UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): November 11, 2005

 
Aon Corporation
(Exact Name of Registrant as Specified in Charter)

Delaware	 	1-7933	 	36-3051915	
(State or Other Jurisdiction
of Incorporation)	 	(Commission File Number)	 	(IRS Employer
Identification No.)	
 	 	 	 	 	
200 East Randolph Street, Chicago, Illinois	 	60601	
(Address of Principal Executive Offices)	 	(Zip Code)	
 
Registrant’s telephone number, including area code: (312) 381-1000
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
o             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
Item 7.01.  Regulation FD Disclosure.
 
This supplemental information is being furnished to assist investors in analyzing the historical 2005, 2004, 2003, 2002 and 2001 financial information of Aon Corporation (the “Company”) compared to the third quarter and nine months 2005 presentation, which added the Company’s U.S.-based wholesale broking operations to discontinued operations.
 
On November 4, 2005, a Current Report on Form 8-K (the “November 4 Form 8-K”) was filed in conjunction with the release of third quarter and nine months 2005 financial results that included a quarterly and full year consolidated summary of operations for the year ended December 31, 2004, the quarter ended March 31, 2005, and the quarter and six months ended June 30, 2005, reclassified for discontinued operations.  This Form 8-K filing supplements the November 4 Form 8-K by adding reclassified information for each quarter as well as full years ended December 31, 2003, 2002 and 2001, and is attached as Exhibit 99.1.
 
The November 4 Form 8-K also included segment information reclassified for discontinued operations for each quarter and full year ended December 31, 2004, the quarter ended March 31, 2005, and the quarter and six months ended June 30, 2005. This Form 8-K filing supplements the November 4 Form 8-K by adding reclassified information for each quarter as well as full years ended December 31, 2003, 2002 and 2001, and is attached as Exhibit 99.2.
 
Item 9.01. Financial Statements and Exhibits.

(a)—(b)	 Not applicable.	
 	 	
(c)	Exhibits:	

Exhibit
Number	 	Description of Exhibit	
 	 	 	
99.1	 	Consolidated Summary of Operations – Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2005, (ii) the quarter and six months ended June 30, 2005, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2004, 2003, 2002 and 2001 and (iv) the years ended December 31, 2004, 2003, 2002 and 2001.	
 	 	 	
99.2	 	Segments-Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2005, (ii) the quarter and six months ended June 30, 2005, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2004, 2003, 2002 and 2001 and (iv) the years ended December 31, 2004, 2003, 2002 and 2001.	
 
2

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	Aon CORPORATION	

 	By:	/s/ David P. Bolger	
 	 	David P. Bolger
Executive Vice President, Chief Financial Officer and
Chief Administrative Officer	
 
Date: November 11, 2005
 
3

 
EXHIBIT INDEX

Exhibit
Number	 	Description of Exhibit	
 	 	 	
99.1	 	Consolidated Summary of Operations – Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2005, (ii) the quarter and six months ended June 30, 2005, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2004, 2003, 2002 and 2001 and (iv) the years ended December 31, 2004, 2003, 2002 and 2001.	
 	 	 	
99.2	 	Segments-Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2005, (ii) the quarter and six months ended June 30, 2005, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2004, 2003, 2002 and 2001 and (iv) the years ended December 31, 2004, 2003, 2002 and 2001.	
 
4

Exhibit 99.1
 
Aon Corporation
Consolidated Summary of Operations - Reclassified for Discontinued Operations

 	 	2005	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	Six
Months	 	
Revenue	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,676	 	$	1,666	 	$	3,342	 	
Premiums and other	 	698	 	718	 	1,416	 	
Investment income	 	92	 	74	 	166	 	
Total revenue	 	2,466	 	2,458	 	4,924	 	
 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	
General expenses	 	1,661	 	1,713	 	3,374	 	
Benefits to policyholders	 	393	 	381	 	774	 	
Depreciation & Amortization	 	67	 	62	 	129	 	
Interest expense	 	34	 	31	 	65	 	
Provision for New York and other state settlements	 	1	 	2	 	3	 	
Total expenses	 	2,156	 	2,189	 	4,345	 	
 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax	 	310	 	269	 	579	 	
Provision for income tax	 	112	 	90	 	202	 	
Income from continuing operations	 	198	 	179	 	377	 	
 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	
Income from discontinued operations	 	3	 	20	 	23	 	
Income tax provision	 	1	 	8	 	9	 	
Income from discontinued operations, net of tax	 	2	 	12	 	14	 	
 	 	 	 	 	 	 	 	
Net income	 	$	200	 	$	191	 	$	391	 	
Preferred stock dividends	 	(1	)	—	 	(1	)	
Net income available for common stockholders	 	$	199	 	$	191	 	$	390	 	
 	 	 	 	 	 	 	 	
Basic net income per share:	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.61	 	$	0.55	 	$	1.17	 	
Discontinued operations	 	0.01	 	0.04	 	0.04	 	
Net income	 	$	0.62	 	$	0.59	 	$	1.21	 	
 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.58	 	$	0.53	 	$	1.12	 	
Discontinued operations	 	0.01	 	0.04	 	0.04	 	
Net income	 	$	0.59	 	$	0.57	 	$	1.16	 	
 	 	 	 	 	 	 	 	
Dilutive average common and common equivalent shares outstanding	 	337.1	 	338.5	 	337.8	 	

 

 	 	2004	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,741	 	$	1,693	 	$	1,603	 	$	1,797	 	$	6,834	 	
Premiums and other	 	692	 	716	 	693	 	687	 	2,788	 	
Investment income	 	80	 	69	 	51	 	122	 	322	 	
Total revenue	 	2,513	 	2,478	 	2,347	 	2,606	 	9,944	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,727	 	1,709	 	1,684	 	1,858	 	6,978	 	
Benefits to policyholders	 	383	 	392	 	379	 	362	 	1,516	 	
Depreciation & Amortization	 	69	 	82	 	77	 	75	 	303	 	
Interest expense	 	34	 	35	 	32	 	35	 	136	 	
Provision for New York and other state settlements	 	—	 	—	 	—	 	180	 	180	 	
Total expenses	 	2,213	 	2,218	 	2,172	 	2,510	 	9,113	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax	 	300	 	260	 	175	 	96	 	831	 	
Provision for income tax	 	108	 	93	 	62	 	20	 	283	 	
Income from continuing operations	 	192	 	167	 	113	 	76	 	548	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from discontinued operations	 	(28	)	12	 	12	 	10	 	6	 	
Income tax provision (benefit)	 	(6	)	6	 	3	 	5	 	8	 	
Income (loss) from discontinued operations, net of tax	 	(22	)	6	 	9	 	5	 	(2	)	
 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	170	 	$	173	 	$	122	 	$	81	 	546	 	
Preferred stock dividends	 	(1	)	—	 	(1	)	(1	)	(3	)	
Net income available for common stockholders	 	$	169	 	$	173	 	$	121	 	$	80	 	543	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.60	 	$	0.52	 	$	0.35	 	$	0.23	 	$	1.71	 	
Discontinued operations	 	(0.07	)	0.02	 	0.03	 	0.02	 	(0.01	)	
Net income	 	$	0.53	 	$	0.54	 	$	0.38	 	$	0.25	 	$	1.70	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.58	 	$	0.50	 	$	0.33	 	$	0.23	 	$	1.64	 	
Discontinued operations	 	(0.07	)	0.02	 	0.03	 	0.01	 	(0.01	)	
Net income	 	$	0.51	 	$	0.52	 	$	0.36	 	$	0.24	 	$	1.63	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive average common and common equivalent shares outstanding	 	335.3	 	337.1	 	337.4	 	336.4	 	336.6	 	

 

 	 	2003	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,602	 	$	1,620	 	$	1,577	 	$	1,757	 	$	6,556	 	
Premiums and other	 	632	 	635	 	673	 	669	 	2,609	 	
Investment income	 	79	 	89	 	56	 	87	 	311	 	
Total revenue	 	2,313	 	2,344	 	2,306	 	2,513	 	9,476	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,565	 	1,661	 	1,618	 	1,733	 	6,577	 	
Benefits to policyholders	 	345	 	325	 	367	 	390	 	1,427	 	
Depreciation & Amortization	 	66	 	77	 	80	 	84	 	307	 	
Interest expense	 	28	 	27	 	24	 	22	 	101	 	
Unusual charges (credits) - World Trade Center	 	37	 	9	 	—	 	(60	)	(14	)	
Total expenses	 	2,041	 	2,099	 	2,089	 	2,169	 	8,398	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax and minority interest	 	272	 	245	 	217	 	344	 	1,078	 	
Provision for income tax	 	101	 	90	 	80	 	127	 	398	 	
Income from continuing operations before minority interest	 	171	 	155	 	137	 	217	 	680	 	
Minority interest - 8.205% trust preferred capital securities	 	(9	)	(9	)	(9	)	(9	)	(36	)	
Income from continuing operations	 	162	 	146	 	128	 	208	 	644	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from discontinued operations	 	(16	)	—	 	(19	)	12	 	(23	)	
Income tax provision (benefit)	 	(6	)	—	 	(6	)	5	 	(7	)	
Income (loss) from discontinued operations, net of tax	 	(10	)	—	 	(13	)	7	 	(16	)	
 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	152	 	$	146	 	$	115	 	$	215	 	$	628	 	
Preferred stock dividends	 	(1	)	—	 	(1	)	(1	)	(3	)	
Net income available for common stockholders	 	$	151	 	$	146	 	$	114	 	$	214	 	$	625	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.51	 	$	0.46	 	$	0.40	 	$	0.65	 	$	2.02	 	
Discontinued operations	 	(0.03	)	—	 	(0.04	)	0.02	 	(0.05	)	
Net income	 	$	0.48	 	$	0.46	 	$	0.36	 	$	0.67	 	$	1.97	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.49	 	$	0.45	 	$	0.39	 	$	0.63	 	$	1.95	 	
Discontinued operations	 	(0.03	)	—	 	(0.04	)	0.02	 	(0.05	)	
Net income	 	$	0.46	 	$	0.45	 	$	0.35	 	$	0.65	 	$	1.90	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive average common and common equivalent shares outstanding	 	329.2	 	332.2	 	332.6	 	333.3	 	331.8	 	

 

 	 	2002	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,373	 	$	1,421	 	$	1,466	 	$	1,602	 	$	5,862	 	
Premiums and other	 	535	 	638	 	607	 	588	 	2,368	 	
Investment income (loss)	 	108	 	(27	)	86	 	83	 	250	 	
Total revenue	 	2,016	 	2,032	 	2,159	 	2,273	 	8,480	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,343	 	1,541	 	1,527	 	1,555	 	5,966	 	
Benefits to policyholders	 	314	 	391	 	350	 	320	 	1,375	 	
Depreciation & Amortization	 	57	 	66	 	59	 	72	 	254	 	
Interest expense	 	29	 	30	 	32	 	33	 	124	 	
Unusual credits - World Trade Center	 	—	 	—	 	(18	)	(11	)	(29	)	
Total expenses	 	1,743	 	2,028	 	1,950	 	1,969	 	7,690	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax and minority interest	 	273	 	4	 	209	 	304	 	790	 	
Provision for income tax	 	101	 	1	 	76	 	112	 	290	 	
Income from continuing operations before minority interest	 	172	 	3	 	133	 	192	 	500	 	
Minority interest - 8.205% trust preferred capital securities	 	(10	)	(10	)	(10	)	(4	)	(34	)	
Income from continuing operations	 	162	 	(7	)	123	 	188	 	466	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from discontinued operations	 	(2	)	12	 	8	 	(15	)	3	 	
Income tax provision (benefit)	 	—	 	5	 	3	 	(5	)	3	 	
Income (loss) from discontinued operations, net of tax	 	(2	)	7	 	5	 	(10	)	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	160	 	$	—	 	$	128	 	$	178	 	$	466	 	
Preferred stock dividends	 	(1	)	—	 	(1	)	(1	)	(3	)	
Net income available for common stockholders	 	$	159	 	$	—	 	$	127	 	$	177	 	$	463	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.59	 	$	(0.03	)	$	0.44	 	$	0.62	 	$	1.65	 	
Discontinued operations	 	(0.01	)	0.03	 	0.02	 	(0.03	)	—	 	
Net income	 	$	0.58	 	$	—	 	$	0.46	 	$	0.59	 	$	1.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.58	 	$	(0.03	)	$	0.44	 	$	0.62	 	$	1.64	 	
Discontinued operations	 	(0.01	)	0.03	 	0.02	 	(0.03	)	—	 	
Net income	 	$	0.57	 	$	—	 	$	0.46	 	$	0.59	 	$	1.64	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive average common and common equivalent shares outstanding	 	276.6	 	278.0	 	277.1	 	299.0	 	282.6	 	

 

 	 	2001	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,235	 	$	1,287	 	$	1,237	 	$	1,442	 	$	5,201	 	
Premiums and other	 	508	 	492	 	510	 	517	 	2,027	 	
Investment income	 	20	 	77	 	104	 	6	 	207	 	
Total revenue	 	1,763	 	1,856	 	1,851	 	1,965	 	7,435	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,272	 	1,427	 	1,289	 	1,408	 	5,396	 	
Benefits to policyholders	 	292	 	260	 	271	 	288	 	1,111	 	
Depreciation & Amortization	 	83	 	83	 	83	 	86	 	335	 	
Interest expense	 	36	 	31	 	31	 	29	 	127	 	
Unusual charges - World Trade Center	 	—	 	—	 	53	 	105	 	158	 	
Total expenses	 	1,683	 	1,801	 	1,727	 	1,916	 	7,127	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax and minority interest	 	80	 	55	 	124	 	49	 	308	 	
Provision for income tax	 	32	 	21	 	47	 	21	 	121	 	
Income from continuing operations before minority interest	 	48	 	34	 	77	 	28	 	187	 	
Minority interest - 8.205% trust preferred capital securities	 	(10	)	(10	)	(10	)	(10	)	(40	)	
Income from continuing operations	 	38	 	24	 	67	 	18	 	147	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from discontinued operations	 	(32	)	9	 	9	 	15	 	1	 	
Income tax provision (benefit)	 	(13	)	4	 	4	 	6	 	1	 	
Income (loss) from discontinued operations, net of tax	 	(19	)	5	 	5	 	9	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	19	 	$	29	 	$	72	 	$	27	 	$	147	 	
Preferred stock dividends	 	(1	)	—	 	(1	)	(1	)	(3	)	
Net income available for common stockholders	 	$	18	 	$	29	 	$	71	 	$	26	 	$	144	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.14	 	$	0.09	 	$	0.24	 	$	0.07	 	$	0.54	 	
Discontinued operations	 	(0.07	)	0.02	 	0.02	 	0.03	 	—	 	
Net income	 	$	0.07	 	$	0.11	 	$	0.26	 	$	0.10	 	$	0.54	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.14	 	$	0.09	 	$	0.24	 	$	0.07	 	$	0.53	 	
Discontinued operations	 	(0.07	)	0.02	 	0.02	 	0.03	 	—	 	
Net income	 	$	0.07	 	$	0.11	 	$	0.26	 	$	0.10	 	$	0.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive average common and common equivalent shares outstanding	 	267.9	 	270.2	 	275.4	 	276.9	 	272.4	 	

 
 
Exhibit 99.2
 
Aon Corporation
Segments - Reclassified for Discontinued Operations

 	 	2005	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	Six
Months	 	
Revenue	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	454	 	$	541	 	$	995	 	
Risk Management & Insurance Brokerage - International	 	660	 	592	 	1,252	 	
Reinsurance Brokerage & Related Services	 	240	 	203	 	443	 	
Claims Services	 	—	 	—	 	—	 	
Total Risk & Insurance Brokerage Services	 	1,354	 	1,336	 	2,690	 	
 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	
Consulting Services	 	240	 	244	 	484	 	
Outsourcing	 	69	 	71	 	140	 	
Total Consulting	 	309	 	315	 	624	 	
 	 	 	 	 	 	 	 	
Insurance Underwriting:	 	 	 	 	 	 	 	
Accident & Health and Life	 	440	 	450	 	890	 	
Warranty, Credit and Property & Casualty	 	349	 	366	 	715	 	
Total Insurance Underwriting	 	789	 	816	 	1,605	 	
 	 	 	 	 	 	 	 	
Corporate & Other	 	29	 	6	 	35	 	
Intersegment Revenues	 	(15	)	(15	)	(30	)	
Total	 	$	2,466	 	$	2,458	 	$	4,924	 	
 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before provision for income tax	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	240	 	$	208	 	$	448	 	
Consulting	 	26	 	29	 	55	 	
Insurance Underwriting	 	68	 	83	 	151	 	
Corporate & Other	 	(24	)	(51	)	(75	)	
Total	 	$	310	 	$	269	 	$	579	 	
 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax - margins	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	17.7	%	15.6	%	16.7	%	
Consulting	 	8.4	%	9.2	%	8.8	%	
Insurance Underwriting	 	8.6	%	10.2	%	9.4	%	
Total	 	12.6	%	10.9	%	11.8	%	

 

 	 	2004	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	480	 	$	531	 	$	503	 	$	566	 	$	2,080	 	
Risk Management & Insurance Brokerage - International	 	633	 	574	 	512	 	638	 	2,357	 	
Reinsurance Brokerage & Related Services	 	239	 	204	 	219	 	199	 	861	 	
Claims Services	 	61	 	57	 	55	 	39	 	212	 	
Total Risk & Insurance Brokerage Services	 	1,413	 	1,366	 	1,289	 	1,442	 	5,510	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	
Consulting Services	 	225	 	230	 	229	 	265	 	949	 	
Outsourcing	 	76	 	75	 	71	 	76	 	298	 	
Total Consulting	 	301	 	305	 	300	 	341	 	1,247	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Insurance Underwriting:	 	 	 	 	 	 	 	 	 	 	 	
Accident & Health and Life	 	425	 	441	 	423	 	432	 	1,721	 	
Warranty, Credit and Property & Casualty	 	356	 	364	 	356	 	353	 	1,429	 	
Total Insurance Underwriting	 	781	 	805	 	779	 	785	 	3,150	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Corporate & Other	 	36	 	18	 	(6	)	61	 	109	 	
Intersegment Revenues	 	(18	)	(16	)	(15	)	(23	)	(72	)	
Total	 	$	2,513	 	$	2,478	 	$	2,347	 	$	2,606	 	$	9,944	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before provision for income tax	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	243	 	$	191	 	$	131	 	$	15	 	$	580	 	
Consulting	 	26	 	28	 	29	 	22	 	105	 	
Insurance Underwriting	 	53	 	73	 	67	 	61	 	254	 	
Corporate & Other	 	(22	)	(32	)	(52	)	(2	)	(108	)	
Total	 	$	300	 	$	260	 	$	175	 	$	96	 	$	831	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax - margins	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	17.2	%	14.0	%	10.2	%	1.0	%	10.5	%	
Consulting	 	8.6	%	9.2	%	9.7	%	6.5	%	8.4	%	
Insurance Underwriting	 	6.8	%	9.1	%	8.6	%	7.8	%	8.1	%	
Total	 	11.9	%	10.5	%	7.5	%	3.7	%	8.4	%	

 

 	 	2003	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	456	 	$	522	 	$	499	 	$	575	 	$	2,052	 	
Risk Management & Insurance Brokerage - International	 	524	 	507	 	478	 	565	 	2,074	 	
Reinsurance Brokerage & Related Services	 	237	 	219	 	225	 	192	 	873	 	
Claims Services	 	88	 	88	 	85	 	91	 	352	 	
Total Risk & Insurance Brokerage Services	 	1,305	 	1,336	 	1,287	 	1,423	 	5,351	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	
Consulting Services	 	209	 	224	 	214	 	251	 	898	 	
Outsourcing	 	71	 	68	 	70	 	78	 	287	 	
Total Consulting	 	280	 	292	 	284	 	329	 	1,185	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Insurance Underwriting:	 	 	 	 	 	 	 	 	 	 	 	
Accident & Health and Life	 	399	 	377	 	416	 	402	 	1,594	 	
Warranty, Credit and Property & Casualty	 	310	 	315	 	326	 	338	 	1,289	 	
Total Insurance Underwriting	 	709	 	692	 	742	 	740	 	2,883	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Corporate & Other	 	31	 	40	 	14	 	40	 	125	 	
Intersegment Revenues	 	(12	)	(16	)	(21	)	(19	)	(68	)	
Total	 	$	2,313	 	$	2,344	 	$	2,306	 	$	2,513	 	$	9,476	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before provision for income tax and minority interest	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	238	 	$	165	 	$	167	 	$	225	 	$	795	 	
Consulting	 	21	 	22	 	20	 	47	 	110	 	
Insurance Underwriting	 	63	 	64	 	58	 	11	 	196	 	
Corporate & Other	 	(50	)	(6	)	(28	)	61	 	(23	)	
Total	 	$	272	 	$	245	 	$	217	 	$	344	 	$	1,078	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax - margins	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	18.2	%	12.4	%	13.0	%	15.8	%	14.9	%	
Consulting	 	7.5	%	7.5	%	7.0	%	14.3	%	9.3	%	
Insurance Underwriting	 	8.9	%	9.2	%	7.8	%	1.5	%	6.8	%	
Total	 	11.8	%	10.5	%	9.4	%	13.7	%	11.4	%	

 

 	 	2002	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	400	 	$	452	 	$	472	 	$	541	 	$	1,865	 	
Risk Management & Insurance Brokerage - International	 	420	 	413	 	403	 	459	 	1,695	 	
Reinsurance Brokerage & Related Services	 	194	 	186	 	204	 	181	 	765	 	
Claims Services	 	77	 	80	 	87	 	85	 	329	 	
Total Risk & Insurance Brokerage Services	 	1,091	 	1,131	 	1,166	 	1,266	 	4,654	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	
Consulting Services	 	183	 	194	 	193	 	226	 	796	 	
Outsourcing	 	48	 	52	 	74	 	76	 	250	 	
Total Consulting	 	231	 	246	 	267	 	302	 	1,046	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Insurance Underwriting:	 	 	 	 	 	 	 	 	 	 	 	
Accident & Health and Life	 	389	 	441	 	415	 	394	 	1,639	 	
Warranty, Credit and Property & Casualty	 	260	 	309	 	303	 	290	 	1,162	 	
Total Insurance Underwriting	 	649	 	750	 	718	 	684	 	2,801	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Corporate & Other	 	45	 	(95	)	8	 	21	 	(21	)	
Total	 	$	2,016	 	$	2,032	 	$	2,159	 	$	2,273	 	$	8,480	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before provision for income tax and minority interest	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	185	 	$	125	 	$	193	 	$	252	 	$	755	 	
Consulting	 	27	 	24	 	26	 	45	 	122	 	
Insurance Underwriting	 	68	 	2	 	41	 	44	 	155	 	
Corporate & Other	 	(7	)	(147	)	(51	)	(37	)	(242	)	
Total	 	$	273	 	$	4	 	$	209	 	$	304	 	$	790	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax - margins	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	17.0	%	11.1	%	16.6	%	19.9	%	16.2	%	
Consulting	 	11.7	%	9.8	%	9.7	%	14.9	%	11.7	%	
Insurance Underwriting	 	10.5	%	0.3	%	5.7	%	6.4	%	5.5	%	
Total	 	13.5	%	0.2	%	9.7	%	13.4	%	9.3	%	

 

 	 	2001	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	384	 	$	432	 	$	393	 	$	518	 	$	1,727	 	
Risk Management & Insurance Brokerage - International	 	375	 	342	 	322	 	374	 	1,413	 	
Reinsurance Brokerage & Related Services	 	170	 	169	 	169	 	142	 	650	 	
Claims Services	 	79	 	90	 	93	 	100	 	362	 	
Total Risk & Insurance Brokerage Services	 	1,008	 	1,033	 	977	 	1,134	 	4,152	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	
Consulting Services	 	169	 	181	 	180	 	210	 	740	 	
Outsourcing	 	43	 	47	 	50	 	53	 	193	 	
Total Consulting	 	212	 	228	 	230	 	263	 	933	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Insurance Underwriting:	 	 	 	 	 	 	 	 	 	 	 	
Accident & Health and Life	 	348	 	354	 	357	 	370	 	1,429	 	
Warranty, Credit and Property & Casualty	 	280	 	255	 	284	 	273	 	1,092	 	
Total Insurance Underwriting	 	628	 	609	 	641	 	643	 	2,521	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Corporate & Other	 	(85	)	(14	)	3	 	(75	)	(171	)	
Total	 	$	1,763	 	$	1,856	 	$	1,851	 	$	1,965	 	$	7,435	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before provision for income tax and minority interest	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	157	 	$	65	 	$	126	 	$	155	 	$	503	 	
Consulting	 	24	 	24	 	29	 	50	 	127	 	
Insurance Underwriting	 	68	 	60	 	45	 	(5	)	168	 	
Corporate & Other	 	(169	)	(94	)	(76	)	(151	)	(490	)	
Total	 	$	80	 	$	55	 	$	124	 	$	49	 	$	308	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before provision for income tax - margins	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	15.6	%	6.3	%	12.9	%	13.7	%	12.1	%	
Consulting	 	11.3	%	10.5	%	12.6	%	19.0	%	13.6	%	
Insurance Underwriting	 	10.8	%	9.9	%	7.0	%	-0.8	%	6.7	%	
Total	 	4.5	%	3.0	%	6.7	%	2.5	%	4.1	%