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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
     ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024
 
OR
 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission file number 1-7933

Aon plc
(Exact Name of Registrant as Specified in Its Charter)
 
IRELAND 98-1539969
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
15 George's Quay, Dublin 2, Ireland
D02 VR98
(Address of principal executive offices)(Zip Code)
    
+353 1 266 6000
(Registrant’s Telephone Number,
Including Area Code)

Metropolitan Building, James Joyce Street
Dublin 1, Ireland
D01 K0Y8
(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Class A Ordinary Shares $0.01 nominal valueAONNew York Stock Exchange
Guarantees of Aon plc’s 3.875% Senior Notes due 2025AON25New York Stock Exchange
Guarantees of Aon plc’s 2.875% Senior Notes due 2026AON26New York Stock Exchange
Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.85% Senior Notes due 2027
AON27New York Stock Exchange
Guarantees of Aon North America, Inc.’s 5.125% Senior Notes due 2027AON27BNew York Stock Exchange
Guarantees of Aon North America, Inc.’s 5.150% Senior Notes due 2029AON29New York Stock Exchange
Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.05% Senior Notes due 2031 AON31New York Stock Exchange
Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.60% Senior Notes due 2031AON31ANew York Stock Exchange
Guarantees of Aon North America, Inc.’s 5.300% Senior Notes due 2031AON31BNew York Stock Exchange
Guarantees of Aon Corporation and Aon Global Holdings plc’s 5.00% Senior Notes due 2032AON32New York Stock Exchange
Guarantees of Aon Corporation and Aon Global Holdings plc’s 5.35% Senior Notes due 2033AON33New York Stock Exchange
Guarantees of Aon North America, Inc.’s 5.450% Senior Notes due 2034AON34New York Stock Exchange
Guarantees of Aon plc’s 4.25% Senior Notes due 2042AON42New York Stock Exchange
Guarantees of Aon plc’s 4.45% Senior Notes due 2043AON43New York Stock Exchange
Guarantees of Aon plc’s 4.60% Senior Notes due 2044AON44New York Stock Exchange
Guarantees of Aon plc’s 4.75% Senior Notes due 2045AON45New York Stock Exchange
Guarantees of Aon Corporation and Aon Global Holdings plc’s 2.90% Senior Notes due 2051 AON51New York Stock Exchange
Guarantees of Aon Corporation and Aon Global Holdings plc’s 3.90% Senior Notes due 2052AON52New York Stock Exchange
Guarantees of Aon North America, Inc.’s 5.750% Senior Notes due 2054AON54New York Stock Exchange
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒ Accelerated filer☐
Non-accelerated filer☐ Smaller reporting company☐
 Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒
 
Number of class A ordinary shares of Aon plc, $0.01 nominal value, outstanding as of October 24, 2024: 216,266,278





INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This report contains certain statements related to future results, or states our intentions, beliefs, and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements represent management’s expectations or forecasts of future events. These statements include statements about our plans, objectives, strategies, financial performance and outlook, trends, prospects or other future events and involve known and unknown risks that are difficult to predict. Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “project,” “intend,” “plan,” “probably,” “potential,” “looking forward,” “continue,” and other similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will,” and “would.” You can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. For example, we may use forward-looking statements when addressing topics such as: market and industry conditions, including competitive and pricing trends; changes in our business strategies and methods of generating revenue; the development and performance of our services and products; changes in the composition or level of our revenues; our cost structure and the outcome of cost-saving or restructuring initiatives, including the impacts of the Accelerating Aon United Program; the outcome of contingencies; dividend policy; the expected impact of acquisitions, dispositions, and other significant transactions or the termination thereof; litigation and regulatory matters; pension obligations; cash flow and liquidity; expected effective tax rate; expected foreign currency translation impacts; potential changes in laws or future actions by regulators; and the impact of changes in accounting rules. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors, which may be revised or supplemented in subsequent reports filed or furnished with the Securities and Exchange Commission, that could impact results include:
•changes in the competitive environment, due to macroeconomic conditions (including impacts from instability in the banking or commercial real estate sectors) or otherwise, or damage to our reputation;
•fluctuations in currency exchange, interest, or inflation rates that could impact our financial condition or results;
•changes in global equity and fixed income markets that could affect the return on invested assets;
•changes in the funded status of our various defined benefit pension plans and the impact of any increased pension funding resulting from those changes;
•the level of our debt and the terms thereof reducing our flexibility or increasing borrowing costs;
•rating agency actions that could limit our access to capital and our competitive position;
•our global tax rate being subject to a variety of different factors, including the adoption and implementation in the European Union, the United States, the United Kingdom, or other countries of the Organization for Economic Co-operation and Development tax proposals or other pending proposals in those and other countries, which could create volatility in that tax rate;
•changes in our accounting estimates and assumptions on our financial statements;
•limits on our subsidiaries’ ability to pay dividends or otherwise make payments to their respective parent entities;
•the impact of legal proceedings and other contingencies, including those arising from acquisition or disposition transactions, errors and omissions and other claims against us (including proceedings and contingencies relating to transactions for which capital was arranged by Vesttoo Ltd. or related to actions we may take in being responsible for making decisions on behalf of clients in our investment businesses or in other advisory services that we currently provide, or may provide in the future);
•the impact of, and potential challenges in complying with, laws and regulations of the jurisdictions in which we operate, particularly given the global nature of operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across such jurisdictions;
•the impact of any regulatory investigations brought in Ireland, the United Kingdom, the United States, and other countries;
•failure to protect intellectual property rights or allegations that we have infringed on the intellectual property rights of others;
•general economic and political conditions in the countries in which we do business around the world;
3

•the failure to retain, attract and develop experienced and qualified personnel;
•international risks associated with our global operations, including impacts from military conflicts or political instability, such as the ongoing Russian war in Ukraine and the conflicts in the Middle East;
•the effects of natural or human-caused disasters, including the effects of health pandemics and the impacts of climate-related events;
•any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation;
•our ability to develop, implement, update, and enhance new technology;
•the actions taken by third parties that perform aspects of our business operations and client services;
•our ability to continue, and the costs and risks associated with growing, developing and integrating acquired business, and entering into new lines of business or products;
•our ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions;
•changes in commercial property and casualty markets, commercial premium rates or methods of compensation;
•our ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings (including the Accelerating Aon United Program) and the ability to achieve such growth or cost savings;
•the effects of Irish law on our operating flexibility and the enforcement of judgments against us;
•adverse effects on the market price of Aon’s securities and/or operating results for any reason, including, without limitation, because of a failure to realize the expected benefits of the acquisition of NFP (including anticipated revenue and growth synergies) in the expected timeframe, or at all;
•significant transaction and integration costs in connection with the acquisition of NFP or unknown or inestimable liabilities; and
•any potential adverse impact of the consummation of the acquisition of NFP on our relationships, including with suppliers, customers, employees, and regulators.
Any or all of our forward-looking statements may turn out to be inaccurate, and there are no guarantees about our performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, readers should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We are under no (and expressly disclaim any) obligation to update or alter any forward-looking statement that we may make from time to time, whether as a result of new information, future events, or otherwise.
Further information about factors that could materially affect Aon, including our results of operations and financial condition, is contained in our filings with the SEC, including the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, and the risk factors set forth under the headings “Risks Related to Aon and the NFP business after Completion of the Transaction” and “Risks Related to NFP’s Business” in our registration statement on Form S-4 effective April 23, 2024. These factors may be revised or supplemented in our subsequent periodic filings with the SEC.

4

Table of Contents
5


The below definitions apply throughout this report unless the context requires otherwise:
TermDefinition
ASCAccounting Standards Codification
CODMChief Operating Decision Maker
DCFDiscounted Cash Flow
E&OErrors and Omissions
EBITDAEarnings Before Interest, Taxes, Depreciation, and Amortization
EMEAEurope, the Middle East, and Africa
ESGEnvironmental, Social, and Governance
E.U.European Union
FASBFinancial Accounting Standards Board
FCAFinancial Conduct Authority
GAAPGenerally Accepted Accounting Principles
GHGGreenhouse Gas
LOCLetter of Credit
OECDOrganisation for Economic Co-operation and Development
P&CProperty and Casualty
ROURight-of-Use
SECSecurities and Exchange Commission
U.K.United Kingdom
U.S.United States
VIEVariable Interest Entity
6

Part I Financial Information
Item 1. Financial Statements

Aon plc
Condensed Consolidated Statements of Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(millions, except per share data)2024202320242023
Revenue    
Total revenue$3,721 $2,953 $11,551 $10,001 
Expenses 
Compensation and benefits2,150 1,685 6,163 5,231 
Information technology141 135 397 403 
Premises88 74 241 217 
Depreciation of fixed assets47 42 136 119 
Amortization and impairment of intangible assets174 20 318 70 
Other general expense429 300 1,232 949 
Accelerating Aon United Program expenses69 6 320 6 
Total operating expenses3,098 2,262 8,807 6,995 
Operating income623 691 2,744 3,006 
Interest income4 9 63 19 
Interest expense(213)(119)(582)(360)
Other income (expense)35 (21)346 (105)
Income before income taxes449 560 2,571 2,560 
Income tax expense94 93 585 439 
Net income355 467 1,986 2,121 
Less: Net income attributable to redeemable and non-redeemable noncontrolling interests12 11 48 55 
Net income attributable to Aon shareholders$343 $456 $1,938 $2,066 
Basic net income per share attributable to Aon shareholders$1.58 $2.25 $9.24 $10.10 
Diluted net income per share attributable to Aon shareholders$1.57 $2.23 $9.20 $10.03 
Weighted average ordinary shares outstanding - basic217.4 202.9 209.7 204.6 
Weighted average ordinary shares outstanding - diluted218.4 204.6 210.6 206.0 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
7

Aon plc
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(millions)2024202320242023
Net income$355 $467 $1,986 $2,121 
Less: Net income attributable to redeemable and non-redeemable noncontrolling interests12 11 48 55 
Net income attributable to Aon shareholders343 456 1,938 2,066 
Other comprehensive income, net of tax:   
Change in fair value of financial instruments8 (5)84 6 
Foreign currency translation adjustments349 (257)129 (29)
Postretirement benefit obligation— 20 39 66 
Total other comprehensive income (loss) 357 (242)252 43 
Less: Other comprehensive income attributable to noncontrolling interests— (1)— (1)
Total other comprehensive income (loss) attributable to Aon shareholders357 (241)252 44 
Comprehensive income attributable to Aon shareholders$700 $215 $2,190 $2,110 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
8

Aon plc
Condensed Consolidated Statements of Financial Position
(Unaudited)
(millions, except nominal value)September 30,
2024		December 31,
2023
Assets  
Current assets  
Cash and cash equivalents$1,103 $778 
Short-term investments196 369 
Receivables, net4,004 3,254 
Fiduciary assets
17,596 16,307 
Other current assets754 996 
Total current assets23,653 21,704 
Goodwill15,612 8,414 
Intangible assets, net6,789 234 
Fixed assets, net650 638 
Operating lease right-of-use assets737 650 
Deferred tax assets1,209 1,195 
Prepaid pension650 618 
Other non-current assets585 506 
Total assets$49,885 $33,959 
Liabilities, redeemable noncontrolling interests, and equity (deficit)  
Liabilities  
Current liabilities  
Accounts payable and accrued liabilities$2,588 $2,262 
Short-term debt and current portion of long-term debt— 1,204 
Fiduciary liabilities17,596 16,307 
Other current liabilities1,914 1,878 
Total current liabilities22,098 21,651 
Long-term debt17,090 9,995 
Non-current operating lease liabilities712 641 
Deferred tax liabilities1,086 115 
Pension, other postretirement, and postemployment liabilities1,168 1,225 
Other non-current liabilities1,178 1,074 
Total liabilities43,332 34,701 
Redeemable noncontrolling interests135 — 
Equity (deficit)  
Ordinary shares - $0.01 nominal value
     Authorized: 500.0 shares (issued: 2024 - 216.5; 2023 - 198.6)
2 2 
Additional paid-in capital13,045 6,944 
Accumulated deficit(2,682)(3,399)
Accumulated other comprehensive loss(4,121)(4,373)
Total Aon shareholders' equity (deficit)6,244 (826)
Nonredeemable noncontrolling interests174 84 
Total equity (deficit)6,418 (742)
Total liabilities, redeemable noncontrolling interests and equity (deficit)$49,885 $33,959 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
9

Aon plc
Condensed Consolidated Statements of Shareholders’ Equity (Deficit)
(Unaudited) 
(millions)SharesOrdinary
Shares and
Additional
Paid-in Capital		Accumulated DeficitAccumulated 
Other
Comprehensive
Loss, Net of Tax		Non-
redeemable
Non-
controlling
Interests		Total
Balance at January 1, 2024198.6 $6,946 $(3,399)$(4,373)$84 $(742)
Net income— — 1,071 — 22 1,093 
Shares issued - employee stock compensation plans0.8 (104)— — — (104)
Shares repurchased(0.8)— (250)— — (250)
Share-based compensation expense— 130 — — — 130 
Dividends to shareholders ($0.615 per share)
— — (122)— — (122)
Net change in fair value of financial instruments— — — 75 — 75 
Net foreign currency translation adjustments— — — (132)— (132)
Net postretirement benefit obligation— — — 26 — 26 
Purchases of subsidiary shares from nonredeemable noncontrolling interests— (1)— — — (1)
Dividends paid to nonredeemable noncontrolling interests on subsidiary common stock— — — — (1)(1)
Balance at March 31, 2024198.6 $6,971 $(2,700)$(4,404)$105 $(28)
Net income— — 524 — 12 536 
Shares issued - NFP Transaction19.0 5,882 — — — 5,882 
Shares issued - employee stock compensation plans0.4 (45)— — — (45)
Shares repurchased(0.8)— (250)— — (250)
Share-based compensation expense— 117 — — — 117 
Dividends to shareholders ($0.675 per share)
— — (148)— — (148)
Net change in fair value of financial instruments— — — 1 — 1 
Net foreign currency translation adjustments— — — (88)— (88)
Net postretirement benefit obligation— — — 13 — 13 
Purchases of subsidiary shares from nonredeemable noncontrolling interests— — — — 86 86 
Dividends paid to nonredeemable noncontrolling interests on subsidiary common stock— — — — (35)(35)
Adjustments to redeemable noncontrolling interests— (13)— — — (13)
Balance at June 30, 2024217.2 $12,912 $(2,574)$(4,478)$168 $6,028 
Net income (1)
— — 343 — 11 354 
Shares issued - employee stock compensation plans0.2 20 — — — 20 
Shares repurchased(0.9)— (304)— — (304)
Share-based compensation expense— 114 — — — 114 
Dividends to shareholders ($0.675 per share)
— — (147)— — (147)
Net change in fair value of financial instruments— — — 8 — 8 
Net foreign currency translation adjustments— — — 349 — 349 
Net postretirement benefit obligation— — — — — — 
Purchases of subsidiary shares from noncontrolling interests— 1 — — — 1 
Dividends paid to nonredeemable noncontrolling interests on subsidiary common stock— — — — (5)(5)
Balance at September 30, 2024216.5 $13,047 $(2,682)$(4,121)$174 $6,418 
(1)The Company’s Net income totaled $355 million for the quarter ended September 30, 2024, which included $1 million of Net income related to redeemable noncontrolling interests.
10

(millions)SharesOrdinary
Shares and
Additional
Paid-in Capital		Accumulated DeficitAccumulated 
Other
Comprehensive
Loss, Net of Tax		Non-redeemable Non-
controlling
Interests		Total
Balance at January 1, 2023205.4 $6,866 $(2,772)$(4,623)$100 $(429)
Net income— — 1,050 — 29 1,079 
Shares issued - employee stock compensation plans0.9 (131)(1)— — (132)
Shares repurchased(1.8)— (550)— — (550)
Share-based compensation expense— 127 — — — 127 
Dividends to shareholders ($0.56 per share)
— — (115)— — (115)
Net change in fair value of financial instruments— — — 3 — 3 
Net foreign currency translation adjustments— — — 54 — 54 
Net postretirement benefit obligation— — — 22 — 22 
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (1)(1)
Balance at March 31, 2023204.5 $6,862 $(2,388)$(4,544)$128 $58 
Net income— — 560 — 15 575 
Shares issued - employee stock compensation plans0.4 (52)— — — (52)
Shares repurchased(1.7)— (550)— — (550)
Share-based compensation expense— 99 — — — 99 
Dividends to shareholders ($0.615 per share)
— — (127)— — (127)
Net change in fair value of financial instruments— — — 8 — 8 
Net foreign currency translation adjustments— — — 174 — 174 
Net postretirement benefit obligation— — — 24 — 24 
Purchases of subsidiary shares from noncontrolling interests— (1)— — (1)(2)
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (45)(45)
Balance at June 30, 2023203.2 $6,908 $(2,505)$(4,338)$97 $162 
Net income— — 456 — 11 467 
Shares issued - employee stock compensation plans0.2 14 — — — 14 
Shares repurchased(2.6)— (850)— — (850)
Share-based compensation expense— 95 — — — 95 
Dividends to shareholders ($0.615 per share)
— — (125)— — (125)
Net change in fair value of financial instruments— — — (5)— (5)
Net foreign currency translation adjustments— — — (256)(1)(257)
Net postretirement benefit obligation— — — 20 — 20 
Dividends paid to noncontrolling interests on subsidiary common stock— — — — (7)(7)
Balance at September 30, 2023200.8 $7,017 $(3,024)$(4,579)$100 $(486)
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
11

Aon plc
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Nine Months Ended September 30,
(millions)20242023
Cash flows from operating activities  
Net income$1,986 $2,121 
Adjustments to reconcile net income to cash provided by operating activities:  
Gain from sales of businesses(333)— 
Depreciation of fixed assets136 119 
Amortization and impairment of intangible assets318 70 
Share-based compensation expense361 321 
Deferred income taxes(146)(232)
Other, net(126)28 
Change in assets and liabilities:  
Receivables, net(384)(290)
Accounts payable and accrued liabilities(36)(357)
Accelerating Aon United Program liabilities43 — 
Current income taxes(119)58 
Pension, other postretirement and postemployment liabilities(25)3 
Other assets and liabilities160 333 
Cash provided by operating activities
1,835 2,174 
Cash flows from investing activities  
Proceeds from investments186 59 
Purchases of investments(136)(61)
Net sales of short-term investments - non fiduciary182 274 
Acquisition of businesses, net of cash and funds held on behalf of clients(3,011)(18)
Sale of businesses, net of cash and funds held on behalf of clients686 1 
Capital expenditures(163)(203)
Cash provided by (used for) investing activities
(2,256)52 
Cash flows from financing activities  
Share repurchase(800)(1,950)
Proceeds from issuance of shares61 63 
Cash paid for employee taxes on withholding shares(190)(232)
Commercial paper issuances, net of repayments(591)(274)
Issuance of debt7,926 744 
Repayment of debt(4,878)— 
Increase in fiduciary liabilities, net of fiduciary receivables609 870 
Cash dividends to shareholders(416)(366)
Redeemable and non-redeemable noncontrolling interests, and other financing activities(156)(56)
Cash provided by (used for) financing activities
1,565 (1,201)
Effect of exchange rates on cash and cash equivalents and funds held on behalf of clients177 (57)
Net increase in cash and cash equivalents and funds held on behalf of clients1,321 968 
Cash, cash equivalents and funds held on behalf of clients at beginning of period7,722 7,076 
Cash, cash equivalents and funds held on behalf of clients at end of period$9,043 $8,044 
Reconciliation of cash and cash equivalents and funds held on behalf of clients:
Cash and cash equivalents$1,103 $808 
Cash and cash equivalents and funds held on behalf of clients classified as held for sale— 6 
Funds held on behalf of clients7,940 7,230 
Total cash and cash equivalents and funds held on behalf of clients$9,043 $8,044 
Supplemental disclosures:  
Interest paid$538 $309 
Income taxes paid, net of refunds$850 $613 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
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Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Basis of Presentation
The accompanying Condensed Consolidated Financial Statements and Notes thereto have been prepared in accordance with U.S. GAAP. The Condensed Consolidated Financial Statements include the accounts of Aon plc and all of its controlled subsidiaries (“Aon” or the “Company”). Intercompany accounts and transactions have been eliminated. The Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly the Company’s consolidated financial position, results of operations, and cash flows for all periods presented.
Certain information and disclosures normally included in the Consolidated Financial Statements prepared in accordance with U.S. GAAP have been condensed or omitted. The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of operating results that may be expected for the full year ending December 31, 2024.
Use of Estimates
The preparation of the accompanying Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of reserves and expenses. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management believes its estimates to be reasonable given the current facts available. Aon adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets, and foreign currency exchange rate movements increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment would, if applicable, be reflected in the Condensed Consolidated Financial Statements in future periods.
2. Accounting Principles and Practices
The Company has not made any changes in our significant accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC, except for those described below, which have been added in connection with the acquisition of NFP.
Summary of Significant Accounting Principles and Practices
Contingent Consideration
Contingent consideration may be paid to the former owners of the business and typically will involve the acquired entity reaching specific financial results over a designated period. Contingent consideration payables are recorded at fair value and are included in the purchase price consideration at the time of the acquisition. Subsequent changes in the fair value of contingent consideration obligations are recorded in the Consolidated Statements of Income. The fair value of contingent consideration payables is based on the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. In determining fair value of the contingent consideration, the acquired business’s future performance is estimated using financial projections for the acquired business and measured against performance targets specified in each purchase agreement. Contingent consideration liabilities are classified as Level 3 in the fair value hierarchy due to the Company’s reliance on unobservable inputs.
Principles of Consolidations
The accompanying Condensed Consolidated Financial Statements include the accounts of Aon plc and those entities in which the Company has a controlling financial interest. To determine if Aon holds a controlling financial interest in an entity, the Company first evaluates if it is required to apply the variable interest model to the entity, otherwise, the entity is evaluated under the voting interest model. When Aon holds rights that give it the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, combined with a variable interest that gives the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, the Company has a controlling financial interest in that VIE. If the Company is the primary beneficiary of a VIE, the Company consolidates the entity and reflects any relevant noncontrolling interest of other beneficiaries of that entity on the Statement of Consolidated Financial Position. Aon’s interest in VIEs as of September 30, 2024 predominantly relates to assets and liabilities acquired through the acquisition of NFP
13

and are subject to purchase accounting adjustments. Total assets related to consolidated VIEs are approximately 1% of the Company’s Total assets on the Condensed Consolidated Statements of Financial Position for the period ended September 30, 2024.
Aon holds a controlling financial interest in entities that are not VIEs when it, directly or indirectly holds more than 50% of the voting rights and the noncontrolling interest holders do not hold substantive participating rights.
Redeemable Noncontrolling Interests
Redeemable noncontrolling interests represent interests for certain consolidated entities which are subject to redemption rights held by the noncontrolling interests owners outside of the Company’s control at fixed or determinable prices and dates. The interests are initially recorded at fair value and in subsequent reporting periods are adjusted to the estimated redemption value. The adjustments to the redemption value are recorded to additional paid-in capital or retained earnings, when appropriate, on the Consolidated Statements of Financial Position. The redeemable noncontrolling interests are considered temporary equity and reported outside of permanent equity on the Consolidated Statements of Financial Position. The interests are recorded at the greater of the carrying amount adjusted for the noncontrolling interest’s share of net income (loss) and distributions or its redemption value.
New Accounting Pronouncements
Accounting Standards Issued But Not Yet Adopted
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued new accounting guidance, requiring new segment disclosures under ASC 280, Segment Reporting, including disclosure of significant segment expense categories and amounts that are regularly reported to the CODM and included in the segment’s profit or loss. Additionally, all disclosure requirements under ASC 280, including new requirements under this new guidance, will be required on an interim basis. The new guidance is effective for Aon for the year ended December 31, 2024 and interim periods thereafter. An entity will apply the new guidance on a retrospective basis for all periods presented. The Company is currently evaluating the impact the guidance will have on the Notes to Consolidated Financial Statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued new accounting guidance under ASC 740, Income Taxes, which requires additional income tax disclosures on an annual basis, including disaggregation of information presented within the reconciliation of the expected tax to the reported tax by specific categories, with certain reconciling items 5% or greater broken out by nature and/or jurisdiction. The new guidance also requires disclosure of income taxes paid, net of refunds, broken out by federal, state/local, and foreign, including disclosure of individual jurisdictions when greater than 5% of total net income taxes paid. The new guidance is effective for Aon for the year ended December 31, 2025, with early adoption permitted. The Company is evaluating the period of adoption and transition approach, as well as the impact the disclosures will have on the Notes to Consolidated Financial Statements.
Securities and Exchange Commission Final Rules
The Enhancement and Standardization of Climate-Related Disclosures for Investors
In March 2024, the SEC adopted final rules to enhance and standardize climate-related disclosures. The final rules will require the Company to provide certain climate-related information in Item 7, Management’s Discussion and Analysis regarding material climate-related risks, activities to mitigate or adapt to such risks, information regarding oversight and management of climate-related risks, information on climate-related targets or goals, and disclosure of Scope 1 and 2 GHG emissions. Additionally, within the Notes to Consolidated Financial Statements, the Company will be required to disclose the financial statement effects of severe weather events and other natural conditions. The final rules are effective for Aon for the year ended December 31, 2025, with the exception of GHG emissions disclosures which are effective for Aon for the year ended December 31, 2026. After the adoption of the final rules, the final rules became subject to several legal challenges, and on April 4, 2024 the SEC voluntarily stayed the final rules pending judicial review. The Company is currently evaluating the impact that the guidance will have on our disclosures and will monitor the judicial process for impacts on the disclosure requirements.
14

3. Revenue from Contracts with Customers
Disaggregation of Revenue
The following table summarizes revenue from contracts with customers by principal service line (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Commercial Risk Solutions$1,852 $1,585 $5,675 $5,137 
Reinsurance Solutions503 465 2,305 2,149 
Health Solutions870 552 2,265 1,670 
Wealth Solutions499 352 1,332 1,054 
Eliminations(3)(1)(26)(9)
Total revenue$3,721 $2,953 $11,551 $10,001 
Consolidated revenue from contracts with customers by geographic area, which is attributed on the basis of where the services are performed, is as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
United States$2,083 $1,400 $5,432 $4,322 
Americas other than United States263 281 948 890 
United Kingdom437 396 1,568 1,456 
Ireland38 24 106 82 
Europe, Middle East, & Africa other than United Kingdom and Ireland492 479 2,267 2,093 
Asia Pacific408 373 1,230 1,158 
Total revenue$3,721 $2,953 $11,551 $10,001 
Contract Costs
An analysis of the changes in the net carrying amount of costs to fulfill contracts with customers are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Balance at beginning of period$264 $242 $370 $355 
Additions400 357 1,166 1,074 
Amortization(367)(321)(1,235)(1,156)
Impairment— — — — 
Foreign currency translation and other5 (5)1 — 
Balance at end of period$302 $273 $302 $273 
An analysis of the changes in the net carrying amount of costs to obtain contracts with customers are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Balance at beginning of period$196 $186 $195 $185 
Additions19 14 51 37 
Amortization(13)(13)(40)(38)
Impairment— — — — 
Foreign currency translation and other— (1)(4)2 
Balance at end of period$202 $186 $202 $186 
15


4. Accelerating Aon United Program
In the third quarter of 2023, Aon initiated a three-year restructuring program called the Accelerating Aon United Program (the “Program”) with the purpose of streamlining the Company’s technology infrastructure, optimizing its leadership structure and resource alignment, and reducing its real estate footprint to align to its 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.
Program charges are recognized within Accelerating Aon United Program expenses on the accompanying Condensed Consolidated Statements of Income and consists of the following cost activities:
•Technology and other – includes costs associated with actions taken to rationalize certain applications and to optimize technology across the Company. These costs may include contract termination fees and other non-capitalizable costs associated with Program initiatives, which include professional service fees.
•Workforce optimization – includes costs associated with headcount reduction and other separation-related costs.
•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.
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. 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.
The Company’s unpaid liabilities for charges under the Program are primarily included in Accounts payable and accrued liabilities in the Condensed Consolidated Statements of Financial Position.
The changes in the Company’s liabilities for the Program as of September 30, 2024 are as follows (in millions):
Technology and otherWorkforce optimizationAsset impairmentsTotal
Liability balance as of January 1, 2024$14 $86 $— $100 
Charges87 173 60 320 
Cash payments(63)(120)— (183)
Foreign currency translation and other— 2 — 2 
Non-cash charges (1)
(24)(10)(60)(94)
Liability balance as of September 30, 2024
$14 $131 $— $145 
Total costs incurred from inception to date$101 $276 $78 $455 
(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 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.
5. Cash and Cash Equivalents and Short-Term Investments
Cash and cash equivalents include cash balances and all highly liquid instruments with initial maturities of three months or less. Short-term investments consist of money market funds. The estimated fair value of Cash and cash equivalents and Short-term investments approximates their carrying values.
At September 30, 2024, Cash and cash equivalents and Short-term investments were $1.3 billion compared to $1.1 billion at December 31, 2023. Of the total balances, $121 million and $120 million were restricted as to their use at September 30, 2024 and December 31, 2023, respectively. Included within Short-term investments as of September 30, 2024 and December 31, 2023, were £61 million ($82 million at September 30, 2024 exchange rates) and £63 million ($80 million at December 31, 2023 exchange rates), respectively, of operating funds required to be held by the Company in the U.K. by the FCA, a U.K.-based regulator.
16

6. Other Financial Data
Condensed Consolidated Statements of Income Information
Other Income (Expense)
Other income (expense) consists of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Gain from sales of businesses$76 $— $333 $— 
Equity earnings2 2 5 4 
Extinguishment of debt(1)— (7)— 
Pension and other postretirement(14)(18)(35)(78)
Foreign currency remeasurement(30)8 (21)(48)
Financial instruments and other (1)
2 (13)71 17 
Total
$35 $(21)$346 $(105)
(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. Refer to Note 7 “Acquisitions and Dispositions of Businesses” for additional information.
Condensed Consolidated Statements of Financial Position Information
Allowance for Doubtful Accounts
Changes in the net carrying amount of allowance for doubtful accounts are as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Balance at beginning of period$87 $83 $79 $76 
Provision2 3 13 12 
Accounts written off, net of recoveries(6)(2)(8)(5)
Foreign currency translation and other2 (2)1 (1)
Balance at end of period$85 $82 $85 $82 
Other Current Assets
The components of Other current assets are as follows (in millions):
As ofSeptember 30,
2024		December 31,
2023
Costs to fulfill contracts with customers (1)
302 370 
Prepaid expenses172 100 
Taxes receivable77 35 
Assets held for sale— 354 
Other203 137 
Total$754 $996 
(1)Refer to Note 3 “Revenue from Contracts with Customers” for further information.


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Other Non-Current Assets
The components of Other non-current assets are as follows (in millions):
As of September 30,
2024		December 31,
2023
Costs to obtain contracts with customers (1)
$202 $195 
Taxes receivable89 100 
Investments87 45 
Leases13 26 
Other194 140 
Total$585 $506 
(1)Refer to Note 3 “Revenue from Contracts with Customers” for further information.
Other Current Liabilities
The components of Other current liabilities are as follows (in millions):
As ofSeptember 30,
2024		December 31,
2023
Deferred revenue (1)
$312 $270 
Leases199 182 
Taxes payable186 291 
Contingent consideration111 — 
Liabilities held for sale— 69 
Other1,106 1,066 
Total
$1,914 $1,878 
(1)During the three and nine months ended September 30, 2024, revenue of $240 million and $618 million, respectively, was recognized in the Condensed Consolidated Statements of Income. During the three and nine months ended September 30, 2023, revenue of $158 million and $494 million, respectively, was recognized in the Condensed Consolidated Statements of Income.
Other Non-Current Liabilities
The components of Other non-current liabilities are as follows (in millions):
As ofSeptember 30,
2024		December 31,
2023
Taxes payable (1)
$872 $827 
Contingent consideration135 — 
Compensation and benefits70 59 
Deferred revenue32 33 
Leases— 10 
Other69 145 
Total
$1,178 $1,074 
(1)Includes $72 million for the non-current portion of the one-time mandatory transition tax on accumulated foreign earnings as of December 31, 2023.
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7. Acquisitions and Dispositions of Businesses
Completed Acquisitions
On April 25, 2024 (the “Acquisition Date”), the Company completed the acquisition of NFP (the “NFP Transaction”), a leading middle market property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, with more than 7,700 colleagues. The Transaction expands Aon’s presence in the large and fast-growing middle-market and enhances NFP’s strong existing client relationships and distribution, by bringing Aon’s data and analytics-based content, capabilities, and expertise, delivered through the Aon Business Services platform.
The Company completed eight and fifteen other acquisitions during the three and nine months ended September 30, 2024, respectively. Total consideration transferred for these acquisitions was $280 million and $396 million for the three and nine months ended September 30, 2024, respectively. The Company completed one and two acquisitions during the three and nine months ended September 30, 2023, respectively. Total consideration transferred was $14 million and $23 million for the three and nine months ended September 30, 2023, respectively.
Acquisition of NFP
The Company acquired 100% of the outstanding equity interests of 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 used to settle indebtedness of NFP 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. As part of the NFP Transaction, the Company acquired certain less-than-wholly owned entities, resulting in the recognition of noncontrolling interests which are described further below.
The Company financed the NFP Transaction, in part, with the net proceeds from Senior Notes issued on March 1, 2024 totaling to an aggregate amount of $6.0 billion and proceeds from a $2.0 billion delayed draw term loan which was drawn on April 25, 2024. Refer to Note 9 “Debt” for further information.
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Aon accounted for its business combinations under the acquisition method of accounting. The acquisition method requires the Company to measure identifiable assets acquired and liabilities assumed at their fair values as of the Acquisition Date, with the excess of the consideration transferred over those fair values recorded as goodwill. Determining the fair value of intangible assets acquired requires significant judgements, assumptions, and estimates about future events, which the Company believes are reasonable. Use of different estimates and judgements could produce materially different results. The preliminary fair values of consideration transferred, assets acquired, liabilities assumed, and redeemable and nonredeemable noncontrolling interests are subject to adjustment when purchase accounting is finalized. The following table includes these amounts recognized as a result of the Company’s acquisitions (in millions):
Nine months ended September 30, 2024
NFP AcquisitionOther AcquisitionsTotal
Consideration transferred:
Cash$3,247 $377 $3,624 
Deferred and contingent consideration— 19 19 
Class A ordinary shares issued5,882 — 5,882 
Aggregate consideration transferred$9,129 $396 $9,525 
Assets acquired:
Cash and cash equivalents$293 $5 $298 
Receivables325 28 353 
Fiduciary assets (1)
411 54 465 
Goodwill6,987