Acquisitions and Dispositions of Businesses (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Acquisitions

Total acquisitions completed by the Company for the three and nine months ended September 30, 2025 and 2024 were as follows. Acquisitions that impact multiple segments are categorized by the segment primarily impacted.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Risk Capital	1	3	8	8
Human Capital	4	5	6	8
Total	5	8	14	16

Schedule of Consideration Transferred and Preliminary Value of Intangible Assets

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):

	Nine Months Ended September 30, 2025
Consideration transferred:
Cash (1)	$	788
Deferred and contingent consideration	43
Aggregate consideration transferred	$	831
Assets acquired:
Goodwill	476
Intangible assets	379
Other assets (2)	198
Total assets acquired	1,053
Liabilities assumed:
Total liabilities assumed	222
Net assets acquired	$	831

(1)As of December 31, 2024, includes $416 million of consideration paid into an escrow account related to the acquisition of Griffiths & Armour, which closed on January 1, 2025.

(2)Includes Cash and cash equivalents of $39 million and $62 million in funds held on behalf of clients.

The fair values of consideration transferred, assets acquired, liabilities assumed, and redeemable and nonredeemable noncontrolling interests are shown below (in millions):

	NFP Acquisition
Consideration transferred:
Cash	$	3,247
Class A ordinary shares issued	5,882
Aggregate consideration transferred	$	9,129
Assets acquired:
Goodwill	6,838
Intangible assets	6,775
Other assets (1)	1,362
Total assets acquired	14,975
Liabilities assumed:
Long-term debt	3,422
Deferred tax liabilities (2)	1,013
Other liabilities (3)	1,218
Total liabilities assumed	5,653
Less: Fair value of redeemable noncontrolling interests (4)	(108)
Less: Fair value of nonredeemable noncontrolling interests	(85)
Net assets acquired	$	9,129

(1)Includes Cash and cash equivalents of $294 million and $277 million in funds held on behalf of clients.

(2)As of September 30, 2025, the NFP deferred tax liability related to the U.S. has been netted with the Aon deferred tax asset related to the U.S. and presented as a net deferred tax asset on the Consolidated Statements of Financial Position.

(3)Includes Accounts payable and accrued liabilities of $283 million and $125 million of Non-current operating lease liabilities.

(4)The fair value of the noncontrolling interests acquired was estimated using a DCF model under the income approach and used estimated financial projections developed by management applying market participant assumptions.

Schedule of Pro Forma Information

The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the NFP Transaction had taken place on the date indicated or of results that may occur in the future (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	3,721	$	3,506	$	12,249	$	11,605
Net income attributable to Aon shareholders	343		328		1,745		1,596

Schedule of Dispositions

Total dispositions completed by the Company for the three and nine months ended September 30, 2025 and 2024 were as follows. Dispositions that impact multiple segments are categorized by the segment primarily impacted.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Risk Capital	1	1	1	3
Human Capital	1	1	2	2
Total	2	2	3	5