EX-12.1 2 exhibit121q32018.htm EXHIBIT 12.1
Exhibit 12.1
Aon plc and Consolidated Subsidiaries
Combined With Unconsolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges

|  | Nine Months Ended September 30 |  | Years Ended December 31
(millions except ratio) |  | 2018 |  | 2017 |  | 2017 |  | 2016 |  | 2015 |  | 2014
Income from continuing operations before income taxes and noncontrolling interests |  | $ | 825 |  |  | $ | 279 |  |  | $ | 685 |  |  | $ | 1,401 |  |  | $ | 1,428 |  |  | $ | 1,559 |
Less: Equity in earnings on less than 50% owned entities |  | 3 |  |  | 11 |  |  | 12 |  |  | 13 |  |  | 13 |  |  | 12 |
Add back fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | 208 |  |  | 211 |  |  | 282 |  |  | 282 |  |  | 273 |  |  | 255 |
Interest on uncertain tax positions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Portion of rents representative of interest factor |  | 31 |  |  | 24 |  |  | 33 |  |  | 28 |  |  | 33 |  |  | 40 |
Income as adjusted |  | $ | 1,061 |  |  | $ | 503 |  |  | $ | 988 |  |  | $ | 1,698 |  |  | $ | 1,721 |  |  | $ | 1,846 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | $ | 208 |  |  | $ | 211 |  |  | $ | 282 |  |  | $ | 282 |  |  | $ | 273 |  |  | $ | 255 |
Interest on uncertain tax positions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Portion of rents representative of interest factor |  | 31 |  |  | 24 |  |  | 33 |  |  | 28 |  |  | 33 |  |  | 40 |
Total fixed charges |  | $ | 239 |  |  | $ | 235 |  |  | $ | 315 |  |  | $ | 310 |  |  | $ | 306 |  |  | $ | 299 |
Ratio of earnings to fixed charges |  | 4.4 |  |  | 2.1 |  |  | 3.1 |  |  | 5.5 |  |  | 5.6 |  |  | 6.2 |