Investor Presentaiton
Balance Sheet Strength and Financial Flexibility Support Strong
Investment Grade Credit Profile
•
Committed to maintaining a strong investment grade credit profile
•
Significant financial flexibility driven by strong free cash flow generation and balance sheet strength
•
History of effectively managing leverage within current ratings
•
$1.2B of cash and short-term investments on balance sheet as of June 30, 2023, and access to additional liquidity via $1.75B in committed
credit and USD and EUR commercial paper programs
Well-laddered debt maturities through 2052 with weighted average maturity of ~11 years
Balance Sheet
($ millions)
Cash
Dec 31,
2021
Dec 31,
2022
Jun 30,
2023
Investment Grade Credit Ratings
$544
$690
$952
S&P Global
A- (Stable)
Short-term
$292
$452
$200
Investments
MOODY'S
Baa2 (Positive)
Total Debt
$9,392
$10,770 $11,327
Shareholders' Equity
$1,061
($529)
$65
(Deficit)¹
Fitch Ratings
BBB+ (Stable)
Debt to EBITDA2
2.3x3
2.7x
2.8x
1
AON
23
Aon reported total Aon shareholders' deficit as of December 31, 2022 and June 30, 2023, compared to prior periods for which Aon reported total Aon shareholders' equity. The reporting of total Aon
shareholders' deficit does not impact the manner in which Aon calculates Return on Invested Capital (ROIC).
Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP measure. A reconciliation can be found in Appendix F.
EBITDA for the twelve-month period ended December 31, 2021, has been adjusted to exclude the impact of $1,436 million of charges incurred in 2021 to terminate the combination with Willis Towers
Watson. A reconciliation can be found in Appendix F.
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