greater momentum in our business. Focusing on financial performance in Q3, our global team delivered outstanding results across each of our key financial metrics, including 12% organic revenue growth. Notably, our strongest growth in over a decade for two quarters in a row, driven by mid-single-digit or greater organic revenue growth from every solution line, highlighted by particular strength in health and commercial risk at 16% and 30%, respectively and adjusted EPS growth of 14%. Year-to-date, our 9% organic revenue growth reflects mid-single-digit or greater organic growth from three of our four solution lines. Our Aon United strategy is delivering significant momentum in every solution line, with net new business generation and ongoing strong retention.
We also saw double-digit growth for the second consecutive quarter in the more discretionary portions of our business, such as transaction liability, human capital and project-related work within Commercial Risk Solutions and Health Solutions. We continue to expect mid-single-digit or greater organic revenue growth and margin expansion in the full year 2021, 2022 and over the long term as we continue to win share in our core business and execute to further expand our total addressable market. As we move forward, we continue to be guided by our Aon United Blueprint, to ensure we're operating as a fully integrated global team capable of delivering the best of our firm in every local market. Today, we'd like to highlight how the core tenets of our blueprint drive momentum and deliver greater future opportunity. Specifically, how delivering Aon United is enabling core new business generation and fueling stronger retention.
How Aon Business Services is building capability for colleagues and translating into better service for clients. Our ongoing focus on innovation at scale is accelerating the development of new solutions to serve unmet demand, and our commitment to inclusive people leadership has resulted in the highest level of engagement and retention in over a decade. First, executing Aon United is delivering net new business generation and ongoing strong retention by continuing to engage clients across all their needs with the entirety of our firm. This strategy has been built over many years and enables extraordinary solutions for clients, resulting in Aon winning more, growing our book of business with new and existing clients and, in turn, delivering exceptional results to shareholders. Second.
We've invested heavily in Aon Business Services, or ABS, over the past five years, which now represents the core operating platform that spans the entirety of the firm. ABS Centers of Excellence have and will continue to grow margins by driving efficiencies across all solution lines. Equally important, ABS capability enables us to improve client service delivery and scale innovation globally much faster, driving higher organic growth. The ABS model is redefining what we're capable of delivering to clients and improving the way we work. Third, we continue to accelerate innovation at scale. AON is delivering innovative solutions to our clients by helping them navigate new forms of volatility, build resilient workforces, access new forms of capital and address the underserved through digital solutions, all of which substantially grow our total addressable market. This has been demonstrated, for example, intellectual property back financing, a first-of-its-kind option created and enabled by Aon's IP solutions team.
Given the inllectual property represents 80-plus percent of the value of the S&P 500, we believe the entire IP category has the potential to be a $100 billion market over time. Other categories that represent new addressable markets in the tens of billions, include cyber, climate, supply chain and digital client solutions, led by our exceptional team at CoverWallet. Fundamentally, this opportunity to serve substantial new addressable markets is driven by client demand. At Aon, we relentlessly focused on the voice of the client, and we're hearing consistent client feedback about the need to make better decisions around long tail risks. For example, we're currently getting this guidance from the almost 3,500 clients that are currently participating in our regional Aon Insight series. And it's also being reinforced by two pieces of proprietary research that we recently released.
Every two years, Aon conducts our global risk management survey, and the latest report released three days ago was informed by insights from more than 2,300 clients across 16 industries spanning public and private organizations from 60 countries around the world. With more emphasis and reliance on technology, cyber risk top the list as the number one current and predicted future risk globally. It's highest rank since the inception of survey. The top 10 risks also reflect the impact COVID has had on organizations as they needed to navigate volatility with better and faster decisions. We're seeing organizations shift focus from event-based to impact-based risk assessments, reflecting the shift in mindset following the systemic impact of the pandemic. Aon also recently released results of a survey focused on 800 C-suite leaders and senior executives in the U.S., EU, U.K. and Canada to understand how organizations are preparing for and responding to the current environment.
We found that, today, senior leaders are more astutely risk aware than ever before, but remain confident to take on calculated risks and investments that build resiliency of their companies. As we stated before, the approach to risk strategy has shifted from being generally defensive and risk averse to more opportunistic, taking a holistic, integrated view as they seek solutions to address these challenges. There's great respect to the need to defend their businesses, but that's accompanied by a desire to find solutions that help them win, that the IP financing example highlights. In this environment, we're uniquely positioned to deliver data-driven insights to help our clients make better decisions that grow their businesses. Fourth and finally, we continue to see tremendous impact of our commitment to inclusive people leadership. Voluntary attrition is down substantially versus our 2019 baseline our quarterly pulse of colleagues shows that we continue to enjoy all-time high engagement levels.
Many examples highlight our talent focus and priority, including our commitment on our entrepreneurship programs and a $30 million investment to create 10,000 new roles in the apprenticeship community. Our investment in talent development has over 14,000 Aon colleagues around the world have participated in training programs in the last nine months alone, and the announcement of the Ann United growth ownership plan. In summary, our global Aon team delivered the best third quarter results in over a decade. Our Aon United Blueprint, powered by our capability in Aon Business Services, combined with significant investment in new and growing categories of addressable client demand, reinforces the momentum we have today and offer even greater potential over the next few years. The result is clients that are better informed, better advised and equipped to make better decisions.
Now I'd like to turn the call over to Christa for her thoughts on our financial results and our long-term outlook for continued shareholder value creation. Christa?