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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Reportable Operating Segments, Consolidated Revenue and Segment Operating Income | The following tables include information about our reportable segments, including total segment revenue, consolidated revenue, segment operating income, and income before income taxes:
| Year Ended December 31, 2024
(millions, except per share data) | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total Consolidated
Revenue |  |  |  |  |  |  |
Total revenue (1) | $ | 10,517 |  |  | $ | 5,209 |  |  | $ | (28) |  |  | $ | 15,698 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 5,417 |  |  | 2,739 |  |  | 127 |  |  | 8,283 |
Information technology | 368 |  |  | 168 |  |  | 3 |  |  | 539 |
Premises | 215 |  |  | 110 |  |  | — |  |  | 325 |
Other expenses (2) | 1,225 |  |  | 1,049 |  |  | 442 |  |  | 2,716 |
Total operating expenses | 7,225 |  |  | 4,066 |  |  | 572 |  |  | 11,863 |
Operating income | 3,292 |  |  | 1,143 |  |  | (600) |  |  | 3,835 |
Operating margin | 31.3 | % |  | 21.9 | % |  |  |  | 24.4 | %
Non-operating expenses |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  | 67 |
Interest expense |  |  |  |  |  |  | (788) |
Other income (expense) |  |  |  |  |  |  | 348 |
Income before income taxes |  |  |  |  |  |  | $ | 3,462 |
(1)Includes fiduciary investment income of $307 million in Risk Capital and $8 million in Human Capital for 2024. (2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
| Year Ended December 31, 2023
(millions, except per share data) | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total Consolidated
Revenue |  |  |  |  |  |  |
Total revenue (1) | $ | 9,524 |  |  | $ | 3,864 |  |  | $ | (12) |  |  | $ | 13,376 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 4,800 |  |  | 2,003 |  |  | 99 |  |  | 6,902 |
Information technology | 385 |  |  | 148 |  |  | 1 |  |  | 534 |
Premises | 204 |  |  | 88 |  |  | 2 |  |  | 294 |
Other expense (2) | 1,189 |  |  | 528 |  |  | 144 |  |  | 1,861 |
Total operating expenses | 6,578 |  |  | 2,767 |  |  | 246 |  |  | 9,591 |
Operating income | 2,946 |  |  | 1,097 |  |  | (258) |  |  | 3,785 |
Operating margin | 30.9 | % |  | 28.4 | % |  |  |  | 28.3 | %
Non-operating expenses |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  | 31 |
Interest expense |  |  |  |  |  |  | (484) |
Other income (expense) |  |  |  |  |  |  | (163) |
Income before income taxes |  |  |  |  |  |  | $ | 3,169 |
(1)Includes fiduciary investment income of $270 million in Risk Capital and $4 million in Human Capital for 2023. (2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
| Year Ended December 31, 2022
(millions, except per share data) | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total Consolidated
Revenue |  |  |  |  |  |  |
Total revenue (1) | $ | 8,905 |  |  | $ | 3,591 |  |  | $ | (17) |  |  | $ | 12,479 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 4,532 |  |  | 1,856 |  |  | 89 |  |  | 6,477 |
Information technology | 361 |  |  | 146 |  |  | 2 |  |  | 509 |
Premises | 195 |  |  | 88 |  |  | 6 |  |  | 289 |
Other expense (2) | 922 |  |  | 540 |  |  | 73 |  |  | 1,535 |
Total operating expenses | 6,010 |  |  | 2,630 |  |  | 170 |  |  | 8,810 |
Operating income | 2,895 |  |  | 961 |  |  | (187) |  |  | 3,669 |
Operating margin | 32.5 | % |  | 26.8 | % |  |  |  | 29.4 | %
Non-operating expenses |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  | 18 |
Interest expense |  |  |  |  |  |  | (406) |
Other income (expense) |  |  |  |  |  |  | (125) |
Income before income taxes |  |  |  |  |  |  | $ | 3,156 |
(1)Includes fiduciary investment income of $76 million in Risk Capital and less than $1 million in Human Capital for 2022. (2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
Schedule of Geographic Areas of Fixed Assets and Operating Lease Right-of-Use Asset | The following table includes consolidated long-lived assets, net by geographic area (in millions). Long-lived assets are comprised of Fixed assets, net, Operating lease right-of-use assets, and finance lease assets classified as Other non-current assets:
As of December 31 | Total |  | United States |  | Americas other than U.S. |  | United Kingdom |  | Ireland |  | Other Europe, Middle East, & Africa |  | Asia Pacific
2024 | $ | 1,357 |  |  | $ | 598 |  |  | $ | 117 |  |  | $ | 144 |  |  | $ | 28 |  |  | $ | 261 |  |  | $ | 209 |
2023 | $ | 1,314 |  |  | $ | 492 |  |  | $ | 124 |  |  | $ | 159 |  |  | $ | 7 |  |  | $ | 297 |  |  | $ | 235 |

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- Definition Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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