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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Reportable segments were determined using a management approach. They are consistent with how the CODM assesses the performance of the Company and allocates resources based on two segments: Risk Capital and Human Capital. This segmentation allows the CODM, who is our Chief Executive Officer, to align the assessment of performance and allocation of resources, based on segment operating income and operating margin, with how the Company addresses client need, accelerating its Aon United strategy through growth in Risk Capital and Human Capital and maximizing value for Aon and its shareholders.

Risk Capital supports clients through its Commercial Risk and Reinsurance solution lines. Commercial Risk includes insurance and specialty brokerage, global risk consulting, captives management, and Affinity programs. Reinsurance includes treaty reinsurance, facultative reinsurance, Strategy and Technology Group, and capital markets.

Human Capital supports clients through its Health and Wealth solution lines. Health includes consulting and brokerage, consumer benefits solutions, and talent advisory services. Wealth includes retirement consulting, pension administration, and investments consulting. Refer to Note 3 “Revenue from Contracts with Customers” for information on revenue by principal service line. The accounting policies of the reportable segments are the same as those described in Note 2 “Summary of Significant Accounting Principles and Practices.”

The Company does not present assets by reportable segment and this information is not used by the CODM to assess the performance of, or allocate resources to the Company’s reportable segments. As such, segment assets are not provided to the CODM.
The following tables include information about our reportable segments, including total segment revenue, consolidated revenue, segment operating income, and income before income taxes:
Year Ended December 31, 2024
(millions, except per share data)Risk CapitalHuman CapitalCorporate/EliminationsTotal Consolidated
Revenue
Total revenue (1)
$10,517 $5,209 $(28)$15,698 
Expenses
Compensation and benefits5,417 2,739 127 8,283 
Information technology368 168 3 539 
Premises215 110 — 325 
Other expenses (2)
1,225 1,049 442 2,716 
Total operating expenses7,225 4,066 572 11,863 
Operating income3,292 1,143 (600)3,835 
Operating margin31.3 %21.9 %24.4 %
Non-operating expenses
Interest income67 
Interest expense(788)
Other income (expense)348 
Income before income taxes$3,462 
(1)Includes fiduciary investment income of $307 million in Risk Capital and $8 million in Human Capital for 2024.
(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
Year Ended December 31, 2023
(millions, except per share data)Risk CapitalHuman CapitalCorporate/EliminationsTotal Consolidated
Revenue
Total revenue (1)
$9,524 $3,864 $(12)$13,376 
Expenses
Compensation and benefits4,800 2,003 99 6,902 
Information technology385 148 1 534 
Premises204 88 2 294 
Other expense (2)
1,189 528 144 1,861 
Total operating expenses6,578 2,767 246 9,591 
Operating income2,946 1,097 (258)3,785 
Operating margin30.9 %28.4 %28.3 %
Non-operating expenses
Interest income31 
Interest expense(484)
Other income (expense)(163)
Income before income taxes$3,169 
(1)Includes fiduciary investment income of $270 million in Risk Capital and $4 million in Human Capital for 2023.
(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
Year Ended December 31, 2022
(millions, except per share data)Risk CapitalHuman CapitalCorporate/EliminationsTotal Consolidated
Revenue
Total revenue (1)
$8,905 $3,591 $(17)$12,479 
Expenses
Compensation and benefits4,532 1,856 89 6,477 
Information technology361 146 2 509 
Premises195 88 6 289 
Other expense (2)
922 540 73 1,535 
Total operating expenses6,010 2,630 170 8,810 
Operating income2,895 961 (187)3,669 
Operating margin32.5 %26.8 %29.4 %
Non-operating expenses
Interest income18 
Interest expense(406)
Other income (expense)(125)
Income before income taxes$3,156 
(1)Includes fiduciary investment income of $76 million in Risk Capital and less than $1 million in Human Capital for 2022.
(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.
Revenue
Reportable segment revenue includes inter-segment revenue of $16 million for Risk Capital and $12 million for Human Capital for 2024, $6 million for Risk Capital and $6 million for Human Capital for 2023, and $9 million for Risk Capital and $8 million for Human Capital for 2022. This inter-segment revenue is eliminated as a Corporate adjustment to reconcile to the Company's Consolidated Total revenue.
Segment Operating Expenses
The Company’s segment operating expenses are generally attributed to the function of the business. Segment expenses exclude governance costs, post-retirement benefits, and other costs that are not directly attributable to a specific segment.
Non-operating Expenses
The Company’s non-operating income (expenses) primarily consist of Interest income, Interest expense and Other income (expense) which are not allocated to our reportable segments, as the CODM assesses performance based on operating income results. Interest income represents income earned on Cash and cash equivalents and Short-term investments. Interest expense represents the cost of debt obligations. Other income (expense) consists of equity earnings, realized gains or losses on the sale of investments, gains on the disposal of businesses, gains or losses on derivatives, and gains or losses on foreign currency remeasurement.
Entity-Wide Disclosures
The following table includes consolidated long-lived assets, net by geographic area (in millions). Long-lived assets are comprised of Fixed assets, net, Operating lease right-of-use assets, and finance lease assets classified as Other non-current assets:
As of December 31TotalUnited
States		Americas other
than U.S.		United
Kingdom		IrelandOther Europe, Middle East, & AfricaAsia
Pacific
2024$1,357 $598 $117 $144 $28 $261 $209 
2023$1,314 $492 $124 $159 $7 $297 $235