EX-12.1 13 a121computationofratioearn.htm EXHIBIT 12.1
Exhibit 12.1
Aon plc and Consolidated Subsidiaries
Combined With Unconsolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges

|  | Three Months Ended March 31, |  | Years Ended December 31,
(millions except ratio) |  | 2016 |  | 2015 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Income from continuing operations before income taxes and noncontrolling interests (1) |  | $ | 401 |  |  | $ | 421 |  |  | $ | 1,689 |  |  | $ | 1,765 |  |  | $ | 1,538 |  |  | $ | 1,380 |
Less: Equity in earnings on less than 50% owned entities |  | 2 |  |  | 2 |  |  | 13 |  |  | 12 |  |  | 20 |  |  | 13 |
Add back fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | 69 |  |  | 65 |  |  | 273 |  |  | 255 |  |  | 210 |  |  | 228 |
Interest on uncertain tax positions |  | — |  |  | (5 | ) |  | — |  |  | 4 |  |  | 5 |  |  | 5 |
Portion of rents representative of interest factor |  | 10 |  |  | 10 |  |  | 45 |  |  | 50 |  |  | 52 |  |  | 42 |
Income as adjusted |  | $ | 478 |  |  | $ | 489 |  |  | $ | 1,994 |  |  | $ | 2,062 |  |  | $ | 1,785 |  |  | $ | 1,642 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | $ | 69 |  |  | $ | 65 |  |  | $ | 273 |  |  | $ | 255 |  |  | $ | 210 |  |  | $ | 228 |
Interest on uncertain tax positions |  | — |  |  | (5 | ) |  | — |  |  | 4 |  |  | 5 |  |  | 5 |
Portion of rents representative of interest factor |  | 10 |  |  | 10 |  |  | 45 |  |  | 50 |  |  | 52 |  |  | 42 |
Total fixed charges |  | $ | 79 |  |  | $ | 70 |  |  | $ | 318 |  |  | $ | 309 |  |  | $ | 267 |  |  | $ | 275 |
Ratio of earnings to fixed charges |  | 6.1 |  |  | 7.0 |  |  | 6.3 |  |  | 6.7 |  |  | 6.7 |  |  | 6.0 |

(1) For the year ended December 31, 2012, amounts related to discontinued operations have been included in Other income to conform to amounts included in the Consolidated Financial Statements. This amount in the year ended December 31, 2012 , which was historically included in Income (loss) from discontinued operations, has been reclassified to conform with current presentation. The amount reclassified was a $1 million loss for the year ended December 31, 2012 , from Income (loss) from discontinued operations to Other income.