EX-99.3 5 a05-4590_1ex99d3.htm EX-99.3

Exhibit 99.3

 

Aon Corporation

Segments - Fourth Quarter Continuing Operations

 

 

 

Fourth Quarter Ended

 

(millions)

 

Dec. 31,
2004

 

Dec. 31,
2003 (1)

 

Percent
Change

 

Less:
Currency
Impact

 

Less:
Acquisitions,
Divestitures & Transfers

 

Less: All
Other (2)

 

Organic
Revenue
Growth (3)

 

 

 

(Revised)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk and insurance brokerage services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk management and insurance brokerage - Americas

 

$

622

 

$

638

 

(3

)%

1

%

—

%

—

%

(4

)%

Risk management and insurance brokerage - International

 

638

 

565

 

13

 

7

 

1

 

1

 

4

 

Reinsurance brokerage and related services

 

199

 

192

 

4

 

2

 

—

 

2

 

—

 

Claims services

 

39

 

91

 

(57

)

—

 

(40

)

—

 

(17

)

Total risk and insurance brokerage services

 

1,498

 

1,486

 

1

 

3

 

(2

)

1

 

(1

)

Consulting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits, compensation, management and communications consulting

 

265

 

251

 

6

 

4

 

—

 

—

 

2

 

Human resource outsourcing

 

76

 

78

 

(3

)

2

 

—

 

(1

)

(4

)

Total consulting

 

341

 

329

 

4

 

3

 

—

 

1

 

—

 

Insurance underwriting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident & health and life

 

432

 

402

 

7

 

3

 

—

 

7

 

(3

)

Warranty, credit and property & casualty

 

353

 

338

 

4

 

3

 

(1

)

1

 

1

 

Total insurance underwriting

 

785

 

740

 

6

 

3

 

—

 

4

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other

 

61

 

40

 

53

 

N/A

 

N/A

 

N/A

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intersegment revenues

 

(23

)

(19

)

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

Total

 

$

2,662

 

$

2,576

 

3

%

3

%

(1

)%

2

%

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income (included in Revenue above)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk and insurance brokerage services

 

$

26

 

$

17

 

53

%

 

 

 

 

 

 

 

 

Consulting

 

1

 

1

 

—

 

 

 

 

 

 

 

 

 

Insurance underwriting, including deposit-type contracts

 

34

 

29

 

17

 

 

 

 

 

 

 

 

 

Corporate and other

 

61

 

40

 

53

 

 

 

 

 

 

 

 

 

Total

 

$

122

 

$

87

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax and minority interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk and insurance brokerage services

 

$

29

 

$

239

 

(88

)%

 

 

 

 

 

 

 

 

Consulting

 

22

 

47

 

(53

)

 

 

 

 

 

 

 

 

Insurance underwriting

 

61

 

11

 

455

 

 

 

 

 

 

 

 

 

Corporate and other

 

(2

)

61

 

N/A

 

 

 

 

 

 

 

 

 

Total

 

$

110

 

$

358

 

(69

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax - margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk and insurance brokerage services

 

1.9

%

16.1

%

 

 

 

 

 

 

 

 

 

 

Consulting

 

6.5

%

14.3

%

 

 

 

 

 

 

 

 

 

 

Insurance underwriting

 

7.8

%

1.5

%

 

 

 

 

 

 

 

 

 

 

Total

 

4.1

%

13.9

%

 

 

 

 

 

 

 

 

 

 

 

(1)          Certain amounts relating to discontinued operations have been reclassified to conform to the 2004 presentation.

 

(2)          Includes the impact of investment income, reimbursable expenses, adjustment between written and earned premium and fees in insurance underwriting only, and unusual items.

 

(3)          Organic revenue growth excludes the impact of foreign exchange, acquisitions, divestitures, transfers and items described in (2).  Written premiums and fees are the basis for organic revenue growth within the Insurance Underwriting segment.