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): August 4, 2004

 
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)

 
Item 7.   Financial Statements, Pro Forma Financial Information and Exhibits .
 
(a)    (b)   Not applicable.
 
(c)              Exhibits:
 
The following exhibits are furnished as part of this report:

Exhibit
Number	 	Description of Exhibit	
99.1	 	Consolidated Summary of Operations – Reclassified for Discontinued Operations for  (i) the quarter ended March 31, 2004, (ii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and  (iii) the years ended December 31, 2003, 2002, 2001 and 2000.	
 	 	 	
99.2	 	Segments-Reclassified for Discontinued Operations for  (i) the quarter ended March 31, 2004, (ii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and  (iii) the years ended December 31, 2003, 2002, 2001 and 2000.	
 
Item 9.   Regulation FD Disclosure.
 
This supplemental information is being furnished to assist investors in analyzing the Company’s historical 2004, 2003, 2002, 2001 and 2000 financial information compared to the second quarter and six months 2004 presentation, which added a reinsurance brokerage runoff unit to discontinued operations.
 
On August 5, 2004, a Current Report on Form 8-K (the “August 5 Form 8-K”) was filed in conjunction with the release of second quarter and six months 2004 financial results that included a quarterly and full year consolidated summary of operations for the year ended December 31, 2003 and the quarter ended March 31, 2004, reclassified for discontinued operations.  This Form 8-K filing supplements the August 5 Form 8-K by adding reclassified information for each quarter as well as full years ended December 31, 2002, 2001 and 2000, and is attached as Exhibit 99.1.
 
The August 5 Form 8-K also included segment information reclassified for discontinued operations for each quarter and full year ended December 31, 2003 and the quarter ended March 31, 2004. This Form 8-K filing supplements the August 5 Form 8-K by adding reclassified information for each quarter as well as full years ended December 31, 2002, 2001 and 2000, and is attached as Exhibit 99.2.
 
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 and Chief Financial Officer	
 	 	 	
Date: August 4, 2004	 	 	
 
2

 
EXHIBIT INDEX
 
The following is a list of the exhibits furnished with this Current Report on Form 8-K.

Exhibit
Number	 	Description of Exhibit	
 	 	 	
99.1	 	Consolidated Summary of Operations – Reclassified for Discontinued Operations for  (i) the quarter ended March 31, 2004, (ii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and  (iii) the years ended December 31, 2003, 2002, 2001 and 2000.	
 	 	 	
99.2	 	Segments-Reclassified for Discontinued Operations for  (i) the quarter ended March 31, 2004, (ii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and  (iii) the years ended December 31, 2003, 2002, 2001 and 2000.	
 
3

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

 	 	2003	 	2004	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	1st
Quarter	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,653	 	$	1,688	 	$	1,639	 	$	1,822	 	$	6,802	 	$	1,792	 	
Premiums and other	 	632	 	635	 	673	 	669	 	2,609	 	692	 	
Investment income	 	79	 	89	 	57	 	87	 	312	 	81	 	
Total revenue	 	2,364	 	2,412	 	2,369	 	2,578	 	9,723	 	2,565	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,672	 	1,776	 	1,719	 	1,851	 	7,018	 	1,835	 	
Benefits to policyholders	 	345	 	325	 	367	 	390	 	1,427	 	383	 	
Interest expense	 	28	 	27	 	24	 	22	 	101	 	34	 	
Amortization of intangible assets	 	13	 	15	 	18	 	17	 	63	 	14	 	
Unusual charges (credits) - World Trade Center	 	37	 	9	 	—	 	(60	)	(14	)	—	 	
Total expenses	 	2,095	 	2,152	 	2,128	 	2,220	 	8,595	 	2,266	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before income tax and minority interest	 	269	 	260	 	241	 	358	 	1,128	 	299	 	
Provision for income tax	 	99	 	96	 	90	 	133	 	418	 	108	 	
Income from continuing operations before minority interest	 	170	 	164	 	151	 	225	 	710	 	191	 	
Minority interest - 8.205% trust preferred capital securities	 	(9	)	(9	)	(9	)	(9	)	(36	)	—	 	
Income from continuing operations	 	161	 	155	 	142	 	216	 	674	 	191	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss from discontinued operations	 	(13	)	(15	)	(43	)	(2	)	(73	)	(27	)	
Income tax benefit	 	(4	)	(6	)	(16	)	(1	)	(27	)	(6	)	
Loss from discontinued operations, net of tax	 	(9	)	(9	)	(27	)	(1	)	(46	)	(21	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	152	 	$	146	 	$	115	 	$	215	 	$	628	 	$	170	 	
Preferred stock dividends	 	(1	)	—	 	(1	)	(1	)	(3	)	(1	)	
Net income available for common stockholders	 	$	151	 	$	146	 	$	114	 	$	214	 	$	625	 	$	169	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.51	 	$	0.49	 	$	0.45	 	$	0.67	 	$	2.12	 	$	0.60	 	
Discontinued operations	 	(0.03	)	(0.03	)	(0.09	)	—	 	(0.15	)	(0.07	)	
Net income	 	$	0.48	 	$	0.46	 	$	0.36	 	$	0.67	 	$	1.97	 	$	0.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.51	 	$	0.49	 	$	0.44	 	$	0.67	 	$	2.11	 	$	0.59	 	
Discontinued operations	 	(0.03	)	(0.03	)	(0.08	)	—	 	(0.14	)	(0.06	)	
Net income	 	$	0.48	 	$	0.46	 	$	0.36	 	$	0.67	 	$	1.97	 	$	0.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive average common and common equivalent shares outstanding	 	315.2	 	318.2	 	318.6	 	319.3	 	317.8	 	321.3	 	

 

 	 	2002	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,420	 	$	1,485	 	$	1,527	 	$	1,670	 	$	6,102	 	
Premiums and other	 	535	 	638	 	607	 	588	 	2,368	 	
Investment income (loss)	 	109	 	(26	)	87	 	81	 	251	 	
Total revenue	 	2,064	 	2,097	 	2,221	 	2,339	 	8,721	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,430	 	1,637	 	1,616	 	1,677	 	6,360	 	
Benefits to policyholders	 	314	 	391	 	350	 	320	 	1,375	 	
Interest expense	 	29	 	30	 	32	 	33	 	124	 	
Amortization of intangible assets	 	11	 	14	 	13	 	16	 	54	 	
Unusual credits - World Trade Center	 	—	 	—	 	(18	)	(11	)	(29	)	
Total expenses	 	1,784	 	2,072	 	1,993	 	2,035	 	7,884	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before income tax and minority interest	 	280	 	25	 	228	 	304	 	837	 	
Provision for income tax	 	104	 	9	 	84	 	112	 	309	 	
Income from continuing operations before minority interest	 	176	 	16	 	144	 	192	 	528	 	
Minority interest - 8.205% trust preferred capital securities	 	(10	)	(10	)	(10	)	(4	)	(34	)	
Income from continuing operations	 	166	 	6	 	134	 	188	 	494	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	
Loss from discontinued operations	 	(9	)	(9	)	(11	)	(15	)	(44	)	
Income tax benefit	 	(3	)	(3	)	(5	)	(5	)	(16	)	
Loss from discontinued operations, net of tax	 	(6	)	(6	)	(6	)	(10	)	(28	)	
 	 	 	 	 	 	 	 	 	 	 	 	
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	 	$	0.60	 	$	0.02	 	$	0.48	 	$	0.62	 	$	1.75	 	
Discontinued operations	 	(0.02	)	(0.02	)	(0.02	)	(0.03	)	(0.10	)	
Net income	 	$	0.58	 	$	—	 	$	0.46	 	$	0.59	 	$	1.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.59	 	$	0.02	 	$	0.48	 	$	0.62	 	$	1.74	 	
Discontinued operations	 	(0.02	)	(0.02	)	(0.02	)	(0.03	)	(0.10	)	
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	 	$	1,273	 	$	1,334	 	$	1,284	 	$	1,499	 	$	5,390	 	
Premiums and other	 	508	 	492	 	510	 	517	 	2,027	 	
Investment income	 	21	 	78	 	105	 	7	 	211	 	
Total revenue	 	1,802	 	1,904	 	1,899	 	2,023	 	7,628	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,347	 	1,505	 	1,365	 	1,492	 	5,709	 	
Benefits to policyholders	 	292	 	260	 	271	 	288	 	1,111	 	
Interest expense	 	36	 	31	 	31	 	29	 	127	 	
Amortization of intangible assets	 	39	 	39	 	40	 	40	 	158	 	
Unusual charges - World Trade Center	 	—	 	—	 	53	 	105	 	158	 	
Total expenses	 	1,714	 	1,835	 	1,760	 	1,954	 	7,263	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before income tax and minority interest	 	88	 	69	 	139	 	69	 	365	 	
Provision for income tax	 	35	 	27	 	53	 	29	 	144	 	
Income from continuing operations before minority interest	 	53	 	42	 	86	 	40	 	221	 	
Minority interest - 8.205% trust preferred capital securities	 	(10	)	(10	)	(10	)	(10	)	(40	)	
Income from continuing operations	 	43	 	32	 	76	 	30	 	181	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	
Loss from discontinued operations	 	(40	)	(5	)	(6	)	(5	)	(56	)	
Income tax benefit	 	(16	)	(2	)	(2	)	(2	)	(22	)	
Loss from discontinued operations, net of tax	 	(24	)	(3	)	(4	)	(3	)	(34	)	
 	 	 	 	 	 	 	 	 	 	 	 	
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	 	$	0.16	 	$	0.12	 	$	0.27	 	$	0.11	 	$	0.67	 	
Discontinued operations	 	(0.09	)	(0.01	)	(0.01	)	(0.01	)	(0.13	)	
Net income	 	$	0.07	 	$	0.11	 	$	0.26	 	$	0.10	 	$	0.54	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.16	 	$	0.12	 	$	0.27	 	$	0.11	 	$	0.65	 	
Discontinued operations	 	(0.09	)	(0.01	)	(0.01	)	(0.01	)	(0.12	)	
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	 	

 

 	 	2000	 	
(millions except per share data)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Brokerage commissions and fees	 	$	1,191	 	$	1,190	 	$	1,164	 	$	1,349	 	$	4,894	 	
Premiums and other	 	468	 	491	 	476	 	486	 	1,921	 	
Investment income	 	136	 	124	 	132	 	112	 	504	 	
Total revenue	 	1,795	 	1,805	 	1,772	 	1,947	 	7,319	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	 	 	 	 	 	 	 	 	 	 	 	
General expenses	 	1,258	 	1,250	 	1,196	 	1,438	 	5,142	 	
Benefits to policyholders	 	252	 	257	 	257	 	271	 	1,037	 	
Interest expense	 	31	 	33	 	38	 	38	 	140	 	
Amortization of intangible assets	 	38	 	39	 	38	 	39	 	154	 	
Total expenses	 	1,579	 	1,579	 	1,529	 	1,786	 	6,473	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before income tax and minority interest	 	216	 	226	 	243	 	161	 	846	 	
Provision for income tax	 	84	 	88	 	95	 	63	 	330	 	
Income from continuing operations before minority interest	 	132	 	138	 	148	 	98	 	516	 	
Minority interest - 8.205% trust preferred capital securities	 	(10	)	(10	)	(10	)	(10	)	(40	)	
Income from continuing operations	 	122	 	128	 	138	 	88	 	476	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued operations	 	 	 	 	 	 	 	 	 	 	 	
Income from discontinued operations	 	2	 	2	 	1	 	3	 	8	 	
Income tax provision	 	1	 	1	 	—	 	1	 	3	 	
Income from discontinued operations, net of tax	 	1	 	1	 	1	 	2	 	5	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Cumulative effect of change in accounting principle, net of tax	 	(7	)	—	 	—	 	—	 	(7	)	
 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	116	 	$	129	 	$	139	 	$	90	 	$	474	 	
Preferred stock dividends	 	(1	)	—	 	(1	)	(1	)	(3	)	
Net income available for common stockholders	 	$	115	 	$	129	 	$	138	 	$	89	 	$	471	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basic net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.46	 	$	0.50	 	$	0.53	 	$	0.33	 	$	1.82	 	
Discontinued operations	 	0.01	 	—	 	—	 	0.01	 	0.02	 	
Cumulative effect of change in accounting principle	 	(0.03	)	—	 	—	 	—	 	(0.03	)	
Net income	 	$	0.44	 	$	0.50	 	$	0.53	 	$	0.34	 	$	1.81	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive net income per share:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	 	$	0.46	 	$	0.49	 	$	0.53	 	$	0.32	 	$	1.80	 	
Discontinued operations	 	0.01	 	—	 	—	 	0.01	 	0.02	 	
Cumulative effect of change in accounting principle	 	(0.03	)	—	 	—	 	—	 	(0.03	)	
Net income	 	$	0.44	 	$	0.49	 	$	0.53	 	$	0.33	 	$	1.79	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Dilutive average common and common equivalent shares outstanding	 	260.5	 	261.7	 	262.8	 	267.0	 	263.0	 	

 
Exhibit 99.2
 
Aon Corporation
Segments - Reclassified for Discontinued Operations

 	 	2003	 	2004	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	1st Quarter	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	507	 	$	590	 	$	562	 	$	640	 	$	2,299	 	$	532	 	
Risk Management & Insurance Brokerage - International	 	524	 	507	 	478	 	565	 	2,074	 	633	 	
Reinsurance Brokerage & Related Services	 	237	 	219	 	225	 	192	 	873	 	239	 	
Claims Services	 	88	 	88	 	85	 	91	 	352	 	61	 	
Total Risk & Insurance Brokerage Services	 	1,356	 	1,404	 	1,350	 	1,488	 	5,598	 	1,465	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits, Compensation, Management & Communications Consulting	 	209	 	224	 	214	 	251	 	898	 	225	 	
Human Resource Outsourcing	 	71	 	68	 	70	 	78	 	287	 	76	 	
Total Consulting	 	280	 	292	 	284	 	329	 	1,185	 	301	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Insurance Underwriting:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accident & Health and Life	 	399	 	377	 	416	 	402	 	1,594	 	425	 	
Warranty, Credit and Property & Casualty	 	310	 	315	 	326	 	338	 	1,289	 	356	 	
Total Insurance Underwriting	 	709	 	692	 	742	 	740	 	2,883	 	781	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate & Other	 	31	 	40	 	14	 	40	 	125	 	36	 	
Intersegment Revenues	 	(12	)	(16	)	(21	)	(19	)	(68	)	(18	)	
Total	 	$	2,364	 	$	2,412	 	$	2,369	 	$	2,578	 	$	9,723	 	$	2,565	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before income tax and minority interest	 	 	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	235	 	$	180	 	$	191	 	$	239	 	$	845	 	$	242	 	
Consulting	 	21	 	22	 	20	 	47	 	110	 	26	 	
Insurance Underwriting	 	63	 	64	 	58	 	11	 	196	 	53	 	
Corporate & Other	 	(50	)	(6	)	(28	)	61	 	(23	)	(22	)	
Total	 	$	269	 	$	260	 	$	241	 	$	358	 	$	1,128	 	$	299	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before income tax - margins	 	 	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	17.3	%	12.8	%	14.1	%	16.1	%	15.1	%	16.5	%	
Consulting	 	7.5	%	7.5	%	7.0	%	14.3	%	9.3	%	8.6	%	
Insurance Underwriting	 	8.9	%	9.2	%	7.8	%	1.5	%	6.8	%	6.8	%	
Total	 	11.4	%	10.8	%	10.2	%	13.9	%	11.6	%	11.7	%	

 

 	 	2002	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	448	 	$	517	 	$	534	 	$	607	 	$	2,106	 	
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	 	1,139	 	1,196	 	1,228	 	1,332	 	4,895	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	
Benefits, Compensation, Management & Communications Consulting	 	183	 	194	 	193	 	226	 	796	 	
Human Resource 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	 	$	2,064	 	$	2,097	 	$	2,221	 	$	2,339	 	$	8,721	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before income tax and minority interest	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	192	 	$	146	 	$	212	 	$	252	 	$	802	 	
Consulting	 	27	 	24	 	26	 	45	 	122	 	
Insurance Underwriting	 	68	 	2	 	41	 	44	 	155	 	
Corporate & Other	 	(7	)	(147	)	(51	)	(37	)	(242	)	
Total	 	$	280	 	$	25	 	$	228	 	$	304	 	$	837	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before income tax - margins	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	16.9	%	12.2	%	17.3	%	18.9	%	16.4	%	
Consulting	 	11.7	%	9.8	%	9.7	%	14.9	%	11.7	%	
Insurance Underwriting	 	10.5	%	0.3	%	5.7	%	6.4	%	5.5	%	
Total	 	13.6	%	1.2	%	10.3	%	13.0	%	9.6	%	

 

 	 	2001	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	423	 	$	480	 	$	441	 	$	576	 	$	1,920	 	
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	 	1,047	 	1,081	 	1,025	 	1,192	 	4,345	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	
Benefits, Compensation, Management & Communications Consulting	 	169	 	181	 	180	 	210	 	740	 	
Human Resource 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	 	$	1,802	 	$	1,904	 	$	1,899	 	$	2,023	 	$	7,628	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before income tax and minority interest	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	165	 	$	79	 	$	141	 	$	176	 	$	561	 	
Consulting	 	24	 	24	 	29	 	50	 	127	 	
Insurance Underwriting	 	68	 	60	 	45	 	(5	)	168	 	
Corporate & Other	 	(169	)	(94	)	(76	)	(152	)	(491	)	
Total	 	$	88	 	$	69	 	$	139	 	$	69	 	$	365	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before income tax - margins	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	15.8	%	7.3	%	13.8	%	14.8	%	12.9	%	
Consulting	 	11.3	%	10.5	%	12.6	%	19.0	%	13.6	%	
Insurance Underwriting	 	10.8	%	9.9	%	7.0	%	-0.8	%	6.7	%	
Total	 	4.9	%	3.6	%	7.3	%	3.4	%	4.8	%	

 

 	 	2000	 	
(millions)	 	1st
Quarter	 	2nd
Quarter	 	3rd
Quarter	 	4th
Quarter	 	Full Year	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services:	 	 	 	 	 	 	 	 	 	 	 	
Risk Management & Insurance Brokerage - Americas	 	$	420	 	$	456	 	$	448	 	$	544	 	$	1,868	 	
Risk Management & Insurance Brokerage - International	 	370	 	332	 	301	 	332	 	1,335	 	
Reinsurance Brokerage & Related Services	 	153	 	145	 	159	 	153	 	610	 	
Claims Services	 	60	 	61	 	63	 	68	 	252	 	
Total Risk & Insurance Brokerage Services	 	1,003	 	994	 	971	 	1,097	 	4,065	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Consulting:	 	 	 	 	 	 	 	 	 	 	 	
Benefits, Compensation, Management & Communications Consulting	 	143	 	147	 	148	 	198	 	636	 	
Human Resource Outsourcing	 	33	 	33	 	34	 	34	 	134	 	
Total Consulting	 	176	 	180	 	182	 	232	 	770	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Insurance Underwriting:	 	 	 	 	 	 	 	 	 	 	 	
Accident & Health and Life	 	319	 	323	 	330	 	349	 	1,321	 	
Warranty, Credit and Property & Casualty	 	267	 	286	 	264	 	275	 	1,092	 	
Total Insurance Underwriting	 	586	 	609	 	594	 	624	 	2,413	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Corporate & Other	 	30	 	22	 	25	 	(6	)	71	 	
Total	 	$	1,795	 	$	1,805	 	$	1,772	 	$	1,947	 	$	7,319	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) from continuing operations before income tax and minority interest	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	$	177	 	$	177	 	$	178	 	$	125	 	$	657	 	
Consulting	 	19	 	23	 	26	 	38	 	106	 	
Insurance Underwriting	 	68	 	82	 	85	 	90	 	325	 	
Corporate & Other	 	(48	)	(56	)	(46	)	(92	)	(242	)	
Total	 	$	216	 	$	226	 	$	243	 	$	161	 	$	846	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations before income tax - margins	 	 	 	 	 	 	 	 	 	 	 	
Risk & Insurance Brokerage Services	 	17.6	%	17.8	%	18.3	%	11.4	%	16.2	%	
Consulting	 	10.8	%	12.8	%	14.3	%	16.4	%	13.8	%	
Insurance Underwriting	 	11.6	%	13.5	%	14.3	%	14.4	%	13.5	%	
Total	 	12.0	%	12.5	%	13.7	%	8.3	%	11.6	%