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Aon Reports First Quarter 2017 Results

05/09/2017

LONDON, May 9, 2017 /PRNewswire/ -- 

First Quarter Key Metrics From Continuing Operations

  • Reported revenue increased 5% to $2.4 billion, with organic revenue growth of 4%
  • Operating margin decreased 410 basis points to 14.4%, and operating margin, adjusted for certain items, increased 220 basis points to 22.3%
  • EPS decreased 15% to $0.94, and EPS, adjusted for certain items, increased 20% to $1.45
  • For the first three months of 2017, cash flow from operations increased $38 million, or 26%, to $182 million, and free cash flow increased $41 million, or 38%, to $148 million

First Quarter Highlights

  • Repurchased 1.1 million Class A Ordinary Shares for approximately $125 million
  • Subsequent to the close of the quarter, the Company closed its sale of the Benefits Administration and HR Business Process Outsourcing (BPO) platform for cash consideration of $4.3 billion and additional consideration of up to $500 million
  • Subsequent to the close of the quarter, the company announced a 9% increase to its quarterly cash dividend

Aon plc (NYSE: AON) today reported results for the three months ended March 31, 2017.

Net income attributable to Aon shareholders was $291 million, or $1.09 per share, compared to $325 million, or $1.19 per share, in the prior year period. Net income per share attributable to Aon shareholders, adjusted for certain items, increased 17% to $1.63, compared to $1.39 in the prior year period. Net income from continuing operations was $265 million, or $0.94 per share, compared to $312 million, or $1.10 per share, in the prior year period.  Net income per share from continuing operations, adjusted for certain items, increased 20% to $1.45, compared to $1.21 in the prior year period. Certain items that impacted first quarter results and comparisons with the prior year period are detailed in the "Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings per Share" on page 10 of this press release. 

"Our first quarter results reflect a strong start to the year driven by investments in our client-serving capabilities and operating model.  Organic growth of 4% is the strongest start to the year since 2012, adjusted operating margins expanded by 220 basis points, and earnings per share from continuing operations increased 20% driven by effective operational and capital management," said Greg Case, President and Chief Executive Officer.  "With the recently completed divestiture of our outsourcing platform, we have taken another meaningful step in a decade long strategy that has produced exceptional results for clients and shareholders.  As a leading global professional services firm, we are operating from a position of strength.  With strong free cash flow generation and roughly $3 billion of incremental transaction proceeds, we have significant financial flexibility to invest in high-growth high-margin areas across our industry-leading portfolio, invest in our operating model and to return capital to shareholders."

FIRST QUARTER FINANCIAL SUMMARY
The first quarter financial results discussed herein represent performance from continuing operations unless otherwise noted.

Total revenue in the first quarter increased 5% to $2.4 billion, compared to the prior year period driven primarily by 4% organic revenue growth in commissions and fees and 3% increase in commissions and fees related to acquisitions, net of divestitures, partially offset by a 2% unfavorable impact from foreign currency translation.

Total operating expenses increased 10% to $2.0 billion compared to the prior year period due primarily to $144 million of restructuring costs, a $60 million increase in operating expenses related to acquisitions, net of divestitures, and an increase in expense to support 4% organic revenue growth, partially offset by a $42 million favorable impact from currency translation, a $12 million decrease in expense related to certain hedging programs, and $11 million of savings related to restructuring activities and operational initiatives.

Restructuring expenses were $144 million primarily driven by workforce reductions. The Company expects to invest $900 million in total cash over a three-year period, excluding $50 million of non-cash charges, in driving one operating model across the firm. This includes an estimated investment of $700 million of cash restructuring charges and $200 million of capital expenditures. To date, the Company has incurred 19% of the total estimated restructuring charges. An analysis of restructuring-related costs by type is detailed on page 13 of this press release.

Restructuring savings in the first quarter related to restructuring activities and other operational initiatives are estimated at $11 million. Before any potential reinvestment of savings, restructuring activities and other operational initiatives are expected to deliver run-rate savings of $400 million annually by the end of 2019.  To date, the Company has achieved 3% of the total estimated restructuring related savings.

Foreign currency exchange rates in the first quarter had an immaterial impact per share, or $1 million pretax unfavorable impact on U.S. GAAP net income, and a $0.01 per share, or $3 million pretax, unfavorable impact on adjusted net income if the Company were to translate prior year quarter results at current quarter foreign exchange rates.

Effective tax rate used in the U.S. GAAP financial statements in the first quarter was 0.1%, compared to the prior year quarter of 15.9%.  After adjusting to exclude the applicable tax impact associated with intangible asset amortization, restructuring charges and anticipated non-cash pension settlements in the fourth quarter, the adjusted effective tax rate for the first quarter of 2017 was 11.1% compared to 15.7% in the prior year quarter, primarily due to a $29 million, or $0.11 per share benefit from the required change in accounting for share-based compensation. The new guidance for share-based compensation requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement and treated as discrete items in the reporting period. These adjustments are discussed in "Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings per Share" on page 10 of this press release.

Average diluted shares outstanding decreased to 267.0 million in the first quarter compared to 273.7 million in the prior year quarter. The Company repurchased 1.1 million Class A Ordinary Shares for approximately $125 million in the quarter.  As of March 31, 2017, the Company had $7.7 billion of remaining authorization under its share repurchase program.

FIRST QUARTER CASH FLOW SUMMARY
Cash flow from operations for the first three months of 2017 increased 26%, or $38 million, to $182 million compared to the prior year period, primarily driven by operational improvement, partially offset by $31 million of cash restructuring charges.

Free cash flow, defined as cash flow from operations less capital expenditures, increased 38%, or $41 million, to $148 million for the first three months of 2017 compared to the prior year period, reflecting growth in cash flow from operations and a $3 million decrease in capital expenditures.  A reconciliation of free cash flow to cash flow from operations can be found in "Reconciliation of Non-GAAP Measures - Organic Revenue and Free Cash Flow" on page 9 of this press release.

FIRST QUARTER REVENUE REVIEW
The first quarter revenue reviews provided below include supplemental information related to organic revenue, which is described in detail in "Reconciliation of Non-GAAP Measures - Organic Revenue and Free Cash Flow" on page 9 of this press release. A description of the businesses included in each of the revenue lines below is included in the Appendix of the earnings conference call presentation slides.




Three Months Ended



(millions)


March 31,
2017


March 31,
2016


%
Change


Less:
Currency
Impact


Less: Fiduciary
Investment
Income


Less:
Acquisitions,
Divestitures &
Other


Organic
Revenue
Growth

Revenue

















Commercial Risk Solutions


$

984


$

961


2%


(2)%


—%


2%


2%

Reinsurance Solutions


371


371



(1)



(1)


2

Retirement Solutions


386


395


(2)


(4)



(1)


3

Health Solutions


372


292


27


(2)



15


14

Data & Analytic Services


268


259


3


(1)



(1)


5

Elimination



(2)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,381


$

2,276


5%


(2)%


—%


3%


4%

Total organic revenue increased 4% compared to the prior year period primarily driven by strong growth in Health Solutions and Data & Analytic Services.

Commercial Risk Solutions organic revenue increased 2% compared to the prior year period driven by solid growth across the U.S., EMEA, Asia, and Pacific regions, partially offset by a decline in Latin America.

Reinsurance Solutions organic revenue increased 2% compared to the prior year period driven by growth across every product line, including treaty, facultative, and capital markets, partially offset by a modest unfavorable market impact globally.

Retirement Solutions organic revenue increased 3% compared to the prior year period driven by continued growth in investment consulting, primarily for delegated investment management, as well as growth in talent, primarily for compensation and engagement services.

Health Solutions organic revenue increased 14% compared to the prior year period driven by solid growth globally in health & benefits brokerage, including double-digit growth across Asia and EMEA, as well as double-digit growth in health care exchanges driven by follow-on enrollments on the retiree exchange and certain project-related work.

Data & Analytic Services organic revenue increased 5% compared to the prior year period driven by strong growth across Affinity, with particular strength in the U.S. across all product lines.

FIRST QUARTER EXPENSE REVIEW



Three Months Ended





(millions, except per share data)


March
31, 2017


March
31, 2016


$
Change


%
Change

Expenses









Compensation and benefits


$

1,461


$

1,345


$

116


9%

Information technology


88


83


5


6

Premises


84


82


2


2

Depreciation of fixed assets


54


38


16


42

Amortization of intangible assets


43


37


6


16

Other general expenses


308


271


37


14

Total operating expenses


$

2,038


$

1,856


$

182


10%

Compensation and benefits expense increased 9%, or $116 million, compared to the prior year period due primarily to $103 million of restructuring costs, a $38 million increase in operating expenses related to acquisitions, net of divestitures, and an increase in expense associated with 4% organic revenue growth, partially offset by a $29 million favorable impact from currency translation, a $12 million decrease in expense related to certain hedging programs resulting from actions undertaken in consideration of reduced ongoing transactional exposure to the Indian Rupee, and $6 million of savings related to restructuring activities and operational initiatives.

Information technology expense increased 6%, or $5 million, compared to the prior year period due primarily to $3 million of restructuring costs, as well as other infrastructure investments, partially offset by $5 million of savings related to restructuring activities and operational initiatives.

Premises expense increased 2%, or $2 million, compared to the prior year period due primarily to $3 million of restructuring costs.

Depreciation of fixed assets expense increased 42%, or $16 million, compared to the prior year period primarily due to $13 million restructuring costs related to of fixed asset write-offs.

Amortization of intangible assets expense increased 16%, or $6 million, compared to the prior year period primarily due to an increase in intangible asset amortization from previous acquisitions.

Other general expenses increased 14%, or $37 million, compared to the prior year period due primarily to $22 million of restructuring costs and a $13 million increase in operating expenses related to acquisitions, net of divestitures.

FIRST QUARTER INCOME SUMMARY
Certain noteworthy items impacted operating income and operating margins in the first quarters of 2017 and 2016.  The first quarter information provided below includes supplemental information related to adjusted operating income and adjusted operating margin, which is described in detail in "Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings per Share" on page 10 of this press release.



Three Months Ended



(millions)


March 31,
 2017


March 31,
 2016


%
Change

Revenue


$

2,381


$

2,276


5%

Expenses


2,038


1,856


10

Operating income


$

343


$

420


(18)%

Operating margin


14.4%


18.5%



Operating income - adjusted


$

530


$

457


16%

Operating margin - adjusted


22.3%


20.1%



Operating income decreased $77 million, or 18%, compared to the prior year period. Adjusting for certain items detailed on page 10 of this press release, operating income increased 16%, or $73 million, and operating margin increased 220 basis points to 22.3%, each compared to the prior year period. The increase in adjusted operating margin was primarily driven by strong organic revenue growth, return on investments across the portfolio, and $11 million of savings related to restructuring activities and operational initiatives, as well as $12 million, or +50 basis points, favorable impact from reduced expenses related to certain hedging programs, and a +30 basis point favorable impact from foreign currency translation.



Three Months Ended


(millions)


March 31,
 2017


March 31,
 2016


%
Change

Operating income


$

343


$

420


(18)%

Interest income


2


2


Interest expense


(70)


(69)


1

Other income (expense)


(10)


18


(156)

Income from continuing operations before income taxes


$

265


$

371


(29)%

Interest income was flat at $2 million compared to the prior year period.  Interest expense increased $1 million to $70 million compared to the prior year period driven by a modest increase in total debt outstanding. Other expense of $10 million primarily includes losses related to the unfavorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies. Other income of $18 million in the prior year period primarily includes gains related to the favorable impact of exchange rates on the remeasurement of assets and liabilities in non-functional currencies.

DISCONTINUED OPERATIONS
Net income from discontinued operations was $40 million, or $0.15 per share, compared to $25 million, or $0.09 per share, in the prior year period.  Net income per share from discontinued operations, adjusted for certain items, was $48 million, or $0.18 per share, similar to the prior year period. Certain items that impacted first quarter results and comparisons with the prior year period are detailed in "Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings per Share" on page 10 of this press release.  

Conference Call, Presentation Slides and Webcast Details
The Company will host a conference call on Tuesday, May 9, 2017 at 7:30 a.m., central time.  Interested parties can listen to the conference call via a live audio webcast and view the presentation slides at www.aon.com.

About Aon
Aon plc (NYSE:AON) Aon is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Safe Harbor Statement
This communication contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future 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 our operations. All statements, other than statements of historical facts that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook, future capital expenditures, growth in commissions and fees, changes to the composition or level of our revenues, cash flow and liquidity, expected tax rates, 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 we use the words such as "anticipate", "believe", "estimate", "expect", "intend", "plan", "probably", "potential", "looking forward", or similar expressions, we are making forward-looking statements.

The following factors, among others, could cause actual results to differ from those set forth in the forward looking statements:  general economic and political conditions in different countries in which Aon does business around the world; changes in the competitive environment; fluctuations in exchange and interest rates, including negative yields in some jurisdictions, that could influence revenue and expense; changes in global equity and fixed income markets that could affect the return on invested assets; changes in the funding 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 limiting financial flexibility; rating agency actions that could affect Aon's ability to borrow funds; the effect of the change in global headquarters and jurisdiction of incorporation, including differences in the anticipated benefits; changes in estimates or assumptions on our financial statements; limits on Aon's subsidiaries to make dividend and other payments to Aon; the impact of lawsuits and other contingent liabilities and loss contingencies arising from errors and omissions and other claims against Aon; the impact of, and potential challenges in complying with, legislation and regulation in the jurisdictions in which Aon operates, particularly given the global scope of Aon's businesses and the possibility of conflicting regulatory requirements across jurisdictions in which Aon does business; the impact of any investigations brought by regulatory authorities in the U.S., U.K. and other countries; the impact of any inquiries relating to compliance with the U.S. Foreign Corrupt Practices Act and non-U.S. anti-corruption laws and with U.S. and non-U.S. trade sanctions regimes; failure to protect intellectual property rights or allegations that we infringe on the intellectual property rights of others; the effects of English law on our operating flexibility and the enforcement of judgments against Aon; the failure to retain and attract qualified personnel; international risks associated with Aon's global operations; the effect of natural or man-made disasters; the potential of a system or network breach or disruption resulting in operational interruption or improper disclosure of personal data; Aon's ability to develop and implement new technology; damage to our reputation among clients, markets or third parties; the actions taken by third parties that preform aspects of our business operations and client services; the extent to which Aon manages risks associated with the various services, including fiduciary and investments and other advisory services and business process outsourcing services, among others, that Aon provides or will provide to clients; Aon's ability to grow, develop and integrate companies or new lines of business that it acquires; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; changes in the health care system or our relationships with insurance carriers; and Aon's ability to implement initiatives intended to yield cost savings, and the ability to achieve those cost savings.

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.  Further information concerning Aon and its businesses, including factors that potentially 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, 2016 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 for a further discussion of these and other risks and uncertainties applicable to Aon's businesses. These factors may be revised or supplemented in subsequent reports.  Aon is under no obligation, 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.

Explanation of Non-GAAP Measures
This communication includes supplemental information related to organic revenue, free cash flow, adjusted operating margin, and adjusted earnings per share that exclude the effects of intangible asset amortization, capital expenditures, and certain other noteworthy items that affected results for the comparable periods.   Organic revenue includes the impact of intersegment and intrasegment activity and excludes the impact of foreign exchange rate changes, acquisitions, divestitures, transfers between business units, fiduciary investment income, and reimbursable expenses.  The impact of foreign exchange is determined by translating last year's revenue, expense or net income at this year's foreign exchange rates.  Reconciliations are provided in the attached appendices.  Supplemental organic revenue information and additional measures that exclude the effects of certain items noted above that do not affect net income or any other GAAP reported amounts.  Free cash flow is cash flow 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.  They should be viewed in addition to, not in lieu of, the Company's Consolidated Financial Statements.  Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments.

Investor Contact:


Media Contact:

Scott Malchow


Donna Mirandola

Senior Vice President, Investor Relations


Senior Director, External Communications - Americas

+44 (0) 20 7086 0100


312-381-1532


 

Aon plc
Condensed Consolidated Statements of Income (Unaudited)




Three Months Ended



(millions, except per share data)


March 31,
 2017


March 31,
 2016


Percent
Change

Revenue







Total revenue


2,381


2,276


5%

Expenses







Compensation and benefits


1,461


1,345


9%

Information technology


88


83


6%

Premises


84


82


2%

Depreciation of fixed assets


54


38


42%

Amortization of intangible assets


43


37


16%

Other general expenses


308


271


14%

Total operating expenses


2,038


1,856


10%

Operating income


343


420


(18)%

Interest income


2


2


—%

Interest expense


(70)


(69)


1%

Other income (expense)


(10)


18


(156)%

Income from continuing operations before income taxes


265


371


(29)%

Income taxes (1)



59


(100)%

Income from continuing operations


265


312


(15)%

Income from discontinued operations, net of tax


40


25


60%

Net income


305


337


(9)%

Less: Net income attributable to noncontrolling interests


14


12


17%

Net income attributable to Aon shareholders


$

291


$

325


(10)%








Basic net income per share attributable to Aon shareholders







Continuing operations


$

0.95


$

1.11


(14)%

Discontinued operations (2)


$

0.15


$

0.09


67%

Net income


$

1.10


$

1.20


(8)%

Diluted net income per share attributable to Aon shareholders







Continuing operations


$

0.94


$

1.10


(15)%

Discontinued operations (2)


$

0.15


$

0.09


67%

Net income


$

1.09


$

1.19


(8)%

Weighted average ordinary shares outstanding - basic


264.8


271.7


(3)%

Weighted average ordinary shares outstanding - diluted


267.0


273.7


(2)%




(1)

The effective tax rate was 0.1% and 15.9% for the three months ended March 31, 2017 and 2016, respectively.

(2)

Upon triggering held for sale criteria on February 9, 2017, Aon ceased depreciating and amortizing all long-lived assets included in discontinued operations.  Specifically, included within Total operating expenses was $8 million and $18 million, respectively, of depreciation of fixed assets and $11 million and $30 million, respectively, of intangible asset amortization for the three months ended March 31, 2017 and 2016.


 

Aon plc
Reconciliation of Non-GAAP Measures - Organic Revenue Growth and Free Cash Flow (Unaudited)


Organic Revenue Growth From Continuing Operations (Unaudited)




Three Months Ended











(millions)


March 31,
2017


March 31,
2016


Percent
Change


Less:
Currency
Impact (1)


Less: Fiduciary
Investment
Income(2)


Less: Acquisitions,
Divestitures &
Other


Organic
Revenue
Growth (3)

Revenue















Commercial Risk Solutions


$

984


$

961


2%


(2)%


—%


2%


2%

Reinsurance Solutions


371


371



(1)



(1)


2

Retirement Solutions


386


395


(2)


(4)



(1)


3

Health Solutions


372


292


27


(2)



15


14

Data & Analytic Services


268


259


3


(1)



(1)


5

Elimination



(2)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,381


$

2,276


5%


(2)%


—%


3%


4%

 

 Free Cash Flow from Continuing Operations (Unaudited)




Three Months Ended



(millions)


March 31, 2017


March 31, 2016


Percent
Change

Cash Provided By Continuing Operating Activities


$

182


$

144


26%

Capital Expenditures for Continuing Operations


(34)


(37)


(8)

Free Cash Flow for Continuing Operations (4)


$

148


$

107


38%



(1)

Currency impact is determined by translating last year's revenue at this year's foreign exchange rates.

(2)

Fiduciary Investment Income for the three months ended March 31, 2017 and 2016, respectively, was $6 million and $5 million.

(3)

Organic revenue growth includes the impact of intercompany activity and excludes the impact of foreign exchange rate changes, acquisitions, divestitures, transfers between business units, fiduciary investment income, and reimbursable expenses.

(4)

Free cash flow is defined as cash flow from operations less capital expenditures. This non-GAAP measure does not imply or represent a precise calculation of residual cash flow available for discretionary expenditures.


 

Aon plc
Reconciliation of Non-GAAP Measures - Operating Income from Continuing Operations and Diluted Earnings Per Share (Unaudited) (1)




Three Months Ended


(millions, except percentage data)


March 31,
 2017


March 31,
 2016


Percent
Change

Revenue from continuing operations


$

2,381


$

2,276


5%








Operating income from continuing operations - as reported


$

343


$

420


(18)%

Amortization of intangible assets


43


37


16%

Restructuring


144



100%

Operating income from continuing operations - as adjusted


$

530


$

457


16%








Operating margin from continuing operations - as reported


14.4%


18.5%



Operating margin from continuing operations - as adjusted


22.3%


20.1%





Three Months Ended



(millions, except per share data)


March 31,
 2017


March 31,
 2016


Percent
Change

Operating income from continuing operations - as adjusted


$

530


$

457


16%

Interest income


2


2


—%

Interest expense


(70)


(69)


1%

Other income (expense)


(10)


18


(156)%







Income before income taxes from continuing operations - as adjusted


452


408


11%

Income taxes (2)


50


64


(22)%

Income from continuing operations - as adjusted


402


344


17%

Adjusted income from discontinued operations, net of tax (3)


48


48


—%

Net income - as adjusted


450


392


15%

Less: Net income attributable to noncontrolling interests


14


12


17%

Net income attributable to Aon shareholders - as adjusted


$

436


$

380


15%








Diluted earnings per share attributable to Aon shareholders







Continuing operations - as adjusted


$

1.45


$

1.21


20%

Discontinued operations - as adjusted


$

0.18


$

0.18


—%

Net income - as adjusted


$

1.63


$

1.39


17%








Weighted average ordinary shares outstanding - diluted


267.0


273.7





(1)

Certain noteworthy items impacting operating income in 2017 and 2016 are described in this schedule. The items shown with the caption "as adjusted" are non-GAAP measures.

(2)

The effective tax rates used in the U.S. GAAP financial statements for continuing operations were 0.1% and 15.9% for the three months ended March 31, 2017 and 2016, respectively. After adjusting to exclude the applicable tax impact associated with restructuring, anticipated non-cash pension settlements in the fourth quarter, and amortization, the adjusted effective tax rates for continuing operations were 11.1% and 15.7% for the three months ended March 31, 2017 and 2016, respectively.

(3)

 Adjusted income from discontinued operations, net of tax, excludes intangible asset amortization on discontinued operations of $11 million and $30 million, respectively, for the three months ended March 31, 2017 and 2016.  The effective tax rates used in the U.S. GAAP financial statements for discontinued operation were 29.8% and 41.9% for the three months ended March 31, 2017 and 2016, respectively. After adjusting to exclude the applicable tax impact associated with amortization, the adjusted effective tax rates for discontinued operations were 29.4% and 34.2% for the three months ended March 31, 2017 and 2016, respectively.

 

Aon plc
Condensed Consolidated Statements of Financial Position (Unaudited)




As of

(millions)


March 31,
 2017


December 31,
 2016

ASSETS





CURRENT ASSETS





Cash and cash equivalents


$

433


$

426

Short-term investments


200


290

Receivables, net


2,103


2,106

Fiduciary assets (1)


9,162


8,959

Other current assets


309


247

Current assets of discontinued operations


3,186


1,118

Total Current Assets


15,393


13,146

Goodwill


7,544


7,410

Intangible assets, net


1,886


1,890

Fixed assets, net


536


550

Deferred tax assets


351


325

Prepaid pension


893


858

Other non-current assets


379


360

Non-current assets of discontinued operations



2,076

TOTAL ASSETS


$

26,982


$

26,615






LIABILITIES AND EQUITY





LIABILITIES





CURRENT LIABILITIES





Accounts payable and accrued liabilities


$

1,332


$

1,604

Short-term debt and current portion of long-term debt


667


336

Fiduciary liabilities


9,162


8,959

Other current liabilities


773


656

Current liabilities of discontinued operations


1,036


940

Total Current Liabilities


12,970


12,495

Long-term debt


5,610


5,869

Deferred tax liabilities


112


101

Pension, other postretirement and postemployment liabilities


1,731


1,760

Other non-current liabilities


733


719

Non-current liabilities of discontinued operations



139

TOTAL LIABILITIES


21,156


21,083






EQUITY





Ordinary shares - $0.01 nominal value


3


3

Additional paid-in capital


5,567


5,577

Retained earnings


3,934


3,807

Accumulated other comprehensive loss


(3,750)


(3,912)

TOTAL AON SHAREHOLDERS' EQUITY


5,754


5,475

Noncontrolling interests


72


57

TOTAL EQUITY


5,826


5,532

TOTAL LIABILITIES AND EQUITY


$

26,982


$

26,615



(1)

Includes cash and short-term investments of $3,691 million and $3,290 million for the periods ended March 31, 2017 and December 31, 2016, respectively.


 

Aon plc
Condensed Consolidated Statements of Cash Flows (Unaudited)




Three Months Ended

(millions)


March 31, 2017


March 31, 2016

CASH FLOWS FROM OPERATING ACTIVITIES





Net income


$

305


$

337

Less: Income from discontinued operations, net of income taxes


40


25

Adjustments to reconcile net income to cash provided by operating activities:





Loss (gain) from sales of businesses and investments, net


2


(35)

Depreciation of fixed assets


54


38

Amortization of intangible assets


43


37

Share-based compensation expense


78


79

Deferred income taxes


(2)


23

Change in assets and liabilities:





Fiduciary receivables


337


399

Short-term investments — funds held on behalf of clients


(330)


(242)

Fiduciary liabilities


(7)


(157)

Receivables, net


38


33

Accounts payable and accrued liabilities


(390)


(307)

Restructuring reserves


99


Current income taxes


(56)


(45)

Pension, other postretirement and other postemployment liabilities


(41)


(50)

Other assets and liabilities


92


59

Net cash provided by operating activities - continuing operations


182


144

Net cash provided by operating activities - discontinued operations


58


129

CASH PROVIDED BY OPERATING ACTIVITIES


240


273






CASH FLOWS FROM INVESTING ACTIVITIES





Proceeds from investments


25


13

Purchases of investments


(9)


(14)

Net sale (purchases) of short-term investments — non-fiduciary


94


(227)

Acquisition of businesses, net of cash acquired


(46)


(16)

Sale of businesses, net of cash sold


(2)


97

Capital expenditures


(34)


(37)

Net cash provided by (used for) investing activities - continuing operations


28


(184)

Net cash used for investing activities - discontinued operations


(15)


(15)

CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES


13


(199)






CASH FLOWS FROM FINANCING ACTIVITIES





Share repurchase


(126)


(685)

Issuance of shares for employee benefit plans


(85)


(65)

Issuance of debt


992


1,045

Repayment of debt


(950)


(175)

Cash dividends to shareholders


(87)


(82)

Noncontrolling interests and other financing activities


(2)


(42)

Net cash provided by financing activities - continuing operations


(258)


(4)

Net cash provided by financing activities - discontinued operations



CASH USED FOR FINANCING ACTIVITIES


(258)


(4)






EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS


25


11

NET INCREASE IN CASH AND CASH EQUIVALENTS


20


81

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD


431


384

CASH AND CASH EQUIVALENTS AT END OF PERIOD (1)


$

451


$

465



(1)

Includes $18 million and $3 million of discontinued operations at March 31, 2017 and March 31, 2016, respectively.

 

Aon plc
Restructuring Plan (Unaudited)(1)



Actuals







First Quarter
2017


Estimated
Remaining Costs


Estimated Total
Cost (2)

Workforce reduction


$

103


$

104


$

207

IT rationalization


3


143


146

Lease consolidation


3


173


176

Asset impairments


13


27


40

Other costs associated with restructuring (3)


22


159


181

Total restructuring and related expenses


144


606


750



(1)

In the Condensed Consolidated Statements of Income, workforce reductions are included in "Compensation and benefits," IT rationalization is included in "Information technology," lease consolidations are included in "Premises,"  asset impairments are included in "Depreciation of fixed assets," and other costs associated with restructuring are included in "Other general expenses" depending on the nature of the expense.

(2)

Actual costs, when incurred, may vary due to changes in the assumptions built into this plan.  Significant assumptions that may change when plans are finalized and implemented include, but are not limited to, changes in severance calculations, changes in the assumptions underlying sublease loss calculations due to changing market conditions, and changes in the overall analysis that might cause the Company to add or cancel component initiatives.

(3)

Other costs associated with the Restructuring Plan, including costs to separate the Divested Business, as well as moving costs, consulting and legal fees.  These costs are generally recognized when incurred.

 

Aon plc
Historical Revenue and Organic Revenue Reconciliation (Unaudited)




Three Months Ended











(millions)


Mar 31,
 2014


Mar 31,
 2013


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

1,107


$

1,136


(3)%


(1)%


—%


(3)%


1%

Reinsurance Solutions


410


403


2%


(1)%


—%


—%


3%

Retirement Solutions


455


434


5%


1%


—%


1%


3%

Health Solutions


260


236


10%


(1)%


—%


7%


4%

Data & Analytic Services


241


224


8%


(1)%


—%


(1)%


10%

Elimination


(6)


(7)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,467


$

2,426


2%


(1)%


—%


—%


3%





Three Months Ended











(millions)


Jun 30,
 2014


Jun 30,
 2013


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

1,135


$

1,150


(1)%


—%


—%


(2)%


1%

Reinsurance Solutions


361


379


(5)%


—%


—%


(1)%


(4)%

Retirement Solutions


461


441


5%


2%


—%


—%


3%

Health Solutions


249


224


11%


1%


—%


5%


5%

Data & Analytic Services


241


230


5%


1%


—%


(1)%


5%

Elimination


(3)


(3)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,444


$

2,421


1%


—%


—%


—%


1%






Three Months Ended











(millions)


Sep 30,
 2014


Sep 30,
 2013


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

998


$

1,025


(3)%


—%


—%


(3)%


—%

Reinsurance Solutions


373


390


(4)%


—%


—%


1%


(5)%

Retirement Solutions


517


451


15%


2%


—%


—%


13%

Health Solutions


221


193


15%


—%


—%


9%


6%

Data & Analytic Services


256


223


15%


1%


—%


8%


6%

Elimination


(4)


(4)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,361


$

2,278


4%


—%


—%


1%


3%






Three Months Ended











(millions)


Dec 31,
 2014


Dec 31,
 2013


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

1,138


$

1,188


(4)%


(5)%


—%


(1)%


2%

Reinsurance Solutions


335


340


(1)%


(4)%


—%


—%


3%

Retirement Solutions


512


505


1%


(2)%


—%


(1)%


4%

Health Solutions


376


283


33%


(3)%


—%


7%


29%

Data & Analytic Services


264


233


13%


(3)%


—%


10%


6%

Elimination


(5)


(4)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,620


$

2,545


3%


(4)%


—%


1%


6%






Twelve Months Ended











(millions)


Dec 31,
 2014


Dec 31,
 2013


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

4,378


$

4,499


(3)%


(2)%


—%


(2)%


1%

Reinsurance Solutions


1,479


1,512


(2)%


(1)%


—%


—%


(1)%

Retirement Solutions


1,945


1,831


6%


1%


—%


(1)%


6%

Health Solutions


1,106


936


18%


(1)%


—%


7%


12%

Data & Analytic Services


1,002


910


10%


(1)%


—%


4%


7%

Elimination


(18)


(18)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

9,892


$

9,670


2%


(1)%



—%


3%



(1)

Currency impact is determined by translating last year's revenue at this year's foreign exchange rates.

(2)

Organic revenue growth includes the impact of intrasegment elimination activity and excludes the impact of foreign exchange rate changes, acquisitions, divestitures, transfers between business units, fiduciary investment income, and reimbursable expenses.

 



Three Months Ended











(millions)


Mar 31,
 2015


Mar 31,
 2014


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

1,014


$

1,107


(8)%


(9)%


—%


(2)%


3%

Reinsurance Solutions


377


410


(8)%


(6)%


—%


—%


(2)%

Retirement Solutions


438


455


(4)%


(6)%


—%


—%


2%

Health Solutions


283


260


9%


(8)%


—%


7%


10%

Data & Analytic Services


254


241


5%


(7)%


—%


10%


2%

Elimination


(8)


(6)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,358


$

2,467


(4)%


(8)%


—%


1%


3






Three Months Ended










(millions)


Jun 30,
 2015


Jun 30,
 2014


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

1,027


$

1,135


(10)%


(9)%


—%


(3)%


2%

Reinsurance Solutions


329


361


(9)%


(7)%


—%


—%


(2)%

Retirement Solutions


450


461


(2)%


(6)%


—%


2%


2%

Health Solutions


252


249


1%


(7)%


—%


5%


3%

Data & Analytic Services


258


241


7%


(7)%


—%


12%


2%

Elimination



(3)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,316


$

2,444


(5)%


(8)%


—%


1%


2%





Three Months Ended











(millions)


Sep 30,
 2015


Sep 30,
 2014


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

883


$

998


(12)%


(10)%


—%


(2)%


—%

Reinsurance Solutions


329


373


(12)%


(7)%


—%


—%


(5)%

Retirement Solutions


509


517


(2)%


(6)%


—%


—%


4%

Health Solutions


233


221


5%


(7)%


—%


1%


11%

Data & Analytic Services


254


256


(1)%


(6)%


—%


1%


4%

Elimination


(2)


(4)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,206


$

2,361


(7)%


(8)%


—%


(1)%


2%






Three Months Ended











(millions)


Dec 31,
 2015


Dec 31,
 2014


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures
& Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

1,105


$

1,138


(3)%


(8)%


—%


(2)%


7%

Reinsurance Solutions


323


335


(4)%


(5)%


—%


—%


1%

Retirement Solutions


519


512


1%


(5)%


—%


—%


6%

Health Solutions


399


376


6%


(4)%


—%


3%


7%

Data & Analytic Services


255


264


(3)%


(5)%


—%


—%


2%

Elimination


(1)


(5)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,600


$

2,620


(1)%


(6)%


—%


(1)%


6%




Twelve Months Ended











(millions)


Dec 31,
 2015


Dec 31,
 2014


Percent

Change


Less:

Currency

Impact(1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures
& Other


Organic

Revenue

Growth(2)

Commercial Risk Solutions


$

4,029


$

4,378


(8)%


(9)%


—%


(2)%


3%

Reinsurance Solutions


1,358


1,479


(8)%


(6)%


—%


—%


(2)%

Retirement Solutions


1,916


1,945


(1)%


(6)%


—%


2%


3%

Health Solutions


1,167


1,106


6%


(6)%


—%


4%


8%

Data & Analytic Services


1,021


1,002


2%


(6)%


—%


6%


2%

Elimination


(11)


(18)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

9,480


$

9,892


(4)%


(7)%


—%


—%


3%



(1)

Currency impact is determined by translating last year's revenue at this year's foreign exchange rates.

(2)

Organic revenue growth includes the impact of intrasegment elimination activity and excludes the impact of foreign exchange rate changes, acquisitions, divestitures, transfers between business units, fiduciary investment income, and reimbursable expenses.

 



Three Months Ended











(millions)


Mar 31,
 2016


Mar 31,
 2015


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

961


$

1,014


(5)%


(5)%


—%


(3)%


3%

Reinsurance Solutions


371


377


(2)%


(2)%


—%


—%


—%

Retirement Solutions


395


438


(10)%


(4)%


—%


(8)%


2%

Health Solutions


292


283


3%


(4)%


—%


6%


1%

Data & Analytic Services


259


254


2%


(3)%


—%


—%


5%

Elimination


(2)


(8)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,276


$

2,358


(3)%


(4)%


—%


(1)%


2%







Three Months Ended











(millions)


Jun 30,
 2016


Jun 30,
 2015


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

990


$

1,027


(4)%


(3)%


—%


(3)%


2%

Reinsurance Solutions


332


329


1%


—%


—%


1%


—%

Retirement Solutions


405


450


(10)%


(3)%


—%


(10)%


3%

Health Solutions


281


252


12%


(3)%


—%


8%


7%

Data & Analytic Services


275


258


7%


(1)%


—%


—%


8%

Elimination


(1)



N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,282


$

2,316


(1)%


(2)%


—%


(2)%


3%




Three Months Ended











(millions)


Sep 30,
 2016


Sep 30,
 2015


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

884


$

883


—%


(2)%


—%


(2)%


4%

Reinsurance Solutions


329


329


—%


(1)%


—%


1%


—%

Retirement Solutions


466


509


(8)%


(4)%


—%


(8)%


4%

Health Solutions


265


233


14%


(3)%


—%


10%


7%

Data & Analytic Services


260


254


2%


(1)%


—%


(2)%


5%

Elimination


(3)


(2)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,201


$

2,206


—%


(2)%


—%


(2)%


4%




Three Months Ended











(millions)


Dec 31,
 2016


Dec 31,
 2015


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

1,094


$

1,105


(1)%


(2)%


—%


1%


—%

Reinsurance Solutions


329


323


2%


—%


—%


1%


1%

Retirement Solutions


441


519


(15)%


(5)%


—%


(8)%


(2)%

Health Solutions


532


399


33%


(2)%


—%


5%


30%

Data & Analytic Services


256


255


—%


(2)%


—%


(2)%


4%

Elimination


(2)


(1)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

2,650


$

2,600


2%


(2)%


—%


(1)%


5%
















Twelve Months Ended











(millions)


Dec 31,
 2016


Dec 31,
 2015


Percent

Change


Less:

Currency

Impact (1)


Less: Fiduciary
Investment
Income


Less:
Acquisitions,

Divestitures &
Other

 


Organic

Revenue

Growth (2)

Commercial Risk Solutions


$

3,929


$

4,029


(2)%


(3)%


—%


(1)%


2%

Reinsurance Solutions


1,361


1,358


—%


(1)%


—%


—%


1%

Retirement Solutions


1,707


1,916


(11)%


(4)%


—%


(9)%


2%

Health Solutions


1,370


1,167


17%


(3)%


—%


7%


13%

Data & Analytic Services


1,050


1,021


3%


(2)%


—%


(1)%


6%

Elimination


(8)


(11)


N/A


N/A


N/A


N/A


N/A

Total revenue


$

9,409


$

9,480


(1)%


(3)%


—%


(2)%


4%



(1)

Currency impact is determined by translating last year's revenue at this year's foreign exchange rates.

(2)

Organic revenue growth includes the impact of intrasegment elimination activity and excludes the impact of foreign exchange rate changes, acquisitions, divestitures, transfers between business units, fiduciary investment income, and reimbursable expenses.


 

 

Aon plc
Historical Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings Per Share (Unaudited) (1)







Three Months Ended(3)



 

Three Months Ended(5)




(millions, except per share data)


Full Year

2014 (2)


Mar 31,

2015 


Jun 30,
2015


Sep 30,
2015


Dec 31,
2015


Full Year

2015 (4)


Mar 31,
2016


Jun 30,
2016


Sep 30,
2016


Dec 31,
2016


Full Year

2016 (5)

Revenue























Commercial Risk Solutions


$

4,378


$

1,014


$

1,027


$

883


$

1,105


$

4,029


$

961


$

990


$

884


$

1,094


$

3,929

Reinsurance Solutions


1,479


377


329


329


323


1,358


371


332


329


329


1,361

Retirement Solutions


1,945


438


450


509


519


1,916


395


405


466


441


1,707

Health Solutions


1,106


283


252


233


399


1,167


292


281


265


532


1,370

Data & Analytic Services


1,002


254


258


254


255


1,021


259


275


260


256


1,050

Elimination


(18)


(8)



(2)


(1)


(11)


(2)


(1)


(3)


(2)


(8)

Total revenue


$

9,892


$

2,358


$

2,316


$

2,206


$

2,600


$

9,480


$

2,276


$

2,282


$

2,201


$

2,650


$

9,409

Expenses























Compensation and benefits


5,780


1,384


1,353


1,332


1,536


5,605


1,345


1,396


1,300


1,646


5,687

Information technology


430


92


85


92


99


368


83


89


93


100


365

Premises


399


97


90


79


88


354


82


85


84


84


335

Depreciation of fixed assets


179


39


43


39


43


164


38


41


39


44


162

Amortization of intangible assets


194


45


44


42


42


173


37


38


42


40


157

Other general expenses


1,148


267


441


262


259


1,229


271


246


275


273


1,065

Total operating expenses


8,130


1,924


2,056


1,846


2,067


7,893


1,856


1,895


1,833


2,187


7,771

Operating income - as reported


1,762


434


260


360


533


1,587


420


387


368


463


1,638

Amortization of intangible assets


194


45


44


42


42


173


37


38


42


40


157

Legacy litigation


35



176




176






Pension settlements









62



158


220

Transaction costs











15


15

Operating income - as adjusted


1,991


479


480


402


575


1,936


457


487


410


676


2,030

Operating margin from continuing operations - as adjusted


20.1%


20.3%


20.7%


18.2%


22.1%


20.4%


20.1%


21.3%


18.6%


25.5%


21.6%

Interest income


10


3


4


3


4


14


2


3


1


3


9

Interest expense


(255)


(65)


(68)


(72)


(68)


(273)


(69)


(73)


(70)


(70)


(282)

Other income (expense)


42


42


1


8


49


100


18


(1)


10


9


36

Income before income taxes - as adjusted


1,788


459


417


341


560


1,777


408


416


351


618


1,793

Income taxes


284


N/A


N/A


N/A


N/A


264


64


62


50


74


250

Income from continuing operations - as adjusted


1,504


N/A


N/A


N/A


N/A


1,513


344


354


301


544


1,543

Less: Net income attributable to noncontrolling interests


34


N/A


N/A


N/A


N/A


37


12


8


7


7


34

Net income from continuing operations attributable to Aon shareholders - as adjusted


$

1,470


N/A


N/A


N/A


N/A


$

1,476


$

332


$

346


$

294


$

537


$

1,509

Diluted earnings per share from continuing operations - as adjusted


$

4.91


N/A


N/A


N/A


N/A


$

5.20


$

1.21


$

1.28


$

1.09


$

2.00


$

5.58

Weighted average ordinary shares outstanding - diluted


299.6


287.1


286.7


283.8


279.3


283.8


273.7


269.8


269.6


268.3


270.3



(1)

Certain noteworthy items impacting operating income in 2016, 2015, and 2014 are described in this schedule. The items shown with the caption "as adjusted" are non-GAAP measures.

(2)

The effective tax rate for continuing operations is 15.9% for the twelve months ended December 31, 2014.  Adjusted items are taxed at the estimated annual effective tax rate.

(3)

The non-GAAP effective tax rate is not provided on a quarterly basis for 2015.

(4)

The effective tax rate used in the U.S. GAAP financial statements for continuing operations was 12.3% for the twelve months ended December 31, 2015. Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with legacy litigation which was adjusted at the related jurisdictional rate.  The non-GAAP effective tax rate for continuing operations, adjusted for these non-GAAP items, was 14.9% for the twelve months ended December 31, 2015.

(5)

The effective tax rates used in the U.S. GAAP financial statements for continuing operations were 15.9%, 13.6%, 8.1%, and 5.2%, respectively, for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, and December 31, 2016, and 10.6% for the twelve months ended December 31, 2016.  Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with non-cash pension settlements and transaction costs which are adjusted at the related jurisdictional rate.  The non-GAAP effective tax rates for continuing operations, adjusted for these items, were 15.7%, 14.9%, 14.2%, and 12.0% for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, and December 31, 2016, and 13.9% for the twelve months ended December 31, 2016.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/aon-reports-first-quarter-2017-results-300453619.html

SOURCE Aon plc

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Sep 22, 2017 05:00 PM Pricing delayed 20 minutes

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