ir presentation - december 10th goldman...

Aon plc(NYSE: AON)December 2013

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Greg CaseChief Executive Officer

Christa DaviesChief Financial Officer

Scott MalchowSenior Vice President, Investor Relations/FP&A

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Safe Harbor StatementThis 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 in 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', 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 conditions in different countries in which Aon does business around the world, including conditions is the European Union relating to sovereign debt and the Euro; changes in the competitive environment; 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; rating agency actions that could affect Aon's ability to borrow funds; fluctuations in exchange and interest rates that could influence revenue and expense; the impact of class actions and individual lawsuits including client class actions, securities class actions, derivative actions and ERISA class actions; the impact of any investigations brought by regulatory authorities in the U.S., U.K. and other countries; the cost of resolution of other contingent liabilities and loss contingencies, including potential liabilities arising from error and omissions claims against Aon; the failure to retain and attract qualified personnel; 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 effect of the change in global headquarters and jurisdiction of incorporation, including differences in the anticipated benefits; the extent to which Aon retains existing clients and attracts new businesses and Aon’s ability to incentivize and retain key employees; the extent to which Aon manages certain risks created in connection with the various services, including fiduciary and advisory services and business process outsourcing services, among others, that Aon currently provides, or will provide in the future, to clients; the possibility that the expected efficiencies and cost savings from the merger with Hewitt Associates Inc. (“Hewitt”) will not be realized, or will not be realized within the expected time period; the risk that the Aon and Hewitt businesses will not be integrated successfully; Aon’s ability to implement restructuring initiatives and other initiatives intended to yield cost savings, and the ability to achieve those cost savings; the potential of a system or network disruption resulting in operational interruption or improper disclosure of personal data; 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; and Aon’s ability to grow, develop and integrate companies that it acquires or new lines of business.

Further information concerning Aon and its business, 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 and its Quarterly Reports on Form 10-Q for a further discussion of these and other risks and uncertainties applicable to Aon’s businesses. Aon does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in their respective expectations, except as required by law.

Explanation of Non-GAAP MeasuresThis communication includes supplemental information related to organic revenue, free cash flow and several additional measures including expenses, margins and income per share, that exclude the effects of restructuring charges, intangible asset amortization, capital expenditures, transaction and integration costs and certain other noteworthy items that affected results for the comparable periods. Organic revenue excludes from reported revenues the impact of foreign exchange, acquisitions, divestitures, transfers between business units, reimbursable expenses and unusual items. 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 schedules. Supplemental organic revenue information and additional measures that exclude the effects of the restructuring charges and certain other items 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.

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Agenda

Section 1 Industry-Leading Franchise Focused on Risk and People

• #1 in Risk Solutions and #1 in HR Solutions

• Largest Globally Owned Network of Resources and Capabilities

• Operating in Markets Growing Long-Term in both Size and Complexity

Section 2 What We Have Achieved Over the Last 7 Years

Section 3 What We Will Do Over the Next Several Years

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Industry-Leading Franchise Focused on Risk and People

#1 Primary Insurance Brokerage

#1 Reinsurance Brokerage

#1 Employee Benefits Brokerage

Leader in Captive Management

Leader in Affinity Programs

#1 Advisor on Risk Solutions

Market positions based on Business Insurance magazine 2013 Reader’s Choice Awards, Global Finance magazine’s Best Global Insurers 2013 awards, 2013 Intelligent Insurer Global Awards and total estimated participant counts.

#1 Benefits Administration

#1 HR Business Process Outsourcing

#1 Health Care Exchanges

Leader in HR Consulting

Retirement

Investment Management

Compensation

Total 2012 Revenue$11.5 billion

HR Solutions

34%

Risk Solutions

66%#1 Advisor on HR Solutions

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Largest Global Network of Resources and Capabilities

Aon presence in over 120 countries with more than 500 offices

Place more than $104 billion of premium flow

Unparalleled market insight and data

Strongest technology platform

Deepest analytic expertise

Integrated capital markets solutions

~32,000 colleagues globally

World-class brand recognition

Substantial relationships across large corporate and middle market

Serve half of the Fortune 500

Administer benefits for more than 23 million participants around the globe

~29,000 colleagues globally

Total 2012 Revenue by Geography

U.S.46%

Americas (excl. U.S.)10%

U.K.14%

EMEA20%

APAC10%

Risk Solutions HR Solutions

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Operating in Markets Growing Long-Term…

* Source: AXCO Insurance Information Services

^ Source: IDC, Global HR Management Services Forecast, Apr 2010

Global Non-Life P/C Written Premiums ($ billion)*

... and Complexity…in Size

Magnitude and scrutiny of risk is increasing around the globe

GDP growth drives insurable activity

Emerging markets (BRICs)

New risks and threats enter the market

$711 798

922 1,006 1,048 1,092 1,164 1,210 1,171 1,209

$1,322 1,365

01 02 03 04 05 06 07 08 09 10 11 12

$36,537 36,099 37,073 38,381 40,239

42,182 $44,158

08 09 10 11 12 13 14

U.S. Health Care Reform redefines the role of the employer

Continuing rise in health care costs requires employer action

Companies need to manage growing risk in retirement and pension schemes

Increasingly global workforce requires balancing local needs with global consistency

Global HR Consulting Services Spend Forecast ($ billion)^

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Agenda



• Focused the Portfolio

• Significantly Invested in Global Capabilities

• Delivered on Key Financial Metrics


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Focused the Portfolio

Significantly Invested in Global Capabilities

Delivered on Key Financial Metrics

100% 100%

Underwriting

HR Solutions

Risk Solutions

32%

13%

55%

17%

83%

Exited low-margin, capital intensive insurance underwriting Focused the portfolio towards higher-margin, capital light

professional services (Benfield and Hewitt Associates) High recurring revenue streams Strong free cash flow generation

2004 2009

34%

66%

100%

2012

What We Have Achieved Over the Last 7 Years…

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Delivery Technology Innovation

Systems Analytics Talent

Insights Content Brand





RevenueEngine

Health Care Exchanges

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3%

2% 2%

-1%

0%

2%

4%

2006 2007 2008 2009 2010 2011 2012

1 Organic Revenue

14.1%

15.9%16.9%

19.7%19.6%19.0%18.6%

2006 2007 2008 2009 2010 2011 2012

Operating Margin*2

EPS*

$1.69

$2.37

$3.02 $3.34

$3.48

$4.06 $4.21

2006 2007 2008 2009 2010 2011 2012

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* See Appendix A for Non-GAAP reconciliation

$816

$1,093

$865

$360

$603 $777

$1,150

2006 2007 2008 2009 2010 2011 2012

Free Cash Flow*4

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Agenda




• Unite Aon to Drive Sustainable Long-Term Growth

• Continue to Deliver on Long-Term Operating Margin Targets

• Effectively Allocate Capital through Strong Free Cash Flow Generation

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United Aon to Drive Sustainable Long-Term Growth

2006

Salesforce.comOne revenue platform

Revenue EnginePipeline management, customer feedback, productivity

Market AnalyticsGlobal premium flow insights

Client PromiseOne approach to clients

2008 2009 20102007 2011

Risk AnalyticsIndustry-leading models and actuarial capability

2012 2013+

Aon UnitedRisk Solutions + HR Solutions

From:• 425+ acquisitions over

the last 25 years

To:• United Aon capable of

delivering the best of the firm to any client seamlessly around the globe

Resulting In:

• Greater productivity• Increased retention• Increased win rates• Increased yield

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16.6%18.2% 18.7%

21.6%22.4% 21.6% 21.7%

26%

2006 2007 2008 2009 2010 2011 2012 Target

Long-Term Operating Margin Targets

* See Appendix C for Non-GAAP reconciliation

Risk Solutions*

5.8%

11.7%14.9% 15.2% 15.3%

17.6% 16.6%

22%

2006 2007 2008 2009 2010 2011 2012 Target

HR Solutions*

1. Deliver $7 million of remaining restructuring

savings by the end of 2013 and $23 million by

the end of 2014

2. Continued rollout of Revenue Engine

internationally

3. Aon Broking and GRIP related initiatives

4. Increases in short-term interest rates

5. Improvements in GDP or insurance pricing

1. Deliver $17 million of remaining restructuring

savings by the end of 2013 and $29 million by

the end of 2014

2. Growth in the core business and return on

incremental investments including health care

exchanges

3. Improvement in HR Business Process

Outsourcing

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Solid Balance Sheet with Strong Free Cash Flow Growth

2011 2012

Cash $272 $291

Short-Term Investments $785 $346

Total Debt $4,492 $4,165

Total Aon Shareholders’ Equity $8,078 $7,762

Total Debt to Capital 35.7% 34.9%

Balance Sheet($ mil)

Cash Flow from Operations($ mil)

Free Cash Flow 1($ mil)

1 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. A reconciliation can be found in Appendix A of this presentation

Reflects significantly improved working capital performance despite a higher rate of organic growth

Includes $186 million increase in total pension contributions for 2012

Reflects a significant increase in cash flow from operations

FY'11 FY'12

$1,018

$1,419

FY'11 FY'12

$777

$1,150

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Increasing Free Cash Flow

Uses of Cash ($mil) 2012 2013 2014 2015 2016 2017 2018Pension Contributions¹ $638 $548 $463 $396 $355 $318 $231- Pension Expense (non-cash) $53 ↓ ↓ ↓ ↓ ↓ ↓

Restructuring – Cash $143 $159 $78 $31 $15 $10 $8Capital Expenditures $269 $274 $280 $285 $291 $297 $303

Estimated Net Annual Increase to FCF $69 $160 $109 $51 $36 $83

Cumulative Net Annual Increase to FCF $69 $229 $338 $389 $425 $508

Uses of Free Cash Flow ($mil)Dividends $204Share Repurchase2 $1,125- $2.95 billion of authorized share repurchase available

M & A $162

1 Estimate based on current actuarial assumptions as of 12/31/12 measurement date. Expect to be fully funded on a GAAP basis by end of 2016 for qualified plans2 The Company repurchased $525 million Class A Ordinary Shares in the first half of 2013 and an additional $500 million Class A Ordinary Shares in the third

quarter

Cumulative FCF increase of $508 million annually

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Total Return has Consistently Outperformed Peers

Notes:1. The peer average total return includes MMC, WSH, BRO and AJG. The detailed CAGR for each peer can be found in Appendix D. 2. Total returns were calculated as of November 11, 2013.

33%

19%

13%

4% 3%

31%

21%

17%

7% 8%

46%

30%

15%

11%14%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1-year 2-years 5-years 8-years 10-years

Peers S&P Index AON

Consistent outperformance with double-digit total returns over the

long-term

Annualized Total Returns (CAGR %)

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Summary – Continued Long-Term Value Creation

Positioned for sustainable long-term growth

Significant leverage to an improving global economy and insurance pricing

Investing in colleagues and capabilities around the globe to better serve clients

Opportunity for long-term operating margin improvement

Strong balance sheet and free cash flow generation with declining uses of required cash outlays

Increased financial flexibility and effective capital allocation is expected to drive significant shareholder value

Delivering industry-leading total return for shareholders

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Appendix

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Appendix A: Reconciliation of Non-GAAP Measures 2006-2011Full Year ended December 31, 2006 Full Year ended December 31, 2007 Full Year ended December 31, 2008 Full Year ended December 31, 2009 Full Year ended December 31, 2010 Full Year ended December 31, 2011

(millions except per share data)Risk

SolutionsHR

Solutions Unallocated ContinuingRisk

SolutionsHR


SolutionsHR


SolutionsHR


SolutionsHR


SolutionsHR

Solutions Unallocated ContinuingSegments

ReportedTotal revenue 5,855 892 (59) 6,688 6,403 860 (29) 7,234 6,728 825 (25) 7,528 6,835 737 23 7,595 6,989 1,545 (22) 8,512 7,537 3,781 (31) 11,287

Compensation and benefits 3,521 610 41 4,172 3,704 576 61 4,341 3,969 553 59 4,581 4,038 493 66 4,597 3,939 1,041 117 5,097 4,179 2,286 102 6,567 Other general expenses 1,527 246 (17) 1,756 1,652 197 41 1,890 1,812 165 30 2,007 1,794 144 39 1,977 1,743 383 63 2,189 1,944 1,147 23 3,114

Total operating expenses 5,048 856 24 5,928 5,356 773 102 6,231 5,781 718 89 6,588 5,832 637 105 6,574 5,682 1,424 180 7,286 6,123 3,433 125 9,681

Operating income (loss) 807$ 36$ (83)$ 760$ 1,047$ 87$ (131)$ 1,003$ 947$ 107$ (114)$ 940$ 1,003$ 100$ (82)$ 1,021$ 1,307$ 121$ (202)$ 1,226$ 1,414$ 348$ (156)$ 1,606$ Operating margin 13.8% 4.0% 11.4% 16.4% 10.1% 13.9% 14.1% 13.0% 12.5% 14.7% 13.6% 13.4% 18.7% 7.8% 14.4% 18.8% 9.2% 14.2%

Interest income 69 100 64 16 15 18 Interest expense (129) (138) (126) (122) (182) (245) Other income (expense) - as adjusted 38 58 1 34 - 5 Income before income taxes 738$ 1,023$ 879$ 949$ 1,059$ 1,384$

ReclassificationsOther general expensesForeign currency remeasurement gains (losses) $ 1 $ 1 $ - $ 2 $ 14 $ (3) $ 2 $ 13 $ 38 $ 2 $ - $ 40 $ (30) $ (1) $ 5 $ (26) $ (21) $ - $ 3 $ (18) $ 1 $ 12 $ (3) $ 10

Other income (expense)Foreign currency remeasurement gains (losses) $ 2 $ 13 $ 40 $ (26) $ (18) $ 10

SegmentsRestatedTotal revenue 5,855 892 (59) 6,688 6,403 860 (29) 7,234 6,728 825 (25) 7,528 6,835 737 23 7,595 6,989 1,545 (22) 8,512 7,537 3,781 (31) 11,287

Compensation and benefits 3,521 610 41 4,172 3,704 576 61 4,341 3,969 553 59 4,581 4,038 493 66 4,597 3,939 1,041 117 5,097 4,179 2,286 102 6,567 Other general expenses 1,528 247 (17) 1,758 1,666 194 43 1,903 1,850 167 30 2,047 1,764 143 44 1,951 1,722 383 66 2,171 1,945 1,159 20 3,124

Total operating expenses 5,049 857 24 5,930 5,370 770 104 6,244 5,819 720 89 6,628 5,802 636 110 6,548 5,661 1,424 183 7,268 6,124 3,445 122 9,691

Operating income (loss) 806$ 35$ (83)$ 758$ 1,033$ 90$ (133)$ 990$ 909$ 105$ (114)$ 900$ 1,033$ 101$ (87)$ 1,047$ 1,328$ 121$ (205)$ 1,244$ 1,413$ 336$ (153)$ 1,596$ Operating margin 13.8% 3.9% 11.3% 16.1% 10.5% 13.7% 13.5% 12.7% 12.0% 15.1% 13.7% 13.8% 19.0% 7.8% 14.6% 18.7% 8.9% 14.1%

Interest income 69 100 64 16 15 18 Interest expense (127) (125) (86) (148) (200) (235) Other income (expense) - as adjusted 38 58 1 34 - 5 Income before income taxes 738$ 1,023$ 879$ 949$ 1,059$ 1,384$

Non-GAAPAs DisclosedRevenue - as adjusted $ 5,840 $ 892 $ (59) $ 6,673 $ 6,403 $ 860 $ (29) $ 7,234 $ 6,728 $ 825 $ (25) $ 7,528 $ 6,835 $ 737 $ 23 $ 7,595 $ 6,989 $ 1,545 $ (22) $ 8,512 $ 7,537 $ 3,781 $ (31) $ 11,287

Operating income (loss) - as reported 807 36 (83) 760 1,047 87 (131) 1,003 947 107 (114) 940 1,003 100 (82) 1,021 1,307 121 (202) 1,226 1,414 348 (156) 1,606 Restructuring charges 139 17 3 159 75 10 - 85 239 15 - 254 381 31 - 412 115 57 - 172 65 48 - 113 Amortization of intangible assets 38 - - 38 38 1 - 39 63 2 - 65 93 - - 93 114 40 - 154 129 233 - 362 Hewitt related costs - - - - - - - - 2 - - 2 - - - - - 19 21 40 - 47 - 47 Legacy receivables write-off - - - - - - - - - - - - - - - - - - - - 18 - - 18 Transaction related costs - proxy - - - - - - - - - - - - - - - - - - - - - - 3 3 Pension curtailment/adjustment - - - - - - - - 6 1 1 8 (54) (20) (4) (78) - - 49 49 - - - - Anti-bribery and compliance initiatives - - - - - - - - 42 - - 42 7 - - 7 9 - - 9 - - - - Resolution of U.K. balance sheet reconciliation difference - - - - - - 15 15 - - - - - - - - - - - - - - - - Benfield integration costs - - - - - - - - - - - - 15 - - 15 - - - - - - - - Reinsurance litigation - - - - 21 - - 21 - - - - - - - - - - - - - - - - Gain on sale of Cambridge preferred stock investment - - - - - - - - - - - - - - - - - - - - - - - - Endurance - - - - - - - - - - - - - - - - - - - - - - - - Contingent commissions (15) - - (15) - - - - - - - - - - - - - - - - - - - -

Operating income (loss) - as adjusted $ 969 $ 53 $ (80) $ 942 $ 1,181 $ 98 $ (116) $ 1,163 $ 1,299 $ 125 $ (113) $ 1,311 $ 1,445 $ 111 $ (86) $ 1,470 $ 1,545 $ 237 $ (132) $ 1,650 $ 1,626 $ 676 $ (153) $ 2,149

Operating margin - adjusted 16.6% 5.9% 14.1% 18.4% 11.4% 16.1% 19.3% 15.2% 17.4% 21.1% 15.1% 19.4% 22.1% 15.3% 19.4% 21.6% 17.9% 19.0%Interest income 69 100 64 16 15 18 Interest expense (129) (138) (126) (122) (168) (245) Other income (expense) - as adjusted (13) 22 46 34 - 24

Income before income taxes - as adjusted $ 869 $ 1,147 $ 1,295 $ 1,398 $ 1,497 $ 1,946 Income taxes 283 361 358 380 433 531 Net income attributable to non-controlling interests 10 13 16 45 26 31

Income attributable to Aon stockholders - as adjusted $ 576 $ 773 $ 921 $ 973 $ 1,038 $ 1,384 Diluted earnings per share - as adjusted 1.69$ 2.37$ 3.02$ 3.34$ 3.48$ 4.06$ Weighted average common shares outstanding - diluted 345.8 326.9 304.5 291.1 298.1 340.9

RestatedRevenue, as adjusted $ 5,840 $ 892 $ (59) $ 6,673 $ 6,403 $ 860 $ (29) $ 7,234 $ 6,728 $ 825 $ (25) $ 7,528 $ 6,835 $ 737 $ 23 $ 7,595 $ 6,989 $ 1,545 $ (22) $ 8,512 $ 7,537 $ 3,781 $ (31) $ 11,287

Operating income (loss) - as adjusted $ 969 $ 53 $ (80) $ 942 $ 1,181 $ 98 $ (116) $ 1,163 $ 1,299 $ 125 $ (113) $ 1,311 $ 1,445 $ 111 $ (86) $ 1,470 $ 1,545 $ 237 $ (132) $ 1,650 $ 1,626 $ 676 $ (153) $ 2,149

1 1 - 2 14 (3) 2 13 38 2 - 40 (30) (1) 5 (26) (21) - 3 (18) 1 12 (3) 10 Operating income (loss) - as adjusted $ 968 $ 52 $ (80) $ 940 $ 1,167 $ 101 $ (118) $ 1,150 $ 1,261 $ 123 $ (113) $ 1,271 $ 1,475 $ 112 $ (91) $ 1,496 $ 1,566 $ 237 $ (135) $ 1,668 $ 1,625 $ 664 $ (150) $ 2,139

Operating margin - adjusted 16.6% 5.8% 14.1% 18.2% 11.7% 15.9% 18.7% 14.9% 16.9% 21.6% 15.2% 19.7% 22.4% 15.3% 19.6% 21.6% 17.6% 19.0%Interest income 69 100 64 16 15 18 Interest expense (129) (138) (126) (122) (168) (245)

Other income (expense) - as adjusted (13) 22 46 34 - 24

2 13 40 (26) (18) 10 Other income (expense) - as adjusted (11) 35 86 8 (18) 34

Income before income taxes - as adjusted $ 869 $ 1,147 $ 1,295 $ 1,398 $ 1,497 $ 1,946 Income taxes 283 361 358 380 433 531 Net income attributable to non-controlling interests 10 13 16 45 26 31

Income attributable to Aon stockholders - as adjusted $ 576 $ 773 $ 921 $ 973 $ 1,038 $ 1,384 Diluted earnings per share - as adjusted 1.69$ 2.37$ 3.02$ 3.34$ 3.48$ 4.06$ Weighted average common shares outstanding - diluted 345.8 326.9 304.5 291.1 298.1 340.9

Reclassification - Foreign currency remeasurement gains (losses)

Reclassification - Foreign currency remeasurement gains (losses)

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Appendix A: Reconciliation of Non-GAAP Measures 2012Reconciliation of Non-GAAP Measures - Operating Income and Diluted Earnings Per Share (Unaudited) (1)

(millions)Risk

SolutionsHR

Solutions

Unallocated Income & Expense Total

Revenue 7,632$ 3,925$ (43)$ 11,514$ Operating income (loss) - as reported (2) 1,493$ 289$ (186)$ 1,596$

Restructuring charges (3) 35 66 - 101 Intangible asset amortization 126 297 - 423 Headquarters relocation costs - - 24 24

Operating income (loss) - as adjusted 1,654$ 652$ (162)$ 2,144$ Operating margins - as adjusted 21.7% 16.6% N/A 18.6%

(millions)Risk

SolutionsHR

Solutions

Unallocated Income & Expense Total

Revenue 7,537$ 3,781$ (31)$ 11,287$ Operating income (loss) - as reported (2) 1,413$ 336$ (153)$ 1,596$

Restructuring charges 65 48 - 113 Intangible asset amortization 129 233 - 362 Legacy receivables write-off 18 - - 18 Headquarters relocation costs - - 3 3 Hewitt related costs - 47 - 47

Operating income (loss) - as adjusted 1,625$ 664$ (150)$ 2,139$ Operating margins - as adjusted 21.6% 17.6% N/A 19.0%

(millions except per share data) 2012 2011Operating income - as adjusted 2,144$ 2,139$

Interest income 10 18 Interest expense (228) (245) Other income - as reported 3 15

Headquarters relocation costs 2 - Loss on debt extinguishment - 19

Other income - as adjusted (2) 5 34 Income from continuing operations before income taxes -

as adjusted 1,931 1,946 Income taxes (4) 504 531

Income from continuing operations - as adjusted 1,427 1,415 Less: Net income attributable to noncontrolling interests 27 31

Income from continuing operations attributable to Aon shareholders - as adjusted 1,400$ 1,384$

Diluted earnings per share from continuing operations - as adjusted 4.21$ 4.06$

Weighted average ordinary shares outstanding - diluted 332.6 340.9

(1) Certain noteworthy items impacting operating income in 2012 and 2011 are described in this schedule. The items shown with the caption "as adjusted" are non-GAAP measures.(2) Beginning in 2012, amounts related to gains and losses on foreign currency transactions have been included in Other income. These amounts in prior periods, which were

historically included in Other general expenses, have been reclassified to conform with the current presentation. The amounts reclassified in the three and twelve months endedDecember 31, 2011 were $5 million and $10 million, respectively, of income from Other general expenses to Other income.

(3) During the three months ended December 31, 2012, a reversal of previously recognized restructuring expense of $3 million related to the 2007 restructuring plan was recorded inthe Risk Solutions segment. The 2007 plan is no longer presented in the attached restructuring disclosure.

(4) Tax rate for continuing operations is 25.2% and 27.0% for the three months ended December 31, 2012 and 2011, respectively, and 26.1% and 27.3% for the twelve months endedDecember 31, 2012 and 2011, respectively.

Twelve Months EndedDecember 31,

Twelve Months Ended December 31, 2012

Twelve Months Ended December 31, 2011

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Appendix A: Reconciliation of Non-GAAP Measures - Free Cash Flow

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Appendix B: Aon GRIP – Evolution

The Global Risk Insight Platform (GRIP) is the world’s leading proprietary database of insurance placements. It is completely unique and proprietary to Aon

2011 – “Prove the Concept” Robust data set and enhanced capabilities Initial relationships with carriers

2012 and Beyond – “Scale the Opportunities” Integration of analytics tools into core client processes Systematic expansion of data quantity and quality Established delivery of the GRIP Solutions service portfolio Established initial relationships with 20+ carriers Placement of programs and facilities – “Aon Broking”

2008Development and initial US pilot

2009Deployment across 19 countries

2010 Inception of Analytical tools Aon GRIP Solutions launched

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Appendix B: Aon GRIP – Today

World’s largest proprietary database of insurance placement data

Insights into: US $94 billion premium 1.8 million+ opportunities to quote 79,000 clients across 1,000 industries in 165 countries 58 lines of coverage

Supported by over 60 colleagues in Aon’s Center of Innovation & Analytics in Dublin

7,109 Aon colleagues currently inputting data

20 Countries in North and South America, Europe, Asia and the Pacific

Recognized as leading innovator with accolades across financial services industry

Established initial client base of 20+ premier insurance carriers around the world including Global insurers, Domestic insurers and Lloyd’s underwriters

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Appendix C: Health Care Exchange Investment• Cost pressure, health care reform, and population health concerns have made this a critical time in health care. The decisions employers

make today will have a profound impact on the future of their organizations

• An exchange is a competitive marketplace consisting of buyers and suppliers that organizes and simplifies the process of evaluating and purchasing a product or service, and it can work in health insurance

• Employer-sponsored US healthcare plans are poised to transition from a self-insured, defined benefit structure to a fully insured, defined contribution structure which transfers risk from the employer to the insurer and fixes the employer’s cost — and a competitive market enables this to happen without shifting cost to employees and retirees

• The exchange takes the management of health benefits out of the employers’ “hands” — the employer simply decides the company subsidy in the form of a credit, and provides access to a choice of plans and insurers with full decision support, customer service, and consumer advocacy services through Aon Hewitt

• The average cost of health coverage is $10,000+ per employee and growing three times faster than the average salary, or 8-9% per year. Employers are faced with the challenge of reducing the trend rate, removing volatility and ensuring sustainability, while maintaining a benefits offering that attracts and retains talent

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Appendix C: Market Opportunity and Aon’s Solutions

• Navigators is Aon’s exchange for post-65 retirees who are purchasing plans to supplement their Medicare coverage

• 48 million Medicare eligible retirees today

• 26% (12 million) of Medicare eligible retirees today that have some sort of employer-sponsored coverage

• 66% of employers use or plan to move to an individual market strategy for retiree health care^

• An incremental 6.4 million are in government entities and non-government unions

• The retiree market is poised to grow at 4.5 million per year

• The Aon Hewitt Benefits Administration business serves 2.5 million retirees in group sponsored plans

• Progress to date: We currently serve 300,000 retirees

Retiree Exchange (Navigators) Aon Hewitt Corporate Exchange• Aon Hewitt’s Corporate Exchange is a solution

for large market clients (5,000+ active employees)– the first fully insured multi-carrier corporate health care exchange

• Over the past five years, there was a 19% increase in pay and an 82% increase in health care costs

• 122 million active employees are in employer-sponsored group medical plans today

• 94% of employers confirm that they remain committed to offering and financially supporting health benefit coverage for their workforce*

• 28% of those employers plan to move to a corporate exchange model in the future*

• The Aon Hewitt Benefits Administration business serves 6.5 million active employees in group sponsored plans

• Progress to date: National launch in 4Q’12 with +100,000 employees enrolled. Enrollment expected to triple in 2014 to +330,000 employees; +600,000 employees and their families will be covered under plans in the exchange

^ Source: Aon Hewitt’s 2013 Retiree Health Care Trends survey of more than 500 employers* Source: Aon Hewitt’s 2013 Health Care Trends survey of more than 800 employers

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Appendix D: Annualized Total Returns (CAGR %)

Total ReturnsIndexed to Current; % CAGR

AON MMC WSH AJG BRO S&P1 Year 46.1% 37.9% 35.3% 35.9% 21.7% 31.2%2 Years 30.0% 23.2% 11.2% 24.3% 7.4% 21.0%5 Years 15.2% 14.3% 13.1% 16.0% 6.0% 17.1%8 Years 10.9% 6.1% 2.5% 6.2% 1.3% 6.9%10 Years 14.3% 0.6% 3.3% 4.8% 0.7% 7.6%

Notes:1. Total returns were calculated as of November 11, 2013.

Investor RelationsScott [email protected]: +44 (0) 20 7086 0100

Erika [email protected]: 312-381-5957

ir presentation - december 10th goldman...

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