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Revenue Growth - Total revenue increased by $2.3 billion, or 17%, to $15.7 billion in 2024, driven by acquired revenues from NFP and 6% organic revenue growth[183] - Risk Capital revenue rose by $1.0 billion, or 10%, to $10.5 billion, while Human Capital revenue increased by $1.3 billion, or 35%, to $5.2 billion in 2024[183] - Organic revenue growth was 6% in 2024, compared to 7% in the prior year, driven by net new business and strong retention[183] - Total revenue increased by $897 million, or 7%, to $13.4 billion in 2023, driven by 7% organic revenue growth[216] - Commercial Risk Solutions revenue increased by $328 million, or 5%, to $7.0 billion in 2023, with organic revenue growth of 5%[218] - Health Solutions revenue increased by $209 million, or 9%, to $2.4 billion in 2023, reflecting organic revenue growth of 10%[220] Operating Performance - Operating expenses increased by $2.3 billion, or 24%, to $11.9 billion, primarily due to the inclusion of NFP's operating expenses and restructuring charges[183] - Operating margin decreased to 24.4% in 2024 from 28.3% in 2023, influenced by increased operating expenses and the addition of NFP[183] - Adjusted operating income for 2024 is projected to be $4,939 million, up from $4,223 million in 2023, reflecting a growth of 17%[245] - Adjusted operating margin improved to 34.6% in 2024 from 34.2% in 2023, indicating enhanced operational efficiency[233] Net Income and Earnings - Net income was $2.7 billion in 2024, an increase of $92 million, or 4%, from 2023[183] - Adjusted diluted earnings per share was $15.60 in 2024, an increase of $1.46 per share, or 10%, from $14.14 per share in 2023[182] - Net income attributable to Aon shareholders increased by $90 million to $2.7 billion, or $12.49 per diluted share, in 2024[213] - Diluted net income per share attributable to Aon shareholders increased to $15.60 in 2024 from $14.14 in 2023[245] Cash Flow and Investments - Free cash flow decreased by $366 million, or 11%, to $2.8 billion in 2024, reflecting a decrease in cash flows from operations[184] - Cash flows used for investing activities increased to $2.8 billion in 2024 from $188 million in 2023, primarily driven by business acquisitions and capital expenditures[266] - The company completed the acquisition of 22 businesses in 2024 for a cash consideration of $3.5 billion, compared to three acquisitions in 2023 for $35 million[268] - The company disposed of five businesses in 2024, generating a cash inflow of $700 million, compared to two businesses in 2023 for $5 million[269] - Capital expenditures amounted to $218 million in 2024, down from $252 million in 2023, focusing on office facilities and technology projects[270] Debt and Financing - Interest income rose to $67 million in 2024, an increase of $36 million, or 116%, primarily from the investment of $5 billion in term debt proceeds used for the acquisition of NFP[206] - Interest expense increased by $304 million, or 63%, to $788 million in 2024, mainly due to a rise in total debt outstanding for the NFP acquisition[207] - Aon North America, Inc. drew a $2 billion delayed draw term loan to finance the acquisition of NFP, with a remaining balance of $1.1 billion as of December 31, 2024[274] - Aon plc incurred $6 million in debt extinguishment charges related to the NFP Transaction in 2024[276] - As of December 31, 2024, the company has long-term debt with a fair market value of $15.3 billion, which is $957 million less than its carrying value[356] Pension and Other Comprehensive Income - Pension contributions were $58 million in 2024, up from $50 million in 2023, with an expected increase to approximately $88 million in 2025[261] - Aon has accumulated other comprehensive losses of $1.276 billion for U.S. pension plans as of December 31, 2024[316] - The market-related value of U.S. pension plan assets was $1.7 billion as of December 31, 2024[317] - The fair value of U.S. pension plan assets was recorded at $1.4 billion as of December 31, 2024[317] Foreign Exchange and Risk Management - Approximately 45% of expected foreign exchange exposures for U.K. subsidiaries have been hedged for the years ending December 31, 2025 and 2026[352] - The company uses over-the-counter options and forward contracts to manage foreign exchange risk, particularly with the U.S. dollar against several currencies[351] - A hypothetical translation of prior year results at current year exchange rates would have an unfavorable $0.11 impact on diluted earnings per share for the year ended December 31, 2024[354] Other Financial Metrics - The effective tax rate for 2024 was 20.1%, compared to 18.5% in 2023[245] - The company recognized $191 million in transaction and integration costs related to the acquisition of NFP in 2024[236] - Legal settlement expenses of $197 million were recognized in Q4 2023, primarily related to transactions involving Vesttoo Ltd.[241] - The share repurchase program has a total authorization of $27.5 billion, with $1,000 million repurchased in 2024 at an average price of $325.56 per share[272]

Core Insights - Aon plc reported fourth-quarter 2024 adjusted earnings of $4.42 per share, exceeding the Zacks Consensus Estimate by 4.3% and reflecting a 14% year-over-year improvement [1] - Total revenues increased by 23% year over year to $4.1 billion, although it fell short of the consensus mark by 1.1% [2] - Organic revenue growth was recorded at 6% [2] Financial Performance - Total operating expenses rose 18% year over year to $3.06 billion, driven by higher ongoing costs from the NFP acquisition and increased intangible asset amortization [4] - Adjusted operating income grew 21% year over year to $1.38 billion, surpassing estimates [5] - The adjusted operating margin decreased by 50 basis points year over year to 33.3% [5] Segment Performance - The company restructured its reporting framework into two segments: Risk Capital and Human Capital, effective from Q4 2024 [6] - In the Risk Capital segment, Commercial Risk Solutions saw organic revenue growth of 6% year over year, with revenues of $2.19 billion, a 15% increase [7] - Reinsurance Solutions also experienced a 6% organic revenue growth, with revenues of $351 million, beating the consensus estimate [8] - In the Human Capital segment, Health Solutions reported a 5% organic revenue growth, with revenues climbing 40% year over year to $1.07 billion [9] - Wealth Solutions achieved an 8% organic revenue growth, with revenues soaring 44% year over year to $542 million, exceeding estimates [10] Financial Position - As of December 31, 2024, Aon had cash and cash equivalents of $1.1 billion, a 39.5% increase from the previous year [12] - Total assets reached $49 billion, up 44.2% year over year, while long-term debt rose by 62.7% to $16.3 billion [12] - Cash flow from operations was $1.2 billion, down 5% year over year, and adjusted free cash flows decreased by 6% to $1.1 billion [13] Capital Deployment - Aon repurchased 0.6 million class A ordinary shares for approximately $200 million in Q4 2024, with a remaining buyback capacity of around $2.3 billion [14] - A quarterly cash dividend of 67.5 cents per share was approved, to be paid on February 14, 2025 [14] Full-Year Update - For the full year, total revenues increased by 17% year over year to $15.7 billion, with adjusted earnings rising 10% to $15.60 per share [15] - Adjusted operating income grew 17% year over year to $4.9 billion, while the adjusted margin decreased by 10 basis points to 31.5% [15] Forward Outlook - Aon anticipates mid-single-digit or higher organic revenue growth for 2025 and expects adjusted operating margin expansion [16] - Projected adjusted EPS growth is strong, with free cash flow expected to see double-digit growth in the long term [16] - The Aon United Restructuring program aims for annual run-rate savings of approximately $350 million by the end of 2026, with $40 million in net savings realized in Q4 [17]

2 The following factors, among others, could cause actual results to differ from those set forth in or anticipated by the forward looking statements: changes in the competitive environment, due to macroeconomic conditions (including impacts from instability in the banking or commercial real estate sectors) or otherwise, or damage to Aon's reputation; fluctuations in currency exchange, interest, or inflation rates that could impact our financial condition or results; changes in global equity and fixed income ...

Core Insights - Aon reported a revenue of $4.15 billion for the quarter ended December 2024, reflecting a year-over-year increase of 22.9% and an EPS of $4.42, up from $3.89 in the same quarter last year [1] - The revenue fell slightly short of the Zacks Consensus Estimate of $4.19 billion, resulting in a surprise of -1.06%, while the EPS exceeded expectations by 4.25% [1] Financial Performance Metrics - Consolidated organic revenue growth was 6%, surpassing the average estimate of 5.7% based on eight analysts [4] - Organic revenue growth in Reinsurance Solutions was 6%, compared to the average estimate of 3.9% from seven analysts [4] - Wealth Solutions saw an organic revenue growth of 8%, exceeding the estimated 5.6% by seven analysts [4] - Commercial Risk Solutions achieved a 6% organic revenue growth, slightly above the 5.5% average estimate from seven analysts [4] - Health Solutions reported a 5% organic revenue growth, which was below the estimated 6.6% by seven analysts [4] Revenue Breakdown - Health Solutions revenue was $1.07 billion, below the average estimate of $1.12 billion, but represented a year-over-year increase of 40.2% [4] - Wealth Solutions generated $542 million in revenue, exceeding the average estimate of $506.09 million, marking a year-over-year increase of 43.8% [4] - Reinsurance Solutions revenue was $351 million, slightly above the average estimate of $346.46 million, with a year-over-year change of 5.7% [4] - Commercial Risk Solutions revenue was $2.19 billion, below the estimated $2.22 billion, but still represented a 14.7% increase compared to the previous year [4] Stock Performance - Aon's shares returned +4.8% over the past month, outperforming the Zacks S&P 500 composite's +2.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Aon reported quarterly earnings of $4.42 per share, exceeding the Zacks Consensus Estimate of $4.24 per share, and showing an increase from $3.89 per share a year ago, indicating a positive earnings surprise of 4.25% [1][2] Financial Performance - Aon posted revenues of $4.15 billion for the quarter ended December 2024, which was 1.06% below the Zacks Consensus Estimate, but an increase from $3.38 billion year-over-year [2] - Over the last four quarters, Aon has surpassed consensus EPS estimates two times and topped consensus revenue estimates twice [2] Stock Performance - Aon shares have increased approximately 3.6% since the beginning of the year, outperforming the S&P 500's gain of 3.2% [3] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates of $6.14 on revenues of $4.93 billion for the coming quarter, and $17.37 on revenues of $17.46 billion for the current fiscal year [7] - The estimate revisions trend for Aon is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting shares are expected to perform in line with the market in the near future [6] Industry Context - The Insurance - Brokerage industry, to which Aon belongs, is currently in the top 20% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Revenue Growth - Total revenue for Q4 2024 increased by 23% to $4.1 billion, with organic revenue growth of 6% and a 1% unfavorable impact from foreign currency translation[7]. - Full year 2024 total revenue reached $15.7 billion, a 17% increase compared to 2023[3]. - Total revenue for 2024 increased 17% to $15.7 billion, driven by acquired revenues from NFP and 6% organic revenue growth[30]. - Total revenue for Q4 2024 was $4.147 billion, a 23% increase from $3.375 billion in Q4 2023[42]. - Total revenue for Q4 2024 reached $4,147 million, a 23% increase from $3,375 million in Q4 2023[44]. - Organic revenue growth for Q4 2024 was 6%, with a notable 10% growth in Commercial Risk Solutions[47]. - Health Solutions revenue increased by 40% year-over-year in Q4 2024, reaching $1,070 million[47]. Earnings and Income - Adjusted EPS for Q4 2024 rose by 14% to $4.42, while diluted EPS increased by 33% to $3.28[4]. - Net income attributable to Aon shareholders in Q4 2024 increased 44% to $716 million compared to $498 million in Q4 2023[29]. - Adjusted net income per share increased 10% to $15.60 on a diluted basis, despite a $0.12 unfavorable impact from foreign currency translation[31]. - Adjusted net income attributable to Aon shareholders for Q4 2024 was $965 million, a 23% increase from $785 million in Q4 2023; for the full year, it was $3,316 million, up 14% from $2,899 million[56]. - Aon reported a net income of $2,720 million for 2024, compared to $2,628 million in 2023[62]. Operating Performance - Operating income for Q4 2024 increased by 40% to $1.1 billion, with an operating margin of 26.3%[26]. - Operating income for Q4 2024 rose 40% to $1.091 billion compared to $779 million in Q4 2023[42]. - The operating margin improved to 26.3% in Q4 2024, up from 23.1% in Q4 2023[44]. - Adjusted operating income for Q4 2024 was $1,380 million, a 21% increase from $1,141 million in Q4 2023; for the full year, it was $4,939 million, up 17% from $4,223 million[56]. - Adjusted operating income for the full year 2024 was $4,939 million, compared to $4,223 million in 2023[51]. Cash Flow and Capital Management - Free cash flow for 2024 was $2.8 billion, reflecting an 11% decrease compared to the prior year[14]. - The company expects to achieve mid-single-digit organic revenue growth and double-digit free cash flow growth in 2025[5]. - Cash provided by operating activities for 2024 was $3,035 million, down from $3,435 million in 2023[62]. - The company reported a 12% increase in cash provided by operating activities for the twelve months ended December 31, 2024, totaling $3,035 million[50]. - The company repurchased 0.6 million shares for approximately $200 million in Q4 2024, with $2.3 billion remaining under its share repurchase program[11]. - The company repurchased approximately 3.1 million class A ordinary shares for about $1.0 billion at an average price of $325.56 per share during 2024[32]. - Aon had approximately $2.3 billion of remaining authorization under its share repurchase program as of December 31, 2024[32]. Expenses and Costs - Total operating expenses for Q4 2024 rose by 18% to $3.1 billion, primarily due to the inclusion of NFP's operating expenses[8]. - Compensation and benefits expenses increased by 27% to $2.120 billion in Q4 2024, up from $1.671 billion in Q4 2023[42]. - The effective tax rate for Q4 2024 was 17.6%, up from 16.7% in the prior year period[10]. - The effective tax rate for the twelve months ended December 31, 2024, was 21.4%, compared to 17.1% for the prior year[42]. Acquisitions and Investments - Aon completed the acquisition of NFP on April 25, 2024, incurring $40 million in transaction costs for Q4 2024 and $191 million for the full year[54]. - The company plans to continue investing in technology-related costs to streamline operations and reduce headcount[52]. - The company incurred $6 million in debt extinguishment charges related to the repayment of NFP debt, classified as transaction-related costs[58]. Balance Sheet and Debt - Total assets increased to $48,965 million as of December 31, 2024, compared to $33,959 million in 2023[61]. - Long-term debt rose to $16,265 million in 2024 from $9,995 million in 2023, reflecting a significant increase in leverage[61].

DUBLIN, Jan. 31, 2025 /PRNewswire/ -- Aon plc (NYSE: AON) today reported results for the three and twelve months ended December 31, 2024. Fourth Quarter 2024 Full Year 2024 2024 2023 Change 2024 2023 Change Total revenue $4,147 $3,375 23 % $15,698 $13,376 17 % Organic revenue growth (Non-GAAP) 6 % <td colspan= ...

We are in the initial stages of the fourth-quarter 2024 earnings season. So far, results have come in line with expectations. As of Jan. 29, 112 companies of the broad-market index — the S&P 500 — reported their quarterly financial numbers. Total earnings of these companies are up 10.8% year over year on 5.5% higher revenues, with 80.4% beating earnings per share (EPS) estimates and 68.8% beating revenue estimates.Looking at the fourth quarter as a whole, total earnings for the S&P 500 Index are expected to ...

Leading global insurer Aon plc (AON) is set to report fourth-quarter 2024 results on Jan. 31, 2025, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $4.24 per share on revenues of $4.19 billion.See the Zacks Earnings Calendar to stay ahead of market-making news.The fourth-quarter earnings estimate has remained stable over the past week. The bottom-line projection indicates a year-over-year increase of 9%. The Zacks Consensus Estimate for ...