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v3.25.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
| Three Months Ended March 31, 2025
(millions, except per share data) | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total Consolidated
Revenue |  |  |  |  |  |  |
Total revenue (1) | $ | 3,191 |  |  | $ | 1,545 |  |  | $ | (7) |  |  | $ | 4,729 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 1,461 |  |  | 774 |  |  | 14 |  |  | 2,249 |
Information technology | 90 |  |  | 45 |  |  | 1 |  |  | 136 |
Premises | 52 |  |  | 29 |  |  | 1 |  |  | 82 |
Other expenses (2) | 391 |  |  | 294 |  |  | 116 |  |  | 801 |
Total operating expenses | 1,994 |  |  | 1,142 |  |  | 132 |  |  | 3,268 |
Operating income | 1,197 |  |  | 403 |  |  | (139) |  |  | 1,461 |
Operating margin | 37.5 | % |  | 26.1 | % |  |  |  | 30.9 | %
Non-operating expenses |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  | 5 |
Interest expense |  |  |  |  |  |  | (206) |
Other income (expense) |  |  |  |  |  |  | (10) |
Income before income taxes |  |  |  |  |  |  | $ | 1,250 |
(1)Includes fiduciary investment income of $65 million in Risk Capital and $2 million in Human Capital for the three months ended March 31, 2025. (2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
| Three Months Ended March 31, 2024
(millions, except per share data) | Risk Capital |  | Human Capital |  | Corporate/Eliminations |  | Total Consolidated
Revenue |  |  |  |  |  |  |
Total revenue (1) | $ | 2,975 |  |  | $ | 1,103 |  |  | $ | (8) |  |  | $ | 4,070 |
Expenses |  |  |  |  |  |  |
Compensation and benefits | 1,354 |  |  | 527 |  |  | 2 |  |  | 1,883 |
Information technology | 89 |  |  | 35 |  |  | — |  |  | 124 |
Premises | 50 |  |  | 21 |  |  | — |  |  | 71 |
Other expense (2) | 297 |  |  | 133 |  |  | 97 |  |  | 527 |
Total operating expenses | 1,790 |  |  | 716 |  |  | 99 |  |  | 2,605 |
Operating income | 1,185 |  |  | 387 |  |  | (107) |  |  | 1,465 |
Operating margin | 39.8 | % |  | 35.1 | % |  |  |  | 36.0 | %
Non-operating expenses |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  | 28 |
Interest expense |  |  |  |  |  |  | (144) |
Other income (expense) |  |  |  |  |  |  | 75 |
Income before income taxes |  |  |  |  |  |  | $ | 1,424 |
(1)Includes fiduciary investment income of $78 million in Risk Capital and $1 million in Human Capital for the three months ended March 31, 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.

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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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