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Acquisitions and Dispositions of Businesses
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions of Businesses Acquisitions and Dispositions of Businesses
Completed Acquisitions
The Company completed two and four acquisitions during the three and nine months ended September 30, 2022, respectively, and completed one acquisition during the three and nine months ended September 30, 2021. The following table includes the preliminary fair values of consideration transferred, assets acquired, and liabilities assumed as a result of the Company’s acquisitions (in millions):
September 30,
2022
Consideration transferred
Cash$153 
Deferred and contingent consideration
6 
Aggregate consideration transferred$159 
Assets acquired
Goodwill$80 
Intangible assets75 
Other assets (1)
23 
Total assets acquired178 
Liabilities assumed:
Total liabilities assumed19 
Net assets acquired$159 
(1)Includes Cash and cash equivalents of $2 million and an insignificant amount of funds held on behalf of clients.
The results of operations of these acquisitions are included in the Condensed Consolidated Financial Statements as of the respective acquisition dates. The Company’s results of operations would not have been materially different if these acquisitions had been reported from the beginning of the period in which they were acquired.
2022 Acquisitions
On September 12, 2022, the Company completed the purchase of certain assets of Praxiom Risk Management, a provider of professional risk management in the U.S.
On August 1, 2022, the Company completed the purchase of certain assets of U.S. Advisors, Inc., a broker based in the U.S.
On May 3, 2022, the Company completed the acquisition of 100% of the share capital of Karl Köllner group companies, a marine hull broker based in Germany.
On March 1, 2022, the Company completed the acquisition of Tyche, an actuarial software platform based in the U.K.
2021 Acquisitions
On December 22, 2021, the Company completed the acquisition of 100% of the share capital of For Welfare S.r.l, a company focused on bancassurance programs in Italy.
On September 1, 2021, the Company completed the acquisition of the remaining 51% of Aon India Insurance Brokers Limited (formerly known as Anviti Insurance Brokers Private Limited). Prior to the acquisition date, the Company accounted for its 49% interest in Anviti as an equity-method investment. The acquisition-date fair value of the previous equity interest was $15 million and was included in the measurement of consideration transferred. There was no significant impact as a result of remeasuring the carrying value of the Company’s prior equity interest in Anviti held before the business combination.
Completed Dispositions
The Company completed no dispositions during the three months ended September 30, 2022 and three dispositions during the nine months ended September 30, 2022, and two and three dispositions during the three and nine months ended September 30, 2021, respectively.
The pretax gains recognized related to dispositions for the three months ended September 30, 2022 were $6 million. The pretax gains recognized related to dispositions for the nine months ended September 30, 2022 were $53 million. The pretax gains and
losses recognized related to the dispositions were insignificant for the three and nine months ended September 30, 2021. Gains recognized as a result of a disposition are included in Other income (expense) in the Condensed Consolidated Statements of Income.