2. 1
Greg Case
Chief Executive Officer
Christa Davies
Chief Financial Officer
Scott Malchow
Senior Vice President, Investor Relations/FP&A
3. 2
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”, 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; 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, individual law suits and other contingent liabilities and loss contingencies arising from errors and omissions and other claims against Aon,
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 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; 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 breach or disruption resulting in operational interruption or improper disclosure of personal data; changes
in commercial property and casualty markets and commercial premium rates that could impact revenues; 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 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; changes in costs or assumptions associated with our HR Solutions operating segment’s outsourcing and consulting
arrangements that affect the profitability of these arrangements; 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 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 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.
4. 3
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 Several Years
Section 3 What We Will Do Over the Next Several Years
5. 4
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
Note: 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 2013 Revenue
$11.8 billion
HR
Solutions
34%
Risk
Solutions
66%
#1 Advisor on HR Solutions
6. 5
Largest Global Network of Resources and Capabilities
Aon presence in over 120 countries
with more than 500 offices
Place more than $110 billion of premium flow
Unparalleled market insight and data
Strongest technology platform
Deepest analytic expertise
Integrated capital markets solutions
~31,000 colleagues globally
World-class brand recognition
Substantial relationships across large
corporate and middle market
Serve half of the Fortune 500
Administer benefits for more than 23 million
participants around the globe
~30,000 colleagues globally
Total 2013 Revenue by Geography
U.S.
47%
Americas
(excl.
U.S.)
10%
U.K.
13%
EMEA
20%
APAC
10%
Risk Solutions HR Solutions
7. 6
Operating in Markets Growing Long-Term…
* Source: AXCO Insurance Information Services
^ Source: IDC, Global HR Management Services Forecast, Apr 2010
Global Non-Life P/C Written Premiums ($ 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
1,046 1,091
1,164 1,209 1,169 1,209
$1,322 1,365 1,412
05 06 07 08 09 10 11 12 13
$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)^
8. 7
Agenda
Section 1 Industry-Leading Franchise Focused on Risk and People
Section 2 What We Have Achieved Over the Last Several Years
• Focused the Portfolio
• Significantly Invested in Global Capabilities
• Delivered on Key Financial Metrics
Section 3 What We Will Do Over the Next Several Years
9. 8
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%
2013
What We Have Achieved Over the Last Several Years…
10. 9
Delivery Technology Innovation
Systems Analytics Talent
Insights Content Brand
Focused the
Portfolio
Significantly
Invested in
Global
Capabilities
Delivered on Key
Financial Metrics
What We Have Achieved Over the Last Several Years…
Revenue
Engine
Health Care
Exchanges
11. 10
Focused the
Portfolio
Significantly
Invested in Global
Capabilities
Delivered on
Key Financial
Metrics
3%
2% 2%
-1%
0%
2%
4%
3%
'06 '07 '08 '09 '10 '11 '12 '13
1
Organic Revenue
14.1%
15.9%
16.9%
19.7% 19.6%
19.0%
18.6%
19.0%
'06 '07 '08 '09 '10 '11 '12 '13
Operating Margin*2
EPS*
$1.69
$2.37
$3.02
$3.34
$3.48
$4.06
$4.21
$4.89
'06 '07 '08 '09 '10 '11 '12 '13
3
What We Have Achieved Over the Last Several Years…
$816
$1,093
$865
$360
$603
$777
$1,150
$1,404
'06 '07 '08 '09 '10 '11 '12 '13
Free Cash Flow*4
* The results above represent non-GAAP measures. See Appendix A for a reconciliation of non-GAAP measures to the corresponding U.S. GAAP
measure.
12. 11
Agenda
Section 1 Industry-Leading Franchise Focused on Risk and People
Section 2 What We Have Achieved Over the Last Several Years
Section 3 What We Will Do Over the Next Several Years
• 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
• Continue to Drive Long-Term Value Creation for Shareholders
13. 12
United Aon to Drive Sustainable Long-Term Growth
2006
Salesforce.com
One revenue platform
Revenue Engine
Pipeline management, customer
feedback, productivity
Market Analytics
Global premium flow insights
Client Promise
One approach to clients
2008 2009 20102007 2011
Risk Analytics
Industry-leading models and
actuarial capability
2012 2013+
Aon United
Risk 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
14. 13
5.8%
11.7%
14.9%
15.2% 15.3%
17.6%
16.7%
22%
2006 2007 2008 2009 2010 2011 2012 2013 Target
1. Deliver $9 million of remaining
restructuring savings by the end of 2014
(as of Q2’14)
2. Growth in the core business and return
on incremental investments including
health care exchanges
3. Improvement in HR Business Process
Outsourcing
16.6%
18.2% 18.7%
21.6%
22.4%
21.6% 21.7%
22.5%
2006 2007 2008 2009 2010 2011 2012 2013 Target
1. Deliver $11 million of remaining
restructuring savings by the end of 2014
(as of Q2’14)
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
Long-Term Operating Margin Targets
* The results presented represent non-GAAP measures. See Appendix B and Appendix C for a reconciliation of non-GAAP measures for operating margin
to the corresponding U.S. GAAP measure.
Risk Solutions*
HR Solutions*
26%
16.6%
15. 14
FY'12 FY'13
Solid Balance Sheet with Strong Free Cash Flow Generation
2012 2013
Cash $291 $477
Short-Term
Investments $346 $523
Total Debt $4,165 $4,389
Total Aon
Shareholders’
Equity $7,762 $8,145
Total Debt to
Capital 34.9% 35.0%
Balance Sheet
($ 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 of free cash flow to the corresponding U.S. GAAP measure can be found in Appendix A
of this presentation.
Cash Flow from Operations
($ mil)
Free Cash Flow 1
($ mil)
Reflects significantly
improved working
capital performance
Includes an $83
million decrease in
total pension
contributions for 2013
Reflect strong cash
flow from operations
Includes a $40
million decrease in
total capital
expenditures for
2013
FY'12 FY'13
$1,419
$1,633
$1,150
$1,404
16. 15
Significantly Increasing Free Cash Flow*
* Free cash flow is a non-GAAP measures that is defined as cash flow from operations less capital expenditures.
1 Estimate based on current actuarial assumptions as of 12/31/13 measurement date.
2 The Company has $1.6 billion of remaining authorization under its share repurchase program (as of Q2’14).
$1,125 $1,102
$204 $212$162
$54
2012 2013
Uses of Free Cash Flow ($mil)
Share Repurchase Dividends M&A
Aon expects to double free cash flow from $1.15 billion in 2012
to more than $2.3 billion annually over the next three to five
years driven by three key areas:
1. Operational improvement as the firm makes progress towards
its long-term operating margin targets
2. Declining required uses of cash for pension and restructuring
3. A lower effective tax rate over time
$269 $229 $240 $245 $250 $255 $260
$638
$523
$385 $324 $302 $274
$180
$143
$152
$98
$32 $17 $12
$7
2012 2013 2014e 2015e 2016e 2017e 2018e
Declining Required Uses of Cash ($mil)
Capital Expenditures Pension Contributions Restructuring - Cash
Increase of $603 million
in Free Cash Flow
annually
1
2
17. 16
Total Return has Consistently Outperformed Peers
Notes:
1. The peer average total return includes MMC, WSH, BRO and AJG. The detailed CAGR for each peer can be found in Appendix D.
2. Total returns were calculated as of December 31. 2013.
36%
15%
12%
4%
2%
35%
24%
18%
7% 7%
52%
34%
13%
11%
13%
0%
10%
20%
30%
40%
50%
60%
1-year 2-years 5-years 8-years 10-years
Peers S&P Index AON
Consistent outperformance with
double-digit total returns over the
long-term
Annualized Total Returns (CAGR %)
18. 17
Summary – Continued Long-Term Value Creation
Positioned for sustainable long-term growth
Significant leverage to an improving global economy and insurance pricing
Investing in colleagues and capabilities around the globe to better serve clients
Opportunity for long-term operating margin improvement
Strong balance sheet and free cash flow generation with declining uses of required cash outlays
Increased financial flexibility and effective capital allocation is expected to drive significant shareholder value
22. 21
Appendix A: Reconciliation of Non-GAAP Measures - Free Cash Flow
'06 '07 '08 '09 '10 '11 '12 '13
Cash Provided by Operations 968$ 1,263$ 968$ 500$ 783$ 1,018$ 1,419$ 1,633$
Less: Capital Expenditures (152)$ (170)$ (103)$ (140)$ (180)$ (241) (269)$ (229)$
Free Cash Flow (1) 816$ 1,093$ 865$ 360$ 603$ 777$ 1,150$ 1,404$
(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.
(millions)
23. 22
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”
2008
Development and initial US pilot
2009
Deployment across 19 countries
2010
Inception of Analytical tools
Aon GRIP Solutions launched
24. 23
Appendix B: Aon GRIP – Today
World’s largest proprietary database of insurance placement data
Insights into:
More than US $110 billion premium
More than 2 million opportunities to quote
More than 100,000 global clients across 1,100 industries in
173 countries
51 lines of coverage
Supported by over 60 colleagues in Aon’s Center
of Innovation & Analytics in Dublin
8,408 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
Growing client base of 30+ premier insurance carriers around the
world including Global insurers, Domestic insurers and Lloyd’s
underwriters
25. 24
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 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 need to reduce
trend rate, reduce volatility and ensure sustainability, while maintaining a benefits offering that attracts and retains talent.
• 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 simplifies the management of health benefits for employers — 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
Aon Active Health Exchange Aon Retiree Health Exchange
26. 25
Appendix C: Market Opportunity and Aon’s Solutions
• Aon’s Retiree Exchange is for post-65 retirees
who are purchasing plans to supplement their
Medicare coverage
• 49 million Medicare eligible retirees today1
• 30% (14 million) of Medicare eligible retirees today
have some sort of employer-sponsored coverage
• 66% of employers use or plan to move to an
individual market strategy for retiree health care2
• The retiree market is poised to grow at 4.5 million
per year
• The Aon Hewitt Benefits Administration is the
largest provider of Health and Benefits
administration, serving 2 million retirees
• Progress to date: We currently serve 300,000
retirees
Aon Retiree Exchange Aon Active Exchange
• Aon’s Active Exchange is a solution for large
market clients (5,000+ active employees) and is
the only 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 for employees
• 122 million active employees are in employer-
sponsored group medical plans today
• 95% of employers remain committed to offering
and financially supporting health benefit coverage
for their workforce3
• 33% of those employers plan to move to a
corporate exchange model in the future3
• The Aon Hewitt Benefits Administration is the
largest provider of Health and Benefits
administration, serving 7.5 million active
employees in group sponsored plans
• Progress to date: National launch in 4Q’12 with
+100,000 employees enrolled. Enrollment tripled
in 2014 to +330,000 employees; +600,000
employees and their families are covered
under plans in the exchange
1 Source: Kaiser Family Foundation
2 Source: Aon Hewitt’s 2014 Retiree Health Care Trends survey of more than 420 employers
3 Source: Aon Hewitt’s 2014 Health Care Trends survey of more than 1,230 employers
27. 26
Appendix D: Annualized Total Returns (CAGR %)
Total Returns
Indexed to Current; % CAGR
AON MMC WSH AJG BRO S&P
1 Year 52.1% 43.1% 37.0% 39.5% 24.7% 34.6%
2 Years 34.4% 24.9% 8.8% 20.2% 7.0% 23.9%
5 Years 13.0% 15.8% 13.9% 13.7% 5.4% 18.3%
8 Years 11.3% 5.7% 2.8% 5.8% 0.4% 7.3%
10 Years 13.5% 0.2% 3.0% 4.1% 0.6% 7.4%
Notes:
1. Total returns were calculated as of December 31. 2013.
