The acquisition of NFP was completed on April 25, 2024, expanding Aon's presence in the large and fast-growing middle market and enhancing its client relationships and distribution. The purchase price totaled $9.1 billion.

Organic revenue growth was 6% for the second quarter of 2024 and 5% for the first six months, driven by net new business generation and ongoing strong retention. Growth was seen across all major geographies and business segments.

The Accelerating Aon United program is a three-year restructuring initiative to streamline technology, optimize leadership, and reduce real estate. The program is expected to result in cumulative costs of $1.0B, with $251M incurred in the first six months of 2024.

Management is focused on integrating NFP, which includes assessing NFP's internal controls over financial reporting. The company is also working to align management processes and controls.

Management assesses performance and allocates resources based on key metrics, expense discipline, and collaborative behaviors that maximize value for Aon and its shareholders. The company is focused on expense management.

The Accelerating Aon United program is expected to generate annualized expense savings of approximately $350 million by the end of 2026. The company is realizing some savings in 2024.

The company is subject to foreign exchange rate risk, particularly between the U.S. dollar and the euro, British pound, Canadian dollar, Australian dollar, Indian rupee, and Japanese yen. The company uses derivatives to mitigate this risk.

The company's fiduciary investment income is affected by changes in international and domestic short-term interest rates. The company monitors its net exposure and uses derivatives to hedge its exposure.

The company is subject to numerous claims, lawsuits, and proceedings, including E&O claims. The company is also facing legal action related to a fatal plane crash and the Vesttoo situation. These matters could have a material adverse effect on the company's financial position.

The company experienced strong organic growth in Commercial Risk Solutions, Reinsurance Solutions, Health Solutions, and Wealth Solutions, driven by net new business generation and strong retention.

The acquisition of NFP expands Aon's presence in the large and fast-growing middle market, enhancing its client relationships and distribution. The acquisition of NFP positions Aon to compete more effectively in this market.

The company notes that market impact was modestly positive on results in the quarter, indicating a stable pricing environment.

Information technology expenses increased 2% YoY, and other general expenses increased 42% YoY, primarily due to the inclusion of NFP's operating expenses and transaction and integration costs.

Premises expenses increased 21% YoY, primarily due to the inclusion of ongoing operating expenses from NFP.

Depreciation of fixed assets increased 15% YoY and amortization and impairment of intangible assets increased 412% YoY, primarily due to the inclusion of NFP's operating expenses and intangible assets.

The company is supporting certain technology projects to drive long-term growth and is investing in Aon Business Services-enabled technology platforms.

The Accelerating Aon United Program includes technology-related costs to facilitate streamlining and simplifying operations and to optimize technology across the company.

The company is making ongoing investments in Aon Business Services-enabled technology platforms to drive long-term growth.

The company repurchased 1.6 million shares for $500M during the first six months of 2024. The remaining authorized amount for share repurchases was approximately $2.8B as of June 30, 2024.

The company issued $6 billion in senior notes and drew $2 billion from a delayed draw term loan to partially finance the NFP acquisition. The company also repaid $300 million of the term loan.

Capital expenditures amounted to $101 million for the six months ended June 30, 2024, primarily related to software development costs and real estate projects to align with the company's Smart Working strategy.

Management recognizes the increasing importance of ESG risks and opportunities and is committed to helping clients manage these issues. The company offers a wide range of solutions designed to address and manage ESG issues.

The company's ESG solutions are significant parts of its core business offerings, designed to address and manage ESG issues for clients and enable them to create more sustainable value.

The company sees significant opportunity in enhancing its impact and delivering innovative client solutions on ESG matters.

Foreign exchange rate fluctuations may have a significant impact on the company's business. The company uses derivatives to mitigate this risk, but fluctuations can still distort period-to-period comparisons.

Ireland, the U.K., and many E.U. member states have enacted legislation to implement the global minimum tax. The company is actively monitoring developments in this area and continues to evaluate the guidance and potential impacts.

The company operates in a dynamic business environment in which new risks may emerge frequently. The company is subject to various economic and political conditions in the countries in which it does business.