Aon : 1Q24 Conference Call Slides

Aon plc

First Quarter 2024 Results

April 26, 2024

Greg Case

Chief Executive Officer

Christa Davies

Chief Financial Officer

Eric Andersen

President

Safe Harbor Statement

This communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future, all of 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 Aon's operations. All statements, other than statements of historical facts, that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as its outlook, market and industry conditions, including competitive and pricing trends, the development and performance of our services and products, our cost structure and the outcome of cost-saving or restructuring initiatives, including the impacts of the Accelerating Aon United Program, the integration of NFP, actual or anticipated legal settlement expenses, future capital expenditures, growth in commissions and fees, changes to the composition or level of its revenues, cash flow and liquidity, expected tax rates, expected foreign currency translation impacts, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of its business and operations, plans, references to future successes, and expectations with respect to the benefits of the acquisition of NFP are forward-looking statements. Also, when Aon uses words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "looking forward", "may", "might", "plan", "potential", "opportunity", "commit", "probably", "project", "should", "will", "would" or similar expressions, it is making forward-looking statements.

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 markets that could affect the return on invested assets; changes in the funded status of Aon's various defined benefit pension plans and the impact of any increased pension funding resulting from those changes; the level of Aon's debt and the terms thereof reducing Aon's flexibility or increasing borrowing costs; rating agency actions that could limit Aon's access to capital and our competitive position; volatility in Aon's global tax rate due to being subject to a variety of different factors, including the adoption and implementation in the European Union, the United States, the United Kingdom, or other countries of the Organization for Economic Co-operation and Development tax proposals or other pending proposals in those and other countries, which could create volatility in that tax rate ; changes in Aon's accounting estimates or assumptions on Aon's financial statements; limits on Aon's subsidiaries' ability to pay dividends or otherwise make payments to Aon; the impact of legal proceedings and other contingencies, including those arising from acquisition or disposition transactions, errors and omissions and other claims against Aon (including proceeding and contingencies relating to transactions for which capital was arranged by Vesttoo Ltd.); the impact of, and potential challenges in complying with, laws and regulations in the jurisdictions in which Aon operates, particularly given the global nature of Aon's operations and the possibility of differing or conflicting laws and regulations, or the application or interpretation thereof, across jurisdictions in which Aon does business; the impact of any regulatory investigations brought in Ireland, the U.K., the U.S. and other countries; failure to protect intellectual property rights or allegations that Aon infringes on the intellectual property rights of others; general economic and political conditions in different countries in which Aon does business around the world; the failure to retain, attract and develop experienced and qualified personnel; international risks associated with Aon's global operations, including impacts from military conflicts or political instability, such as the ongoing Russian war in Ukraine and the Israel-Hamas conflict; the effects of natural or man- made disasters, including the effects of the COVID-19 and other health pandemics and the impacts of climate related events; any system or network disruption or breach resulting in operational interruption or improper disclosure of confidential, personal, or proprietary data, and resulting liabilities or damage to our reputation; Aon's ability to develop, implement, update and enhance new systems; the actions taken by third parties that perform aspects of Aon's business operations and client services; the extent to which Aon is exposed to certain risks, including lawsuits, related to actions Aon may take in being responsible for making decisions on behalf of clients in Aon's investment businesses or in other advisory services that Aon currently provides, or may provide in the future; Aon's ability to continue, and the costs and risks associated with, growing, developing and integrating acquired business, and entering into new lines of business or products; Aon's ability to secure regulatory approval and complete transactions, and the costs and risks associated with the failure to consummate proposed transactions; changes in commercial property and casualty markets, commercial premium rates or methods of compensation; Aon's ability to develop and implement innovative growth strategies and initiatives intended to yield cost savings (including the Accelerating Aon United Program), and the ability to achieve such growth or cost savings; the effects of Irish law on Aon's operating flexibility and the enforcement of judgments against Aon; adverse effects on the market price of Aon's securities and/or operating results for any reason, including, without limitation, because of a failure to realize the expected benefits of the acquisition of NFP (including anticipated revenue and growth synergies) in the expected timeframe, or at all; significant transaction and integration costs or difficulties in connection with the acquisition of NFP or unknown or inestimable liabilities; and potential impact of the acquisition of NFP on relationships, including with suppliers, customers, employees and regulators.

Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. The factors identified above are not exhaustive. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for prior periods are not necessarily indicative of results that may be expected for any future period. Further information concerning Aon and its businesses, 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 for the year ended December 31, 2023 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise

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2024 U.S. GAAP Financials

	Q1'24
Total Revenue Growth	+5%
Operating Margin	36.0%
Earnings Per Share	$5.35
Cash Flows from Operations	$309M

Explanation of Non-GAAP Measures

This communication includes supplemental information not calculated in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), including organic revenue growth, free cash flow, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted net income attributable to Aon shareholders, adjusted diluted net income per share, adjusted effective tax rate, adjusted other income (expense), and adjusted income before income taxes that exclude the effects of intangible asset amortization and impairment, Accelerating Aon United Program expenses, NFP transaction and integration costs, certain legal settlements, capital expenditures, and certain other noteworthy items that affected results for the comparable periods. Organic revenue growth includes the impact of intercompany activity and excludes foreign exchange rate changes, acquisitions, divestitures (including held for sale businesses), transfers between revenue lines, fiduciary investment income, and gains or losses on derivatives accounted for as hedges. Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. Reconciliations to the closest U.S. GAAP measure for each non-GAAP measure presented in this communication are provided in the attached appendices. Supplemental organic revenue growth information and additional measures that exclude the effects of certain items noted above do not affect net income or any other U.S. GAAP reported amounts. Free cash flow is cash flows from operating activity less capital expenditures. The adjusted effective tax rate excludes the applicable tax impact associated with expenses for estimated intangible asset amortization and impairment, and certain other noteworthy items. Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors. Management also uses these measures to assess operating performance and performance for compensation. Non-GAAP measures should be viewed in addition to, not in lieu of, Aon's Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments.

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Table of Contents

01 Executive Summary

02 Quarterly Performance

03 Delivering Long- Term Growth

04 Appendices

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1. Includes approximately $55 billion of captive premium
2. As of 6/30/2023, includes non-discretionary assets advised by Aon and its global affiliates which includes retainer clients and clients in which Aon and its global affiliates have performed project services for over the past 12 months. Project clients may not currently engage Aon at the time of the calculation of assets under advisement as the project may have concluded earlier during preceding 12-month period.

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Executive Summary

Quarterly Performance and Focus on Long-Term Strategy¹

Quarterly Performance on Key Financial Metrics

• Organic Revenue growth of +5%; driven by ongoing strong retention, net new business generation and management of the renewal book
• Adjusted Operating Margin expansion of +100 basis points and Adjusted Operating Income growth of +8%; reflecting organic revenue growth, increased fiduciary investment income and restructuring savings, partially offset by increased expenses and investments in long-term growth
• Adjusted Earnings per Share (EPS) growth of +9%; primarily reflecting strong revenue growth and effective capital management, partially offset by an increase in our effective tax rate

3x3 Plan Accelerates our Aon United Strategy, Reinforced by the Acquisition of NFP and Restructuring Program

• Leveraging our Risk Capital and Human Capital structure and capability to unlock integrated solutions across our core business that also address new areas of client demand
• Embedding the Aon Client Leadership model across our structure to further strengthen and expand our client relationships, including through our recently closed acquisition of NFP
• Accelerating Aon Business Services to set a new standard for service delivery and next generation analytical tools by standardizing operations, integrating operating platforms and increasing product innovation and development
• Driving ongoing progress against key financial metrics. Expect to deliver mid-single digit or greater organic revenue growth, adjusted operating margin expansion and double-digit free cash flow growth over the long term

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1. The results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of this presentation.

Aon United - Driving Top and Bottom-Line Results1

Committed to Mid-Single-Digit or Greater Organic Revenue Growth Over the Long-Term

• Track record of +4% average annual organic revenue growth over the last 12 years, with +7% organic revenue growth in 2023 and strong start to 2024
• Driven by three areas: Delivering client value with continued improvement in core businesses, portfolio mix-shift towards areas of faster growing client demand and data-driven solutions, and net new opportunities that increase our total addressable market

Sustainable Operating Margin Expansion Net of Investment in Long-Term Growth

• Over the last 12 years, increased adjusted operating margins by +1,265 bps or over +100 bps per year
• Driven by three areas: Top-line growth, portfolio mix-shift to higher contribution margin businesses, and increased operating leverage from ongoing productivity improvements from our Aon Business Services platform

Expected Free Cash Flow Growth Over the Long-Term

• Expect to deliver double-digit free cash flow growth over the long-term, driven by growth in operating income and ~$500 million long-term improvement opportunity in working capital

Disciplined Portfolio Management and Capital Allocation Based on Return on Invested Capital (ROIC)

• Strong history of attractive M&A and portfolio management, including completion of 138 acquisitions for ~$4.0 billion and 142 divestitures for ~$5.8 billion from 2012-20232, and completion of acquisition of NFP in 2024 for an enterprise value of ~$13 billion
• All capital allocation decisions based on ROIC. Share repurchase continues to be our highest return opportunity, based on our strong free cash flow generation outlook, noting history of $24 billion in share buyback from 2012-2023, or a net share reduction of approximately 39%, and $3.1 billion remaining repurchase authorization as of the end of Q1 2024
• Acquisition of NFP strengthens our long-term free cash flow outlook and enables further capital allocation according to our ROIC framework, in which we expect to continue to prioritize share buyback and attractive M&A in priority areas

Translating into a Significant Shareholder Value Creation Opportunity

• Going forward, we expect to build on our demonstrated track record of free cash flow growth, representing a significant long-term shareholder value creation opportunity

1. The results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures for historical periods in the Appendices of this presentation. Reflects the

Company's best estimates as of April 26, 2024, and the Company disclaims any obligations to update whether as a result of new information, future events, or otherwise. Actual results may differ	9
materially. 12-year performance since 12/31/2011 to 12/31/2023.
2. Reflects closed transactions, including asset deals and share transactions with joint venture partners.

2024 Financial Guidance and Supplemental Financial Information¹

Organic Revenue:

• Expect to deliver mid-single-digit or greater organic revenue growth for full year 2024 and over the long-term

Adjusted Operating Margins:

• Expect to deliver adjusted operating margin expansion for the full year 2024, starting from the combined margin profile of Aon and NFP, net of investment in long-term growth, driven by underlying margin expansion and impacts from previously communicated cost synergies
• Restructuring savings expected to fall to the bottom line and contribute to adjusted operating margin expansion

Free Cash Flow:

• While free cash flow will be reduced in the near term by restructuring, NFP deal and integration costs, and higher interest expense, we expect to return to our trajectory of double-digit free cash flow growth over the long term, driven by operating income growth and ongoing working capital improvements

Accelerating Aon United Program:

• Expect to deliver total annual, run-rate savings of ~$350 million, to be achieved by the end of 2026
• Recognized $20 million of savings in Q1 2024. Actions taken so far are expected to generate $90 million of run rate savings in 2024
• We expect $100 million of savings to be realized in 2024, noting that savings will ramp during the program

Acquisition of NFP:

• Closed acquisition of NFP on April 25 and issued 19.0 million shares
• Have provided NFP revenue and operating income by quarter for 2023 with estimated historical operating income and margins, as well as deal impacts and synergy estimates

Interest Income and Expense:

• Based on our debt structure at the end of the first quarter and closing of NFP acquisition, expect $216 million of interest expense in the second quarter of 2024, compared to $144 million of interest expense reported in the first quarter; and we expect $33 million of interest income in the second quarter of 2024, as compared to $28 million in the first quarter

Other Income (Expense) - as adjusted:

• Based on current assumptions, expect ~$43 million of non-cash pension expense in 2024 spread evenly throughout each quarter, excluding all other items we do not forecast that could be favorable or unfavorable in any given period

Foreign Currency:

• If currency were to remain stable at today's rates, we would expect full year unfavorable impact of approximately $(0.03) per share, including:
• • $(0.05) per share unfavorable impact in the second quarter
  • $(0.01) per share unfavorable impact in the third quarter
  • $0.01 per share favorable impact in the fourth quarter of 2024

1. Reflects the Company's best estimates as of April 26, 2024, and the Company disclaims any obligations to update whether as a result of new information, future events, or otherwise. Actual results	10
may differ materially.