Exhibit 12(a)
Aon Corporation and Consolidated Subsidiaries
Combined With Unconsolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
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| Nine Months Ended |
| Years Ended December 31, |
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(millions except ratios) |
| 2004 |
| 2003 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
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Income from continuing operations before provision for income taxes and minority interest |
| $ | 770 |
| $ | 773 |
| $ | 1,131 |
| $ | 840 |
| $ | 367 |
| $ | 846 |
| $ | 622 |
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Less: Earnings from unconsolidated entities under the equity method of accounting |
| 33 |
| 30 |
| 49 |
| 19 |
| (139 | ) | 44 |
| 50 |
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Add back fixed charges: |
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Interest on indebtedness |
| 101 |
| 79 |
| 101 |
| 124 |
| 127 |
| 140 |
| 105 |
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Interest credited on deposit-type insurance contracts |
| 1 |
| 3 |
| — |
| 29 |
| 56 |
| 71 |
| 77 |
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Interest on ESOP |
| — |
| — |
| — |
| — |
| — |
| — |
| 1 |
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Portion of rents representative of interest factor |
| 50 |
| 41 |
| 67 |
| 59 |
| 57 |
| 54 |
| 49 |
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Income as adjusted |
| $ | 889 |
| $ | 866 |
| $ | 1,250 |
| $ | 1,033 |
| $ | 746 |
| $ | 1,067 |
| $ | 804 |
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Fixed charges: |
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Interest on indebtedness (1) |
| $ | 101 |
| $ | 79 |
| $ | 101 |
| $ | 124 |
| $ | 127 |
| $ | 140 |
| $ | 105 |
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Interest credited on deposit-type insurance contracts |
| 1 |
| 3 |
| — |
| 29 |
| 56 |
| 71 |
| 77 |
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Interest on ESOP |
| — |
| — |
| — |
| — |
| — |
| — |
| 1 |
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Portion of rents representative of interest factor |
| 50 |
| 41 |
| 67 |
| 59 |
| 57 |
| 54 |
| 49 |
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Total fixed charges |
| $ | 152 |
| $ | 123 |
| $ | 168 |
| $ | 212 |
| $ | 240 |
| $ | 265 |
| $ | 232 |
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Ratio of earnings to fixed charges |
| 5.8 |
| 7.0 |
| 7.4 |
| 4.9 |
| 3.1 |
| 4.0 |
| 3.5 |
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(1) As a result of the adoption of FIN 46 on December 31, 2003, Aon was required to deconsolidate its 8.205% mandatorily redeemable preferred capital securities. This decrease was offset by an increase in notes payable. Beginning in 2004, interest expense ($43 million for the nine months ended September 30, 2004) on these notes payable is reported as part of interest expense in the condensed consolidated statements of income.