The acquisition of NFP, a leading middle market provider, was completed on April 25, 2024, for a total purchase price of $9.1 billion, including cash and shares. This acquisition is expected to expand Aon's presence in the middle market.

Organic revenue growth was 7% for the third quarter of 2024 and 6% for the first nine months of 2024, driven by net new business and ongoing strong retention across all major geographies.

The Accelerating Aon United Program is expected to result in cumulative costs of $1.0 billion and annualized expense savings of $350 million by the end of 2026. Program expenses were $69 million and $320 million for the three and nine months ended September 30, 2024, respectively.

Aon is in the process of integrating NFP operations and assessing its internal controls over financial reporting, which will require ongoing changes and adjustments.

Management is focused on expense discipline and collaborative behaviors that maximize value for Aon and its shareholders, regardless of which solution line it benefits.

Aon continues to support technology projects to drive long-term growth and real estate projects to align with their Smart Working strategy.

Aon faces legal action arising from a fatal plane crash in November 2016, with claims totaling $844 million in Florida and £29 million in England. Aon believes it has meritorious defenses and intends to vigorously defend itself against the remaining claims.

Certain clients and counterparties have indicated they may initiate legal proceedings against Aon following allegations of fraudulent letters of credit issued in connection with transactions for which capital was arranged by Vesttoo Ltd. Aon has settled and/or is in discussions to settle certain claims, but believes it has meritorious defenses.

There remains significant uncertainty as to how the proposed Pillar Two tax regime and the OECD's past and potentially future Pillar Two guidance will ultimately apply to the Company, and the potential impacts this may have on its global effective tax rate.

Commercial Risk Solutions revenue increased 17% YoY, driven by strength in North America and double-digit growth in M&A services, indicating a strong competitive position in this segment.

Reinsurance Solutions revenue increased 8% YoY, with organic revenue growth of 7%, reflecting double-digit increases in facultative placements, indicating a strong competitive position in this segment.

Health Solutions revenue increased 58% YoY, and Wealth Solutions revenue increased 42% YoY, both driven by organic growth and the acquisition of NFP, indicating a strong competitive position in these segments.

Total operating expenses increased by 37% YoY, primarily due to the inclusion of NFP's ongoing operating expenses and an increase in intangible asset amortization.

Expense savings resulting from Program actions are continuously being realized in 2024, including $25 million and $70 million of savings realized in the first three and nine months of 2024, respectively, the majority of which are recognized within Compensation and benefits.

Information technology expenses decreased 1% for the first nine months of 2024, due primarily to efficiencies from our Aon Business Services operating platform and savings from Accelerating Aon United restructuring actions, partially offset by the inclusion of operating expenses from NFP.

Aon continues to support certain technology projects to drive long-term growth, indicating ongoing investment in innovation and technology.

The Accelerating Aon United Program includes technology-related costs to facilitate streamlining and simplifying operations, indicating a focus on technological improvements.

Management remains focused on strengthening Aon and uniting the firm with one portfolio of capability enabled by data and analytics, indicating a focus on leveraging technology for insights.

Aon repurchased $304 million of shares in the third quarter of 2024 and $804 million in the first nine months of 2024, with $2.5 billion remaining authorized for share repurchases.

Aon issued $6 billion in senior notes and drew a $2 billion term loan to fund the NFP acquisition, resulting in a significant increase in total debt to $17.1 billion.

The acquisition of NFP demonstrates a focus on strategic acquisitions to expand market presence and capabilities.

Aon offers a wide range of risk assessment, consulting, and advisory solutions designed to address and manage ESG issues for clients, indicating a focus on this area.

Aon is required to provide certain climate-related information in Item 7, Management's Discussion and Analysis regarding material climate-related risks, activities to mitigate or adapt to such risks, and information regarding oversight and management of climate-related risks.

The Company is currently evaluating the impact that the SEC's final rules on climate-related disclosures will have on their disclosures and will monitor the judicial process for impacts on the disclosure requirements.

Aon's international operations are subject to fluctuations in foreign exchange rates, which can impact financial results. The company uses derivative instruments to manage these risks.

Aon's fiduciary investment income is affected by changes in international and domestic short-term interest rates. A decrease in global short-term interest rates adversely affects their fiduciary investment income.

Ongoing public health impacts continue to create volatility and uncertainty for Aon's clients, indicating a challenging market environment.