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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Reportable segments were determined using a management approach. They are consistent with how the CODM assesses the performance of the Company and allocates resources based on two segments: Risk Capital and Human Capital. This segmentation allows the CODM, who is our Chief Executive Officer and President, to align the assessment of performance and allocation of resources, based on segment operating income and operating margin, with how the Company addresses client need, accelerating its Aon United strategy through growth in Risk Capital and Human Capital and maximizing value for Aon and its shareholders. Risk Capital supports clients through its Commercial Risk and Reinsurance solution lines. Commercial Risk includes insurance and specialty brokerage, global risk consulting, captives management, and Affinity programs. Reinsurance includes treaty reinsurance, facultative reinsurance, Strategy and Technology Group, and capital markets. Human Capital supports clients through its Health and Wealth solution lines. Health includes consulting and brokerage, consumer benefits solutions, and talent advisory services. Wealth includes retirement consulting, pension administration, and investments consulting. Refer to Note 3 “Revenue from Contracts with Customers” for information on revenue by principal service line. The Company does not present assets by reportable segment and this information is not used by the CODM to assess the performance of, or allocate resources to the Company’s reportable segments. As such, segment assets are not provided to the CODM. 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. Revenue Reportable segment revenue includes inter-segment revenue of $5 million for Risk Capital and $2 million for Human Capital for the three months ended March 31, 2025 and $6 million for Risk Capital and $2 million for Human Capital for the three months ended March 31, 2024. This inter-segment revenue is eliminated as a Corporate adjustment to reconcile to the Company's Consolidated Total revenue. Segment Operating Expenses The Company’s segment operating expenses are generally attributed to the function of the business. Segment expenses exclude governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment. These expenses are considered corporate expenses/eliminations. Non-operating Expenses The Company’s non-operating income (expenses) primarily consist of Interest income, Interest expense and Other income (expense) which are not allocated to our reportable segments, as the CODM assesses performance based on operating income results. Interest income represents income earned on Cash and cash equivalents and Short-term investments. Interest expense represents the cost of debt obligations. Other income (expense) consists of equity earnings (loss), realized gains or losses on the sale of investments, gains on the disposal of businesses, gains or losses on derivatives, and gains or losses on foreign currency remeasurement.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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