Investor Presentaiton
Appendix A: Reconciliation of Non-GAAP Measures - Organic
Revenue Growth
Aon Organic Revenue Reconciliation
Commercial Risk
Current period revenue
Prior year period revenue
Q2'20
Q3'20
Q4'20
FY 20
Q1'21
Q2'21
Q3'21
Q4'21
FY'21
Q1'22
Q2'22
Q3'22
Q4'22
FY'22
Q1'23
Q2'23
1,400
1,320
1,664
5,861
1,640 1,643
1,505
1,847
6,635
1,719
1,692
1,482
1,822
6,715
1,778
1,774
1,453
1,328
1,622
5,857
1,477
1,400
1,320
1,664
5,861
1,640
1,643
1,505
1,847
6,635
1,719
1,692
% Change
-4%
-1%
39
0%
11%
17%
14%
11%
13%
5%
3%
-2%
-1%
1%
3%
5%
(1)
Less: Currency Impact
-2%
(2)
Less Fiduciary Investment Income
-1%
Less: Acquisitions, Divestitures & Other
0%
Organic Revenue Growth (3)
-1%
Reinsurance
Current period revenue
448
Prior year period revenue
420
% Change
7%
(1)
Less: Currency Impact
0%
Health
Less Fiduciary Investment Income
Less: Acquisitions, Divestitures & Other
(31
(2)
-1%
-1%
Organic Revenue Growth
9%
Current period revenue
Prior year period revenue
321
389
% Change
-17%
Less: Currency Impact'
(1)
-4%
(2)
Less Fiduciary Investment Income
0%
Less: Acquisitions, Divestitures & Other
3%
Organic Revenue Growth
(3)
-16%
Wealth
Current period revenue
330
Prior year period revenue
% Change
347
-5%
(1)
Less: Currency Impact
-2%
Less Fiduciary Investment Income
Less: Acquisitions, Divestitures & Other
(2)
0%
-4%
(3)
Organic Revenue Growth
Total Company
Current period revenue
Prior year period revenue
% Change
Less: Currency Impact
(1)
(2)
Less: Acquisitions, Divestitures & Other
Organic Revenue Growth
(3)
1%
2,497
***ཊཧྨམྦོ*******8 དྷོ ྂ
2%
0%
5%
5%
2%
-1%
2%
0%
0%
0%
0%
0%
0%
0%
09
-1%
-1%
-1%
-1%
0%
0%
1%
1%
7%
13%
13%
12%
11%
197
1,814
922
500
353
222
1,997
187
1,686
848
448
321
197
1,814
5%
8%
9%
12%
10%
13%
10%
0%
0%
3%
1%
1%
-1%
2%
-3%
-1%
-1%
0%
0%
0%
0%
-4%
-1%
1%
2%
1%
1%
0%
12%
10%
6%
9%
8%
13%
8%
751
2,067
615
391
497
651
2,154
724
2,104
572
321
423
751
2,067
4%
-2%
8%
22%
17%
-13%
4%
0%
-1%
3%
5%
2%
-1%
2%
09
0%
0%
0%
0%
09
0%
3%
1%
1%
0%
-1%
-19%
-8%
1%
-2%
4%
17%
16%
7%
10%
357
1,341
355
356
351
364
1,426
355
1,380
327
330
327
357
1,341
1%
-3%
9%
8%
7%
2%
6%
2%
0%
4%
6%
3%
0%
3%
0%
0%
0%
0%
0%
0%
0%
0%
-2%
1%
1%
0%
1%
1%
-1%
-1%
4%
1%
4%
1%
2%
2,385
2,965
11,066
3,525
2,886
2,702
3,080 12,193
གྷོཎྜཝཱ གྷོ ༄ཛོ ཿཎྜནྟཎྜནྡྷདྷབྷ**⌘ཝཱཊྛི
-4%
-5%
-4%
-4%
-3%
-1%
0%
1%
1%
1%
2%
2%
0%
-3%
-2%
-2%
-2%
-1%
7%
5%
4%
6%
6%
5%
537
396
281
2,190
1,077
607
500
353
222
1,997
976
537
7%
12%
27%
10%
10%
13%
-5%
-4%
-3%
-3%
-29
-1%
0%
3%
7%
1%
2%
5%
3%
6%
14%
4%
1%
0%
9%
7%
9%
8%
9%
9%
414
494
678
2,224
671
447
391
497
651
2,154
638
414
6%
-1%
4%
3%
5%
8%
-3%
-4%
-3%
-3%
-3%
-1%
0%
0%
09
0%
0%
0%
-2%
-2%
0%
-2%
0%
-1%
11%
5%
7%
8%
8%
10%
343
326
353
1,367
350
352
356
351
364
1,426
345
343
-4%
-7%
-3%
-4%
1%
3%
-5%
-6%
-6%
-5%
-4%
0%
0%
0%
0%
0%
0%
0%
-2%
-3%
-3%
-2%
-1%
1%
3%
2%
6%
3%
6%
2%
2,983
2,696
3,130
12,479 3,871
3,177
2,606 2,379
2,885
11,013
3,219
2,497
2,385
2,965
11,066
3,525
2,886
2,702
3,080 12,193 3,670
2,983
-4%
0%
3%
0%
10%
16%
13%
4%
10%
4%
3%
0%
29
2%
5%
7%
-2%
0%
1%
0%
4%
4%
2%
-1%
2%
-3%
-4%
-5%
-4%
-4%
-3%
-1%
Less Fiduciary Investment Income
-1%
-1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%
1%
1%
2%
0%
1%
0%
-1%
0%
1%
-1%
-5%
-1%
-1%
-1%
-1%
0%
-1%
0%
0%
-1%
0%
2%
1%
6%
11%
12%
10%
9%
8%
8%
5%
5%
6%
7%
6%
AON
(1)
(2)
(3)
Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates.
Total fiduciary investment income for the three months ended June 30, 2023 and March 31 was $64 million and $52 million, respectively, for the three months ended March 31, June 30, September 30, and December 31, 2022 was $2 million, $7 million, $26 million, and $41
million, respectively, for the three months ended March 31, June 30, September 30, and December 31, 2021 was $2 million, $2 million, $2 million, and $2 million, respectively, for the three months ended March 31, June 30, September 30, and December 31, 2020 was $15 million,
$5 million, $3 million, and $4 million, respectively, and for the twelve months ended December 31 for the years 2022, 2021, 2020 was $76 million, $8 million, and $27 million, respectively.
Organic revenue growth includes the impact of intercompany activity and excludes the impact of changes in foreign exchange rates, fiduciary investment income, acquisitions, divestitures, transfers between revenue lines, and gains or losses on derivatives accounted for as
hedges.
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