Aon plc
For the period ended Mar 31, 2025. Filed Apr 25, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 25, 2025
AON$334.81-2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-25.
0001628280-24-043809
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-25.
0001628280-25-019927
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 189 previous paragraphs and 192 current paragraphs.
103 unchanged; 58 reworded; 27 added; 24 removed; 4 previous and 4 current paragraphs rearranged.
Tables are not compared: 17 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
•Revenue increased $659 million, or 16%, to $4.7 billion. The increase reflects the contribution from NFP, 5% organic revenue growth, and a 2% unfavorable impact from foreign currency translation. Risk Capital revenue increased $216 million, or 7%, to $3.2 billion and Human Capital revenue increased $442 million, or 40%, to $1.5 billion compared to the prior year period.
Current report
•Operating margin decreased to 30.9% from 36.0% in the prior year period, driven primarily by the addition of NFP and an increase in operating expenses as previously described, partially offset by organic revenue growth of 5% and $40 million of net restructuring savings. Risk Capital operating margin decreased to 37.5% from 39.8% and Human Capital operating margin decreased to 26.1% from 35.1% compared to the prior year period.
Current report
•Due to the factors set forth above, Net income decreased $111 million, or 10%, to $982 million compared to the prior year period.
Current report
•Adjusted operating margin, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Operating Margin,” was 38.4% for the first quarter of 2025 compared to 39.7% in the prior year period. The decrease in adjusted operating margin primarily reflects the addition of NFP and increased expenses, partially offset by 5% organic revenue growth and$40 million of net restructuring savings. Risk Capital adjusted operating margin decreased to 41.3% in thefirst quarter of 2025 compared to 41.7% in the prior year period. Human Capital adjusted operating margin decreased to 35.3% in thefirst quarter of 2025 compared to 36.4% in the prior year period.
Current report
The current macroeconomic and geopolitical environment is subject to a number of uncertainties, including geopolitical conflicts, tariffs or changes in trade policies, capital markets volatility, and inflation. These and other factors may contribute to slower or negative economic growth and a challenging business environment for our clients. While we remain confident in the resilience and strength of our business and financial model, due to the global nature of our business, the current macroeconomic and geopolitical environment could negatively impact our financial condition and results of operations. For more information about these risks, please see “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current report
(1)Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.
Current report
Total revenue increased $659 million, or 16%, to $4.7 billion. The increase reflects the contribution from NFP, 5% organic revenue growth, and a 2% unfavorable impact from foreign currency translation. Risk Capital revenue increased $216 million, or 7%, to $3.2 billion and Human Capital revenue increased $442 million, or 40%, to $1.5 billion.
Current report
Risk Capital
Current report
Commercial Risk Solutions revenue increased $194 million, or 11%, to $2.0 billion in the first quarter of 2025, reflecting growth across all major geographies driven by net new business and ongoing strong retention. Performance was highlighted by strong growth globally in core P&C. Results also reflect a modest tailwind from M&A services relative to the prior year. Market impact was flat in the quarter.
Current report
Reinsurance Solutions revenue increased $22 million, or 2%, to $1.2 billion in the first quarter of 2025, compared to the first quarter of 2024. Organic revenue growth was 4% in the first quarter of 2025, reflecting growth in treaty, driven by net new business and ongoing strong retention. Results also reflect a double-digit increase in facultative placements and insurance-linked securities. Market impact was flat in the quarter.
Current report
Human Capital
Current report
Health Solutions revenue increased $293 million, or 40%, to $1.0 billion in the first quarter of 2025, compared to $733 million in the first quarter of 2024. Organic revenue growth was 5% in the first quarter of 2025, reflecting double-digit growth globally in core health and benefits, driven by net new business, ongoing strong retention, and a modestly positive market impact. Strength in the core was partially offset by lower revenue in Consumer Benefits Solutions. Talent revenue was lower in the quarter as strength in advisory was offset by a decline in analytics due to a change in the timing of survey data delivery.
Current report
Wealth Solutions revenue increased $149 million, or 40%, to $519 million in the first quarter of 2025, compared to $370 million in the first quarter of 2024. Organic revenue growth was 8% in the first quarter of 2025, reflecting strength in Investments, highlighted by double-digit revenue growth in NFP, driven by net asset inflows and market performance. Strong growth in Retirement was driven by continued strong demand for advisory related to the ongoing impact of regulatory changes and pension de-risking.
Current report
Compensation and benefits expense increased $366 million, or 19%, compared to the prior year perioddue primarily to the inclusion of operating expenses from NFP and expense associated with 5% organic revenue growth, partially offset bysavings from Accelerating Aon United restructuring actions.
Current report
Information technology, which represents costs associated with supporting and maintaining our infrastructure, increased $12 million, or 10%, compared to the prior year period due primarily to the inclusion of ongoing operating expenses from NFP.
Current report
Accelerating Aon United Program expenses decreased $9 million in the first quarter of 2025 compared to the prior year period due to lower costs related to workforce optimization.
Current report
Total Operating Expenses and Operating Income
Current report
Total operating expenses increased $663 million, or 25%, to $3.3 billion in the first quarter of 2025 due primarily to the inclusion of NFP’s ongoing operating expenses, an increase in expense associated with 5% Organic revenue growth, an increase in intangible asset amortization associated with the acquisition of NFP, and investments in long-term growth, partially offset by $40 million of net restructuring savings. Due to the factors set forth above, Total operating income decreased $4 million to $1.5 billion in the first quarter of 2025.
Current report
Risk Capital Total operating expenses increased $204 million, or 11% to $2.0 billion in the first quarter of 2025. The increase was primarily due to an increase in Compensation and benefits and an increase in Other expenses. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 5% and 4% organic revenue growth in Commercial Risk Solutions and Reinsurance Solutions, respectively, partially offset by restructuring savings. The increase in Other expenses is primarily due to increased Amortization and impairment from the NFP Transaction. Due to the factors set forth above, Risk Capital operating income increased $12 million, or 1%, to $1.2 billion in the first quarter of 2025.
Current report
Human Capital Total operating expenses increased $426 million, or 59% to $1.1 billion in the first quarter of 2025. The increase was primarily due to an increase in Compensation and benefits and an increase in Other expenses. The increase in Compensation and benefits is due to the inclusion of operating expenses from NFP and an increase in expense associated with 5% and 8% organic revenue growth in Health Solutions and Wealth Solutions, respectively. The increase in Other expenses is primarily due to increased Amortization and impairment of intangible assets acquired from the NFP Transaction. Due to the factors set forth above, Human Capital operating income increased $16 million, or 4%, to $403 million in the first quarter of 2025.
Current report
Other expense was $10 million for the first quarter of 2025 compared to Other income of $75 million for the first quarter of 2024. The decrease was primarily related to deferred consideration from the 2017 sale of our outsourcing business, which was greater in the prior year period.
Current report
Income before income taxes for the first quarter of 2025 was $1,250 million, a 12% decrease from $1,424 million compared to the prior year period.
Current report
Net income attributable to Aon shareholders for the first quarter of 2025 decreased to $965 million, or $4.43 per diluted share, from $1.1 billion, or $5.35 per diluted share, in the prior year period.
Current report
(1)Corporate expenses/eliminations include governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.
Current report
Risk Capital adjusted operating income increased $76 million, or 6%, to $1.3 billion in the first quarter of 2025. The increase was primarily due to organic revenue growth of 5% in Commercial Risk Solutions and 4% in Reinsurance Solutions and the impact of NFP, partially offset by increased expenses and investments in long-term growth. Human Capital adjusted operating income increased $143 million, or 36%, to $545 million in the first quarter of 2025. The increase was primarily due to organic revenue growth of 5% in Health Solutions and 8% in Wealth Solutions and the impact of NFP, partially offset by increased expenses and investments in long-term growth.
Current report
Share Repurchase Program
Current report
In December 2024, Aon Global Limited’s $750 million 3.875% Senior Notes due December 2025 were classified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as the date of maturity is in less than one year. The Company expects to use cash flow from operations and available cash on hand to repay these Senior Notes.
Removed paragraphs (24)
Previous report
•Revenue increased $768 million, or 26%, to $3.7 billion compared to the prior year period, reflecting 7% organic revenue growth and acquired revenues from NFP. For the first nine months of 2024, revenue increased $1.6 billion, or 15%, to $11.6 billion compared to the prior year period due primarily to organic revenue growth of 6% and acquired revenues from the acquisition of NFP, driven by net new business and ongoing strong retention.
Previous report
•Operating margin decreased to 16.7% from 23.4% in the prior year period. The decrease was driven by an increase in operating expenses as previously described, partially offset by total revenue growth of 26%. Operating margin for the first nine months of 2024 decreased to 23.8% from 30.1% in the prior period. The decrease was primarily driven by an increase in operating expenses as previously described and partially offset by total revenue growth of 15%.
Previous report
•Due to the factors set forth above, net income decreased $112 million, or 24%, to $355 million compared to the prior year period. For the first nine months of 2024, net income decreased $135 million, or 6%, to $2.0 billion compared to the first nine months of 2023.
Previous report
•Adjusted operating margin, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Operating Margin,” was 24.6% for the third quarter of 2024 compared to 24.3% in the prior year period. The increase in adjusted operating income reflects the impact from NFP, organic revenue growth, net restructuring savings and increased fiduciary investment income, partially offset by increased expenses and investments in long-term growth. For the first nine months of 2024, adjusted operating margin was flat at 30.8% compared to the prior year period.
Previous report
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE
Previous report
ACQUISITION OF NFP
Previous report
On April 25, 2024, the Company completed its acquisition of NFP, a leading middle-market provider of property and casualty brokerage, benefits consulting, wealth management, and retirement plan consulting, with more than 7,700 colleagues. The Company acquired NFP Intermediate Holdings A Corp. in a cash-and-stock merger for an aggregate U.S. GAAP preliminary purchase price totaling $9.1 billion, including approximately $3.2 billion to settle NFP indebtedness and cash consideration to the selling shareholders, and approximately 19 million class A ordinary shares with a fair value of approximately $5.9 billion, based on the Company’s closing stock price on April 25, 2024. In addition, the Company had other adjustments of $3.9 billion for cash and certain assumed liabilities.
Previous report
Total revenue increased $768 million, or 26%, to $3.7 billion, compared to the prior year period, due to acquired revenues from the acquisition of NFP and organic revenue growth of 7%, driven by net new business and ongoing strong retention. For the first nine months of 2024, revenue increased $1.6 billion, or 15%, to $11.6 billion compared to the prior year period. This increase reflects organic revenue growth of 6% and the acquired revenues from the acquisition of NFP.
Previous report
Commercial Risk Solutions revenue increased $267 million, or 17%, to $1.9 billion in the third quarter of 2024, primarily related to acquired revenues from the acquisition of NFP and 6% organic revenue growth, compared to $1.6 billion in the third quarter of 2023. Organic revenue growth was 6% in the third quarter of 2024, reflecting mid-single-digit or greater increases across all major geographies, and in NFP, driven by net new business and ongoing strong retention. Results reflect strong growth in North America driven by strength in core P&C, which includes the majority of NFP’s Commercial Risk solutions, and a double-digit increase in M&A services. On average globally, exposures were modestly positive and aggregate pricing was flat, resulting in modestly positive market impact. For the first nine months of 2024, revenue increased $538 million, or 10% to $5.7 billion, compared to $5.1 billion in the first nine months of 2023. Organic revenue growth was 5% in the first nine months of 2024, reflecting growth across all major geographies, driven by net new business and strong retention.
Previous report
Reinsurance Solutions revenue increased $38 million, or 8%, to $503 million in the third quarter of 2024, compared to $465 million in the third quarter of 2023. Organic revenue growth was 7% in the third quarter of 2024, reflecting double-digit increase in facultative placements, as well as strength in treaty, driven by net new business and ongoing strong retention. Market impact was modestly positive on results in the quarter. The majority of revenue in our treaty portfolio is recurring in nature and is recorded in connection with the major renewal periods that take place throughout the first half of the year. For the first nine months of 2024, revenue increased $156 million, or 7%, to $2.3 billion, compared to $2.1 billion in the first nine months of 2023. Organic revenue growth was 7% in the first nine months of 2024, reflecting strong growth in treaty, driven by net new business and strong retention, and facultative placements.
Previous report
Health Solutions revenue increased $318 million, or 58%, to $870 million in the third quarter of 2024, primarily related to acquired revenues from the acquisition of NFP and 9% organic revenue growth, compared to $552 million in the third quarter of 2023. Organic revenue growth was 9% in the third quarter of 2024, reflecting strong growth globally in core health and benefits brokerage, which includes the majority of NFP’s Health solutions, driven by net new business and ongoing strong retention. The core performance was highlighted by double-digit growth in EMEA, Asia and the Pacific, and Latin America. Results also reflect double-digit growth in Talent, with strong demand for talent analytics, solid growth in NFP, and slower growth in executive benefits. For the first nine months of 2024, revenue increased $595 million, or 36%, to $2.3 billion, compared to the first nine months of 2023. Organic revenue growth was 7% in the first nine months of 2024, reflecting strong growth globally in core health and benefits brokerage.
Previous report
Wealth Solutions revenue increased $147 million, or 42%, to $499 million in the third quarter of 2024, primarily related to acquired revenues from the acquisition of NFP and 7% organic revenue growth, compared to $352 million in the third quarter of 2023. Organic revenue growth was 7% in the third quarter of 2024, reflecting strength in Retirement, driven by advisory demand and project-related work related to pension de-risking and the ongoing impact of regulatory changes. Strong growth in Investments, which includes the majority of NFP’s Wealth solutions, was highlighted by strong revenue growth within NFP, driven by net asset inflows and market performance. For the first nine months of 2024, revenue increased $278 million, or 26%, to $1.3 billion, compared to $1.1 billion in the first nine months of 2023. Organic revenue growth was 7% in the first nine months of 2024, reflecting growth in Retirement, driven by advisory demand and project-related work related to pension de-risking and ongoing impact of regulatory changes, and modest growth in Investments.
Previous report
Compensation and benefits expense increased $465 million, or 28%, and compared to the prior year period due primarily to the inclusion of ongoing operating expenses from NFP and expense associated with 7% organic revenue growth, partially offset by savings from Accelerating Aon United restructuring actions. For the first nine months of 2024, compensation and benefits increased $932 million, or 18%, compared to the first nine months of 2023. The increase was primarily driven by the inclusion of ongoing operating expenses from NFP and an increase in expense associated with 6% organic revenue growth, partially offset by savings from Accelerating Aon United restructuring actions.
Previous report
Information technology expenses, which represent costs associated with supporting and maintaining our infrastructure, increased $6 million, or 4%, compared to the prior year period due primarily to the inclusion of ongoing operating expenses from NFP, partially offset by efficiencies from our Aon Business Services operating platform and savings from Accelerating Aon United restructuring actions. For the first nine months of 2024, information technology expenses decreased $6 million, or 1%, compared to the first nine months of 2023. The decrease was due primarily to efficiencies from our Aon Business Services operating platform and savings from Accelerating Aon United restructuring actions, partially offset by the inclusion of operating expenses from NFP.
Previous report
770% in the third quarter of 2024 and increased $248 million, or 354% for the first nine months of 2024, each compared to the prior year period due primarily to an increase in intangible assets related to the NFP acquisition.
Previous report
Accelerating Aon United Program expenses increased $63 million and $314 million for the three and nine months ended September 30, 2024, respectively, compared to the prior year period relating to technology and other costs, workforce optimization, and asset impairments.
Previous report
Other income was $35 million for the third quarter of 2024 compared to Other expense of $21 million for the third quarter of 2023. The increase was primarily driven by a gain on the sale of businesses, offset by the unfavorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies. Other income was $346 million for the first nine months of 2024 compared to Other expense of $105 million for the first nine months of 2023. The increase was primarily due to a gain on the sale of businesses.
Previous report
Due to the factors discussed above, Income before income taxes for the third quarter of 2024 was $449 million, a 20% decrease from $560 million in the third quarter of 2023. For the first nine months of 2024, Income before income taxes was $2.6 billion, flat compared to the first nine months of 2023.
Previous report
For the three and nine months ended September 30, 2023, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the tax benefit from the release of a valuation allowance due to a change in judgement about the realizability of deferred tax assets. The year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the tax benefits associated with the release of a valuation allowance, share-based payments, and the anticipated sale of certain assets and liabilities classified as held for sale.
Previous report
Net income attributable to Aon shareholders for the third quarter of 2024 decreased to $343 million, or $1.57 per diluted share, from $456 million, or $2.23 per diluted share, in the prior year period. Net income attributable to Aon shareholders for the first nine months of 2024 decreased $128 million to $1.9 billion, or $9.20 per diluted share, from $10.03 per diluted share, in the prior year period.
Previous report
(3)Adjusted Other income (expense) excluded gains from dispo sitions of$257 million related to the sale of a business for thenine months ended September 30, 2024.
Previous report
(4)Adjusted Other income (expense) excluded$6 million of debt extinguishment charges related to the repayment of NFP debt, which is considered a transaction related cost incurred in the second quarter of 2024.
Previous report
(5)To further its pension de-risking strategy, the Company settled certain pension obligations in the Netherlands through the purchase of annuities, where certain pension assets were liqu idated to purchase the annuities. A non-cash settlement charge of $27 million was recognized in the second quarter of 2023 which is excluded from adjusted other income (expense).
Previous report
(1) Included in the 0.9 million and 2.5 million shares repurchased during the three and nine months ended September 30, 2024, respectively, were 10.5 thousand shares that did not settle until October 2024. These shares were settled at an average price per share of $345.04 and total cost of $3.6 million.
Reworded paragraphs (58)
Previous wording
EXECUTIVE SUMMARY OF THIRD QUARTER 2024 FINANCIAL RESULTS
Current wording
EXECUTIVE SUMMARY OF FIRST QUARTER 2025 FINANCIAL RESULTS
Previous wording
Aon plc is a leading global professional services firm providing a broad range of Risk and Human Capital Solutions. Through our experience, global reach, and comprehensive analytics, we help clients meet rapidly changing, increasingly complex, and interconnected challenges related to risk and people. We are committed to accelerating innovation to address unmet and evolving client needs so that our clients are better informed, better advised, and able to make better decisions to protect and grow their business. Management remains focused on strengthening Aon and uniting the firm with one portfolio of capability enabled by data and analytics and one operating model to deliver additional insight, connectivity, and efficiency.
Current wording
Aon plc is a leading global professional services firm providing a broad range of Risk Capital and Human Capital solutions. Through our experience, global reach, and comprehensive analytics, we help clients meet rapidly changing, increasingly complex, and interconnected challenges related to risk and people. We are committed to accelerating innovation to address unmet and evolving client needs so that our clients are better informed, better advised, and able to make better decisions to protect and grow their business. Management remains focused on strengthening Aon and uniting the firm with a portfolio of Risk Capital and Human Capital capabilities enabled by data and analytics and a united operating model to deliver additional insight, connectivity, and efficiency.
Previous wording
The following is a summary of our third quarter of 2024 financial results.
Current wording
The following is a summary of our first quarter of 2025 financial results.
Previous wording
•Total operating expenses in the third quarter increased $836 million, or 37%, to $3.1 billion compared to the prior year period, due primarily to the inclusion of NFP’s ongoing operating expenses, an increase in intangible asset amortization associated with the acquisition of NFP, an increase in expense associated with 7% organic revenue growth, Accelerating Aon United restructuring program charges, and investments in long-term growth, partially offset by $25 million of restructuring savings realized in the quarter. Operating expenses for the first nine months of 2024 were $8.8 billion, an increase of $1.8 billion, or 26%, compared to the prior year period due primarily to the inclusion of NFP’s operating expenses, an increase in expense associated with 6% organic revenue growth, Accelerating Aon United restructuring charges, and transaction and integration costs, partially offset by $70 million of restructuring savings.
Current wording
•Operating expenses increased $663 million, or 25%, to $3.3 billion compared to the prior year period due primarily to the inclusion of NFP’s ongoing operating expenses, an increase in expense associated with 5% Organic revenue growth, an increase in intangible asset amortization associated with the acquisition of NFP, and investments in long-term growth, partially offset by $40 million of net restructuring savings. Risk Capital operating expenses increased $204 million, or 11%, to $2.0 billion and Human Capital operating expenses increased $426 million, or 59%, to $1.1 billion compared to the prior year period.
Previous wording
•Diluted earnings per share was $1.57 compared to $2.23 per share for the prior year period. During the first nine months of 2024, diluted earnings per share was $9.20 compared to $10.03 per share for the prior period.
Current wording
•Diluted earnings per share was $4.43 compared to $5.35 per share for the prior year period.
Previous wording
•Cash flows provided by operating activities was $1.8 billion for the first nine months of 2024, a decrease of $339 million from the prior year period, primarily due to higher cash taxes, and payments related to restructuring, legal settlement expenses, transaction and integration costs, and higher receivables, including from NFP, partially offset by strong adjusted operating income growth.
Current wording
•Cash flows provided by operating activities was $140 million for the first three months of 2025, a decrease of $169 million, or 55%, from $309 million in the prior year period, primarily due to higher payments related to incentive compensation, interest and restructuring, partially offset by strong adjusted operating income growth and days sales outstanding improvements.
Previous wording
We focus on four key metrics, which are not presented in accordance with U.S. GAAP, that we communicate to shareholders: organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP metrics should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the third quarter of 2024:
Current wording
We focus on four key metrics that are not presented in accordance with U.S. GAAP that we communicate to shareholders: organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP metrics should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements. The following is our measure of performance against these four metrics for the first quarter of 2025:
Previous wording
•Organic revenue growth is a non-GAAP measure defined under the caption “Review of Consolidated Results — Organic Revenue Growth.” Organic revenue growth was 7% for the third quarter of 2024, driven by net new business and ongoing strong retention. Organic revenue growth was 6% for the first nine months of 2024, driven by net new business and ongoing strong retention.
Current wording
•Organic revenue growth, a non-GAAP measure defined under the caption “Review of Consolidated Results — Organic Revenue Growth,” was 5% for the first quarter of 2025, compared to 5% Organic revenue growth in the prior year period, driven by net new business and ongoing strong retention.
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•Adjusted diluted earnings per share, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Diluted Earnings per Share,” was $2.72 per share for the third quarter of 2024 and $11.16 per share for the first nine months of 2024, compared to $2.32 and $10.26 per share for the respective prior year periods.
Current wording
•Adjusted diluted earnings per share, a non-GAAP measure defined under the caption “Review of Consolidated Results — Adjusted Diluted Earnings per Share,” was $5.67 per share for the first quarter of 2025, compared to $5.66 per share for the prior year period.
Previous wording
•Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” decreased in the first nine months of 2024 by $299 million from the prior year period, to $1.7 billion, reflecting a decrease in cash flows from operations, partially offset by a $40 million decrease in capital expenditures compared to the prior year period, which was elevated due to the timing of projects and investments within the year.
Current wording
•Free cash flow, a non-GAAP measure defined under the caption “Review of Consolidated Results — Free Cash Flow,” was $84 million in the first three months of 2025, a decrease of $177 million, or 68%, from $261 million in the prior year period, reflecting a $169 million decrease in Cash flows from operations, primarily due to higher payments related to incentive compensation, interest and restructuring, partially offset by strong adjusted operating income growth and days sales outstanding improvements, and an $8 million increase in capital expenditures.
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For many companies, the management of ESG risks and opportunities has become increasingly important, and ESG-related challenges, such as extreme weather events, supply chain disruptions, cyber events, regulatory changes, ongoing public health impacts, and the increased focus on workforce resilience in various work environments, continue to create volatility and uncertainty for our clients. At Aon, helping clients manage risk - including ESG risk - is at the core of what we do. We offer a wide range of risk assessment, consulting, and advisory solutions, many of which are significant parts of our core business offerings, designed to address and manage ESG issues for clients, and to enable our clients to create more sustainable value. We see significant opportunity in enhancing our impact and delivering innovative client solutions on ESG matters.
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Management of corporate sustainability risks – including those related to ESG matters – is an increasingly important priority for our clients. At Aon, helping clients manage risk - including those relating to corporate sustainability and ESG - is at the core of what we do. We offer a wide range of risk assessment, consulting, and advisory solutions, many of which are significant parts of our core business offerings, designed to address and manage corporate sustainability and ESG issues for clients, and to enable our clients to create more sustainable value.
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Premises expenses, which represent the cost of occupying offices in various locations throughout the world, increased $14 million, or 19%, in the third quarter of 2024 and increased $24 million, or 11% for the first nine months of 2024, each compared to the prior year period, due primarily to the inclusion of operating expenses from NFP, partially offset by savings from Accelerating Aon United restructuring actions.
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Premises, which represents the cost of occupying offices in various locations throughout the world, increased $11 million, or 15%, in the first quarter of 2025 compared to the prior year period, due primarily to the inclusion of ongoing operating expenses from NFP.
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Depreciation of fixed assets primarily relates to software, leasehold improvements, furniture, fixtures, and equipment, computer equipment, buildings, and automobiles. Depreciation of fixed assets increased $5 million, or 12%, in the third quarter of 2024 and increased $17 million, or 14% for the first nine months of 2024, each compared to the prior year period due primarily to the inclusion of operating expenses from NFP, partially offset by savings from Accelerating Aon United restructuring actions.
Current wording
Depreciation of fixed assets primarily relates to software, leasehold improvements, furniture, fixtures, and equipment, computer equipment, buildings, and vehicles. Depreciation of fixed assets increased $2 million, or 5%, in the first quarter of 2025 compared to the prior year period.
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Amortization and impairment of intangible assets primarily relates to finite-lived customer-related and contract-based assets as well as technology and other assets. Amortization and impairment of intangible assets increased $154 million, or
Current wording
Amortization and impairment of intangibles primarily relates to finite-lived customer-related and contract-based, technology, and tradename assets. Amortization and impairment of intangible assets increased $183 million to $199 million in the first quarter of 2025 compared to the prior year period due primarily to an increase in intangible assets related to the acquisition of NFP.
Previous wording
Other general expenses increased $129 million, or 43%, in the third quarter of 2024 and increased $283 million, or 30% for the first nine months of 2024, due primarily to the inclusion of ongoing operating expenses from NFP and transaction and integration costs.
Current wording
Other general expenses increased $98 million, or 28%, in the first quarter of 2025 due primarily to the inclusion of operating expenses from NFP and integration costs.
Previous wording
Interest income represents income, net of expense, earned on operating cash balances and other income-producing investments. It does not include interest earned on funds held on behalf of clients. During the third quarter of 2024, interest income decreased from $5 million to $4 million and for the first nine months of 2024, interest income increased $44 million to $63 million compared to the prior year period primarily reflecting interest earned on the investment of $5 billion of term debt proceeds, which were ultimately used to fund the purchase of NFP.
Current wording
Interest income represents income earned, net of expense, on operating cash balances and other income-producing investments. Interest income does not include interest earned on funds held on behalf of clients. During the first quarter of 2025, interest income decreased $23 million to $5 million compared to the prior year period, due primarily to interest earned in the prior year period on the investment of $5 billion of term debt proceeds which were used to fund the purchase of NFP.
Previous wording
Interest expense, which represents the cost of our debt obligations, increased $94 million to $213 million during the third quarter of 2024 compared to the prior year period, reflecting an increase in total debt, primarily to fund the purchase of NFP, and higher interest rates. For the first nine months of 2024, interest expense increased $222 million to $582 million compared to the prior year period. The increase was driven primarily by an increase in total debt outstanding, primarily to fund the purchase of NFP, and higher interest rates.
Current wording
Interest expense, which represents the cost of our debt obligations, increased $62 million to $206 million during the first quarter of 2025 compared to the prior year period, reflecting an increase in total debt, primarily to fund the purchase of NFP.
Previous wording
The effective tax rate on Net income was 20.9% and 22.8% for the three and nine months ended September 30, 2024, respectively. The effective tax rate on Net income was 16.6% and 17.1% for the three and nine months ended September 30, 2023, respectively.
Current wording
The effective tax rate on Net income was 21.4%for the three months ended March 31, 2025. The effective tax rate on Net income was 23.2% for the three months ended March 31, 2024.
Previous wording
For the three and nine months ended September 30, 2024, the quarter-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items. The year-to-date tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impacts of share-based payments offset by the unfavorable impact of other discrete items.
Current wording
For the three months ended March 31, 2024, the tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impact of share-based payments offset by the unfavorable impact of discrete items.
Previous wording
Ireland, the U.K., and many E.U. member states, among others, have enacted legislation to implement the global minimum tax that are consistent with the OECD’s proposed Pillar Two tax regime. There remains significant uncertainty as to how the proposed Pillar Two tax regime and the OECD’s past and potentially future Pillar Two guidance will ultimately apply to the Company. The Company is actively monitoring developments in this area and continues to evaluate the guidance and the potential impacts this may have on its global effective tax rate, results of operations, cash flows, and financial condition in 2024 and future periods.
Current wording
Ireland, the U.K., Singapore, and many E.U. member states, among others, have enacted legislation to implement the global minimum tax that is generally consistent with the OECD’s proposed Pillar Two tax regime. There remains significant uncertainty, however, as to how Pillar Two will ultimately apply to the Company. The OECD has issued numerous guidance documents attempting to change how Pillar Tax operates, subject to enactment by each implementing country, and the OECD may issue additional guidance in the future. The Company is actively monitoring developments in this area and continues to evaluate the guidance and the potential impacts this may have on its global effective tax rate, results of operations, cash flows, and financial condition in 2025 and future periods.
Previous wording
(2)Fiduciary investment income for the three months ended September 30, 2024 and 2023, was $85 million and $80 million, respectively. Fiduciary investment income for the nine months ended September 30, 2024 and 2023 was $239 million and $196 million, respectively.
Current wording
(2)Fiduciary investment income for the three months ended March 31, 2025 and 2024 was $67 million and $79 million, respectively.
Previous wording
We use adjusted operating margin as a non-GAAP measure of our core operating performance. Adjusted operating margin excludes the impact of certain items, as listed below, because management does not believe these expenses are the best indicators of our core operating performance. This supplemental information related to adjusted operating margin represents a measure not in accordance with U.S. GAAP and should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements.
Current wording
We use adjusted operating margin as a non-GAAP measure of our core operating performance of the Company. Adjusted operating margin excludes the impact of certain items, as listed below, because management does not believe these expenses are the best indicators of our core operating performance. This supplemental information related to adjusted operating margin represents a measure not in accordance with U.S. GAAP and should be viewed in addition to, not instead of, our Condensed Consolidated Financial Statements.
Previous wording
(1)Total charges are expected to include technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation and technology costs.
Current wording
(2)Total charges are expected to include technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation and technology costs.
Previous wording
(2)On April 25, 2024, the Company completed the acquisition of NFP. As part of the acquisition, Aon incurred $35 million and $151 million of transaction and integration costs during the three and nine months ended September 30, 2024, respectively. Transaction costs include advisory, legal, accounting, regulatory, and other professional or consulting fees required to complete the acquisition. Less than $1 million of transaction costs were recognized for the three months ended September 30, 2024. For the nine months ended September 30, 2024, $90 million of transaction costs were recognized in Total operating expenses and $6 million were recognized in Other income (expense) related to the extinguishment of acquired NFP debt. The NFP acquisition also will result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. Aon incurred $35 million and $55 million of integration costs in the three and nine months ended September 30, 2024, respectively.
Current wording
(3)Transaction costs include advisory, legal, accounting, regulatory, and other professional or consulting fees required to complete the NFP Transaction. No transaction costs and $11 million of transaction costs were recognized for the three months ended March 31, 2025 and 2024, respectively.
Previous wording
(1)During the three and nine months ended September 30, 2024, a $2 million and$84 million gain was recognized, respectively, related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior year period.
Current wording
(1)During the three months ended March 31, 2025 and 2024, a $20 million and $82 million gain was recognized, respectively, related to deferred consideration from the affiliates of The Blackstone Group L.P. and the other designated purchasers related to a divestiture completed in a prior year period .
Previous wording
(2)Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with certain pension settlements, Accelerating Aon United Program expenses, deferred consideration from a prior year sale of business, certain gains from dispositions, certain transaction and integration costs related to the acquisition of NFP, and changes in the fair value of contingent consideration, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company’s terminated proposed combination with Willis Towers Watson.
Current wording
(2)Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with Accelerating Aon United Program expenses, deferred consideration from a prior year sale of business, certain transaction and integration costs related to the acquisition of NFP, and changes in the fair value of contingent consideration, which are adjusted at the related jurisdictional rate. The tax adjustment also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company’s terminated proposed combination with Willis Towers Watson.
Previous wording
Because we conduct business in over 120 countries, foreign exchange rate fluctuations may have a significant impact on our business. Foreign exchange rate movements may be significant and may distort true period-to-period comparisons of changes in revenue or pretax income. Therefore, to give financial statement users meaningful information about our operations, we have provided an illustration of the comparable impact of foreign currency exchange rates on our financial results. The methodology used to calculate this comparable impact isolates the impact of the change in currencies between periods by hypothetically translating the prior year quarter’s revenue, expenses, and net income using the current quarter’s foreign exchange rates.
Current wording
Because we conduct business in over 120 countries, foreign exchange rate fluctuations may have a significant impact on our business. Foreign exchange rate movements may be significant and may distort true period-to-period comparisons of changes in revenue or pretax income. Therefore, to give financial statement users meaningful information about our operations, we have provided an illustration of the comparable impact of foreign currency exchange rates on our financial results. The methodology used to calculate this comparable impact isolates the impact of the change in currencies between periods by hypothetically translating the prior year quarter’s revenue, expenses, and net income using the current quarter’s foreign currency exchange rates.
Previous wording
Currency fluctuations had an unfavorable impact of $0.02 and an unfavorable impact of $0.05 on net income per diluted share during the three and nine months ended September 30, 2024, respectively, if prior year period results were translated at current period foreign exchange rates. Currency fluctuations had an unfavorable impact of $0.01 and an unfavorable impact of $0.20 on net income per diluted share during the three and nine months ended September 30, 2023, respectively, if 2022 results were translated at 2023 rates.
Current wording
Currency fluctuations had an unfavorable impact of $0.13 on net income per diluted share during the three months ended March 31, 2025 if prior year period results were translated at current period foreign exchange rates. Currency fluctuations had a favorable impact of $0.02 on net income per diluted share during the three months ended March 31, 2024 if 2023 results were translated at 2024 rates.
Previous wording
Currency fluctuations had an unfavorable impact of $0.02 and an unfavorable impact of $0.05 on adjusted diluted earnings per share during the three and nine months ended September 30, 2024, respectively, if prior year period results were translated at current period foreign exchange rates. Currency fluctuations had an unfavorable impact of $0.01 and an unfavorable impact of $0.20 on adjusted diluted earnings per share during the three and nine months ended September 30, 2023, respectively, if 2022 results were translated at 2023 rates. These translations are performed for comparative and illustrative purposes only and do not impact the accounting policies or practices for amounts included in our Condensed Consolidated Financial Statements.
Current wording
Currency fluctuations had an unfavorable impact of $0.14 on adjusted diluted earnings per share during the three months ended March 31, 2025 if prior year period results were translated at current period foreign exchange rates. Currency fluctuations had a favorable impact of $0.02 on adjusted diluted earnings per share during the three months ended March 31, 2024 if 2023 results were translated at 2024 rates. These translations are performed for comparative and illustrative purposes only and do not impact the accounting policies or practices for amounts included in our Condensed Consolidated Financial Statements.
Previous wording
In our capacity as an insurance broker or agent, we collect premiums from insureds and, after deducting our commission, remit the premiums to the respective insurance underwriters. We also collect claims or refunds from underwriters on behalf of insureds, which are then returned to the insureds. Unremitted insurance premiums and claims are held by us in a fiduciary capacity. The levels of funds held on behalf of clients and liabilities can fluctuate significantly depending on when we collect the premiums, claims, and refunds, make payments to underwriters and insureds, and collect funds from clients and make payments on their behalf, and upon the impact of foreign currency movements. Funds held on behalf of clients, because of their nature, are generally invested in highly liquid securities with highly rated, credit-worthy financial institutions. Fiduciary assets include funds held on behalf of clients of $7.9 billion and $6.9 billion at September 30, 2024 and December 31, 2023, respectively, and fiduciary receivables of $9.7 billion and $9.4 billion at September 30, 2024 and December 31, 2023, respectively. While we earn investment income on the funds held in cash and money market funds, the funds cannot be used for general corporate purposes.
Current wording
In our capacity as an insurance broker or agent, we collect premiums from insureds and, after deducting our commission, remit the premiums to the respective insurance underwriters. We also collect claims or refunds from underwriters on behalf of insureds, which are then returned to the insureds. Unremitted insurance premiums and claims are held by us in a fiduciary capacity. The levels of funds held on behalf of clients and liabilities can fluctuate significantly depending on when we collect the premiums, claims, and refunds, make payments to underwriters and insureds, and collect funds from clients and make payments on their behalf, and upon the impact of foreign currency movements. Funds held on behalf of clients, because of their nature, are generally invested in highly liquid securities with highly rated, credit-worthy financial institutions. Fiduciary assets include funds held on behalf of clients of $7.1 billion and $7.2 billion at March 31, 2025 and December 31, 2024, respectively, and fiduciary receivables of $10.7 billion and $10.3 billion at March 31, 2025 and December 31, 2024, respectively. While we earn investment income on the funds held in cash and money market funds, the funds cannot be used for general corporate purposes.
Previous wording
A summary of our cash flows provided by and used for operating, investing, and financing activities is as follows (in millions):
Current wording
Cash and cash equivalents and funds held on behalf of clients, including cash and cash equivalents and funds held on behalf of clients classified as held for sale, had a net decrease of $305 million for the three months ended March 31, 2025 compared to a net increase of $463 million for the three months ended March 31, 2024. A summary of our cash flows provided by and used for operating, investing, and financing activities is as follows (in millions):
Previous wording
Net cash provided by operating activities during the nine months ended September 30, 2024 decreased $339 million from the prior year period to $1.8 billion. This amount represents Net income reported, generally adjusted for gains from sales of businesses, losses from sales of businesses, share-based compensation expense, depreciation expense, amortization and impairments, and other non-cash income and expenses, including pension settlement charges. Adjustments also include changes in working capital, that relate primarily to the timing of payments of accounts payable and accrued liabilities, collection of receivables, and payments for Accelerating Aon United Program expenses.
Current wording
Net cash provided by operating activities during the three months ended March 31, 2025 was $140 million, a decrease of $169 million compared to $309 million of Cash flows provided by operating activities in the prior year period. This amount represents Net income reported, generally adjusted for gains from sales of businesses, losses from sales of businesses, share-based compensation expense, depreciation expense, amortization and impairments, and other non-cash income and expenses, including pension settlement charges. Adjustments also include changes in working capital that relate primarily to the timing of payments of accounts payable and accrued liabilities, collection of receivables, and payments for Accelerating Aon United Program expenses.
Previous wording
Pension contributions were $43 million for the nine months ended September 30, 2024, as compared to $40 million for the nine months ended September 30, 2023. For the remainder of 2024, we expect to contribute approximately $25 million in cash to our pension plans, including contributions to non-U.S. pension plans, which are subject to changes in foreign exchange rates.
Current wording
Pension contributions were $30 million for the three months ended March 31, 2025, as compared to $17 million for the three months ended March 31, 2024. For the remainder of 2025, we expect to contribute approximately $58 million in cash to our pension plans, including contributions to non-U.S. pension plans, which are subject to changes in foreign exchange rates.
Previous wording
In the third quarter of 2023, we initiated the Accelerating Aon United Program (the “Program”) with the purpose of streamlining our technology infrastructure, optimizing our leadership structure and resource alignment, and reducing our real estate footprint to align to our hybrid working strategy. The Program includes technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation and technology costs.
Current wording
In the third quarter of 2023, we initiated the Accelerating Aon United Program with the purpose of streamlining our technology infrastructure, optimizing our leadership structure and resource alignment, and reducing the real estate footprint to align to our hybrid working strategy. The Program includes technology-related costs to facilitate streamlining and simplifying operations, headcount reduction costs, and costs associated with asset impairments, including real estate consolidation and technology costs.
Previous wording
•Asset impairments – includes costs associated with impairment of assets, as they are identified, including ROU lease assets, leasehold improvements, and other capitalized assets no longer providing economic benefit.
Current wording
•Asset impairments – includes non-cash costs associated with impairment of assets, as they are identified, including ROU lease assets, leasehold improvements, and other capitalized assets no longer providing economic benefit.
Previous wording
(1)During the three and nine months ended September 30, 2024, the Company recognized $4 million and $24 million, respectively, of accelerated ROU asset amortization or impairments due to the Company’s decision to exit certain leased properties as a result of the AAU Program. The amounts are presented in Technology and other, where the corresponding liability is reflected within Other current liabilities and Non-current operating lease liabilities, which will ultimately be settled in cash.
Current wording
(1)During the three months ended March 31, 2025, the Company recognized $2 million of accelerated ROU asset amortization or impairments due to the Company’s decision to exit certain leased properties as a result of the Program. The amounts are presented in Technology and other, where the corresponding liability is reflected within Other current liabilities and Non-current operating lease liabilities, which will ultimately be settled in cash.
Previous wording
The Program is currently expected to result in cumulative costs of approximately $1.0 billion, consisting of approximately $900 million of cash charges and approximately $100 million of non-cash charges. The Program is estimated to generate annualized expense savings of approximately $350 million by the end of 2026, largely benefiting Compensation and benefits, Information technology, and Premises on the Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2024, total Program costs incurred were $69 million and $320 million, respectively. The Company expects to continue to review the implementation of elements of the Program throughout the course of the Program and, therefore, there may be changes to expected timing, estimates of expected costs and related savings. Expense savings resulting from Program actions are continuously being realized in 2024, including $25 million and $70 million ofsavings realized in the first three and nine months of 2024, respectively, the majority of which are recognized within Compensation and benefits on the Condensed Consolidated Statements of Income.
Current wording
The Program is currently expected to result in cumulative costs of $1.0 billion, consisting of approximately $0.9 billion of cash charges and approximately $0.1 billion of non-cash charges. Over the life of the program, our Risk Capital segment is expected to incur approximately$200 million of charges, while our Human Capital segment is expected to incur approximately $50 million of charges, with the remaining charges relating to corporate expenses. The Program is estimated to generate annualized expense savings of approximately $350 million by the end of 2026, largely benefiting Compensation and benefits, Information technology, and Premises on the Condensed Consolidated Statements of Income. For the three months ended March 31, 2025, total Program costs incurred were $110 million. The Company expects to continue to review the implementation of elements of the Program throughout the course of the Program and, therefore, there may be changes to expected timing, estimates of expected costs and related savings. The Company realized an additional $40 million of expense savings in the first three months of 2025 from Program actions, the majority of which were recognized within Compensation and benefits on the Condensed Consolidated Statements of Income.
Previous wording
Cash flows used for investing activities was $2.3 billion during the nine months ended September 30, 2024, a decrease of $2.3 billion compared to $52 million of Cash flow provided by investing activities in the prior year period. Generally, the primary drivers of cash flows used for investing activities are acquisition of businesses, purchases of short-term investments, capital expenditures, and payments for investments. Generally, the primary drivers of cash flows provided by investing activities are sales of businesses, including collection of deferred consideration in connection with prior year business divestitures, sales of short-term investments, and proceeds from investments. The gains and losses corresponding to cash flows provided by proceeds from investments and used for payments for investments are primarily recognized in Other income (expense) in our Condensed Consolidated Statements of Income.
Current wording
Cash flows used for investing activities were $292 million during the three months ended March 31, 2025, a decrease of $4.7 billion compared to $5.0 billion of Cash flows used for investing activities in the prior year period. Generally, the primary drivers of cash flows used for investing activities are acquisition of businesses, purchases of short-term investments, capital expenditures, and payments for investments. Generally, the primary drivers of cash flows provided by investing activities are sales of businesses, including collection of deferred consideration in connection with prior year business divestitures, sales of short-term investments, and proceeds from investments. The gains and losses corresponding to cash flows provided by proceeds from investments and used for payments for investments are primarily recognized in Other income (expense) in our Condensed Consolidated Statements of Income.
Previous wording
As of September 30, 2024, short-term investments decreased $173 million to $196 million compared to December 31, 2023. The majority of our investments carried at fair value are money market funds. These money market funds are held throughout the world with various financial institutions. We are not aware of any market liquidity issues that would materially impact the fair value of these investments.
Current wording
Short-term investments increased $147 million to $366 million at March 31, 2025 compared to December 31, 2024. The majority of our investments carried at fair value are money market funds. These money market funds are held throughout the world with various financial institutions. We are not aware of any market liquidity issues that would materially impact the fair value of these investments.
Previous wording
During the first nine months of 2024, we completed sixteen acquisitions. Cash consideration, net of cash and funds held on behalf of clients acquired, was $3.0 billion, which includes $4 million related toacquisitions completed in 2023. During the first nine months of 2023, we completed two acquisitions. Cash consideration, net of cash and funds held on behalf of clients acquired, was $18 million, which included$2 million related to acquisitions completed in 2022.
Current wording
During the first three months of 2025, we completed 7 acquisitions, 6 within Risk Capital and 1 within Human Capital. Cash consideration, net of cash and funds held on behalf of clients acquired, was $116 million, which relates to current year acquisitions. The majority of cash consideration for the Griffiths & Armour acquisition, completed in the first quarter of 2025, was recognized as a cash outflow in the fourth quarter of 2024. During the first three months of 2024, we completed no acquisitions. Cash consideration, net of cash and funds held on behalf of clients acquired, was $4 million, which relates to acquisitions completed in 2023.
Showing the first 40 of 58 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Our segment results (unaudited) are as follows (in millions):
Current report — wording carried from elsewhere
For thethree months ended March 31, 2025, the tax rate was primarily driven by the geographical distribution of income and certain discrete items, including the favorable impact of share-based payments and the unfavorable impact of other discrete items.
Current report — wording carried from elsewhere
(4)The NFP Transaction has and will continue to result in certain non-recurring integration costs associated with colleague severance, retention bonus awards, termination of redundant third-party agreements, costs associated with legal entity rationalization, and professional or consulting fees related to alignment of management processes and controls, as well as costs associated with the assessment of NFP information technology environment and security protocols. Aon incurred $29 million and $4 million of integration costs in the three months ended March 31, 2025 and 2024, respectively.
Current report — wording carried from elsewhere
Impact of Foreign Currency Exchange Rate Fluctuations
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Impact of Foreign Exchange Rate Fluctuations
Previous report — wording carried elsewhere
In November 2023, Aon Global Limited’s $350 million 4.00% Senior Notes matured and were repaid in full.
Previous report — wording carried elsewhere
On February 28, 2023, Aon Corporation and Aon Global Holdings plc co-issued $750 million 5.35% Senior Notes due in February 2033. The Company intends to use the net proceeds from the offering for general corporate purposes.
Previous report — wording carried elsewhere
Aon Corporation, Aon North America, Inc., Aon Global Limited, and Aon Global Holdings plc are indirect wholly owned subsidiaries of Aon plc. Aon plc, Aon Global Limited, Aon Global Holdings plc, Aon North America, Inc., and Aon