11-K/A 1 0001.txt AON CORPORATION SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K/A Amendment No. 1 X Annual Report Pursuant to Section 15(d) of the Securities _____ Exchange Act of 1934 For the fiscal year ended December 31, 1999 OR _____ Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 A. Full title of the plan and the address of the plan, if different from the issuer named below: Aon Savings Plan B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: Aon Corporation 123 N. Wacker Drive Chicago, Illinois 60606 S I G N A T U R E S Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan, by the Plan Administrator, the Committee, has caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, in the County of Cook and the State of Illinois on the 15th day of June, 2000. AON SAVINGS PLAN BY THE COMMITTEE /s/ THOMAS STACHURA /s/ JOHN A. RESCHKE ------------------------------- -------------------------------- Thomas Stachura John A. Reschke /s/ NANCY GROSS /s/ ROBERT S. Hurwitz ------------------------------- -------------------------------- Nancy Gross Robert S. Hurwitz /s/ ELIZABETH WHITTLE ------------------------------- Elizabeth Whittle - 2 - FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE AON SAVINGS PLAN Years Ended December 31, 1999 and 1998 With Report of Independent Auditors Employer Identification Number 36-3051915 Plan # 020 AON SAVINGS PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE Years ended December 31, 1999 and 1998 CONTENTS Report of Independent Auditors 1 Financial Statements Statement of Net Assets Available for Benefits at December 31, 1999 2 Statement of Net Assets Available for Benefits at December 31, 1998 3 Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1999 4 Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1998 5 Notes to Financial Statements 6 Supplemental Schedule: Schedule H, Line 4i - Schedule of Assets Held for Investment Purposes At End of Year 13 Report of Independent Auditors The Participants and Administrative Committee Aon Savings Plan We have audited the accompanying statements of net assets available for benefits of Aon Savings Plan as of December 31, 1999 and 1998, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1999 and 1998, and the changes in its net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedule of assets held for investment purposes at end of year as of December 31, 1999, is presented for purposes of additional analysis and is not a required part of the financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ERNST & YOUNG LLP June 9, 2000 Employer Plan Identification # 36-3051915 Plan # 020 AON SAVINGS PLAN Statement of Net Assets Available for Benefits December 31, 1999 (in thousands) -------------------------------------- ESOP SAVINGS ALLOCATED ASSETS: PLAN ACCOUNT TOTAL ------- ----------- ----------- --------- Investments, at Fair Value: Aon Corporation Common Stock $ 368,186 $ 221,192 $ 589,378 Investments held in Mutual Funds: Aon Money Market Fund 247,776 - 247,776 Aon Government Securities Fund 41,530 - 41,530 Aon Asset Allocation Fund 174,280 - 174,280 IRT 500 Index Fund 317,869 - 317,869 Aon REIT Index Fund 16,635 - 16,635 IRT International Equity Fund 41,402 - 41,402 Participant Loans 17,017 - 17,017 ----------- ----------- --------- 1,224,695 221,192 1,445,887 Company Contribution Receivable 23,500 14,123 37,623 ----------- ----------- --------- TOTAL NET ASSETS AVAILABLE FOR BENEFITS $ 1,248,195 $ 235,315 $ 1,483,510 =========== =========== ========= See notes to financial statements.
Employer Plan Identification # 36-3051915 Plan # 020 AON SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998 (IN THOUSANDS) ------------------------------------------------------ ESOP ESOP SAVINGS ALLOCATED UNALLOCATED ASSETS: PLAN ACCOUNT ACCOUNT TOTAL ------- --------------- ---------------- ---------------- --------------- Investments, at Fair Value: United States Government and Government Agency Securities $ 92,425 $ 92,425 Common Stocks: Aon Corporation 368,496 $ 219,601 588,097 Investments held in Mutual Funds: Aon Money Market Fund 133,933 - 133,933 Aon Government Securities Fund 49,186 - 49,186 Aon Asset Allocation Fund 164,318 - 164,318 Aon S&P 500 Index Fund 251,594 - 251,594 Aon REIT Index Fund 19,603 - 19,603 Aon International Equity Fund 27,014 - 27,014 Other Long-Term Investments 5 - 5 Short-Term Investments 23,705 2,324 $ 677 26,706 Participant Loans 13,161 - - 13,161 --------------- ---------------- ---------------- --------------- 1,143,440 221,925 677 1,366,042 Unallocated Guaranteed Insurance Contracts at Contract Value 11,455 - - 11,455 --------------- ---------------- ---------------- --------------- Total Investments 1,154,895 221,925 677 1,377,497 Receivables: Company Contribution 21,476 - 15,625 37,101 Participant Contribution 1,890 - - 1,890 Accrued Dividends and Income 2,061 12 3 2,076 Due from Broker 68 - - 68 Fund Transfers - (1,825) 1,825 - --------------- ---------------- ---------------- --------------- Total Receivables 25,495 (1,813) 17,453 41,135 --------------- ---------------- ---------------- --------------- TOTAL ASSETS 1,180,390 220,112 18,130 1,418,632 LIABILITIES: ------------ Accrued Administrative Expenses Payable 389 115 2 506 Accrued Interest Expense - - 61 61 Notes Payable - - 17,500 17,500 Due to Broker 200 - - 200 --------------- ---------------- ---------------- --------------- TOTAL LIABILITIES 589 115 17,563 18,267 --------------- ---------------- ---------------- --------------- ------------------------------------------------------------------------ TOTAL NET ASSETS AVAILABLE FOR BENEFITS $ 1,179,801 219,997 567 1,400,365 =============== ================ ================ ===============
See notes to financial statements. - 3 -
Employer Plan Identification # 36-3051915 Plan # 020 AON SAVINGS PLAN Statement of Changes in Net Assets Available for Benefits Year Ended December 31, 1999 (in thousands) ------------------------------------------------------------------------ ESOP ESOP SAVINGS ALLOCATED UNALLOCATED PLAN ACCOUNT ACCOUNT TOTAL --------------- --------------- -------------- -------------- NET INVESTMENT INCOME Interest and Income from Unallocated Guaranteed Insurance Contracts $ 3,432 $ 65 $ 210 $ 3,707 Net Realized and Unrealized Appreciation (Depreciation) in Fair Value of Investments 104,923 18,169 - 123,092 Aon Corporation Dividends 7,920 4,680 - 12,600 Other Dividends 18,434 - - 18,434 Interest Expense - - (670) (670) Management and Administrative fees (1,595) (342) (4) (1,941) --------------- --------------- -------------- -------------- TOTAL NET INVESTMENT INCOME 133,114 22,572 (464) 155,222 CONTRIBUTIONS Company 23,500 14,123 - 37,623 Participants 65,040 - - 65,040 --------------- --------------- -------------- -------------- TOTAL CONTRIBUTIONS 88,540 14,123 - 102,663 ALLOCATIONS ESOP Diversification 1,015 (1,015) - - --------------- --------------- -------------- -------------- TOTAL ALLOCATIONS 1,015 (1,015) - - OTHER CHANGES Benefit Payments (154,275) (20,465) - (174,740) Interfund Transfers - 103 (103) - --------------- --------------- -------------- -------------- TOTAL OTHER CHANGES (154,275) (20,362) (103) (174,740) --------------- --------------- -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 68,394 15,318 (567) 83,145 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 1,179,801 219,997 567 1,400,365 --------------- --------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 1,248,195 $ 235,315 $ - $ 1,483,510 =============== =============== ============== ==============
See notes to financial statements - 4 -
Employer Plan Identification # 36-3051915 Plan # 020 AON SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1998 (IN THOUSANDS) ------------------------------------------------------------------------ ESOP ESOP SAVINGS ALLOCATED UNALLOCATED PLAN ACCOUNT ACCOUNT TOTAL --------------- --------------- -------------- -------------- NET INVESTMENT INCOME Interest and Income from Unallocated Guaranteed Insurance Contracts $ 6,891 $ 138 $ 423 $ 7,452 Net Realized and Unrealized Appreciation (Depreciation) in Fair Value of Investments 33,694 21,204 (30,333) 24,565 Aon Corporation Dividends 7,479 3,767 807 12,053 Other Dividends 19,860 - - 19,860 Interest Expense - - (2,384) (2,384) Management and Administrative fees (1,244) (371) (17) (1,632) --------------- --------------- -------------- -------------- TOTAL NET INVESTMENT INCOME 66,680 24,738 (31,504) 59,914 CONTRIBUTIONS Company 21,476 - 15,625 37,101 Participants 58,388 - - 58,388 --------------- --------------- -------------- -------------- TOTAL CONTRIBUTIONS 79,864 - 15,625 95,489 ALLOCATIONS Leveraged ESOP Allocation - 8,558 (8,558) - ESOP Diversification 235 (235) - - --------------- --------------- -------------- -------------- TOTAL ALLOCATIONS 235 8,323 (8,558) - OTHER CHANGES Benefit Payments (106,738) (15,714) - (122,452) Plan Mergers 269,345 202,650 25,004 496,999 --------------- --------------- -------------- -------------- TOTAL OTHER CHANGES 162,607 186,936 25,004 374,547 --------------- --------------- -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 309,386 219,997 567 529,950 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 870,415 - - 870,415 --------------- --------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 1,179,801 $ 219,997 $ 567 $ 1,400,365 =============== =============== ============== ==============
See notes to financial statements - 5 - Employer Plan Identification # 36-3051915 Plan # 020 AON SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS Years Ended December 31, 1999 and 1998 1. DESCRIPTION OF PLAN GENERAL The Aon Savings Plan (the Plan) was authorized by the Board of Directors of Aon Corporation (the Company or Plan Sponsor). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Effective January 15, 1997, Aon Corporation acquired Alexander and Alexander Services, Inc., the plan sponsor of the Thrift Plan for Employees of Alexander and Alexander Services, Inc. and Subsidiaries. On January 1, 1998, the Thrift Plan for Employees of Alexander and Alexander Services, Inc. and Subsidiaries was merged into the Plan. Also on January 1, 1998, the Aon Employees Stock Ownership Plan (ESOP) was merged into the Plan. The ESOP was a non-contributory, defined contribution plan covering all employees of the Company except for employees covered by a collective bargaining agreement. Features of the ESOP carried over to the Plan. Certain Plan assets are held by the Aon Funds, an affiliated, open-end management investment company. The assets of the ESOP portion of the Plan are invested primarily in common stock of the Company. Additionally, certain assets are invested by the Trustees as deemed advisable in order for the Plan to meet its cash flow needs. The acquisition of the Company common stock for the ESOP was financed by loans obtained from various lenders. The following description of the Plan provides only general information. Participants of the Plan should refer to the Summary Plan Description for a more complete description of the Plan. - 6 - 1. DESCRIPTION OF PLAN (CONTINUED) ELIGIBILITY AND PARTICIPATION Participation is limited to employees who have completed one year of service, attained the age of 21 and worked 1,000 or more hours in a calendar year or employees who were eligible under another plan that was merged into the Aon Savings Plan. An employee must be employed in the United States on a permanent basis in order to participate. CONTRIBUTIONS PARTICIPANT - Participant contributions are made by means of regular payroll deductions. Non-highly compensated Participants, as defined by the Internal Revenue Code (IRC), may elect to make contributions between 1% and 16% of their compensation, as defined by the Plan. Highly compensated Participants, as defined by the IRC, may elect to make contributions between 1% and 8% of their compensation, as defined by the Plan. Participant contributions are limited to amounts allowed by the Internal Revenue Service (IRS). Accordingly, the maximum Participant contribution was $10,000 in 1999 and 1998. COMPANY - The Company will contribute an amount equal to 100% of the first 3% of a Participant's compensation that a Participant chooses to contribute to the Plan. The Company will make a further contribution to the ESOP portion of the Plan equal to 75% of the next 3% of compensation that is contributed to the Plan. The Plan requires that a Participant be actively employed and contributing to the Plan as of the last day of the Plan year in order to receive a Company contribution. Contributions to the ESOP portion of the Plan are automatically invested in common stock of the Company. ALLOCATION OF ESOP SHARES TO PARTICIPANTS The common stock of the Company allocated to Participants as a result of debt service paid by allocated share dividend monies is based on account balance. The common stock of the Company allocated to Participants as a result of debt service paid by Participants' cash balances is based on cash balance. The common stock of the Company allocated to Participants as a result of all other debt service is based on eligible compensation. A Participant's eligible compensation is limited to amounts allowed under the Tax Reform Act of 1986. Accordingly, the maximum Participants' eligible compensation was $160,000 for 1999 and 1998. - 7 - 1. DESCRIPTION OF PLAN (CONTINUED) INVESTMENT OPTIONS Contributions to the Plan, other than for the ESOP portion, may be invested in any of the seven investment alternatives offered by the Plan in any whole percentages. PARTICIPANT ACCOUNTS Each Participant's account is credited with the Participant's contribution and a) an allocation of the Company's contributions, b) an allocation of Plan earnings, and c) an allocation of Forfeitures of terminated Participants' non-vested accounts. The benefit to which a Participant is entitled is the benefit that can be provided from the Participant's account. VESTING For the ESOP portion of the Plan, a Participant vests in 20% increments and becomes 100% vested after completion of five years of Plan Service. Forfeitures of non-vested accounts are allocated to the remaining Participants. The amount of forfeitures allocated to Participants was $815,000 and $1,954,000 of the Company's common stock in 1999 and 1998, respectively. For the non-ESOP portion of the Plan, Participants are fully vested in their contributions plus actual earnings thereon. Participants become 100% vested in the remainder of their account balance after five years of Plan Service, according to a graded schedule. Forfeitures of non-vested accounts are allocated to the remaining Participants. The amount of forfeitures allocated to Participants was $456,000 and $821,000 for 1999 and 1998, respectively. BENEFIT PAYMENTS For the ESOP portion of the Plan, a Participant's entire account shall be paid to him or his beneficiary in a lump sum upon his normal retirement, permanent disability or death. The Participant may elect payment in the form of shares or cash. For the non-ESOP portion, on termination of service, a Participant may elect to receive either a lump sum amount equal to the value of his or her account and/or monthly installments over a period not to exceed ten years. PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, Participants will become 100% vested in their accounts. - 8 - 1. DESCRIPTION OF PLAN (CONTINUED) PARTICIPANT LOANS Under the loan provision of the Plan, each Participant is permitted one loan in a twelve month period and the outstanding balance of all loans made to a Participant may not exceed the lesser of $50,000 or 50% of the vested portion of the Participant's account excluding the ESOP portion of the account. The interest rate for each loan is equal to 1% plus the prime rate as quoted in The Wall Street Journal for the last day of the month preceding the loan request. Loans are made for a period of up to five years, except for residential loans which have a fixed repayment period of ten years. 2. SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements of the Plan are prepared on an accrual basis in accordance with generally accepted accounting principles. INVESTMENT VALUATION Investments, except for unallocated guaranteed insurance contracts, are carried at fair value, which for marketable securities is based on quotations obtained from national securities exchanges and various other sources. Investments in unallocated guaranteed insurance contracts are valued at contract value, which represents contributions made under the contract, plus interest at the contract rate, less any withdrawals and administrative expenses. Participant loans are valued at cost which approximates fair value. Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date. Realized gains or losses on investments are the difference between the proceeds received and the cost of investments sold as determined on a first-in, first-out basis. The change in the difference between fair value and the cost of investments is reported as unrealized appreciation or depreciation of investments. ADMINISTRATIVE EXPENSES Administrative expenses of the Plan, including expenses of the Trustees, are paid from the Plan assets, except to the extent that the Company, at its discretion, may decide to pay such expenses. The Company did not pay any Plan expenses in 1999 and 1998. Administrative expenses include $595,000 and $1,444,000 in 1999 and 1998, respectively, paid to subsidiaries of the Company. - 9 - 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) RECLASSIFICATIONS Certain amounts in the 1998 financial statements have been reclassified to conform to the 1999 presentation. USE OF ESTIMATES The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 3. ALLOCATION OF ESOP SHARES TO PARTICIPANTS Prior to the 1999 final payoff of the Notes Payable (note 5), all ESOP shares were held by the Plan in a suspense account and were allocated to the Participants on an annual basis as interest and principal payments were made. The common stock allocated each year equaled the number of unallocated shares immediately before such allocation multiplied by the ratio of interest and principal paid on the notes during the current Plan year to the sum of the current year payments plus principal and interest to be paid in future years. There were no shares allocated to Participant accounts in 1999 and 733,941 shares allocated to Participant accounts in 1998. Because the allocation to Participants is based on estimates, the ultimate allocation may vary from the estimate. The variances, which were not material, were adjusted in the following year. 4. INVESTMENTS For 1998, The Northern Trust Company was custodian of the Plan assets and Trustee for the Aon Common Stock Fund. For the remaining funds, members of the Company's management were the trustees. For 1999, Institutional Trust Company (ITC) is custodian of the Plan assets and Trustee for all Plan assets except the ESOP shares. For the ESOP shares, members of the Company's management are the trustees. The Trustees are named fiduciaries under ERISA. As used herein, Trustee refers to The Northern Trust Company, the Institutional Trust Company and Company's management individually and collectively. 4. INVESTMENTS (CONTINUED) During 1999 and 1998 the Plan's investments (including investments bought, sold and held during the year) appreciated (depreciated) in fair value as follows (in thousands): December 31 1999 1998 --------------------------------------------------- Net Realized Net Realized and Unrealized and Unrealized Appreciation Appreciation (Depreciation) (Depreciation) in Fair Value in Fair Value of Investments of Investments Fair During Fair During Value the Year Value the Year --------------------------------------------------- Investments, at fair value: United States Government And Agency Issues $ - $ 438 $ 92,425 $ 927 Other Investments - - 5 - Common Stock: Aon Corporation 589,378 47,564 588,097 (30,126) Investments in Mutual Funds: Aon Money Market Fund 247,776 - 133,933 - Aon Government Securities Fund 41,530 (5,637) 49,186 1,971 Aon Asset Allocation Fund 174,280 19,266 164,318 3,453 Aon S&P 500 Index Fund - 23,268 251,594 51,162 Aon REIT Index Fund 16,635 (2,625) 19,603 (5,855) Aon International Equity Fund - 2,358 27,014 3,035 IRT 500 Index Fund 317,869 31,775 - - IRT International Equity 41,402 6,685 - - Fund Unallocated Guaranteed Insurance Contracts, at contract value: Combined Ins. Co. of America - - 5,438 - Protective Life Insurance Co. - - 5,406 - Travelers Insurance Company - - 611 - Short-Term Investment Funds - - 26,706 (2) ---------------------------------------------- Total $ 1,428,870 $ 123,092 $ 1,364,33 $ 24,565 ---------------------------------------------- - 11 - 4. INVESTMENTS (CONTINUED) The fair value of individual investments that represent 5% or more of the Plan's net assets is as follows (in thousands): December 31 1999 1998 ---- ---- Aon Corporation, Common Stock $ 589,378* $ 588,097* Investments held in Mutual Funds: Aon Money Market Fund 247,776 133,933 Aon Asset Allocation Fund 174,280 164,318 Aon S&P 500 Index Fund - 251,594 IRT 500 Index Fund 317,869 - *Includes $221,192 and $219,601 of nonparticipant directed investments in 1999 and 1998, respectively. 5. NOTES PAYABLE The Plan originally borrowed $90,000,000 from various financial institutions to purchase 5,383,326 shares of the Company's common stock. The notes were unconditionally guaranteed by the Company. During 1999 and 1998, the interest rate on the notes was 8.35%. The notes were segregated into two series, Series A and Series B. During 1999 and 1998, interest paid was approximately $670,000 and $2,384,000, respectively. The Series A note allowed the Plan to borrow up to $43,900,000. Final payment was made on June 15, 1996. The Series B note allowed the Plan to borrow up to $46,100,000. Principal payments are scheduled to be repaid annually beginning September 15, 1997. Interest is paid semi-annually. The final principal payment of $17,500,000 was paid on June 15, 1999. 6. Income Tax Status The IRS ruled on April 10, 1995 that the Plan qualified under Section 401(a) and (k) of the IRC and therefore, the related trust is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Administrative Committee believes the Plan is qualified under the relevant sections of the Code and is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. - 12 -
Employer Identification # 36-3051915 Plan # 020 AON SAVINGS PLAN Schedule H, Line 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR December 31, 1999 Number of Shares ---------------- Current Value Identity of Issuer Principal Amount (thousands) ------------------------------------------------------------------------------------------- Aon COMMON STOCK ---------------- COMMON STOCK Aon Corporation Common Stock, 1.00 par* 9,204,641 $ 368,186 ================== MONEY MARKET FUND ----------------- MUTUAL FUND Investments held in the Aon Money Market Fund* 47,775,788 $ 247,776 ================== GOVERNMENT SECURITIES FUND -------------------------- MUTUAL FUND Investments held in the Aon Government Securities Fund* 4,348,755 $ 41,530 ================== TOTAL RETURN FUND ----------------- MUTUAL FUND Investments held in the Aon Asset Allocation Fund* 10,454,733 $ 174,280 ================== COMMON STOCK INDEX FUND ----------------------- MUTUAL FUND Investments held in the IRT 500 Index Fund 9,113,233 $ 317,869 ================== REAL ESTATE SECURITIES FUND --------------------------- MUTUAL FUND Investments held in the Aon REIT Index Fund* 1,822,052 $ 16,635 ================== INTERNATIONAL EQUITY FUND ------------------------- MUTUAL FUND Investments held in the IRT International Equity Fund 1,780,739 $ 41,402 ================== - 13 - Employer Identification # 36-3051915 Plan # 020 AON SAVINGS PLAN Schedule H, Line 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR December 31, 1999 (continued) Number of Shares ---------------- Cost Current Value Identity of Issuer Principal Amount (thousands) (thousands) ------------------------------------------------------------------------------------------- ESOP ALLOCATED FUND -------------------- COMMON STOCK Aon Corporation Common Stock, 1.00 par* 5,529,793 $ 65,532 $ 221,192 =========== ================== Participant Loans (7%-11%) - - 17,017 $ 1,445,887 ================== * Party in interest transaction not prohibited by ERISA.
- 14 - Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statements (Form S-8 No. 33-27894) pertaining to the Aon Savings Plan of Aon Corporation of our report dated June 9, 2000, with respect to the financial statements and schedules of the Aon Savings Plan included in this annual report (Form 11-K) for the year ended December 31, 1999. ERNST & YOUNG LLP Chicago, Illinois June 9, 2000 June 15, 2000 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Report on Form 11-K for the Aon Savings Plan Registrant: Aon Corporation Commission File No.: 1-7933 Gentlemen and Ladies: Enclosed with this EDGAR transmission is the above referenced Form 11-K for the Aon Savings Plan. Pursuant to Securities Act Release No. 33-7331, no filing fee is being paid herewith as it was eliminated effective October 7, 1996. Please contact the undersigned at 312/701-3835 if you have any questions. Very truly yours, /S/ JEROME S. HANNER Jerome S. Hanner Senior Counsel JSH/ks Enclosures