Exhibit 12.1
Aon Corporation and Consolidated Subsidiaries
Combined With Unconsolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
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| Six Months Ended |
| Years Ended December 31, |
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(millions except ratios) |
| 2008 |
| 2007 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Income from continuing operations before provision for income taxes and minority interest |
| $ | 483 |
| $ | 522 |
| $ | 1,026 |
| $ | 663 |
| $ | 577 |
| $ | 526 |
| $ | 770 |
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Less: Earnings from unconsolidated entities under the equity method of accounting |
| 1 |
| 3 |
| 6 |
| 5 |
| 7 |
| 3 |
| 8 |
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Add back fixed charges: |
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Interest on indebtedness (1) |
| 64 |
| 69 |
| 138 |
| 129 |
| 125 |
| 136 |
| 101 |
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Interest on FIN 48 liabilities |
| (1 | ) | (1 | ) | (2 | ) | — |
| — |
| — |
| — |
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Portion of rents representative of interest factor |
| 25 |
| 37 |
| 75 |
| 79 |
| 71 |
| 73 |
| 67 |
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Income as adjusted |
| $ | 570 |
| $ | 624 |
| $ | 1,231 |
| $ | 866 |
| $ | 766 |
| $ | 732 |
| $ | 930 |
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Fixed charges: |
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Interest on indebtedness (1) |
| $ | 64 |
| $ | 69 |
| $ | 138 |
| $ | 129 |
| $ | 125 |
| $ | 136 |
| $ | 101 |
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Portion of rents representative of interest factor |
| 25 |
| 37 |
| 75 |
| 79 |
| 71 |
| 73 |
| 67 |
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Total fixed charges |
| $ | 89 |
| $ | 106 |
| $ | 213 |
| $ | 208 |
| $ | 196 |
| $ | 209 |
| $ | 168 |
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Ratio of earnings to fixed charges |
| 6.4 |
| 5.9 |
| 5.8 |
| 4.2 |
| 3.9 |
| 3.5 |
| 5.5 |
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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 ($29 million for both the six months ended June 30, 2008 and 2007 and $58 million for the years ended December 31, 2007, 2006, 2005 and 2004) on these notes payable is reported as part of interest expense in the condensed consolidated statements of income.
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