EX-12.(B) 4 a2084204zex-12_b.htm EX 12(B)
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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
(millions except ratios)

 
   Three Months Ended
March 31,
   Years Ended December 31,
 
   2002
   2001
   2001
   2000
   1999
   1998
   1997
 
   (Restated)

   (Restated)

    
    
    
    
    
Income before provision for income taxes and minority interest   $ 271   $ 48   $ 309   $ 854   $ 635   $ 931   $ 542
ADD BACK FIXED CHARGES:                                          
  Interest on indebtedness     29     36     127     140     105     87     70
  Interest credited on investment-type insurance contracts     12     16     56     71     77     72     45
  Interest on ESOP     —     —     —     —     1     2     3
  Portion of rents representative of interest factor     15     14     57     54     49     51     44
   
 
 
 
 
 
 
    INCOME AS ADJUSTED   $ 327   $ 114   $ 549   $ 1,119   $ 867   $ 1,143   $ 704
   
 
 
 
 
 
 
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:                                          
  Interest on indebtedness   $ 29   $ 36   $ 127   $ 140   $ 105   $ 87   $ 70
  Preferred stock dividends     17     17     70     70     70     70     82
   
 
 
 
 
 
 
    INTEREST AND DIVIDENDS     46     53     197     210     175     157     152
  Interest credited on investment-type insurance contracts     12     16     56     71     77     72     45
  Interest on ESOP     —     —     —     —     1     2     3
  Portion of rents representative of interest factor     15     14     57     54     49     51     44
   
 
 
 
 
 
 
    TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS   $ 73   $ 83   $ 310   $ 335   $ 302   $ 282   $ 244
   
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (1)     4.5     1.4     1.8     3.3     2.9     4.1     2.9
   
 
 
 
 
 
 
(1)
Included in total fixed charges and preferred stock dividends are $16 million for the three months ended March 31, 2002 and 2001, $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 condensed consolidated statements of income.


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AON CORPORATION AND CONSOLIDATED SUBSIDIARIES COMBINED WITH UNCONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (millions except ratios)