Exhibit 99.1
Aon Corporation
Consolidated Summary of Operations - Reclassified for Discontinued Operations
|
| 2005 |
| ||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| Nine |
| ||||
Revenue |
|
|
|
|
|
|
|
|
| ||||
Brokerage commissions and fees |
| $ | 1,675 |
| $ | 1,664 |
| $ | 1,582 |
| $ | 4,921 |
|
Premiums and other |
| 698 |
| 718 |
| 732 |
| 2,148 |
| ||||
Investment income |
| 91 |
| 74 |
| 73 |
| 238 |
| ||||
Total revenue |
| 2,464 |
| 2,456 |
| 2,387 |
| 7,307 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
General expenses |
| 1,659 |
| 1,711 |
| 1,695 |
| 5,065 |
| ||||
Benefits to policyholders |
| 393 |
| 381 |
| 402 |
| 1,176 |
| ||||
Depreciation & amortization |
| 67 |
| 62 |
| 80 |
| 209 |
| ||||
Interest expense |
| 34 |
| 31 |
| 29 |
| 94 |
| ||||
Provision for New York and other state settlements |
| 1 |
| 2 |
| 1 |
| 4 |
| ||||
Total expenses |
| 2,154 |
| 2,187 |
| 2,207 |
| 6,548 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations before provision for income tax |
| 310 |
| 269 |
| 180 |
| 759 |
| ||||
Provision for income tax |
| 112 |
| 89 |
| 60 |
| 261 |
| ||||
Income from continuing operations |
| 198 |
| 180 |
| 120 |
| 498 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Discontinued operations |
|
|
|
|
|
|
|
|
| ||||
Income from discontinued operations |
| 3 |
| 20 |
| 3 |
| 26 |
| ||||
Income tax provision |
| 1 |
| 9 |
| 1 |
| 11 |
| ||||
Income from discontinued operations, net of tax |
| 2 |
| 11 |
| 2 |
| 15 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net income |
| $ | 200 |
| $ | 191 |
| $ | 122 |
| $ | 513 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (2 | ) | ||||
Net income available for common stockholders |
| $ | 199 |
| $ | 191 |
| $ | 121 |
| $ | 511 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic net income per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 0.61 |
| $ | 0.56 |
| $ | 0.36 |
| $ | 1.54 |
|
Discontinued operations |
| 0.01 |
| 0.03 |
| 0.01 |
| 0.05 |
| ||||
Net income |
| $ | 0.62 |
| $ | 0.59 |
| $ | 0.37 |
| $ | 1.59 |
|
|
|
|
|
|
|
|
|
|
| ||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 0.58 |
| $ | 0.54 |
| $ | 0.35 |
| $ | 1.48 |
|
Discontinued operations |
| 0.01 |
| 0.03 |
| 0.01 |
| 0.04 |
| ||||
Net income |
| $ | 0.59 |
| $ | 0.57 |
| $ | 0.36 |
| $ | 1.52 |
|
|
|
|
|
|
|
|
|
|
| ||||
Dilutive average common and common equivalent shares outstanding |
| 337.1 |
| 338.5 |
| 342.7 |
| 339.4 |
|
|
| 2004 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,739 |
| $ | 1,691 |
| $ | 1,601 |
| $ | 1,791 |
| $ | 6,822 |
|
Premiums and other |
| 692 |
| 716 |
| 693 |
| 687 |
| 2,788 |
| |||||
Investment income |
| 80 |
| 69 |
| 50 |
| 122 |
| 321 |
| |||||
Total revenue |
| 2,511 |
| 2,476 |
| 2,344 |
| 2,600 |
| 9,931 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,725 |
| 1,707 |
| 1,682 |
| 1,855 |
| 6,969 |
| |||||
Benefits to policyholders |
| 383 |
| 392 |
| 379 |
| 362 |
| 1,516 |
| |||||
Depreciation & amortization |
| 69 |
| 82 |
| 77 |
| 75 |
| 303 |
| |||||
Interest expense |
| 34 |
| 35 |
| 32 |
| 35 |
| 136 |
| |||||
Provision for New York and other state settlements |
| — |
| — |
| — |
| 180 |
| 180 |
| |||||
Total expenses |
| 2,211 |
| 2,216 |
| 2,170 |
| 2,507 |
| 9,104 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax |
| 300 |
| 260 |
| 174 |
| 93 |
| 827 |
| |||||
Provision for income tax |
| 107 |
| 93 |
| 62 |
| 20 |
| 282 |
| |||||
Income from continuing operations |
| 193 |
| 167 |
| 112 |
| 73 |
| 545 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (28 | ) | 12 |
| 13 |
| 13 |
| 10 |
| |||||
Income tax provision (benefit) |
| (5 | ) | 6 |
| 3 |
| 5 |
| 9 |
| |||||
Income (loss) from discontinued operations, net of tax |
| (23 | ) | 6 |
| 10 |
| 8 |
| 1 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 170 |
| $ | 173 |
| $ | 122 |
| $ | 81 |
| $ | 546 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 169 |
| $ | 173 |
| $ | 121 |
| $ | 80 |
| $ | 543 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.60 |
| $ | 0.52 |
| $ | 0.35 |
| $ | 0.23 |
| $ | 1.70 |
|
Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.03 |
| 0.02 |
| — |
| |||||
Net income |
| $ | 0.53 |
| $ | 0.54 |
| $ | 0.38 |
| $ | 0.25 |
| $ | 1.70 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.58 |
| $ | 0.50 |
| $ | 0.33 |
| $ | 0.22 |
| $ | 1.63 |
|
Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.03 |
| 0.02 |
| — |
| |||||
Net income |
| $ | 0.51 |
| $ | 0.52 |
| $ | 0.36 |
| $ | 0.24 |
| $ | 1.63 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive average common and common equivalent shares outstanding |
| 335.3 |
| 337.1 |
| 337.4 |
| 336.4 |
| 336.6 |
|
|
| 2003 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,600 |
| $ | 1,618 |
| $ | 1,574 |
| $ | 1,753 |
| $ | 6,545 |
|
Premiums and other |
| 632 |
| 635 |
| 673 |
| 669 |
| 2,609 |
| |||||
Investment income |
| 79 |
| 89 |
| 55 |
| 87 |
| 310 |
| |||||
Total revenue |
| 2,311 |
| 2,342 |
| 2,302 |
| 2,509 |
| 9,464 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,563 |
| 1,659 |
| 1,616 |
| 1,731 |
| 6,569 |
| |||||
Benefits to policyholders |
| 345 |
| 325 |
| 367 |
| 390 |
| 1,427 |
| |||||
Depreciation & amortization |
| 66 |
| 77 |
| 80 |
| 84 |
| 307 |
| |||||
Interest expense |
| 28 |
| 27 |
| 24 |
| 22 |
| 101 |
| |||||
Unusual charges (credits) - World Trade Center |
| 37 |
| 9 |
| — |
| (60 | ) | (14 | ) | |||||
Total expenses |
| 2,039 |
| 2,097 |
| 2,087 |
| 2,167 |
| 8,390 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax and minority interest |
| 272 |
| 245 |
| 215 |
| 342 |
| 1,074 |
| |||||
Provision for income tax |
| 101 |
| 90 |
| 79 |
| 126 |
| 396 |
| |||||
Income from continuing operations before minority interest |
| 171 |
| 155 |
| 136 |
| 216 |
| 678 |
| |||||
Minority interest - 8.205% trust preferred capital securities |
| (9 | ) | (9 | ) | (9 | ) | (9 | ) | (36 | ) | |||||
Income from continuing operations |
| 162 |
| 146 |
| 127 |
| 207 |
| 642 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (16 | ) | — |
| (17 | ) | 14 |
| (19 | ) | |||||
Income tax provision (benefit) |
| (6 | ) | — |
| (5 | ) | 6 |
| (5 | ) | |||||
Income (loss) from discontinued operations, net of tax |
| (10 | ) | — |
| (12 | ) | 8 |
| (14 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 152 |
| $ | 146 |
| $ | 115 |
| $ | 215 |
| $ | 628 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 151 |
| $ | 146 |
| $ | 114 |
| $ | 214 |
| $ | 625 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.51 |
| $ | 0.46 |
| $ | 0.40 |
| $ | 0.64 |
| $ | 2.01 |
|
Discontinued operations |
| (0.03 | ) | — |
| (0.04 | ) | 0.03 |
| (0.04 | ) | |||||
Net income |
| $ | 0.48 |
| $ | 0.46 |
| $ | 0.36 |
| $ | 0.67 |
| $ | 1.97 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.49 |
| $ | 0.45 |
| $ | 0.39 |
| $ | 0.63 |
| $ | 1.94 |
|
Discontinued operations |
| (0.03 | ) | — |
| (0.04 | ) | 0.02 |
| (0.04 | ) | |||||
Net income |
| $ | 0.46 |
| $ | 0.45 |
| $ | 0.35 |
| $ | 0.65 |
| $ | 1.90 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive average common and common equivalent shares outstanding |
| 329.2 |
| 332.2 |
| 332.6 |
| 333.3 |
| 331.8 |
|
|
| 2002 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,372 |
| $ | 1,419 |
| $ | 1,463 |
| $ | 1,599 |
| $ | 5,853 |
|
Premiums and other |
| 535 |
| 638 |
| 607 |
| 588 |
| 2,368 |
| |||||
Investment income (loss) |
| 108 |
| (28 | ) | 86 |
| 83 |
| 249 |
| |||||
Total revenue |
| 2,015 |
| 2,029 |
| 2,156 |
| 2,270 |
| 8,470 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,342 |
| 1,539 |
| 1,525 |
| 1,553 |
| 5,959 |
| |||||
Benefits to policyholders |
| 314 |
| 391 |
| 350 |
| 320 |
| 1,375 |
| |||||
Depreciation & amortization |
| 57 |
| 66 |
| 59 |
| 72 |
| 254 |
| |||||
Interest expense |
| 29 |
| 30 |
| 32 |
| 33 |
| 124 |
| |||||
Unusual credits - World Trade Center |
| — |
| — |
| (18 | ) | (11 | ) | (29 | ) | |||||
Total expenses |
| 1,742 |
| 2,026 |
| 1,948 |
| 1,967 |
| 7,683 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax and minority interest |
| 273 |
| 3 |
| 208 |
| 303 |
| 787 |
| |||||
Provision for income tax |
| 101 |
| — |
| 76 |
| 112 |
| 289 |
| |||||
Income from continuing operations before minority interest |
| 172 |
| 3 |
| 132 |
| 191 |
| 498 |
| |||||
Minority interest - 8.205% trust preferred capital securities |
| (10 | ) | (10 | ) | (10 | ) | (4 | ) | (34 | ) | |||||
Income (loss) from continuing operations |
| 162 |
| (7 | ) | 122 |
| 187 |
| 464 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (2 | ) | 13 |
| 9 |
| (14 | ) | 6 |
| |||||
Income tax provision (benefit) |
| — |
| 6 |
| 3 |
| (5 | ) | 4 |
| |||||
Income (loss) from discontinued operations, net of tax |
| (2 | ) | 7 |
| 6 |
| (9 | ) | 2 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 160 |
| $ | — |
| $ | 128 |
| $ | 178 |
| $ | 466 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 159 |
| $ | — |
| $ | 127 |
| $ | 177 |
| $ | 463 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from continuing operations |
| $ | 0.59 |
| $ | (0.03 | ) | $ | 0.44 |
| $ | 0.62 |
| $ | 1.64 |
|
Discontinued operations |
| (0.01 | ) | 0.03 |
| 0.02 |
| (0.03 | ) | 0.01 |
| |||||
Net income |
| $ | 0.58 |
| $ | — |
| $ | 0.46 |
| $ | 0.59 |
| $ | 1.65 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive net income per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from continuing operations |
| $ | 0.58 |
| $ | (0.03 | ) | $ | 0.44 |
| $ | 0.62 |
| $ | 1.63 |
|
Discontinued operations |
| (0.01 | ) | 0.03 |
| 0.02 |
| (0.03 | ) | 0.01 |
| |||||
Net income |
| $ | 0.57 |
| $ | — |
| $ | 0.46 |
| $ | 0.59 |
| $ | 1.64 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Dilutive average common and common equivalent shares outstanding |
| 276.6 |
| 278.0 |
| 277.1 |
| 299.0 |
| 282.6 |
|
|
| 2001 |
| |||||||||||||
(millions except per share data) |
| 1st |
| 2nd |
| 3rd |
| 4th |
| Full Year |
| |||||
Revenue |
|
|
|
|
|
|
|
|
|
|
| |||||
Brokerage commissions and fees |
| $ | 1,234 |
| $ | 1,286 |
| $ | 1,234 |
| $ | 1,439 |
| $ | 5,193 |
|
Premiums and other |
| 508 |
| 492 |
| 510 |
| 517 |
| 2,027 |
| |||||
Investment income |
| 20 |
| 76 |
| 104 |
| 6 |
| 206 |
| |||||
Total revenue |
| 1,762 |
| 1,854 |
| 1,848 |
| 1,962 |
| 7,426 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Expenses |
|
|
|
|
|
|
|
|
|
|
| |||||
General expenses |
| 1,271 |
| 1,425 |
| 1,287 |
| 1,406 |
| 5,389 |
| |||||
Benefits to policyholders |
| 292 |
| 260 |
| 271 |
| 288 |
| 1,111 |
| |||||
Depreciation & amortization |
| 83 |
| 83 |
| 83 |
| 86 |
| 335 |
| |||||
Interest expense |
| 36 |
| 31 |
| 31 |
| 29 |
| 127 |
| |||||
Unusual charges - World Trade Center |
| — |
| — |
| 53 |
| 105 |
| 158 |
| |||||
Total expenses |
| 1,682 |
| 1,799 |
| 1,725 |
| 1,914 |
| 7,120 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before provision for income tax and minority interest |
| 80 |
| 55 |
| 123 |
| 48 |
| 306 |
| |||||
Provision for income tax |
| 32 |
| 21 |
| 47 |
| 20 |
| 120 |
| |||||
Income from continuing operations before minority interest |
| 48 |
| 34 |
| 76 |
| 28 |
| 186 |
| |||||
Minority interest - 8.205% trust preferred capital securities |
| (10 | ) | (10 | ) | (10 | ) | (10 | ) | (40 | ) | |||||
Income from continuing operations |
| 38 |
| 24 |
| 66 |
| 18 |
| 146 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) from discontinued operations |
| (32 | ) | 9 |
| 10 |
| 16 |
| 3 |
| |||||
Income tax provision (benefit) |
| (13 | ) | 4 |
| 4 |
| 7 |
| 2 |
| |||||
Income (loss) from discontinued operations, net of tax |
| (19 | ) | 5 |
| 6 |
| 9 |
| 1 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 19 |
| $ | 29 |
| $ | 72 |
| $ | 27 |
| $ | 147 |
|
Preferred stock dividends |
| (1 | ) | — |
| (1 | ) | (1 | ) | (3 | ) | |||||
Net income available for common stockholders |
| $ | 18 |
| $ | 29 |
| $ | 71 |
| $ | 26 |
| $ | 144 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic net income per share: |
|
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Income from continuing operations |
| $ | 0.14 |
| $ | 0.09 |
| $ | 0.24 |
| $ | 0.07 |
| $ | 0.54 |
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Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.02 |
| 0.03 |
| — |
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Net income |
| $ | 0.07 |
| $ | 0.11 |
| $ | 0.26 |
| $ | 0.10 |
| $ | 0.54 |
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Dilutive net income per share: |
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Income from continuing operations |
| $ | 0.14 |
| $ | 0.09 |
| $ | 0.24 |
| $ | 0.07 |
| $ | 0.53 |
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Discontinued operations |
| (0.07 | ) | 0.02 |
| 0.02 |
| 0.03 |
| — |
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Net income |
| $ | 0.07 |
| $ | 0.11 |
| $ | 0.26 |
| $ | 0.10 |
| $ | 0.53 |
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Dilutive average common and common equivalent shares outstanding |
| 267.9 |
| 270.2 |
| 275.4 |
| 276.9 |
| 272.4 |
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