Adjustments for Non-Cash Items

Stock-Based Compensation [USD, Millions]

Changes in Working Capital

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

d158e1f160c66f63e2ce567743c2c824508817c06a2a3f2f74a43195377e6e26

3c553e4c85f8753353afac69a1e105f06e8f50c29a7b9b45b3fceed947b800e9

d8fa88e54d2892e4f82a9f6587cab013cb505929cc0f085835895525a9090520

Organic revenue growth for Commercial Risk Solutions (percentage)

Organic revenue growth for Reinsurance Solutions (percentage)

Organic revenue growth for Health Solutions (percentage)

Organic revenue growth for Wealth Solutions (percentage)

Total organic revenue growth (percentage)

Annualized expense savings from the Accelerating Aon United Program (USD millions)

Expense savings realized from the Accelerating Aon United Program (USD millions)

2b3ae9fc831aaa851e8985231b9275432f84fd7c4cdc45d15a1971d2a46ae025

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

c1f1742fbc6b27e53d69baa7dd513c5e6737951c7208c5f2ab71194941a11212

acdbcdd8f461942db5fb5993d40774053eaa432fbacc6e9169b9c96e89b1cd8a

The spike in **Short-term Investments** in Q1 2024 was primarily driven by **net proceeds from debt offerings**. These proceeds were intended for **general corporate purposes**, including the **funding of the acquisition of NFP**.  **[0001628280-24-018649_aon-20240331.htm:13]** **[0001628280-24-018649_aon-20240331.htm:39]** 

What drove the spike in Short-term Investments in Q1 2024?

Aon's **Total Assets** surged in Q2 2024 primarily because of its **acquisition of NFP**. This acquisition resulted in substantial increases in **Goodwill** (from **$8,414 million to $15,281 million**) and **Intangible Assets, net** (from **$234 million to $6,794 million**).  **[0001628280-24-033048_ex991prq22024.htm:14]** **[0001628280-24-033048_ex991prq22024.htm:0]** **[0001628280-24-033161_aon-20240630.htm:37]**  Additionally, there was a rise in **Fiduciary Assets** (from **$16,307 million to $18,865 million**) and **Net Receivables** (from **$3,254 million to $4,459 million**), which further bolstered the company’s overall asset growth.  **[0001628280-24-033048_ex991prq22024.htm:14]** **[0001628280-24-033161_aon-20240630.htm:7]** 

Why did Total Assets surge in Q2 2024?

Aon's **Short-term Debt** dropped to **$0 million** in **Q3 2024** primarily because it repaid **$597 million** of commercial paper by September 30, 2024 and did not incur any new borrowings under its primary committed credit facilities.  **[0001628280-24-043809_aon-20240930.htm:24]** 

What caused Short-term Debt to drop to zero in Q3 2024?

The **sharp increase** in long-term debt in Q1 2024 was primarily due to the **issuance of Senior Notes**, totaling **$6 billion** on March 1, 2024, which included multiple tranches with varying maturities and interest rates. Additionally, the financing was aimed at funding a portion of the **$13 billion acquisition of NFP**, repaying certain NFP debt, and covering related fees and expenses. Furthermore, a **$2 billion delayed draw term loan** agreement, drawn later to support the NFP acquisition, reflects Aon’s broader financing strategy during this period.  **[0001628280-24-018649_aon-20240331.htm:40]** 

Why did Long-term Debt increase sharply in Q1 2024?

The massive jump in **Intangible Assets, net** in Q2 2024 was primarily driven by the **acquisition of NFP**. This acquisition added substantial intangible assets to Aon’s balance sheet, including **customer relationships**, **trademarks**, and other intangible assets linked to NFP's operations.  **[20240726CG69416:12]** **[20240726CG69416:3]** **[0001628280-24-033048_ex991prq22024.htm:0]** 

What led to the massive jump in Intangible Assets in Q2 2024?

ddfa413e0c50f98af275c3b15f66625ff7ae21ba8a5420e8002d561502a67b26

05ebed6e556f2306aced60cbecb600096f0ab0042c59b86e39622da577a256eb

Aon PLC (AON)

Financials