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Investor Day 2025 Welcome Aon United: A Powerful Platform for Growth
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Nicole Hendry Senior Director, Investor Relations Welcome
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This communication contains certain statements related to future results, or states Aon’s 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. 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. These forward-looking statements include information about possible or assumed future results of Aon’s operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as our outlook, market and industry conditions, the development and performance of our services and products, changes to the composition or level of our revenues, cash flow and liquidity, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, plans, and references to future successes are forward-looking statements. Also, when Aon uses words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “looking forward”, “may”, “might”, “plan”, “potential”, “opportunity”, “commit”, “probably”, “project”, “positioned”, “should”, “will”, “would” or sim ilar expressions, it is making forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward looking statements: 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 Aon’s 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 Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon’s debt and the terms thereof reducing Aon’s flexibility or increasing borrowing costs; rating agency actions that could limit Aon’s access to capital and our competitive position; volatility in Aon’s global tax rate due to 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 t hose and other countries, which could create volatility in that tax rate; changes in Aon’s accounting estimates or assumptions on Aon’s financial statements; limits on Aon’s subsidiaries’ ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from acquisition or disposition transactions, errors and omissions and other claims against Aon (including proceeding 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 business 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 in the jurisdictions in which Aon operates, particularly given the global nature of Aon’s operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of ot hers; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with our global operations, including geopolitical conflicts, tariffs, or changes in trade policies; 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; Aon’s ability to develop, implement, update and enhance new technology; the actions taken by third parties that perform aspects of Aon’s business operations and client services; Aon’s 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; Aon’s 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; Aon’s ability to develop and implement innovative growth strategies and initiatives intended to yi e ld cost savings (including the Accelerating Aon United Program), and the ability to achieve such growth or cost savings; the effects of Irish law on Aon’s operating flexibility and the enforcement of judgments against Aon; 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; and significant integration costs or difficulties in connection with the acquisition of NFP or unknown or inestimable liabilities. Any or all of Aon’s forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon’s 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, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, including f actors th at could materially affect Aon’s financial results, is contained in Aon’s filings with the SEC. See Aon’s Annual Report on Form 10-K for the year ended December 31, 2024 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise Safe Harbor Statement 3
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This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), including Organic revenue growth and free cash flow. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions (provided that Organic revenue growth includes Organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, if any), transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. Free cash flow is cash flows from operating activity less capital expenditures. Management believes that these measures are important to make meaningful period- to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon’s Condensed Consolidated Financial Statements. Industry peers provide similar supplemental inf ormation regarding their performance, although they may not make identical adjustments. Aon does not provide a reconciliation of forward-looking non-GAAP measures where Aon believes such a reconciliation would imply a degree of precision and certainty that could be misleading and is unable to reasonably predict certain items contained in the corresponding GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Aon's control, or cannot be reasonably predicted. For these reasons, Aon is also unable to address the probable significance of the unavailable information. Explanation of Non-GAAP Measures 4
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Chapter / Session Presenter(s) Arrival / Registration / Breakfast / Better Decisions Lab Demos All Welcome, Agenda & Instructions Nicole Hendry, Investor Relations Strategic Vision: Historic Achievements, Industry Backdrop and Market Opportunity, Strategy: 3x3 and Aon United Greg Case, President and Chief Executive Officer Drivers of Profitable Growth: Aon United: A Force for Clients, Colleagues and Innovation Lisa Stevens, Chief Administrative Officer Meeting Customer Demand with Risk Capital and Human Capital Solutions Andy Marcell, Chief Executive Officer of Global Solutions Executing Aon Client Leadership through ECG Anne Corona, CEO of Enterprise Clients and Global Chief Commercial Officer Break / Better Decisions Lab Demos Drivers of Profitable Growth: Client Panel – Aon’s Competitive Advantage and Bringing the Growth Opportunity to Light Lori Goltermann, CEO Global Regions and North America, Moderator Enablers of Growth: Aon Business Services: Innovation for Client Service and Efficiency Mindy Simon, Chief Operating Officer The Next Generation of Shareholder Value Creation: Expectation for Multi-Year Financial Performance and Capital Allocation Strategy Edmund Reese, Chief Financial Officer Q&A All Wrap-up Greg Case, President and Chief Executive Officer Boxed Lunch / Better Decisions Lab Demos – available until 1:30 PM All Aon United: A Powerful Platform for Growth Investor Day 2025 Agenda 5
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Aon United: A Powerful Platform For Growth Greg Case President and Chief Executive Officer
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Aon United: A Powerful Platform for Growth 1 Operating in large and attractive markets driven by secular tailwinds and delivering strong track record of performance 2 Our 3x3 Plan meets clients’ fast-evolving needs and is transforming the client experience to drive better outcomes 3 Our client-centric Aon United strategy is driving growth – enabling us to win in the core and deliver new, innovative solutions 4 Sustainable profitable growth and value creation fueled by organic revenue growth, margin expansion, substantial free cash flow generation and disciplined capital allocation Delivering a next-generation client experience 7
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$36.4 Assets $56.5 Assets We Serve Large, Attractive, and Growing Markets 2013 2023 Reinsurance Commercial Risk Health Risk Capital and Human Capital1 0.2 0.3 1.3 0.7 2.2 2.1 $2.2 Premium $4.6 Premium Wealth 3 +8% CAGR +4% CAGR ($T) Clients $250T 2 Opportunity Sovereign Wealth Pension Funds Private Equity 8
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Market Realities are Driving Sustained Demand Trends reflect long-term structural shifts $145B 1 Global insured losses from natural disasters ~20% 2 Health costs as % of U.S. GDP 30% 3 Benefits as % total compensation 80% 4 Workers not confident about retirement 9
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Inflation / Fed Tightening 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 2020 2021 2023 2024 Industry is Resilient with Stable Demand Through Market Cycles... Broker Average S&P 500 The Great Recession COVID 20-Year Total Shareholder Return1 +1,206% +626% -16% Broker Average 2 2007-2009 -21% S&P 500 +1,700% +13% Aon 10
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…and Underpenetrated Globally The protection gap highlights opportunity >50% 25 – 50% 10 – 25% 1 – 5% <1% 25 years of natural catastrophe losses addressed by insurance $368B* • Global economic losses • Only 40% insured 11
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Total Revenue $16B 49% 9% 32% 11% Total Revenue $16B 50% 17% 21% 12% Aon Operates in a Privileged, Market-Leading Position Reinsurance Risk Capital Revenue by Segment U.S. Canada & LatAm EMEA (incl. U.K. / Ireland) Asia Pacific Revenue by Geography 51% International Revenue Commercial Risk Health Wealth Human Capital 12
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…Across Risk Capital... Empowering clients to better understand risk, optimize capital, and align strategy $7.9B $2.7B $125B+ Annual bound Retail, Affinity, and Captive premiums 2 $60B+ Annual bound Treaty and Facultative premiums 23MM Customers served by Affinity programs Average Organic Revenue Growth1 Commercial Risk Reinsurance +5% $5.1B $1.4B 2015 2024 13
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$190B+ Annual bound premium 2 $5T Investment assets under advisement 3 33MM Unique records in compensation database 4 …and Human Capital Empowering companies to maximize the return on their most valuable asset: people $3.3B $1.9B Health Wealth 2015 2024 $1.6B $1.5B +5% Average Organic Revenue Growth1 14
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Positioned to Build on Strong Record of Performance and Deliver Long-Term Value Creation +5% Average annual Organic revenue growth ~130 bps Average annual Adj. operating margin expansion 11% Adj. EPS CAGR 12% FCF / Share CAGR Disciplined and Balanced Capital Allocation Strong Track Record 15% 11% S&P 500 10-Year Allocation (2014 – 2024) $38B 45% M&A 55% Share Repurchases 10-Year CAGR (2014 – 2024) 10-Year Performance Across Key Metrics (2013 – 2023) Annualized Total Shareholder Return * 15
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Clients Face Increasing Complexity and Uncertainty with Rising Risks Creating New Pressure and Demands... Trade Technology Weather Workforce Megatrends 16
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C Megatrends are Interconnected and Intensifying – Clients Demand New Insight, Expertise and Solutions Workforce Attract and retain employees? Evaluate AI reskill and upskill initiatives? Predict and change health care trend? Trade Balance optimization with supply chain risk? Navigate tariff uncertainty? Incorporate AI into global trade? Technology Navigate emerging cyber risks? Evaluate the risk and opportunity of AI? Manage P&L volatility? Weather Model and quantify impact of severe weather? Assess disaster plans? Evaluate the impact of weather on workforce? 17
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Weather and Workforce ~$35B losses from recent wildfires in Los Angeles 6 2.2% working hours globally lost due to high temperatures — equivalent to productivity loss of 80MM jobs 7 …and Interconnectivity Further Complicates Decision Making Trade and Technology $33T global trade record in 2024 1 ~14%↑ in global trade due to AI (2040) 2 Trade and Weather $368B in economic losses from natural disasters (2024), only 40% of losses insured 5 $75B in direct damage from Hurricane Helene (2024) 5 Technology and Workforce 75% of knowledge workers use AI 3 39% of skills to be outdated by 2030 4 Interconnected Megatrends 18
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Three Decades Highlight Massive Opportunity to Deliver for Clients Risk as a % of GDP* 2.25% 2.75% 3.25% 3.75% 4.25% 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014 2019 2024 Paradigm Shift 19
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The Requirements to Deliver Better Solutions are Clear… Capabilities Data Analytics Innovation More Capital 20
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Data Analytics Innovation More Capital Capabilities • Common architecture • Global data lake with boundaryless scale • Predictive modeling • Data-driven, actionable insights • Differentiated Risk Capital / Human Capital solutions • AI-enablement in the core at scale • Optimizing $4.6T insurance market 1 • Unlocking $250T global capital pool 2 Requirements But the Bar is High! 21
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3x3 Plan “Answers the Call” 3 years of investment in 3 strategic operational pillars World-Class Operating Engine: Aon Business Services New standard for service delivery Technology and AI at scale Driving innovation, growth and continued margin expansion Progress on 3x3 Plan commitments demonstrates the power of our strategy Game Changing Innovation: Risk Capital and Human Capital Structure Addressing client demand with integrated solutions Leveraging differentiated data to deliver actionable insight Next-Generation Client Experience: Aon Client Leadership Across Enterprise, Large and Middle Market clients Win more, expand relationships and improve retention 22
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Capture new demand in existing markets Win share in core markets Create new demand in new categories 3x3 Plan is Operationalizing Aon United to Drive Core Growth and Innovation 23
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Aon Financial Model for Long-Term Value Creation Resilient model with sustainable top line and consistent per-share growth Total Shareholder Returns Free Cash Flow Growth Double-Digit Compounding Adjusted EPS Growth Consistent Margin Industry-leading and Expanding Organic Revenue Growth Mid-Single Digit or Greater 24
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Today’s presenters Greg Case President and Chief Executive Officer Lisa Stevens Chief Administrative Officer Lori Goltermann CEO Global Regions and North America Mindy Simon Chief Operating Officer Edmund Reese Chief Financial Officer Anne Corona CEO of Enterprise Clients and Global Chief Commercial Officer Andy Marcell Chief Executive Officer of Global Solutions Experienced Team with Track Record of Success 25
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Aon United: A Powerful Platform for Growth Delivering a next-generation client experience 1 Operating in large and attractive markets driven by secular tailwinds and delivering strong track record of performance 2 Our 3x3 Plan meets clients’ fast-evolving needs and is transforming the client experience to drive better outcomes 3 Our client-centric Aon United strategy is driving growth – enabling us to win in the core and deliver new, innovative solutions 4 Sustainable profitable growth and value creation fueled by organic revenue growth, margin expansion, substantial free cash flow generation and disciplined capital allocation 26
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Aon United: A Force for Clients, Colleagues and Innovation Lisa Stevens Chief Administrative Officer
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Aon United 1 15 years of unifying the firm structurally and how we lead, collaborate and deliver 2 Differentiation as a connected, global firm based on client demand is unrivaled in the industry 3 The 3x3 Plan accelerates unmatched delivery of integrated solutions, client leadership at scale and digital engagement 4 Engaging talent strategy that attracts, retains and empowers client leadership to the highest levels Our True North, guiding how Aon brings the full strength of the firm to our clients 28
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The Aon United Journey Addressing client needs through acquisitions of Benfield and Hewitt 2010 Aon United Launch 1 Establish Operationalizing and accelerating Aon United Go further, faster for our clients 2024 3x3 Plan 3 Operationalize & Accelerate Refining how we articulate Aon United 2022 Better Decisions Proposition Eliminating barriers, formalizing our capabilities 2021 Aon United Framework 2 Strengthen & Reinforce One Global Aon brand Creation of Aon Business Services and Enterprise Client Group 2018 One Brand 29
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Aon United is the Differentiator A connected global firm built deliberately through bold structural changes and investment in alignment and simplification driven by client demand • Full power of Global capabilities • Enhanced data and analytics • Deeper relationships • At scale and unmatched • Data-led insight across Risk Capital and Human Capital • Tech-enabled capabilities and experiences • Strong performance culture • Supports growth and collaboration • Amplifies contributions Better for Clients Drives Innovation Better for Colleagues 30
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+3 pts YoY increase in ECG contribution to new business with existing clients1 40% Increase in RFP win-rate when analyzers are used2 Deeper, More Valuable Client Relationships Global Capabilities Trusted Relationships Full Suite of Solutions Enhanced Data and Analytics Tools and Capabilities Exceptional Client Experience 31
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Aon United Drives Innovation Aon United enables us to: • Leverage broader access to data and insight • Develop better, more tech-enabled tools and experiences • Accelerate development of and adoption of new enterprise-wide capabilities Delivering innovation at scale unmatched in our industry 32
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Engaged workforce* 86%More Relevant More Connected More Valued Aon United Empowers Colleagues to be… 33
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Strong Outcomes for: • Clients • Colleagues • Shareholders The 3x3 Plan: Operationalizing and Accelerating Aon United Integrated solutions leveraging data and analytics across Risk Capital and Human Capital Client leadership at scale bringing best of Aon to every relationship Digitally-enabled delivery of real-time, actionable insights using AI and advanced analytics through Aon Business Services 34
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Attracting Top Talent Promoting Top Talent Retaining the Best Deepening Digital Fluency Talent Investments Reflect Deliberate Choices Increase in prioritized, client-facing roles in 2025 4 – 8% 214 3,000+ Senior-level colleague promotions in 2024 92% Retention of high- potential colleagues 1 Senior leaders with targeted AI training 2 35
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Our Culture Creates a Winning Advantage Enterprise-wide values to help shape decisions for the better Culture of delivering for clients and driving Aon’s success 86% Committed to Aon United strategy and building the brand 92% Agree that Aon helps businesses make better decisions 89% Understand how they personally contribute to Aon United in their role 87% Get connection and support they need from their work group 91% Believe their manager cares about them as a person Committed Passionate United 36
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Alignment and Simplification Removed Silos Scaled Solutions Realigned Incentives, Unified Leadership Evolution Driven by Client Demand Behind a decade of strategic focus, investment and integration Aon United 37
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Aon United 1 15 years of unifying the firm structurally and how we lead, collaborate and deliver 2 Differentiation as a connected, global firm based on client demand is unrivaled in the industry 3 The 3x3 Plan accelerates unmatched delivery of integrated solutions, client leadership at scale and digital engagement 4 Engaging talent strategy that attracts, retains and empowers client leadership to the highest levels Our True North, guiding how Aon brings the full strength of the firm to our clients 38
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Game Changing Innovation: Risk Capital and Human Capital Andy Marcell Chief Executive Officer of Global Solutions
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1 Risk Capital and Human Capital are exceptionally strong and well positioned for growth 2 Meeting increasing client demand requires the best of what we have now and much more 3 The move to Risk Capital and Human Capital is fundamental to deliver the next level of advice and new capital required to meet client need 4 Client results after only 18 months are powerful Game Changing Innovation: Risk Capital and Human Capital 40
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Risk Capital Overview 75% 25% Helping clients understand risk, optimize capital and empower strategy What we do Insurance Broking Reinsurance Broking Risk Advisory $10.5B FY24 Revenue Commercial Risk Reinsurance 41
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Commercial Risk Solutions $7.9B 2024 Revenue 5% 10-year Average Organic Growth 1 ~1,000 Captives Under Management $125B+ Annual bound Retail, Affinity, and Captive premiums 2 What we do: Commercial Risk Insurance Broking Risk Consulting, Advisory Affinity Programs Growth Priorities: Construction Natural Resources Capital Solutions U.S. Middle Market 42
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Reinsurance Solutions What we do: $2.7B 2024 Revenue 6% 10-year Average Organic Growth * 135+ Impact Forecasting Models $60B+ Annual bound Treaty and Facultative premiums Treaty and Facultative Broking Capital Markets Advisory and Consulting Growth Priorities: Treaty Facultative Insurance-Linked Securities ("ILS") U.S. Regional Insurers 43
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Health Wealth Empowering companies to maximize the return on their most valuable asset: people What we do Health Benefits Broking Retirement Advisory and Solutions Talent Advisory Human Capital Overview $5.2B FY24 Revenue 64%36% 44
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$3.3B 2024 Revenue 7% 10-year Average Organic Growth 1 33MM Unique records in compensation database 2 $190B+ Annual premium placement 3 Health Solutions What we do: Health Benefits Broking Talent Advisory Growth Priorities: Global Benefits Talent Data & Analytics Population Health 45
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$1.9B 2024 Revenue 3% 10-year Average Organic Growth 2 $245B Assets Under Management 3 $5T Assets Under Advisory 4 Retirement Advisory and Solutions Wealth Solutions Pension Risk Transfer Growth Priorities: Pooled Employer Plans Pension Risk Transfer Regulatory Change What we do: 60% of U.S. deal premium advised in 2024 1 46
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Client Impact Examples Trade Technology Weather Workforce Megatrends are Intensifying Pressures on Clients - Driving Greater Demand for Our Solutions Megatrends Interconnectivity Examples Supply chain AI, Cyber Health Wealth 21% shareholder value eroded after a cyberattack2 20% health costs as a % of U.S. GDP 3 +90% average U.S. Severe Convective Storm losses 1 47
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Thirty Years of Increasing Opportunity: Time to Break the Trend Paradigm Shift 2.25% 2.75% 3.25% 3.75% 4.25% 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014 2019 2024 Requirements: Better data and analytics Innovation that drives better solutions Access to more capital Risk as a % of GDP* 48
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Operationalizing Risk Capital and Human Capital was a Foundational Step Optimal structure for clients and colleagues: • Globally connected expertise across solution lines • Greater access to better data and analytics • Delivered together at scale Better Data Better Decisions Better Outcomes 49
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Defining next generation client experience Scalable analytics Comprehensive suite of analyzers, benchmarks and diagnostics across Risk Capital & Human Capital Ongoing innovation Continuously evolving through enhancements and new iterations with 2 patents filed, 4 in progress Connected, deep expertise Decades of modelling across solution lines Service Broking / Advisory Analytics 50
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Innovation Driving Better Solutions - Two Examples Next Generation Population Health What if we could: • Safeguard physical assets and infrastructure • Strengthen workforce resiliency and readiness • Maintain business continuity What if we could: • Improve population health • Increase workforce productivity • Bend the healthcare cost curve Parametric Solution for Talent Resiliency 1 2 51
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Analysis of 50 million employees Population health improvement, health trend reduction Monumental response from companies Generational Opportunity to Improve Population Health and Bend the Cost Curve $1,800 $1,600 $1400 $1,200 $1,000 $800 $600 $400 $200 $0 7% Improvement in trend Year 1 Year 2 Year 3+ Cost Per Member, Per Month Therapy begins 7% Growth Rate Improvement GLP-1 Users Control Group Illustrative Trend Lines In year two, following initial spike in costs, medical spend for GLP-1 users grows at half the rate. 52
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Parametric-triggered capital unlocks fast post-earthquake, liquidity for the company and its employees Strengthens employee productivity, resilience, and business continuity Solution: Value Derived: Parametric Solution for “Grey Swan” Event Targeting Business Continuity and Talent Resilience 53
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Work is Already Having an Impact Winning More Doing More Keep Clients Longer +40% Clients expand capacity when Property Risk Analyzer is used +1 pt 2 Increase in RFP win-rate when analyzers are used 1 Retention 54
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1 Risk Capital and Human Capital are exceptionally strong and well positioned for growth 2 Meeting increasing client demand requires the best of what we have now and much more 3 The move to Risk Capital and Human Capital is fundamental to deliver the next level of advice and new capital required to meet client need 4 Client results after only 18 months are powerful Game Changing Innovation: Risk Capital and Human Capital 55
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Executing Aon Client Leadership: Enterprise Client Group Anne Corona CEO of Enterprise Clients and Global Chief Commercial Officer
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Delivering the Best of Aon to Our Clients 1 Realizing the full potential of our client-centric approach 2 Delivering comprehensive data-driven solutions on a global scale to meet client need 3 Driving greater penetration and higher retention 4 Scaling Aon Client Leadership reinforces our confidence in delivering mid-single digit or greater organic revenue growth 57
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Aon Client Leadership Bringing the full strength of Aon to our clients Enterprise Clients Large Corporate Middle Market All Clients Leveraging a $1 billion investment in talent and technology 58
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The Industry’s Approach to Client Engagement Disjointed Relationships Geographic Focus Client Siloed approach limits the client experience Broker Centric Model Transactional Engagements Siloed Advice and Solutions Product Focus Separate Incentives 59
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The Aon Client Leadership Model Single client leader strategically serves each client Clients’ Unique Needs & Real-Time Feedback Innovation and outcomes at scale Global footprint Local expertise Integrated solutions to complex challenges Unique analytics and insights Robust data sets across business lines Client Centric 60
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Aon Client Leadership is Driving Results YoY increase in ECG contribution to new business with existing clients 1 The Enterprise Client Group is accelerating growth, expanding relationships and improving retention +3 points ~50% of Enterprise Client Group revenue is cross-border 2 Stronger global penetration through Enterprise Client Group 97% Retention for Enterprise Client Group clients 3 61
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Supporting Enterprise Clients Globally Existing Enterprise Client Leader 2025 Planned Enterprise Client Leader Hiring 100 Enterprise Client Leaders ~500 Enterprise Clients Covered 120 Countries with Client Operations $77B Median Market Cap of an ECG Client * 62
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Foundation Built on Expertise Leveraging differentiated content and capability to better serve clients • Financial Services • Food, Agribusiness and Beverage • Life Sciences • Natural Resources • Technology • Client councils and Advisory Boards • Voice of the Client • Megatrends Across Solution Lines • AI Advisory • Tailored Advisory • Global Client Dashboard • Real-time Client Data • Digital Client Plans • Relationship Maps • Penetration Grids • Growth Playbooks Industry Experience Impactful Content Robust Capabilities Global reach and local expertise across Risk Capital and Human Capital 63
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How is Aon Different? Aon United creates a significant competitive advantage One firm mindset Connectivity across Risk Capital and Human Capital Enhanced client engagement Data, analytics, capabilities at scale Aon United uniquely positions us in the market 64
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Addressing Needs at the Enterprise Level Through strategic relationships and deep understanding of client needs One firm mindset Connectivity across Risk Capital and Human Capital Enhanced client engagement Data, analytics, capabilities at scale Aon United uniquely positions us in the market Enterprise Client Group Delivering one globally connected firm across the enterprise The integrator for clients 65
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We go from Selling to Solving Winning more, doing more and keeping clients longer One firm mindset Connectivity across Risk Capital and Human Capital Enhanced client engagement Data, analytics, capabilities at scale Aon United uniquely positions us in the market We win more, do more, keep clients for longer Enterprise Client Group Delivering one globally connected firm across the enterprise The integrator for clients ~20% FY’24 Product Density Growth 1 9 out of 10 Likelihood to Recommend 2 66
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• Multiple insurance programs • Managed by different advisors • Siloed team and operations • Heightened complexity • Risk management challenges European retailer with expanding global operations Client Challenge: Unified team and delivered the full firm’s capabilities to: Aon’s Solution: Support Global Growth Lower Overall Program Cost Enterprise Client Group Case Study: Helping Solve Complex Global Challenges Increase Claims Recovery 67
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Top Industry Talent with the Aon Client Leadership Mindset Enterprise Client Group is a destination of choice for external and internal candidates ~450 Global Alumni across all four geographies and background in all solution lines Enterprise Client Development Program 100 hours | 9 months 97% Talent Retention Rate of 2024 ECLs Attracting and Retaining Impactful Client Leaders • Top Tier Financial Institutions • Big 5 Consultancies • Premier Professional Service Firms Developing Our People 68
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Leveraging our foundation to realize the full opportunity across our client base Delivering Aon Client Leadership 125 ECLs serving ~750 Enterprise Clients Client Leaders serving ~1,500 Large Corporate Clients Client Leaders serving ALL Clients 100 ECLs serving ~500 Enterprise Clients Client Leaders serving the $31B U.S. middle market* 69
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Delivering the Best of Aon to Our Clients 1 Realizing the full potential of our client-centric approach 2 Delivering comprehensive data-driven solutions on a global scale to meet client need 3 Driving greater penetration and higher retention 4 Scaling Aon Client Leadership reinforces our confidence in delivering mid-single digit or greater organic revenue growth 70
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Accelerating Aon United Mindy Simon Chief Operating Officer
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Aon Business Services 1 Operationalizing Aon United at scale 2 Global platforms and services delivering end-to-end client experience 3 Innovation at scale creates a unique AI opportunity 4 ABS is driving sustained growth and continued expansion of industry-leading margins 5 Strong pipeline of opportunities presents a significant runway for profitable growth Driving the full realization of Aon United 72
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ABS Provides End-to-end Capabilities by Powering Risk Capital and Human Capital with Operations and Technology Full Spectrum of Capabilities to Serve Client Needs ABS Global TechnologyGlobal Operations Legal & Compliance Finance + People Org Shared Procurement / Real Estate Services Marketing Policy Management Client Onboarding Benefits Admin Data Analytics Claims Engineering Actuarial Network & Security Cloud / Infra End User Compute Automation AI Applications Data & Analysis Client Platforms Shared Operations Client Facing Client Experience Enablers 73
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Global Capability Centers Serve Clients and Colleagues Across Geographies, Segments and Industries 15,000 7,500 50K+ 120 5 ABS Colleagues Colleagues in Global Capability Centers Clients Served Countries Served Continents 74
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Standardization ~20% reduction in applications to date ~40% workloads moved to cloud ~60% of targeted sites optimized ~$150MM program to date value creation from global procurement We Have Established a Track Record of Margin Enablement… Centralization Key Component of Aon's ~120bps yearly margin expansion over last 10 years ~15,000 of 60,000 colleagues in ABS ~25% Optimization ~7,500 of the 15,000 ABS colleagues are in Global Capacity Centers Automation ~20% of savings will be achieved via automation ~50% ~20% 75
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Centralization Optimization Automation Standardization Continue Existing Levers 76
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Targeting $350MM annual savings by year end 2026 Tech Modernization ~40% reduced apps 80% workloads in cloud Optimization ~60% in Global Capability Centers Unified Client Experience New solutions, self-service capabilities, etc. AI Enablement Agents Document Summary Workflow AI tools adoption Amplify Through Modernization Centralization Optimization Automation Standardization Continue Existing Levers … and will continue to unlock the next phase of margin expansion. 77
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$1 billion Accelerating Aon United Investment to power our growth Innovating New Products at Scale End-to-end client experience, machine learning and AI Modernizing Platforms Digitization across ABS ecosystem Standardizing Operations Centralization, automation, workflow 78
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ABS Drives Sustainable Growth by Delivering an End-to-End, Client-Focused Experience Analytics Broking/ Advisory Service Do More, Win More, Keep Clients Longer 79
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Our Capabilities are Built on a Global, Integrated Architecture, Enabled by Aon United and Powered by Aon Business Services Risk Capital Human Capital Data Global Data Lake Analytics Global Analytics Analyzers | Diagnostics | Benchmarks Broking Global Risk Capital Broking Platform Global Human Capital Broking Platform Advisory Broker & Advisory Co-Pilots Service End-to-End Service Client Experience 80
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Bespoke Data AssetsBoundaryless Scale No Regional Barriers No P&L Barriers No Technical Barriers 1 2 Our Global Data Lake is Differentiated in Two Ways: Risk Capital Human Capital Global Data Lake Global Analytics Analyzers | Diagnostics | Benchmarks Global Risk Capital Broking Platform Global Human Capital Broking Platform Broker & Advisory Co-Pilots End-to-End Service Large & Proprietary Data Assets1 • 33MM 2 unique records in compensation database • $30B property premium reinsured • 200K+ policies • 163K+ claims External Partnerships • Industry Scenario Modelling & Exposure Data • University & Academic Partnerships 81
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Enabled by the Global Data Lake and Powered by AI, Our Analytical Solutions Tailor to Client Needs Traditional Generative Agentic Neural Networks Analytical Solutions Client Experience Powered by AI at Scale Analyzers Forward-looking analytics to help clients make better decisions Benchmarks Help organizations understand their position relative to industry peers, best practices or historical trends Diagnostics Identify issues and areas of improvement by examining historical data Risk Capital Human Capital Global Data Lake Global Analytics Analyzers | Diagnostics | Benchmarks Global Risk Capital Broking Platform Global Human Capital Broking Platform Broker & Advisory Co-Pilots End-to-End Service 82
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Our Broking Solutions are Powered by Two Global Platforms, Enabling Scale Global Risk Capital Broking Platform Global Human Capital Broking Platform Global Data Lake Global Analytics Analyzers | Diagnostics | Benchmarks Risk Capital Human Capital Global Data Lake Global Analytics Analyzers | Diagnostics | Benchmarks Global Risk Capital Broking Platform Global Human Capital Broking Platform Broker & Advisory Co-Pilots End-to-End Service Generative Agentic Large Language Models (LLMs) Embedded AI at Scale 83
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Our Global Aon United Architecture Enables Us to Apply AI to Solve Some of the Biggest Challenges in the Industry End-to-End Seamless Service Client Experience Generative Agentic Large Language Models (LLMs) Aon's Certificate Center Embedded AI at Scale Risk Capital Human Capital Global Data Lake Global Analytics Analyzers | Diagnostics | Benchmarks Global Risk Capital Broking Platform Global Human Capital Broking Platform Broker & Advisory Co-Pilots End-to-End Service 84
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Differentiated End-to-End Client Experience is Only Possible on Common Platforms for Risk Capital and Human Capital Client & Colleague Experience Analytics Broking/Advisory Service Risk Capital Human Capital Client Experience Property Risk Analyzer Health Risk Analyzer Aon Broker Co-pilot Aon Broker Co-pilot Certificate Center Online Benefits AI Concierge 85
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ABS is Powering Our Embedded AI Strategy Risk Capital Human Capital Global Data Lake Global Analytics Analyzers | Diagnostics | Benchmarks Global Risk Capital Broking Platform Global Human Capital Broking Platform Broker & Advisory Co-Pilots End-to-End Service Embedded AI in All Components of Stack Human Capital • Data-enabled Advisory • Innovate the Core • Differentiated Service Experience Risk Capital • Trusted Risk Advisor • Actionable Risk Marketplace Insights • Industry-leading Service Aon Client Leadership • Client Leadership • Enterprise Data • Global Capabilities Better Decisions Optimized Performance Operational Efficiencies 86
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Innovative Solutions Drive Growth Win More ~40% increase in RFP win-rate when analyzers are used2 Do More Analyzers utilized with 1,000+ clients 1 87 Keep Them Longer ~1 pt increase in retention in U.S. Commercial Risk3
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Aon Business Services 1 Operationalizing Aon United at scale 2 Global platforms and services delivering end-to-end client experience 3 Innovation at scale creates a unique AI opportunity 4 ABS is driving sustained growth and continued expansion of industry-leading margins 5 Strong pipeline of opportunities presents a significant runway for profitable growth Driving the full realization of Aon United 88
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The Next Generation of Shareholder Value Creation Edmund Reese Chief Financial Officer
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Q1'24 Q2'24 Q3'24 Q4'24 Q1'25Q4'23Q1'23 Q2'23 Q3'23 3x3 Plan is a Blueprint for Sustainable Topline Growth 3x3 PlanPre-3x3 Plan MSD or greater Organic Revenue Growth 90
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Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 3x3 Plan is a Blueprint for Sustainable Topline Growth 3x3 PlanPre-3x3 Plan Beyond 2026 Beyond 2026 Organic Revenue Growth MSD or greater Q4'23Q1'23 Q3'23Q2'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 (Illustrative) 91
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Middle Market Aon Client Leadership Client-Facing Hires Investing in Growth and Expanding Margins Investments Broker Average1 28.0% Aon 31.5% 3.5pts 2024 Margin Expansion2 92
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ROIC (2024) 23% FCF/Share CAGR (10-Yr CAGR through 2024) 10% Balanced Capital Allocation M&A IRR (Portfolio IRR)2 22% Payout Ratio (10-Yr Avg through 2024)3 108% FCF Yield (10-Yr Avg through 2024) 1 4% Free Cash Flow M&A Capital Returns 93
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1 Global market leader with track record of strong financial performance 2 3x3 Plan established a foundation for investment and margin expansion, powered by ABS 3 Financial model anchored in consistent earnings growth, double-digit Free Cash Flow growth and balanced capital allocation 4 Well-positioned to deliver on 2025 guidance and 3x3 Plan objectives with momentum for 2026 & beyond growth Positioned for Sustained Growth and Value Creation 94
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2013 2023 Benefiting from Secular Growth Trends… Reinsurance Commercial Risk Health 8% CAGR InsurersClients $4.6T ($T) 0.2 0.3 1.3 0.7 2.2 2.1 4% CAGRWealth $2.2 Premium $4.6 Premium Risk Capital and Human Capital1 $36.4 Assets $56.5 Assets 95
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…and Expanding the Addressable Market Clients 2013 2023 Reinsurance Commercial Risk Health 8% CAGR Sovereign Wealth Pension Funds Private Equity 4% CAGRWealth 0.2 0.3 1.3 0.7 2.2 2.1 ($T) $2.2 Premium $4.6 Premium $36.4 Assets $56.5 Assets $250T 2 Opportunity Risk Capital and Human Capital1 96
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ROIC 130bps Adj Operating Margin Expansion (Avg Annual) Track Record of Strong Financial Performance 33% 10-Year Performance Through 2023 5% Organic Revenue Growth 11% Adjusted EPS 12% FCF / Share (CAGR) 13% Dividend Growth (2023) Broker Average 5%1 11%2 9%3 5%4 13%640bps5 97
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Delivering Through-the-Cycle1 Resilient Business and Financial Model Driving Compounding TSR 24% 15% 23% 11% 1 Year 10 Year 1% 14% (1%) 1% Aon S&P 500 Aon Broker Average The Great Recession 2007 – 2009 (CAGR) (through 2024)(2024) Annualized Total Shareholder Return1 Organic Revenue Growth2 Adjusted EPS Growth3 98
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Aon is a Growth Company with Enhanced Earnings Power $1B Investment in Accelerating Aon United Middle Market Expanding Aon Client Leadership Client-Facing Hires Enhanced Earnings Growth ABS: Platform for Growth ABS: Operating Leverage Foundation Foundation 2024 New Business 10pts 5ptsExisting Clients New Clients 2024 5pts 99
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Supporting New Business Growth through Revenue Generating Hires Q1'25 Q2'25E Q3'25E Q4'25E FY'25E 25-30 40-45 Full Production 24 – 30 months Q1 CohortQ2 CohortQ3 CohortQ4 Cohort Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 35-40 30-35 20 Organic Growth Contribution (bps) Revenue per Hire Revenue Generating Hires $300K – $350K* 100
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Expanding with Existing Clients through Aon Client Leadership Revenue Growth +3pts YoY increase in ECG contribution to new business with existing clients3 +11pts 2.5x Other Clients ECG Clients Other Clients ECG Clients Product Penetration1 Geographic Expansion2 101
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Capturing Growth in the $31B Middle Market* 20242025E $36 $45-$60 MAINTAIN INDUSTRY LEADING MARGINS Acquired EBITDAINTEGRATED PLATFORMS OPERATING EXPENSESYNERGIES ($MM) 102
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Redefining the Client Experience and Increasing Engagement to Improve Retention 2023 2024 Q1'24 Q1'25 1pt Retention Mid-90s Retention Aon Business Services Client Experience Aon Client Leadership Increasing Engagement flat 103
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Aon Organic Growth is More Strongly Correlated to Nominal GDP Growth than P&C Pricing 3% 4% 6% 6% 7% 6% 5.0% 4.1% 3.9% 4.3% 7.7% 5.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3.0% 4.0% 6.0% 6.0% 7.0% 6.0% -2.3% -2.5% 3.5% 10.0% 8.8% 5.4% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Correlation = 0.82 R2 = 0.67 Correlation = 0.34 R2 = 0.11 Soft Transition Hard Soft Transition Hard Nominal GDP Growth Aon Organic Revenue Growth P&C Pricing Aon Organic Revenue Growth P&C Pricing Cycle 104
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Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Net Market Impact Estimated to be 0pts – 2pts in Current Environment Current 5pts 3pts 5pts 3pts 3pts 4pts 3pts 3pts 4pts 2pts 2pts 0pts 1pts 0pts – 2pts3pts – 4pts (pts of contribution to Organic revenue growth) Hard 105
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9-11pts (4-5)pts 0-2pts Bringing it Together: Sustainable Mid-Single Digit or Greater Organic Revenue Growth Driven by Three Components Prior Year Baseline New Business Retention / (Client Losses) Net Market Impact • Client-Facing Hires • Aon Client Leadership • Middle Market • Aon Business Services • Aon Client Leadership • Pricing • Exposure (GDP) Organic Revenue Sustainable MSD or Greater % 106
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Commercial Risk Reinsurance Health Wealth New Business Retention Net Market Impact Broad Based Organic Revenue Growth Across Solution Lines 5% 6% 7% 3% 10-Yr Avg (through 2024)* 107
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19.0% 31.6% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 We Have a Long History of Margin Expansion 130bps 2024 2025E 80-90bps90bps Average Annual Expansion Adjusted Operating Margin Expansion History1 3x3 Plan Margin Expansion 40bps Broker Average 2 108
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10-20bps 0-20bps (40-60)bps Clear Line of Sight to Continued Margin Expansion ABS Scale Expense Management Active Portfolio Management Investments Margin Expansion 100-120bps 70-100bps (bps of adjusted operating margin expansion) 109
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FY'23 FY'26E $3.2B$2.8B FY'24 FY'25E 2025 Guidance 3x3 Plan Objectives Double-Digit Growth Double-Digit 3-Year CAGR Generating High Free Cash Flow and on Track for a Double Digit 3-year CAGR through 2026 12% 9% FCF per Share (through 2024) 10-Year CAGR1 Broker Average 2 110
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High Free Cash Flow Generation Supports Our Balanced Capital Allocation Strategy Capital Allocation Model Debt Paydown: Strong Dividend: Strategic M&A: Share Repurchases: Growth historically in line with earnings Excess Capital Returned 2.8x – 3.0x leverage ratio1 IRR: 20%+2 111
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On Track to Reach Our Leverage Objective and Consistently Grow the Dividend 20% 10% 9% 11% 10% 5% 11% 10% 10% 10% 18% 19% 21% 19% 19% 18% 16% 16% 17% 17% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $4B 10-Yr payout 11% 10-Yr CAGR Dividend Growth Payout Ratio Y/Y Growth Q4'23 Q2'24 Q4'24 Q4'25E 2.9x 4.1x 3.4x 2.8- 3.0x Debt Paydown Leverage Ratio (NFP Acquisition) Leverage Ratio* 112
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Year 1 Revenue Growth 12% 23%22% High-Return M&A Financial Performance Capital Allocation M&A 55% Disciplined Approach to Balancing High-Return, Strategic M&A and Capital Return to Shareholders Share Repurchases 45% 13% 10-Yr $38B Balanced Capital Allocation (through 2024) ROIC2 Portfolio IRR1 Broker Average 3 113
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Significant Available Capital after Dividends $4.3B FY’26E Capital Available for M&A and Share Repurchases DividendAdditional Debt Capacity Free Cash Flow FY’26E $2.0B ($0.7)B $5.6B Illustrative: Double-Digit Growth 114
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On Track to Achieve Our 2025 Guidance Organic Revenue Mid-Single-Digit or Greater No Change Adj. Operating Margin Expansion No Change Adj. EPS Strong Growth No Change Free Cash Flow Double-Digit Growth No Change Updates2025 Guidance 115
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Aon Financial Model Resilient model with sustainable top line and consistent per-share growth Total Shareholder Returns COMPOUNDING Free Cash Flow Growth DOUBLE-DIGIT Adjusted EPS Growth ENHANCED EARNINGS POWER Margin ABS-DRIVEN OPERATING LEVERAGE Organic Revenue Growth SUSTAINABLE 116
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Positioned for Sustained Growth and Value Creation 1 Global market leader with track record of strong financial performance 2 3x3 Plan established a foundation for investment and margin expansion, powered by ABS 3 Financial model anchored in consistent earnings growth, double-digit Free Cash Flow growth and balanced capital allocation 4 Well-positioned to deliver on 2025 guidance and 3x3 Plan objectives with momentum for 2026 & beyond growth 117
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Investor Day 2025 Appendix
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119 Reconciliation of Non-GAAP Measures – Organic Revenue Growth *Table reflects Total Revenue for relevant year as seen in PR. Restated Revenue reflects $ amounts from 10-Ks, as noted above and aligned where possible Components of organic as stated in PR, where applicable. ($MM unless otherwise stated) 2007 2008 2009 Current Period Revenue 7,359 7,528 7,595 Prior Year Period Revenue 6,770 7,234 7,528 % Change 9% 4% 1% Less: Currency Impact 4% 1% -4% Less: Fiduciary Investment Income 0% 0% -1% Less: Acquisitions, Divestitures & Other 3% 1% 7% Organic Revenue Growth 2% 2% -1%
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Reconciliation of Non-GAAP Measures – Organic Revenue Growth 120 ($MM unless otherwise stated) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Current Period Revenue 12,045 11,815 12,045 11,682 11,627 9,998 10,770 11,013 11,066 12,193 12,479 Prior Year Period Revenue 11,815 11,514 11,815 12,045 11,682 9,409 9,998 10,770 11,013 11,066 12,193 % Change 2% 3% 2% -3% 0% 6% 8% 2% 0% 10% 2% Less: Currency Impact -1% -1% -1% -6% -2% 0% 1% -3% 0% 2% -4% Less: Fiduciary Investment Income 0% 0% 0% 0% 1% 0% 0% 0% 0% 0% 1% Less: Acquisitions, Divestitures & Other 0% 1% 0% 0% -2% 2% 2% -1% -1% -1% -1% Organic Revenue Growth 3% 3% 3% 3% 3% 4% 5% 6% 1% 9% 6%
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121 Reconciliation of Non-GAAP Measures – Organic Revenue Growth 1. Currency impact represents the effect on prior year period results if they were translated at current period foreign excha nge rates. 2.Total fiduciary investment income for the three months ended March 31, 2025 was $67 million, for the three months ended December 31, September 30, June 30, and March 31, 2024 was $76 million, $85 million, $75 million and $79 million, respectively, for the three months ended December 31, September 30, June 30, and March 31, 2023 was $78 million, $80 million, $64 million and $52 million, respectively, for the three months ended March 31, June 30, September 30, and December 31 2022 was $2 million, $7 million, $26 million, and $41 million, respectively, and $2 mill ion per quarter for the three months ended March 31, June 30, September 30, and December 31 2021, and for the years 2024, 2023, 2022 and 2021 was $315 million, $274 million, $76 million and $8milli on, respectively. 3.Organic revenue growth includes the impact of certain intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions (provided that Organic revenue growth includes Organic growth of an acq uired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, if any), transfers between revenue lines, and gains or losses on derivatives accounted for as hedges. ($MM unless otherwise stated) Q1'23 Q2'23 Q3’23 Q4'23 FY'23 Q1'24 Q2'24 Q3'24 Q4'24 FY'24 Q1'25 Current Period Revenue 3,871 3,177 2,953 3,375 13,376 4,070 3,760 3,721 4,147 15,698 4,729 Prior Year Period Revenue 3,670 2,983 2,696 3,130 12,479 3,871 3,177 2,953 3,375 13,376 4,070 % Change 5% 7% 10% 8% 7% 5% 18% 26% 23% 17% 16% Less: Currency Impact (1) -3% -1% 2% 2% 0% 1% -1% 0% (1)% 0% -2% Less: Fiduciary Investment Income (2) 1% 2% 2% 1% 2% 1% 0% 0% 0% 0% 0% Less: Acquisitions, Divestitures & Other 0% 0% 0% -2% -2% -2% 13% 19% 18% 11% 13% Organic Revenue Growth (3) 7% 6% 6% 7% 7% 5% 6% 7% 6% 6% 5%
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122 Reconciliation of Non-GAAP Measures – Commercial Risk Solutions & Reinsurance Solutions Organic Revenue Growth ($MM unless otherwise stated) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Commercial Risk Solutions Current Period Revenue 5,380 5,070 4,981 5,303 5,757 5,856 5,861 6,635 6,715 7,043 7,861 Prior Year Period Revenue - 5,380 5,070 4,981 5,303 5,757 5,856 5,861 6,635 6,715 7,043 % Change - -6% -2% 6% 9% 2% 0% 13% 1% 5% 12% Less: Currency Impact -2% -9% -3% 0% 0% -3% 0% 2% -4% 0% 0% Less: Fiduciary Investment Income 0% 0% 0% 0% 0% 0% 0% 0% 1% 2% 0% Less: Acquisitions, Divestitures & Other - 0% -1% 3% 3% -2% 0% 0% -2% -2% 7% Organic Revenue Growth 2% 3% 2% 3% 5% 6% 1% 11% 6% 5% 5% Reinsurance Solutions Current Period Revenue 1,479 1,358 1,366 1,426 1,563 1,686 1,815 1,997 2,190 2,481 2,656 Prior Year Period Revenue - 1,479 1,358 1,366 1,426 1,563 1,686 1,815 1,997 2,190 2,481 % Change - -8% 1% 4% 10% 8% 8% 10% 10% 13% 7% Less: Currency Impact -1% -7% -1% -1% 2% -2% 0% 2% -3% -1% 0% Less: Fiduciary Investment Income 0% 0% 0% 0% 1% 1% -1% 0% 1% 4% 1% Less: Acquisitions, Divestitures & Other - 1% 0% 0% 0% -1% -1% 1% 3% 0% 0% Organic Revenue Growth -2% -2% 1% 5% 7% 10% 10% 8% 8% 10% 7%
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123 Reconciliation of Non-GAAP Measures – Health Solutions & Wealth Solutions Organic Revenue Growth ($MM unless otherwise stated) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Health Solutions Current Period Revenue 1,413 1,493 1,689 1,897 2,018 2,104 2,067 2,154 2,224 2,433 3,335 Prior Year Period Revenue - 1,413 1,493 1,689 1,897 2,018 2,104 2,067 2,154 2,224 2,433 % Change - 6% 13% 12% 6% 4% -2% 4% 3% 9% 37% Less: Currency Impact -1% -5% -2% 0% 0% -2% -1% 2% -3% 0% 0% Less: Fiduciary Investment Income 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Less: Acquisitions, Divestitures & Other - 3% 6% 5% 2% 2% 2% -7% -2% -1% 31% Organic Revenue Growth 11% 8% 10% 7% 5% 5% -2% 10% 8% 10% 6% Wealth Solutions Current Period Revenue 1,638 1,570 1,376 1,370 1,443 1,380 1,341 1,426 1,367 1,431 1,874 Prior Year Period Revenue - 1,638 1,570 1,376 1,370 1,443 1,380 1,341 1,426 1,367 1,431 % Change - -4% -12% 0% 5% -4% -3% 6% -4% 5% 31% Less: Currency Impact 0% -6% -5% -1% 1% -2% 0% 3% -5% 0% 1% Less: Fiduciary Investment Income 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Less: Acquisitions, Divestitures & Other - 0% -10% -3% 3% -3% -2% 1% -2% 0% 23% Organic Revenue Growth 6% 2% 3% 3% 1% 1% -1% 2% 3% 4% 7%
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124 Reconciliation of Non-GAAP Measures – Operating Income and Diluted Earnings Per Share ($MM unless otherwise stated) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue 11,815 12,045 11,682 9,409 9,998 10,770 11,013 11,066 12,193 12,479 13,376 15,698 Operating Income 1,671 1,966 1,848 1,638 979 1,544 2,169 2,781 2,090 3,669 3,785 3,835 Intangible Asset Amortization 395 352 314 157 704 593 392 246 147 113 89 503 Legacy Litigation/Legal settlements - 35 176 - - 75 13 - - 58 197 - Change in fair value of contingent consideration - - - - - - - - - - - 27 Restructuring/Accelerating Aon United Program Expenses 174 - - - 497 485 451 - - - 135 389 Transaction and integration costs - - - 15 - - - 123 1,436 - 17 185 Headquarters Relocation Costs 5 - - - - - - - - - - - Operating Income - as adjusted 2,245 2,353 2,338 2,030 2,336 2,697 3,025 3,150 3,673 3,840 4,223 4,939 Operating Margin 14.1% 16.3% 15.8% 17.4% 9.8% 14.3% 19.7% 25.1% 17.1% 29.4% 28.3% 24.4% Operating Margin - as adjusted 19.0% 19.5% 20.0% 21.6% 23.4% 25.0% 27.5% 28.5% 30.1% 30.8% 31.6% 31.5% Operating Income - as adjusted 2,245 2,353 2,338 2,030 2,336 2,697 3,025 3,150 3,673 3,840 4,223 4,939 Interest Income 9 10 14 9 27 5 8 6 11 18 31 67 Interest Expense (210) (255) (273) (282) (282) (278) (307) (334) (322) (406) (484) (788) Other Income (Expense) - - - - - - - - - - - - Adjusted other income (expense) - pensions - - - - - 38 9 13 21 (9) (71) (49) Adjusted other income (expense) - other - - 100 36 (39) (26) (8) (1) 7 54 (65) 62 Adjusted other income (expense) 68 44 100 36 (39) 12 1 12 28 45 (136) 13 Adjusted income before income taxes 2,112 2,152 2,179 1,793 2,042 2,436 2,727 2,834 3,390 3,497 3,634 4,231 Adjusted income tax expense 536 407 389 250 305 379 478 499 623 585 671 849 Adjusted net income 1,576 1,745 1,790 1,543 1,737 2,057 2,249 2,335 2,767 2,912 2,963 3,382 Less: Net income attributable to redeemable and nonredeemable noncontrolling interest 35 34 37 34 37 40 41 49 53 57 64 66 Adjusted net income attributable to Aon shareholders 1,541 1,711 1,753 1,780 1,756 2,009 2,207 2,287 2,714 2,855 2,899 3,316 Adjusted diluted net income per share attributable to Aon shareholders - as adjusted $4.89 $5.71 $6.18 $6.59 $6.74 $8.13 $9.17 $9.81 $12.00 $13.39 $14.14 $15.60 Weighted average ordinary shares outstanding - diluted 315.4 299.6 283.8 270.3 260.7 247.0 240.6 233.1 226.1 213.2 205.0 212.5
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125 Reconciliation of Free Cash Flow & Free Cash Per Share ($MM unless otherwise stated) 2013 2014 2023 2024 Cash Flow From Operations 1,753 1,812 3,435 3,035 Capital Expenditures (229) (256) (252) (218) Free Cash Flow 1,524 1,556 3,183 2,817 Weighted average ordinary shares outstanding - diluted 315.4 299.6 205.0 212.5 Cash Flow From Operations / Share 5.56 6.05 16.76 14.28 FCF / Share 4.83 5.19 15.53 13.26 Share Price $83.89 $94.83 $291.02 $359.16 FCF Yield(1) 5.8% 5.5% 5.3% 3.7% 1. Calculated as Free Cash Flow per Share divided by share price on December 31 for the respective years (2013, 2014 and 2024) and December 29 (2023)
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126 Reconciliation of Non-GAAP Measures – Leverage Ratio ($MM unless otherwise stated) TTM Q4'23 TTM Q1'24 TTM Q2'24 TTM Q3'24 TTM Q4'24 TTM Q1'25 Net Income 2,628 2,642 2,605 2,493 2,720 2,609 Interest Expense 484 517 612 706 788 850 Income Tax Expense 541 609 686 687 742 679 Depreciation of fixed assets 167 173 179 184 183 185 Amortization and impairment of intangible assets 89 80 183 337 503 686 EBITDA 3,909 4,021 4,265 4,407 4,936 5,009 Short-term debt and current portion of long-term debt 1,204 606 4 - 751 1,348 Long-term Debt 9,995 15,916 17,610 17,090 16,265 16,284 Total debt 11,199 16,522 17,614 17,090 17,016 17,632 Leverage (Total debt/EBITDA) 2.9x 4.1x 4.1x 3.9x 3.4x 3.5x
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127 Reconciliation of Return on Invested Capital (ROIC) ($MM unless otherwise stated) FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 Revenue - as reported 11,815 12,045 11,682 11,627 9,998 10,770 11,013 11,066 12,193 12,479 13,376 15,698 Consolidated operating income - as reported 1,671 1,966 1,848 1,906 979 1,544 2,169 2,781 2,090 3,669 3,785 3,835 Consolidated operating margin - as reported 14.1% 16.3% 15.8% 16.4% 9.8% 14.3% 19.7% 25.1% 17.1% 29.4% 28.3% 24.4% Total adjustments 574 387 490 512 1,357 1,153 856 369 1,583 171 438 1,104 Consolidated operating income - as adjusted $2,245 $2,353 $2,338 $2,418 $2,336 $2,697 $3,025 $3,150 $3,673 $3,840 $4,223 $4,939 Consolidated operating margin - as adjusted 19.0% 19.5% 20.0% 20.8% 23.4% 25.0% 27.5% 28.5% 30.1% 30.8% 31.6% 31.5% Adjusted Effective tax rate (%) 25.4% 18.9% 17.9% 16.8% 14.9% 15.6% 17.5% 17.6% 18.4% 16.7% 18.5% 20.1% NOPAT (Adj. OI*(1-Adj. Tax Rate)) $1,675 $1,908 $1,919 $2,012 $1,988 $2,276 $2,496 $2,596 $2,997 $3,199 $3,442 $3,946 Short-term debt and current portion of long-term debt 703 783 562 336 299 251 712 448 1,164 945 1,204 751 Long-term debt 3,686 4,799 5,138 5,869 5,667 5,993 6,627 7,281 8,228 9,825 9,995 16,265 Total debt 4,389 5,582 5,700 6,205 5,966 6,244 7,339 7,729 9,392 10,770 11,199 17,016 Total shareholders' equity 8,145 6,571 6,002 5,475 4,583 4,151 3,375 3,495 1,061 (529) (826) 6,121 Noncontrolling interest 50 60 57 57 65 68 74 88 97 100 84 184 End of Period Total Invested Capital 12,584 12,213 11,759 11,737 10,614 10,463 10,788 11,312 10,550 10,341 10,457 23,321 Average Total Invested Capital 12,277 12,399 11,986 11,748 11,176 10,539 10,626 11,050 10,931 10,446 10,399 16,889 ROIC (NOPAT/Average Total Invested Capital) 13.6% 15.4% 16.0% 17.1% 17.8% 21.6% 23.5% 23.5% 27.4% 30.6% 33.1% 23.4%
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128 Endnotes (1/7) Presentation: Aon United: A Powerful Platform For Growth Presenter: Greg Case, President and Chief Executive Officer Page Marker Footnote 8 1 Global Non -Life Insurance Premiums per Swiss Re sigma 3/2014, Swiss Re sigma 3/2024, BCG market estimates, 2014 and 2024 Aon Global Risk Insurance Study sigma 3/2024: World insurance: strengthening global resilience with a new lease of life | Swiss Re https://www.swissre.com/dam/jcr:1b6891da -5ee1-453c-866f-5b10db43d483/sigma3_2014_en.pdf 8 2 MSCI 2023 Report Sizing Up the Global -Market Portfolio | MSCI 8 3 OECD Pension Markets in Focus 2024 (includes countries in OECD only) Pension Markets in Focus 2024 | OECD 9 1 Aon Climate and Catastrophe Insight 2025 2025-climate-catastrophe- insight.pdf 9 2 U.S. Bureau of Economic Analysis, Centers for Medicare & Medicaid Services https://www.cms.gov/data -research/statistics -trends-and-reports/national -health-expenditure -data/nhe -fact-sheet https://www.bea.gov/data/economic -accounts/national 9 3 U.S. Bureau of Labor Statistics Employer Costs for Employee Compensation - Q4 2024 Results 9 4 McKinsey From saving to spending: A second front emerges in the U.S. retirement challenge | McKinsey 10 1 S&P Capital IQ, FactSet 10 2 Broker Average includes: AON, AJG, BRO, MMC, WTW 11 * Aon Climate and Catastrophe Insight 2025 2025-climate-catastrophe- insight.pdf 13 1 Organic revenue growth is a non -GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 13 2 Includes approximately $65 billion of captive premium 13 For periods prior to Q1 2021, solution line organic revenue growth has been adjusted to align with the current reporting stru cture. This adjustment does not impact Aon’s total organic revenue growth. 14 1 Organic revenue growth is a non -GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 14 2 Includes self -insured premium equivalents Page Marker Footnote 14 3 Includes non -discretionary assets advised by Aon and its global affiliates which includes retainer clients and clients in which Aon and its global affiliates have performed project services for over the past 12 months. Project clients may not currently enga ge Aon at the time of the calculation of assets under advisement as the project may have concluded earlier during preceding 12 - month period 14 4 Radford McLagan Compensation Database 14 For periods prior to Q1 2021, solution line organic revenue growth has been adjusted to align with the current reporting stru cture. This adjustment does not impact Aon’s total organic revenue growth. 15 * FactSet 18 1 UN Trade and Development March 2025 report https://unctad.org/news/global -trade-hits-record-33-trillion -2024-driven-services- and-developing -economies 18 2 World Trade Organization https://www.wto.org/english/res_e/booksp_e/trading_with_intelligence_e.pdf 18 3 Microsoft 2024 Work Trend Index Annual Report https://www.microsoft.com/en -us/worklab/work -trend-index/ai -at-work-is-here-now-comes-the-hard-part 18 4 World Economic Forum: Future of Jobs Report The Future of Jobs Report 2025 | World Economic Forum 18 5 Aon Climate and Catastrophe Insight 2025 2025-climate -catastrophe- insight.pdf 18 6 Aon Q1 Global Catastrophe Recap (April 2025) q1-2025-global-catastrophe- recap.pdf 18 7 International Labour Organization https://www.ilo.org/resource/news/increase -heat-stress- predicted -bring-productivity- loss-equivalent - 80#:~:text=Projections%20based%20on%20a%20global%20temperature%20rise,to%20global%20economic%20losses %20of%20US$2%2C400%20billion . 19 * S&P Market Intelligence, FRED, IMF 21 1 Global Non -Life Insurance Premiums per Swiss Re sigma 3/2014, Swiss Re sigma 3/2024, BCG market estimates, 2014 and 2024 Aon Global Risk Insurance Study sigma 3/2024: World insurance: strengthening global resilience with a new lease of life | Swiss Re https://www.swissre.com/dam/jcr:1b6891da -5ee1-453c-866f-5b10db43d483/sigma3_2014_en.pdf 21 2 MSCI 2023 Report Sizing Up the Global -Market Portfolio | MSCI
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129 Endnotes (2/7) Presentation: Aon United: A Force for Clients, Colleagues and Innovation Presenter: Lisa Stevens, Chief Administrative Officer Page Marker Footnote 31 1 Excludes NFP 31 2 Based on U.S. Commercial Risk and Health RFPs 33 * 2024 Aon Colleague Engagement Survey 35 1 Per 2024 Workday statistics 35 2 Targeted AI training will be completed by the end of the year 36 2024 Aon Colleague Engagement Survey
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Presentation: Game Changing Innovation: Risk Capital and Human Capital Presenter: Andy Marcell, Chief Executive Officer of Global Solutions 130 Endnotes (3/7) Page Marker Footnote 42 1 Organic revenue growth is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 42 2 Includes approximately $65 billion of captive premium 43 * Organic revenue growth is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 45 1 Organic revenue growth is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 45 2 Radford McLagan Compensation Database 45 3 Includes self-insured premium equivalents 46 1 Total U.S. deal premium sourced from U.S. Pension Risk Transfer Update (Feb 2025) https://assets.aon.com/-/media/files/aon/reports/2024/us-pension-risk-transfer.pdf 46 2 Organic revenue growth is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 46 3 As of 3/31/2025 46 4 Includes non-discretionary assets advised by Aon and its global affiliates which includes retainer clients and clients in which Aon and its global affiliates have performed project services for over the past 12 months. Project clients may not currently engage Aon a t the time of the calculation of assets under advisement as the project may have concluded earlier during preceding 12 -month period 47 1 Aon Q1 Global Catastrophe Report - April 2025 News Releases | Aon 47 2 Aon Cyber Resilience Report Technology is Driving Firms to Harness Opportunities and Defend Against Threats 47 3 U.S. Bureau of Economic Analysis, Centers for Medicare & Medicaid Services https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet https://www.bea.gov/data/economic-accounts/national 48 * S&P Market Intelligence, FRED, IMF 52 Aon Workforce-Focused Analysis on GLP-1s workforce-focused-analysis-on-glp-1s.pdf 54 1 Based on U.S. Commercial Risk and Health RFPs 54 2 Based on Q1'25 vs. Q1'24 retention
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Presentation: Executing Aon Client Leadership: Enterprise Client Group Presenter: Anne Corona, CEO of Enterprise Clients and Global Chief Commercial Officer 131 Endnotes (4/7) Page Marker Footnote 61 1 Excludes NFP 61 2 FY2024 revenue generated outside of the ECL primary market / region 61 3 For U.S. Commercial Risk Retail and core Health and Benefits 62 * Source: S&P Capital IQ 66 1 Average number of products by client 66 2 2024 Aon Global Client Survey 69 * PWC estimate
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Presentation: Accelerating Aon United Presenter: Mindy Simon, Chief Operating Officer 132 Endnotes (5/7) Page Marker Footnote 81 1 As of May 2025 81 2 Radford McLagan Compensation Database 87 1 As of April 2025 87 2 Based on U.S. Commercial Risk and Health RFPs 87 3 Based on Q1'25 vs. Q1'24 retention
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Presentation: The Next Generation of Shareholder Value Creation Presenter: Edmund Reese, Chief Financial Officer Endnotes (6/7) Page Marker Footnote 92 1 Broker average includes: AJG, BRO, MMC, WTW GAAP operating margin as disclosed in company filings, adjusted to exclude amortization of intangible assets, restructuring charges, transaction and integration costs for material transactions, legal settlement, and gain or loss on disposal 92 2 Adjusted operating margin is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 93 1 Based on share price as of December 31 of each year 93 2 2016-2024 93 3 Payout Ratio is calculated as the sum of Dividends and Share Repurchase divided by Adjusted Net Income. Adjusted Net Income i s a non-GAAP measure, which is reconciled to its corresponding GAAP measure in the Appendices of this presentation. 93 FCF Yield, FCF / Share, and ROIC are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measure in the Appendices of this presentation. 95 1 Global Non-Life Insurance Premiums per Swiss Re sigma 3/2014, Swiss Re sigma 3/2024, BCG market estimates, 2014 and 2024 Aon Global Risk Insurance Study; Wealth reflects pension retirement assets sourced from OECD Pension Markets in Focus 2024 (includes countries in OECD only) sigma 3/2024: World insurance: strengthening global resilience with a new lease of life | Swiss Re hhttps://www.swissre.com/dam/jcr:1b6891da-5ee1-453c-866f-5b10db43d483/sigma3_2014_en.pdf OECD: Pension Markets in Focus 2024 96 1 Global Non-Life Insurance Premiums per Swiss Re sigma 3/2014, Swiss Re sigma 3/2024, BCG market estimates, 2014 and 2024 Aon Global Risk Insurance Study; Wealth reflects pension retirement assets sourced from OECD Pension Markets in Focus 2024 (includes countries in OECD only) sigma 3/2024: World insurance: strengthening global resilience with a new lease of life | Swiss Re hhttps://www.swissre.com/dam/jcr:1b6891da-5ee1-453c-866f-5b10db43d483/sigma3_2014_en.pdf OECD: Pension Markets in Focus 2024 96 2 MSCI 2023 Report Sizing Up the Global-Market Portfolio | MSCI 97 1 Broker averages include organic reported numbers in company filings from: AJG, BRO, MMC, WTW AJG organic revenue reflects the sum of the brokerage and risk management segments; WTW 2013-2015 organic revenue is revenue-weighted average of legacy Towers Watson and legacy Willis 97 2 Broker average includes: AJG, BRO, MMC, WTW Reported numbers from S&P Capital IQ Includes pro forma WTW pre combination 97 3 Reported numbers from company filings; Free Cash Flow calculated using GAAP Cash from Operations minus Capital Expenditures 97 4 Factset Page Marker Footnote 97 5 Broker average includes GAAP reported operating margin in company filings from: AJG, BRO, MMC, WTW Company filings, adjusted to exclude amortization of intangible assets, restructuring charges, transaction and integration costs for material transactions, legal settlement, and gain or loss on disposal 97 6 Broker average includes: AJG, BRO, MMC, WTW Company filings. Return on Invested Capital (ROIC) is a non-GAAP measure calculated as adjusted net operating profit after tax (NOPAT) divided by average invested capital (GAAP short-term debt, + long-term debt + total equity). Adjusted NOPAT is also a non- GAAP measure calculated as adjusted operating margin effected by estimated annual effective tax rate as reported in company filings. See footnote above for information on calculation of adjusted operating margin 97 Organic revenue, Adjusted EPS, FCF / Share, Adj. Operating Margin Expansion, and ROIC are non- GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of this presentation. 98 1 TSR Source: FactSet, 1 Year TSR calculated from December 31, 2023 to December 31, 2024. 10 Year reflects annualized TSR calculated as of December 31, 2024. TSR includes share price appreciation, dividends, and dividend reinvestment back into sha re price. Financial source: S&P Capital IQ, company filings 98 2 Broker average includes: AJG, BRO, MMC, WTW Source: As reported in company filings 98 3 Broker average includes: AJG, BRO, MMC, WTW Reported numbers from S&P Capital IQ Includes pro forma WTW pre combination 98 Organic revenue growth and Adjusted EPS Growth are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of this presentation. 100 * New Business revenue per Priority Revenue Generating employee per year. Based on analysis of new U.S. commercial risk produce rs by vintage from 2019-2024. 100 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 101 1 Based on differential in average number of products sold to ECG vs. non-ECG clients from 2023 to 2024 101 2 FY2024 revenue generated outside of the ECL primary market / region 101 3 Excludes NFP 102 * PWC estimate 104 Source: CIAB; FRED, Gross Domestic Product, Percent Change from Year Ago of (Billions of Dollars), Quarterly, Seasonally Adjusted Annual Rate Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 133
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Page Marker Footnote 107 * For periods prior to Q1 2021, solution line organic revenue growth has been adjusted to align with the current reporting stru cture. This adjustment does not impact Aon’s total organic revenue growth. Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. In the third quarter of 2021, Aon plc (the “Company”) announced steps to further accelerate its Aon United strategy, which now includes four solution lines: Commercial Risk Solutions, Reinsurance Solutions, Health Solutions, and Wealth Solutions. Realignment to these four solution lines results in the following changes in the presentation of the Company’s principal service line reporting: • Data & Analytic Services’ revenue and organic revenue results, which were previously reported as a separate principal service line and include Affinity, Aon Inpoint, CoverWallet, and ReView, are included within Commercial Risk Solutions. • Human Capital, which was previously reported within Retirement Solutions, is included within Health Solutions’ revenue and organ ic revenue results. • Wealth Solutions includes revenue and organic revenue results for all businesses previously reported within Retirement Soluti ons, excluding Human Capital. Beginning in the first quarter of 2017, following the classification of the benefits administration and business process outsourcing business as a discontinued operation, as described above, the Company began operating as one segment that includes all of Aon ’s continuing operations, which as a global professional services firm provides advice and solutions to clients focused on risk, retirement, and health through five revenue lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions, and Data & Analytic Services. Comparative segment information prior to the first quarter of 2017 has been restated to conform with current year presentation. 107 Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 108 1 2024 Adjusted Operating Margin Expansion reflects +90 bps of margin expansion in 2024 from the combined historical margin profile of Aon and NFP of 30.6% in 2023. 108 2 Broker average includes: AJG, BRO, MMC, WTW Reported operating margin in company filings, adjusted to exclude GAAP amortization of intangible assets, restructuring charges, transaction and integration costs for material transactions, legal settlement, and gain or loss on disposal 108 Adjusted operating margin is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. Presentation: The Next Generation of Shareholder Value Creation (cont’d) Presenter: Edmund Reese, Chief Financial Officer Endnotes (7/7) 134 Page Marker Footnote 110 1 10 Yr CAGR from 2013 – 2023 110 2 Broker average includes: AJG, BRO, MMC, WTW Company filings 2013-2023; Free Cash Flow calculated using GAAP Cash from Operations minus Capital Expenditures 111 1 Leverage ratio is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. Please see the slide "Explanation of Non-GAAP Measures" for information regarding our use of leverage ratio on a forward-looking basis. 111 2 2016-2024 112 * Leverage ratio is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. Please see the slide "Explanation of Non-GAAP Measures" for information regarding our use of leverage ratio on a forward-looking basis. 113 1 2016-2024 113 2 ROIC is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in the Appendices of this presentation. 113 3 Broker average includes: AJG, BRO, MMC, WTW Company filings. Return on Invested Capital (ROIC) is a non-GAAP measure calculated as adjusted net operating profit after tax (NOPAT) divided by average invested capital (GAAP short-term debt, + long-term debt + total equity). Adjusted NOPAT is also a non- GAAP measure calculated as adjusted operating margin, effected by estimated annual effective tax rate as reported. Adjusted operating margin sourced from company filings, adjusted to exclude amortization of intangible assets, restructuring charges, transaction and integration costs for material transactions, legal settlement, and gain or loss on disposal