Aon plc Annual Report, Year Ended Dec 31, 2023

Aon plc reported total revenue of $13.4 billion for the fiscal year ended December 31, 2023, representing a 7% increase compared to the prior year, driven by organic revenue growth across its key segments: Commercial Risk, Reinsurance, Health, and Wealth Solutions. The company's strategic focus remains on strengthening its portfolio by concentrating on higher-margin, capital-light professional services with recurring revenue streams and strong cash flow generation. Aon continues to invest in innovation and data analytics to deliver enhanced client value. A significant development during the period was the announcement of an agreement to acquire NFP for approximately $7 billion in cash and Aon shares, expected to close by mid-2024, subject to regulatory approvals. Financially, Aon demonstrated solid operational performance, with adjusted diluted earnings per share increasing by 6% to $14.14 and free cash flow growing 5% to $3.2 billion. The company also returned significant capital to shareholders through share repurchases, amounting to $2.7 billion in 2023. Despite an increase in operating expenses, partly due to restructuring costs and legal settlement expenses, Aon maintained strong adjusted operating margins.