Aon : Third Quarter 2024 Results Presentation

Earnings Conference Call

Third Quarter 2024

October 25, 2024

2024 U.S. GAAP Financials

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, free cash flow margin, 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, contingent consideration, NFP transaction and integration costs, certain pension 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 (provided that organic revenue growth includes organic growth of an acquired business as calculated assuming that the acquired business was part of the combined company for the same proportion of the relevant prior year period), divestitures (including held for sale disposal groups, if any), 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 adjustments previously described, generally at the estimated annual effective tax rate or jurisdictional rate, where appropriate. Beginning in the third quarter of 2024, the adjusted effective tax rates also excludes interest accruals for income tax reserves related to the termination fee payment made in connection with the Company's terminated proposed combination with Willis Towers Watson. 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 Condensed Consolidated Financial Statements. Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments.

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Executive Summary

Key Messages

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Aon's strong third quarter results, highlighted by 7% organic revenue growth and adjusted margin expansion, demonstrate strong progress and momentum from executing our 3x3 Plan

Our growth was broad based across regions driven by client solutions that match capital with risk, expanding relationships and hiring specialty expertise in growth areas. NFP is off to a strong start and contributing with mid-single-digit organic growth

Aon Business Services is enabling us to develop and deploy market-leading data analyzers and redefine the client experience while also powering $70MM in year-to-date restructuring savings

Our strong Q3'24 Free cash flow of $1.7B has us on track to reach our leverage objective, continue

to invest in middle-market M&A through NFP, and return $1B in capital through share repurchases in 2024

Aon is positioned to deliver a strong full year 2024 and we are reaffirming guidance, including mid- single-digit or better organic growth and adjusted margin expansion, and long-term,double-digit free cash flow growth

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Summary Financial Results

($ in millions, except per share data)

Q3'23

Q3'24

Inc/(Dec.)

Total revenue	$2,953	$3,721	26%
Organic revenue growth (Non-GAAP)	6%	7%

Operating income	$691	$623	(10)%
Adjusted operating income (Non-GAAP)	$717	$915	28%
Adjusted operating margin (Non-GAAP)	24.3%	24.6%	30Bps
Adjusted operating margin expansion, from Aon + NFP1			70Bps

Diluted earnings per share	$2.23	$1.57	(30)%
Adjusted earnings per share (Non-GAAP)	$2.32	$2.72	17%

Free cash flow

$985

$951

(3)%

Certain 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.	6
1. Adjusted Operating Margin of 24.6% for Q3'24 reflects +70 bps of margin expansion from the combined historical margin profile of Aon and NFP of 23.9%. Please refer to Appendix F.

Quarterly Performance

Organic Revenue¹ - Strong Growth From All Solution Lines

• Organic revenue growth of +7% overall in the third quarter, driven by net new business and ongoing strong retention
• Reported revenue growth of +26% in the third quarter, including 7% organic revenue growth and acquired revenues from
  NFP

	Q3'23	Q3'24	YTD'23	YTD'24
Commercial Risk Solutions	+4%	+6%	+5%	+5%
Reinsurance Solutions	+11%	+7%	+9%	+7%
Health Solutions	+10%	+9%	+9%	+7%
Wealth Solutions	+4%	+7%	+4%	+7%
Total Aon	+6%	+7%	+7%	+6%

1. Organic revenue is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A of this presentation.

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Quarterly Summary of Organic Revenue Growth¹ Across Solution Lines

Commercial Risk Solutions

• Organic revenue growth of 6% reflects mid-single-digit or greater increases across all major geographies, and in NFP, driven by net new business and ongoing strong retention
• Results reflect strong growth in North America driven by strength in core P&C, which includes the majority of NFP's Commercial Risk solutions, and a double-digit increase in M&A services.
• On average globally, exposures were modestly positive and aggregate pricing was flat, resulting in modestly positive market impact

Reinsurance Solutions

• Organic revenue growth of 7% reflects a double-digit increase in facultative placements, as well as strength in treaty, driven by net new business and ongoing strong retention.
• Market impact was modestly positive on results in the quarter. The majority of revenue in our treaty portfolio is recurring in nature and is recorded in connection with the major renewal periods that take place throughout the first half of the year

Health Solutions

• Organic revenue growth of 9% reflects strong growth globally in core health and benefits brokerage, which includes the majority of NFP's Health solutions, driven by net new business and ongoing strong retention
• The core performance was highlighted by double-digit growth in EMEA, Asia and the Pacific, and Latin America
• Results also reflect double-digit growth in Talent with strong demand for talent analytics, solid growth in NFP, and slower growth in executive benefits

Wealth Solutions

• Organic revenue growth of 7% reflects strength in Retirement, driven by advisory demand and project-related work related to pension de- risking and the ongoing impact of regulatory changes
• Strong growth in Investments, which includes the majority of NFP's Wealth solutions, was highlighted by strong revenue growth within NFP, driven by net asset inflows and market performance
  1. Organic revenue growth is a non-GAAP measure that is reconciled to its corresponding U.S. GAAP measure in Appendix A of this presentation.

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Adjusted Operating Margin1 - Driven By Strong Revenue Growth

Adjusted Operating Income1	Q3 Commentary
($ millions)	• Adjusted operating income growth of +28% and adjusted operating

			$3,559	margin expansion of +30 bps reflects the acquisition of NFP, the
		$3,082		impact of 7% organic revenue growth, $25 million of net
				restructuring savings and a $5 million increase in fiduciary investment
				income, partially offset by increased expenses and investments in
	$915			long-term growth
$717			• Adjusted operating margin of 24.6% for Q3'24 reflects +70 bps of
				margin expansion from the combined historical margin profile of Aon
Q3'23	Q3'24	YTD'23	YTD'24	and NFP of 23.9%2

Adjusted Operating Margin1

($ millions)

+0 bps

Full Year 2024 Commentary

• Given NFP's margins and close timing, the right baseline from which to measure 2024 adjusted operating margin growth is 30.6%, with 31.9% in the fourth quarter

		30.8%	30.8%	•
24.3%	24.6%
Q3'23	Q3'24	YTD'23	YTD'24

Looking forward, we expect to grow adjusted operating margins for the combined firm, noting we expect a further drag in the first four months of 2025 from NFP, as well as revenue and cost synergies from NFP, restructuring impact from Aon, and core business margin expansion for the combined firm

1. Adjusted operating income and adjusted operating margin are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures for historical periods in Appendix B of this presentation.
2. Adjusted Operating Margin of 24.6% for Q3'24 reflects +70 bps of margin expansion from the combined historical margin profile of Aon and NFP of 23.9%; Adjusted Operating Margin of 30.8% for

YTD'24 reflects +70 bps of margin expansion from the combined historical margin profile of Aon and NFP of 30.1%, as calculated assuming that NFP was part of the combined company for two-thirds	10
of the second quarter of 2023. Please refer to Appendix F.