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]

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United States

Americas other than U.S.

United Kingdom

Ireland

Europe, Middle East, & Africa other than U.K. and Ireland

Asia Pacific

- Americas (Retail Brokerage)

- International (Retail Brokerage)

- Total Retail Brokerage

- Total Reinsurance Brokerage

Total Revenue

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35637b335919c100e38158c6f7f2de2a9b61210dee4d60a7a54b3e987fecee25

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)

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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]

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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?

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Aon PLC (AON)

Financials