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EXHIBIT 12(B)
AON CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMBINED WITH UNCONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
YEARS ENDED DECEMBER 31,
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(millions except ratios)
2001 2000 1999 1998 1997
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(Restated) (Restated) (Restated) (Restated) (Restated)
Income before provision for income taxes and minority interest $ 309 $ 854 $ 635 $ 931 $ 542
ADD BACK FIXED CHARGES:
Interest on indebtedness 127 140 105 87 70
Interest credited on investment-type insurance contracts 56 71 77 72 45
Interest on ESOP - - 1 2 3
Portion of rents representative of interest factor 57 54 49 51 44
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INCOME AS ADJUSTED $ 549 $ 1,119 $ 867 $ 1,143 $ 704
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FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Interest on indebtedness $ 127 $ 140 $ 105 $ 87 $ 70
Preferred stock dividends 70 70 70 70 82
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INTEREST AND DIVIDENDS 197 210 175 157 152
Interest credited on investment-type insurance contracts 56 71 77 72 45
Interest on ESOP - - 1 2 3
Portion of rents representative of interest factor 57 54 49 51 44
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TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $ 310 $ 335 $ 302 $ 282 $ 244
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (1) 1.8 3.3 2.9 4.1 2.9
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(1) Included in total fixed charges and preferred stock dividends are $66
million for the years ended December 31, 2001, 2000, 1999 and 1998 and $64
million for the year ended December 31, 1997, of pretax distributions on
the 8.205% mandatorily redeemable preferred capital securities which are
classified as "minority interest" on the consolidated statements of income.