Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Aon plc
We have audited the accompanying consolidated statements of financial position of Aon plc as of December 31, 2016 and 2015 , and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2016 . These financial statements are the responsibility of Aon plc’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Aon plc at December 31, 2016 and 2015 , and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2016 , in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Aon plc’s internal control over financial reporting as of December 31, 2016 , based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) and our report dated February 23, 2017 expressed an unqualified opinion thereon.
Chicago, Illinois
February 23, 2017
50
Aon plc
Consolidated Statements of Income
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Years ended December 31
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(millions, except per share data)
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2016
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2015
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2014
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Revenue
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Commissions, fees and other
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$
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11,605
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$
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11,661
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$
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12,019
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Fiduciary investment income
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22
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21
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26
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Total revenue
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11,627
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11,682
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12,045
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Expenses
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Compensation and benefits
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6,914
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6,837
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7,014
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Other general expenses
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2,807
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2,997
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3,065
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Total operating expenses
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9,721
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9,834
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10,079
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Operating income
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1,906
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1,848
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1,966
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Interest income
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9
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14
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10
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Interest expense
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(282
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)
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(273
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)
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(255
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)
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Other income
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36
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100
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44
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Income before income taxes
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1,669
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1,689
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1,765
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Income taxes
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239
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267
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334
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Net income
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1,430
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1,422
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1,431
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Less: Net income attributable to noncontrolling interests
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34
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37
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34
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Net income attributable to Aon shareholders
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$
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1,396
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$
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1,385
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$
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1,397
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Basic net income per share attributable to Aon shareholders
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$
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5.21
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$
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4.93
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$
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4.73
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Diluted net income per share attributable to Aon shareholders
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$
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5.16
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$
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4.88
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$
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4.66
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Cash dividends per share paid on ordinary shares
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$
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1.29
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$
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1.15
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$
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0.92
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Weighted average ordinary shares outstanding - basic
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268.1
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280.8
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295.5
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Weighted average ordinary shares outstanding - diluted
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270.3
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283.8
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299.6
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See accompanying Notes to Consolidated Financial Statements.
51
Aon plc
Consolidated Statements of Comprehensive Income
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Years Ended December 31
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(millions)
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2016
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2015
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2014
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Net income
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$
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1,430
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$
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1,422
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$
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1,431
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Less: Net income attributable to noncontrolling interests
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34
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37
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34
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Net income attributable to Aon shareholders
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$
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1,396
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$
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1,385
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$
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1,397
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Other comprehensive (loss) income, net of tax:
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Change in fair value of financial instruments
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(12
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)
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(8
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)
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4
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Foreign currency translation adjustments
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(495
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)
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(442
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)
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(507
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)
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Post-retirement benefit obligation
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16
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155
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(260
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)
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Total other comprehensive loss
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(491
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)
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(295
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)
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(763
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)
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Less: Other comprehensive loss attributable to noncontrolling interests
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(2
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)
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(6
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)
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(3
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)
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Total other comprehensive loss attributable to Aon shareholders
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(489
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)
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(289
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)
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(760
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)
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Comprehensive income attributable to Aon shareholders
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$
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907
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$
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1,096
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$
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637
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