EX-12.1 4 exhibit121q12017.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) |  | 2017 |  | 2016 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Income from continuing operations before income taxes and noncontrolling interests (1) |  | $ | 265 |  |  | $ | 371 |  |  | $ | 1,401 |  |  | $ | 1,428 |  |  | $ | 1,559 |  |  | $ | 1,347 |
Less: Equity in earnings on less than 50% owned entities |  | 6 |  |  | 2 |  |  | 13 |  |  | 13 |  |  | 12 |  |  | 20 |
Add back fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | 70 |  |  | 69 |  |  | 282 |  |  | 273 |  |  | 255 |  |  | 210 |
Interest on uncertain tax positions |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 5 |
Portion of rents representative of interest factor |  | 8 |  |  | 9 |  |  | 28 |  |  | 33 |  |  | 40 |  |  | 40 |
Income as adjusted |  | $ | 337 |  |  | $ | 447 |  |  | $ | 1,698 |  |  | $ | 1,721 |  |  | $ | 1,846 |  |  | $ | 1,582 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | $ | 70 |  |  | $ | 69 |  |  | $ | 282 |  |  | $ | 273 |  |  | $ | 255 |  |  | $ | 210 |
Interest on uncertain tax positions |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 5 |
Portion of rents representative of interest factor |  | 8 |  |  | 9 |  |  | 28 |  |  | 33 |  |  | 40 |  |  | 40 |
Total fixed charges |  | $ | 78 |  |  | $ | 78 |  |  | $ | 310 |  |  | $ | 306 |  |  | $ | 299 |  |  | $ | 255 |
Ratio of earnings to fixed charges |  | 4.3 |  |  | 5.7 |  |  | 5.5 |  |  | 5.6 |  |  | 6.2 |  |  | 6.2 |