-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qx++1KDIGFA60SGW9QbIQIVLrhvMvylM8emtlfpS+vNjvMq0Ifzde/b+PQeSFG6d eLUeDXqDWG7hv/bJJErtCg== 0000950131-96-003116.txt : 19960702 0000950131-96-003116.hdr.sgml : 19960702 ACCESSION NUMBER: 0000950131-96-003116 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960701 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AON CORP CENTRAL INDEX KEY: 0000315293 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 363051915 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07933 FILM NUMBER: 96588976 BUSINESS ADDRESS: STREET 1: 123 N WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3127013000 FORMER COMPANY: FORMER CONFORMED NAME: COMBINED INTERNATIONAL CORP DATE OF NAME CHANGE: 19870504 11-K 1 FORM 11-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K X Annual Report Pursuant to Section 15(d) of the Securities - ----- Exchange Act of 1934 For the fiscal year ended December 31, 1995 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 SIGNATURES 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 25th day of June, 1995. AON SAVINGS PLAN BY THE COMMITTEE - ------------------------------- -------------------------------- Paul Rabin John Reschke - ------------------------------- -------------------------------- Virginia G. Schooley Robert S. Hurwitz - ------------------------------- E. J. Finneran 2 AUDITED FINANCIAL STATEMENTS AND SCHEDULES Aon SAVINGS PLAN 1995 WITH REPORT OF INDEPENDENT AUDITORS AON SAVINGS PLAN INDEX TO AUDITED FINANCIAL STATEMENTS AND SCHEDULES ---------------------------------------------------
Page ------ Report of Independent Auditors 1 Financial Statements: Statements of Net Assets Available for Plan Benefits at December 31, 1995 and 1994 2 Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 1995 and 1994 3 Notes to Financial Statements 4 Financial Statement Schedules: Schedule I Assets Held for Investment as of December 31, 1995 9 Schedule II Net Assets Available for Plan Benefits by Investment Program at December 31, 1995 and 1994 20 Schedule III Changes in Net Assets Available for Plan Benefits by Investment Program for the years ended December 31, 1995 and 1994 22 Schedule IV Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets for the year ended December 31, 1995 24
AON SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31 ---------------------- (THOUSANDS) 1995 1994 -------- -------- ASSETS - ------ Investments, at Fair Value (Notes 1, 2, and 3): United States Government and Government Agency Issues $ 48,036 $ 37,916 Corporate Bonds and Notes 5,708 8,099 Other Bonds 1,053 921 Common Stocks: Aon Corporation 242,680 155,386 Other 42,316 59,847 Preferred Stocks 1,645 1,457 Investments held in the Life of Virginia Series Funds, Inc.: Money Market Portfolio 21,729 18,516 Government Securities Portfolio 11,692 3,778 Total Return Portfolio 43,613 19,849 Common Stock Index Portfolio 40,527 14,675 Real Estate Securities Portfolio 1,052 - International Equity Portfolio 2,761 - Other Long-Term Investments 18 25 Short-Term Investments 37,400 8,778 -------- -------- 500,230 329,247 Unallocated Guaranteed Insurance Contracts, at Contract Value 101,938 135,533 -------- -------- Total Investments 602,168 464,780 Receivables: Contribution Receivable from Aon Corporation 14,697 13,630 Contributions Receivable from Participants 845 1,006 Loans Receivable 398 802 Accrued Dividends and Interest 763 946 Due from Broker 20,350 5,732 -------- -------- Total Receivables 37,053 22,116 -------- -------- Total Assets 639,221 486,896 -------- -------- LIABILITIES - ----------- Accounts Payable and Accrued Expenses - 128 -------- -------- Total Liabilities - 128 -------- -------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $639,221 $486,768 ======== ========
See notes to financial statements. 2 AON SAVINGS PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31 ------------------------ (THOUSANDS) 1995 1994 ---- ---- ADDITIONS: - ---------- Investment Income: Interest and Income from Unallocated Guaranteed Insurance Contracts $ 12,754 $ 13,771 Aon Corporation Dividends 6,561 5,976 Other Dividends 7,164 3,475 -------- -------- 26,479 23,222 Contributions: Aon Corporation 14,697 13,630 ESOP Diversification 72 58 Participants 30,975 41,642 -------- -------- 45,744 55,330 -------- -------- 72,223 78,552 DEDUCTIONS: - ----------- Benefits Paid to Participants 41,574 33,754 Administrative Expenses 980 936 Investment Expenses 261 387 -------- -------- 42,815 35,077 -------- -------- 29,408 43,475 Net Realized and Unrealized Appreciation/ (Depreciation) in Fair Value of Investments (Note 3) 119,552 (7,336) -------- -------- Net Increases 148,960 36,139 Net Assets Available for Plan Benefits at Beginning of Year 486,768 450,629 Plan Mergers 3,493 - -------- -------- NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $639,221 $486,768 ======== ========
See notes to financial statements. 3 AON SAVINGS PLAN ---------------- NOTES TO FINANCIAL STATEMENTS 1995 and 1994 1. DESCRIPTION OF PLAN ------------------- A. GENERAL The Aon Savings Plan (the "Plan") was authorized by the Board of Directors of Aon Corporation (the "Company"). The Plan has been designed as a salary reduction plan under Section 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"). The Plan is subject to and is designed to comply with the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA") applicable to defined contribution profit sharing plans, specifically "Title I - Protection of Employee Benefits Rights," which includes regulatory provisions regarding reporting and disclosure, participation and vesting, funding, fiduciary responsibility, administration and enforcement. The minimum funding standards of Title I do not, however, apply to the Plan. Certain of the Plan's investments are held by the Life of Virginia Series Funds, Inc. ("Series Funds"). Prior to April 1, 1996 the Series Funds was an affiliated registered investment company. As a result of the Company's sale of its subsidiary, The Life Insurance Company of Virginia, on April 1, 1996, the Series Funds is no longer affiliated with the Plan. B. PLAN CHANGES On July 1, 1995, the Plan introduced two new investment options, the Real Estate Securities Fund and the International Equity Fund. These new funds are invested in the portfolios of the Series Funds. On December 31, 1995, the RGH Common Stock Fund, a closed fund, was liquidated. On July 1, 1994, the Plan introduced three new investment options, the Government Securities Fund, the Common Stock Index Fund and the Total Return Fund. These new funds along with the Money Market Fund are invested in the portfolios of the Series Funds. Also effective on July 1, 1994, the Balanced Fund became a closed fund and will no longer accept new monies. C. PLAN MERGERS AND TRANSFER OF ASSETS Effective October 1, 1995, the J. H. Blades & Co., Employees' 401(k) Plan (the "Blades Plan") and Energy Insurance International, Inc. Savings and Investment Plan (the "E. I. I. Plan") were merged into the Aon Savings Plan. All assets and liabilities of the Blades Plan and the E. I. I. Plan were transferred to the Aon Savings Plan as of October 1, 1995. Participants of the Blades Plan and the E. I. I. Plan immediately became Participants in the Aon Savings Plan. D. ELIGIBILITY AND PARTICIPATION Participation in the Plan is limited to employees who have completed one year of service and attained the age of 21 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. 4 E. CONTRIBUTIONS Participant - Participant contributions are made by means of regular payroll deductions. Non-highly compensated Participants, as defined by the Code, may elect to make contributions of between 2% and 10% of their compensation, as defined by the Plan. Highly compensated participants, as defined by the Code, may elect to make contributions of between 2% and 6% of their compensation, as defined by the Plan. Participant contributions are limited to amounts allowed under the Tax Reform Act of 1986. Accordingly, the maximum Participant contribution was $9,240 in 1995 and 1994. Company - The Company will contribute an amount equal to 100% of a Participant's contributions, on the first 3% of compensation contributed for the year. 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. F. INVESTMENT PROVISIONS Contributions to the Plan may be invested in one or more of the following investment funds: Money Market Fund - Invested principally in shares of the Money Market Portfolio of the Series Funds. The portfolio invests in various types of good quality money market securities including certificates of deposit, commercial paper, U.S. Treasury and Agency securities and other similar instruments. Aon Stock Fund - Invested principally in common stock of the Company that is purchased on the open market or in private transactions. Investment Contract Fund - Invested principally in unallocated guaranteed insurance contracts, U.S. Treasury bills and short-term investment funds. During 1994, Fidelity Management Trust Company ("Investment Manager") was the Investment Manager for this Fund. In 1995, members of the Company's Investment Department became managers of this Fund. The Investment Manager is a fiduciary within the meaning of ERISA Section 3(21). Certain restrictions and penalties may apply with regard to the termination of unallocated guaranteed insurance contracts prior to the scheduled maturity date. Government Securities Fund - Invested principally in shares of the Government Securities Portfolio of the Series Funds. The portfolio invests in intermediate and long-term debt securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Total Return Fund - Invested principally in shares of the Total Return Portfolio of the Series Funds. The portfolio invests in equities, fixed income and money market instruments. Common Stock Index Fund - Invested principally in shares of the Common Stock Index Portfolio of the Series Funds. The investment objective of the portfolio is to replicate the total return of the S&P 500 Index through investment in common stocks traded on the New York Stock Exchange and the American Stock Exchange and, to a limited extent, in the over-the-counter markets. Real Estate Securities Fund - Invested principally in shares of the Real Estate Securities Portfolio of the Series Funds. The portfolio invests primarily in the securities of U.S. issuers that are principally engaged in or related to the real estate industry. This portfolio does not invest directly in real estate. International Equity Fund - Invested principally in shares of the International Equity Portfolio of the Series Funds. The portfolio invests primarily in equity and equity- related securities of companies organized and operating outside of the U.S. 5 The Plan's net assets available for plan benefits and changes in net assets available for plan benefits by investment program are set forth on Schedules II and III, respectively, and are incorporated herein by reference. G. ACCOUNT BALANCES Each Participant's account is credited with the Participant's contribution and an allocation of a) the Company's contribution, b) Plan earnings, and c) Forfeitures of terminated Participants' non-vested accounts. 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. Forfeitures of non-vested accounts are allocated to the remaining Participants. The amount of forfeitures allocated to Participants was $510,000 and $344,000 for 1995 and 1994, respectively. 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. H. 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 account balances. I. LOAN ADMINISTRATION Under the Aon Savings Plan, Participants do not have the ability to borrow from their accounts. Prior to certain plan mergers, the predecessor plans permitted Participants to borrow from the vested portion of their account. At the date of merger, Participants under the former plans could no longer borrow from the vested portion of their account. However, the Plan will continue to administer those loans that existed prior to the mergers. J. SUMMARY PLAN DESCRIPTION Participants of the Plan should refer to the Summary Plan Description for a more complete description of the Plan. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ------------------------------------------ A. INVESTMENTS 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 administrative charges. The Plan believes contract value 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. 6 B. OPERATING 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. Administrative expenses include $980,000 and $936,000 in 1995 and 1994, respectively, paid to subsidiaries of the Company. 3. INVESTMENTS ----------- The Northern Trust Company is the custodian of the Plan assets and Trustee for the Aon Stock Fund. The remaining Trustees for the Plan are members of the Company's Investment Department and they have been given the discretion and authority to manage the investments. The Trustees are named fiduciaries under ERISA. The net realized and unrealized appreciation (depreciation) in fair value of Plan investments is as follows:
1995 1994 -------- -------- (THOUSANDS) United States Government and Government Agency Issues $ 2,582 $(2,790) Corporate Bonds and Notes 1,000 (1,101) Other Bonds 200 (415) Common Stock: Aon Corporation 87,369 (1,386) Other 15,200 (817) Preferred Stocks 24 (633) Investment held in the Series Funds: Money Market Portfolio 355 (97) Government Securities Portfolio 607 (152) Total Return Portfolio 4,639 (106) Common Stock Index Portfolio 7,476 161 Real Estate Securities Portfolio 29 - International Equity Portfolio 70 - Unallocated Guaranteed Insurance Contracts 1 - -------- -------
$119,552 $(7,336) ======== ======= The aggregate cost of investments was $443,187,000 and $412,491,000 at December 31, 1995 and 1994, respectively. 7 The following investments exceed 5% of the Plan's net assets available for plan benefits:
1995 1994 -------- -------- (THOUSANDS) Aon Corporation, Common Stock $242,680 $155,386 Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company 37,400 - Investments held in the Series Funds: Total Return Portfolio 43,613 - Common Stock Index Portfolio 40,527 -
The Plan has unallocated guaranteed insurance contracts with a contract value of $20,005,000 that are issued by an insurance subsidiary and a former insurance subsidiary of the Company. On August 12, 1994, the Canadian and United States insurance regulators assumed control of Confederation Life Insurance Company to protect policyholders and other creditors. The investment contract with Confederation Life is accounted for at contract value as of August 12, 1994 in the amount of $8,956,000, and interest on the contract is no longer being accrued. The benefit responsiveness of the contract has been limited to normal retirement, death, disability and hardship. Other withdrawals for employee terminations, loans and transfers will not be permitted. 4. FEDERAL INCOME TAXES -------------------- On September 14, 1994, the Plan requested a determination letter with respect to the 1) mergers of the FBH Plan, the Booke Plan, and the K and K Plan, 2) change in the percentage of compensation relating to participant contributions made by highly and non-highly compensated participants, and 3) changes made to Code Section 402 relating to rollovers made to employees as a result of The Unemployment Compensation Act of 1992. The Plan has not received a response to the determination letter request. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrative Committee believes the Plan is a qualified salary reduction plan under Section 401(k) of the Code. The Plan's Administrative Committee is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. 5. SUBSEQUENT EVENTS ----------------- On April 1, 1996, Aon sold its direct response life and health subsidiary, Union Fidelity Life Insurance Company, headquartered in Trevose, Pennsylvania, and its capital accumulation life insurance subsidiary, The Life Insurance Company of Virginia, headquartered in Richmond, Virginia, to General Electric Capital Corporation. Total assets in the plan for employees of those subsidiaries were $30,671,000 at December 31, 1995, or about 5% of total assets for the Plan. Employees at those subsidiaries have the option to receive a lump sum distribution of their total account balances until December 31, 1998 or to maintain their account balance in the Plan. 8 Schedule I AON SAVINGS PLAN ASSETS HELD FOR INVESTMENT December 31, 1995 Schedule I represents the investments of the Aon Savings Plan. The investments are allocated to the various investment funds in which the Plan's Participants may elect to invest their funds. Schedule II, following on page 20, represents the composition of these investment funds for the Aon Savings Plan.
Number of Shares Cost Fair Value ---------------- Issue Principal Amount (thousands) (thousands) - ------------------------------------------------------------------------------------------------------------- Money Market Fund - ----------------- Mutual Fund Investments held in the Life of Virginia Series Funds, Inc.: Money Market Portfolio 2,097,380 $ 21,517 $ 21,729 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $ 21,089 21 21 ------------ ---------- Total Money Market Fund $ 21,538 $ 21,750 ============ ========== Balanced Fund - ------------- Common Stock Abbott Laboratories Common Stock, No par 4,200 $ 149 $ 175 ADR Saville Systems PLC Common Stock, $0.0025 5,000 50 71 ADR Unilever NV 4 Guilders par 7,000 680 985 Alco Standard Corporation Common Stock, No par 16,000 315 730 American General Corporation Common Stock, $1.50 par 28,000 441 977 American International Group, Inc. Common Stock, $2.50 par 13,500 339 1,249 American Stores Company Common Stock, $1.00 par 30,000 423 803 American Telephone & Telegraph Common Stock 6,000 324 389 Amli Residential Properties Common Stock, $0.01 par 25,000 512 500
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Number of Shares ---------------- Cost Fair Value Issue Principal Amount (thousands) (thousands) - --------------------------------------------------------------------------------------------------------------- Amoco Corporation Common Stock, no par 11,100 $ 613 $ 794 Archer-Daniels-Midland Company Common Stock, No par 89,248 638 1,606 Avery Dennison Corporation Common Stock, $1.00 par 20,000 562 1,003 Barnett Banks, Incorporated Common Stock, $2.00 par 1,500 86 89 Becton, Dickinson and Co. Common Stock, $1.00 par 15,000 487 1,125 Bell & Howell Company Common Stock 5,600 104 157 Briggs & Stratton Corporation Capital Stock, $3.00 par 20,000 244 868 BT Office Products International Common Stock 2,000 26 32 Burlington Northern Santa Fe Corp. Common Stock 2,000 149 156 Centerpoint Properties Corporation Common Stock 6,800 135 157 Central Garden & Pet Company Common Stock 8,300 56 79 Cisco Systems Common Stock 1,000 75 75 Colonial Properties Trust Common Stock, $.01 par 17,000 391 434 Compaq Computer Corporation Common Stock 1,000 35 48 Conrail Incorporated Common Stock 2,000 137 140 Continental Circuits Corporation Common Stock 2,000 21 33 Cox Communications Incorporated New Class A Stock 2,000 38 39 CSX Corporation Common Stock, $1.00 par 1,000 114 137 Digital Equipment Corporation Common Stock, $1.00 par 1,000 59 64
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Number of Shares Cost Fair Value ---------------- Issue Principal Amount (thousands) (thousands) - ------------------------------------------------------------------------------------------------------------ Walt Disney Productions Common Stock, $.025 par 2,000 $ 79 $ 118 DSC Communications Corporation Common Stock 1,500 54 55 DSP Communications Incorporated Common Stock 2,000 32 87 Du Pont, E.I. DeNemours & Co. Common Stock, $5.00 par 10,000 268 699 Duke Realty Investment Inc. New Common Stock 10,000 252 314 Echostar Communications Common Stock 4,000 72 97 EMC Corporation Common Stock 4,000 64 62 Equity Residential Properties Common Stock, $.01 par 20,100 523 616 Evergreen Media Corporation Class A Common Stock 2,000 57 64 Federal Realty Investment Trust Share of Beneficial Interest, No par 33,000 858 751 First Chicago NBD Corporation Common Stock, $6.25 par 23,000 475 909 First Data Corporation Common Stock 17,444 591 1,167 First Industrial Realty Trust Inc. Common Stock 16,000 376 360 Greentree Financial Corporation Common Stock 3,000 85 79 Harley Davidson, Incorporated Common Stock, $.01 par 31,600 657 909 Healthcare Realty Trust Common Stock 20,000 427 460 Health Care REIT, Incorporated Common Stock, $1.00 par 23,000 572 414 Hewlett-Packard Cmpany Common Stock, $1.00 par 2,500 182 209 HGI Realty Incorporated Common Stock 7,100 175 162
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Number of Shares Cost Fair Value ---------------- Issue Principal Amount (thousands) (thousands) - ------------------------------------------------------------------------------------------------------------- Household International Inc. Common Stock, $1.00 par 1,000 $ 64 $ 59 Humana Incorporated Common Stock, $.016 2/3 par 1,000 26 27 Illinois Tool Works, Incorporated Common Stock, $3.33 1/3 par 10,200 380 602 Informix Corporation Common Stock 2,000 55 60 Intel Corporation Capital Stock, $.001 par 1,000 64 57 Intersolv Incorporated Common Stock 1,000 22 13 Itron, Incorporated Common Stock, no par 7,500 101 253 Johnson & Johnson Common Stock, $1.00 par 10,000 428 855 Liberty Property Trust Share of Beneficial Interest 2,000 39 41 Littelfuse, Incorporated Common Stock 1,000 28 37 Litton Industries, Incorporated Common Stock, $1.00 par 15,000 241 667 Macerich Company Common Stock 5,000 95 100 Mail-Well Incorporated Common Stock 10,000 140 122 McAfee Associates Incorporated Common Stock 1,500 50 66 Mobil Corporation Common Stock, $3.75 par 8,500 569 950 Motorola, Incorporated Common Stock, $3.00 par 17,000 786 969 Nationsbank Corporation Common Stock, $2.50 par 10,000 532 696 Northern Border Partners L.P. Common Stock, $.01 par 7,200 189 168 Omega Healthcare Investor, Inc. Common Stock 40,000 971 1,065
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Number of Shares Cost Fair Value ---------------- Issue Principal Amount (thousands) (thousands) - -------------------------------------------------------------------------------------------------------------- Panamsat Corporation Common Stock 3,000 $ 53 $ 66 Parker Hannifin Corporation Common Stock, no par 22,000 449 753 Pepsico, Incorporated Common Stock, $.05 par 15,000 594 838 Proctor & Gamble Company Common Stock, No par 3,500 193 290 Royal Dutch Petroleum Company 5 Guilders par 7,500 599 1,058 Schering-Plough Corporation Common Stock, $1.00 par 20,000 610 1,095 Sherwin-Williams Company Common Stock, $6.25 par 27,000 433 1,100 SPSS Incorporated Common Stock 1,000 16 19 Summit Properties Incorporated Common Stock 20,000 380 397 Sun Microsystems, Incorporated Common Stock, $0.00067 par 2,000 63 91 Temple Inland Incorporated Common Stock, $1.00 par 20,000 623 877 Three Com Corporation Common Stock 1,000 44 47 Time Warner, Incorporated Common Stock, $1.00 par 18,000 670 682 Tommy Hilfiger Corporation Common Stock, $.01 par 29,600 448 1,254 Tribune Company Common Stock, No par 4,000 248 244 Turner Broadcasting System Inc. Class A Common Stock 6,000 155 155 US Robotics Corporation Common Stock, $.01 par 12,000 191 1,053 Union Pacific Corporation Common Stock, $5.00 par 2,600 171 172 US Life Corporation Common Stock, $1.00 par 30,000 571 896
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Number of Shares Cost Fair Value ---------------- Issue Principal Amount (thousands) (thousands) - -------------------------------------------------------------------------------------------------------------- Viacom Incorporated Class A Common Stock 6,000 $ 348 $ 277 Viacom Incorporated Class B Common Stock 3,000 61 142 Walgreen Company Common Stock, $.1.25 par 44,000 996 1,314 Watsco, Incorporated Class A Common Stock 12,000 127 215 Watson Pharmaceuticals, Inc. Common Stock, $.0033 par 12,000 353 588 Williams-Sonoma Incorporated Common Stock 1,000 20 19 Wireless Telecom Group Inc. Common Stock 3,000 49 50 Xerox Corporation Common Stock, $1.00 par 10,000 575 1,370 ------------ ---------- Total Common Stock 26,822 42,316 ------------ ---------- Preferred Stock Ford Motor Company Series A Convertible Preferred Stock 1,500 122 142 Prime Retail Inc. Series B Convertible Preferred Stock 35,000 875 621 Security Capital Pacific Trust Convertible Preferred Stock 36,000 900 882 ------------ ---------- Total Preferred Stock 1,897 1,645 ------------ ---------- U.S. Government and Government Agency Issues Federal National Mortgage Association Series SM-2002-J 7.3% Debenture due 10/28/2002 Registered $4,500,000 4,500 4,631 U.S. Treasury, Series AF-1996 5.875% Note due 5/31/1996 2,000,000 2,004 2,005 U.S. Treasury 6.875% Note due 4/30/1997 3,550,000 3,552 3,625 U.S. Treasury, Series D-2001 7.5% Note due 11/15/2001 2,000,000 2,015 2,204
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Number of Shares Cost Fair Value ---------------- Issue Principal Amount (thousands) (thousands) - -------------------------------------------------------------------------------------------------------- U.S. Treasury, Series F-1999 7% Note due 4/15/1999 $ 3,550,000 $ 3,510 $ 3,728 U.S. Treasury, Series N-1997 6.375% Note due 6/30/1997 750,000 763 763 U.S. Treasury, Series A-2001 7.75% Note due 2/15/2001 3,500,000 3,450 3,863 U.S. Treasury, Series C-2001 7.875% Note due 8/15/2001 3,000,000 3,000 3,351 U.S. Treasury, Series D-2000 8.5% Note due 11/15/2000 1,000,000 1,029 1,131 ---------- ----------- Total U.S. Government and Government Agency Issues 23,823 25,301 ---------- ----------- Corporate Bonds and Notes Associates Corp of North America 7.77% Note due 3/9/1999 1,000,000 1,000 1,060 Dow Chemical Company 9.35% Note due 3/15/2002, Registered 1,000,000 998 1,125 Du Pont, E.I. DeNemours & Co. 6% Debenture due 12/1/2001, Registered 1,000,000 736 1,009 Liberty Property Trust 8% Convertible Sub Debenture due 7/1/2001, Registered 200,000 200 206 Monsanto Defined Contribution & Employee Stock Ownership Trust 8.13% Debenture due 12/15/2006 1,000,000 1,000 1,157 Norfolk Southern Railway Equipment Trust Series B 8% Certificate due 3/1/2006 1,000,000 949 1,151 ---------- ----------- Total Corporate Bonds and Notes 4,883 5,708 ---------- ----------- Other Hydro Quebec Electric Tranche 7.74% Note due 2/26/1999 1,000,000 999 1,053 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company 26,437,151 26,437 26,437 ---------- ----------- Total Balanced Fund $ 84,861 $ 102,460 ========== ===========
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Number of Shares ---------------- Cost Fair Value Issue Principal Amount (thousands) (thousands) - -------------------------------------------------------------------------------------------------------- Aon Stock Fund - -------------- Common Stock Aon Corporation Common Stock, $1.00 par 4,865,755 $114,344 $242,680 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $ 3,579,198 3,579 3,579 -------- --------- Total Aon Stock Fund $117,923 $246,259 ======== ======== Investment Contract Fund - ------------------------ Unallocated Insurance Contracts Canada Life Assurance Company Contract #P45672 6.05% due 10/16/1997 $ 2,024,612 $ 2,025 $ 2,025 Combined Insurance Co. of America Contract #CG1000 7.12% due 9/30/96, 6/30/99 8,848,565 8,849 8,849 Commonwealth Life Insurance Co. Contract #ADA00551FR 5.35% due 6/30/98 2,761,403 2,761 2,761 Commonwealth Life Insurance Co. Contract #ADA00395FR 8.58% due 6/30/1996 7,815,130 7,815 7,815 Confederation Life Insurance Co. Contract #62718 6.96% due 3/31/1998 8,955,944 8,956 8,956 Connecticut General Life Insurance Company, IN-16017 9.832% due 12/20/1996 4,065,545 4,065 4,065 Connecticut General Life Insurance Company, #0025125 8.13% due 1/2/1996 7,205,031 7,205 7,205 The Life Insurance Company of Georgia Contract #GA 289 6.7% due 6/30/1997 12,515,742 12,516 12,516 The Life Insurance Company of Virginia Contract #GS2753 5.67% due 9/30/98 11,156,030 11,156 11,156
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Number of Shares ---------------- Cost Fair Value Issue Principal Amount (thousands) (thousands) - -------------------------------------------------------------------------------------------------------- Metropolitan Life Insurance Co. Contract #13272 6.53% due 12/31/1997 $12,436,096 $ 12,436 $ 12,436 New York Life Insurance Co. Contract #GA06068 8.1% due 1/2/1996 2,504,835 2,505 2,505 Protective Life Insurance Company Contract # GR-9039 7.36% due 3/31/99 4,367,887 4,368 4,368 Provident Life & Accident Insurance Co. Contract #627-05641 5.79% due 12/31/98 4,695,369 4,695 4,695 Prudential Contract #6458 5.20% due 6/30/98 5,529,678 5,530 5,530 Sun Life Insurance Co. Contract #GICFA-484 6.02% due 12/31/98 4,729,225 4,729 4,729 Travelers Insurance Co. Contract #GR-9039 4%, Reset annually 2,327,274 2,327 2,327 -------- -------- Total Unallocated Guaranteed Insurance Contracts 101,938 101,938 -------- -------- U.S. Government and Government Agency Issues U.S. Treasury Bill due 1/25/96 4,000,000 3,988 3,989 U.S. Treasury Bill due 2/29/96 4,000,000 3,914 3,970 U.S. Treasury Bill due 3/28/96 6,000,000 5,897 5,929 U.S. Treasury Bill due 4/25/96 5,000,000 4,898 4,922 U.S. Treasury Bill due 5/16/96 4,000,000 3,894 3,925 -------- -------- 22,591 22,735 -------- -------- Other Wachovia Real Estate Fund 44 34 18 -------- -------- 34 18 -------- --------
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Number of Shares ---------------- Cost Fair Value Issue Principal Amount (thousands) (thousands) - -------------------------------------------------------------------------------------------------------- Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company 7,244,106 7,244 7,244 -------- -------- Total Short-Term Investments 7,244 7,244 -------- -------- Total Investment Contract Fund $131,807 $131,935 ======== ======== Government Securities Fund - -------------------------- Mutual Fund Investments held in the Life of Virginia Series Funds, Inc.: Government Securities Portfolio 1,115,626 $ 11,254 $ 11,692 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $ 29,686 30 30 -------- -------- Total Government Securities Fund $ 11,284 $ 11,722 ======== ======== Total Return Fund - ----------------- Mutual Fund Investments held in the Life of Virginia Series Funds, Inc.: Total Return Portfolio 2,737,783 $ 39,080 $ 43,613 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $ 32,702 33 33 -------- -------- Total Total Return Fund $ 39,113 $ 43,646 ======== ======== Common Stock Index Fund - ----------------------- Mutual Fund Investments held in the Life of Virginia Series Funds, Inc.: Common Stock Index Portfolio 1,930,784 $ 32,890 $ 40,527 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $ 31,052 31 31 -------- -------- Total Common Stock Index Fund $ 32,921 $ 40,558 ======== ========
18
Number of Shares ---------------- Cost Fair Value Issue Principal Amount (thousands) (thousands) - --------------------------------------------------------------------------------------------------------- Real Estate Securities Fund - --------------------------- Mutual Fund Investments held in the Life of Virginia Series Funds, Inc.: Real Estate Securities Portfolio 95,171 $ 1,023 $ 1,052 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $ 14,818 15 15 -------- -------- Total Real Estate Securities Fund $ 1,038 $ 1,067 ======== ======== International Equity Fund - ------------------------- Mutual Fund Investments held in the Life of Virginia Series Funds, Inc.: International Equity Portfolio 263,749 $ 2,692 $ 2,761 Short-Term Investments Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $ 9,768 10 10 -------- -------- Total International Equity Fund $ 2,702 $ 2,771 ======== ======== Total Investments $443,187 $602,168 ======== ========
19
Schedule II AON SAVINGS PLAN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM DECEMBER 31, 1995 (thousands) Money Aon Investment Government Market Balanced Stock Contracts Securities ASSETS Fund Fund Fund Fund Fund - ------ ------ -------- ----- ---------- ---------- Investments, at Fair Value: United States Government and Government Agency Securities $ 25,301 $22,735 Corporate Bonds and Notes 5,708 Other Bonds 1,053 Common Stocks: Aon Corporation - $242,680 Other 42,316 - Preferred Stocks 1,645 - Investments held in the Life of Virginia Series Funds, Inc.: Money Market Portfolio $21,729 - - Government Securities Portfolio - - - $11,692 Total Return Portfolio - - - - Common Stock Index Portfolio - - - - Real Estate Equity Portfolio - - - - International Equity Portfolio - - - - Other Long-Term Investments - - - 18 - Short-Term Investments 21 26,437 3,579 7,244 30 ------- -------- -------- ------- ------- 21,750 102,460 246,259 29,997 11,722 Unallocated Guaranteed Insurance Contracts, at Contract Value - - - 101,938 - ------- -------- -------- ------- ------- Total Investments 21,750 102,460 246,259 131,935 11,722 Receivables: Contribution Receivable from Aon Corporation 940 - 5,068 2,675 1,298 Contributions Receivable from Participants 21 (2) 298 153 76 Loans Receivable - - - - - Accrued Dividends and Income 14 717 7 21 1 Due from Broker - 2,394 - 17,956 - Fund Transfers 2,386 (29) (2,914) 196 62 ------- -------- -------- ------- ------- Total Receivables 3,361 21,001 1,437 ------- -------- -------- ------- ------- Net Assets Available for Plan Benefits $25,111 $105,540 $248,718 $152,936 $13,159 ======= ======== ======== ======== =======
Total Common Real Estate International Return Stock Index Securities Equity Loan ASSETS Fund Fund Fund Fund Account Total - ------ ------ ----------- ----------- ------------- ------- ----- Investments, at Fair Value: United States Government and Government Agency Securities $ 48,036 Corporate Bonds and Notes 5,708 Other Bonds 1,053 Common Stocks: Aon Corporation 242,680 Other 42,316 Preferred Stocks 1,645 Investments held in the Life of Virginia Series Funds, Inc.: Money Market Portfolio 21,729 Government Securities Portfolio 11,692 Total Return Portfolio $43,613 43,613 Common Stock Index Portfolio - $40,527 40,527 Real Estate Equity Portfolio - - $1,052 1,052 International Equity Portfolio - - - $2,761 2,761 Other Long-Term Investments - - - - 18 Short-Term Investments 33 31 15 10 37,400 ------- ------- ------ ------ ---- -------- 43,646 40,558 1,067 2,771 500,230 Unallocated Guaranteed Insurance Contracts, at Contract Value - - 101,938 ------- ------- ------ ------ ---- -------- Total Investments 43,646 40,558 1,067 2,771 602,168 Receivables: Contribution Receivable from Aon Corporation 1,683 2,835 57 141 14,697 Contributions Receivable from Participants 106 179 4 10 845 Loans Receivable - - - - $398 398 Accrued Dividends and Income 1 2 - - - 763 Due from Broker - - - - - 20,350 Fund Transfers 58 187 24 30 - 0 ------- ------- ------ ------ ---- -------- Total Receivables 1,848 3,203 85 181 398 37,053 ------- ------- ------ ------ ---- -------- Net Assets Available for Plan Benefits $45,494 $43,761 $1,152 $2,952 $398 $639,221 ======= ======= ====== ====== ==== ======== 20
Schedule II AON SAVINGS PLAN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM DECEMBER 31, 1994
(thousands) Money Aon Investment RGH Market Balanced Stock Contracts Common Stock ASSETS Fund Fund Fund Fund Fund - ------ ---------- ---------- ---------- ---------- ------------ Investments, at Fair Value: United States Government and Government Agency Securities $ 37,916 Corporate Bonds and Notes 8,099 Other Bonds 921 Common Stocks: Aon Corporation - $155,386 Other 56,068 - $3,779 Preferred Stocks 1,457 - - Investments held in the Life of Virginia Series Funds, Inc.: Money Market Portfolio $18,516 - - - Government Securities Portfolio - - - - Total Return Portfolio - - - - Common Stock Index Portfolio - - - - Other Long-Term Investments - - - $ 25 - Short-Term Investments 303 2,194 226 4,527 605 ------- -------- -------- -------- ------ 18,819 106,655 155,612 4,552 4,384 Unallocated Guaranteed Insurance Contracts, at Contract Value - - - 135,533 - ------- -------- -------- -------- ------ Total Investments 18,819 106,655 155,612 140,085 4,384 Receivables: Contribution Receivable from Aon Corporation 849 - 4,994 2,969 - Contributions Receivable from Participants 53 (3) 358 229 - Loans Receivable - - - - - Accrued Dividends and Income 1 820 4 56 62 Due from Broker - - - 5,732 - Fund Transfers (200) (2) 112 204 (383) ------- -------- -------- -------- ------ Total Receivables 703 815 5,468 9,190 (321) ------- -------- -------- -------- ------ Total Assets 19,522 107,470 161,080 149,275 4,063 ------- -------- -------- -------- ------ LIABILITIES - ----------- Accounts Payable and Accrued Expenses 4 2 3 116 3 ------- -------- -------- -------- ------ Net Assets Available for Plan Benefits $19,518 $107,468 $161,077 $149,159 $4,060 ======= ======== ======== ======== ======
(thousands) Government Total Common Securities Return Stock Index Loan ASSETS Fund Fund Fund Account Total - ------ ---------- ------- ----------- ------- -------- Investments, at Fair Value: United States Government and Government Agency Securities $ 37,916 Corporate Bonds and Notes 8,099 Other Bonds 921 Common Stocks: Aon Corporation 155,386 Other 59,847 Preferred Stocks 1,457 Investments held in the Life of Virginia Series Funds, Inc.: Money Market Portfolio 18,516 Government Securities Portfolio $3,778 3,778 Total Return Portfolio - $19,849 19,849 Common Stock Index Portfolio - - $14,675 14,675 Other Long-Term Investments - - - 25 Short-Term Investments 325 261 337 8,778 ------ ------- ------- -------- 4,103 20,110 15,012 329,247 Unallocated Guaranteed Insurance Contracts, at Contract Value - - - 135,533 ------ ------- ------- -------- Total Investments 4,103 20,110 15,012 464,780 Receivables: Contribution Receivable from Aon Corporation 1,439 1,088 2,291 13,630 Contributions Receivable from Participants 102 79 188 1,006 Loans Receivable - - - $802 802 Accrued Dividends and Income 1 1 1 - 946 Due from Broker - - - - 5,732 Fund Transfers 40 90 139 - 0 ------ ------- ------- ---- -------- Total Receivables 1,582 1,258 2,619 802 22,116 ------ ------- ------- ---- -------- Total Assets 5,685 21,368 17,631 802 486,896 ------ ------- ------- ---- -------- LIABILITIES - ----------- Accounts Payable and Accrued Expenses - - - - 128 Net Assets Available for Plan Benefits $5,685 $21,368 $17,631 $802 $486,768 ====== ======= ======= ==== ========
21 Schedule III AON SAVINGS PLAN CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM YEAR ENDED DECEMBER 31, 1995
(thousands) Money Aon Investment RGH Government Market Balanced Stock Contracts Common Stock Securities ADDITIONS Fund Fund Fund Fund Fund Fund - --------- ------- -------- -------- ---------- ------------ ---------- Investment Income: Interest and Income from Unallocated Guaranteed Insurance Contracts $ 12 $ 3,394 $ 65 $ 9,158 $ 32 $ 11 Interest on Loan Repayments 2 - 10 9 - 5 Aon Corporation Dividends - - 6,561 - - - Other Dividends 827 1,521 - - 147 683 ------- -------- -------- -------- ------- ------- 841 4,915 6,636 9,167 179 699 Contributions: Aon Corporation 940 - 5,068 2,675 - 1,298 ESOP Diversification 6 - 16 25 - 7 Participants 1,827 - 10,336 5,772 - 2,780 ------- -------- -------- -------- ------- ------- 2,773 0 15,420 8,472 - 4,085 ------- -------- -------- -------- ------- ------- 3,614 4,915 22,056 17,639 179 4,784 DEDUCTIONS - ---------- Benefits Paid to Participants 3,623 8,258 13,493 12,149 611 898 Administrative Expenses 38 198 341 277 7 14 Investment Expenses (6) 39 56 131 9 7 ------- -------- -------- -------- ------- ------- 3,655 8,495 13,890 12,557 627 919 ------- -------- -------- -------- ------- ------- (41) (3,580) 8,166 5,082 (448) 3,865 Net Realized and Unrealized Appreciation in Fair Value of Investments 355 17,274 87,369 198 1,535 607 ------- -------- -------- -------- ------- ------- Net Increases (Decreases) 314 13,694 95,535 5,280 1,087 4,472 Net Assets Available for Plan Benefits at Beginning of Year 19,518 107,468 161,077 149,159 4,060 5,685 Plan Mergers 508 - 391 536 - 307 Fund Transfers 4,771 (15,622) (8,285) (2,039) (5,147) 2,695 ------- -------- -------- -------- ------- ------- Net Assets Available for Plan Benefits at End of Year $25,111 $105,540 $248,718 $152,936 $ - $13,159 ======= ======== ======== ======== ======= =======
Total Common Real Estate International Return Stock Index Securities Equity Loan ADDITIONS Fund Fund Fund Fund Account Total - --------- ------- ----------- ----------- ------------- ------- -------- Investment Income: Interest and Income from Unallocated Guaranteed Insurance Contracts $ 17 $ 22 $ 1 $ 2 $ 12,714 Interest on Loan Repayments 5 9 - - 40 Aon Corporation Dividends - - - - 6,561 Other Dividends 3,101 776 57 52 7,164 ------- ------- ------ ------ ----- -------- 3,123 807 58 54 26,479 Contributions: Aon Corporation 1,683 2,835 57 141 14,697 ESOP Diversification 8 10 - - 72 Participants 3,748 6,303 56 153 30,975 ------- ------- ------ ------ ----- -------- 5,439 9,148 113 294 45,744 ------- ------- ------ ------ ----- -------- 8,562 9,955 171 348 72,223 DEDUCTIONS - ---------- Benefits Paid to Participants 1,175 1,314 - 11 $ 42 41,574 Administrative Expenses 55 48 1 1 - 980 Investment Expenses 8 9 4 4 - 261 ------- ------- ------ ------ ----- -------- 1,238 1,371 5 16 42 42,815 ------- ------- ------ ------ ----- -------- 7,324 8,584 166 332 (42) 29,408 Net Realized and Unrealized Appreciation in Fair Value of Investments 4,639 7,476 29 70 - 119,552 ------- ------- ------ ------ ----- -------- Net Increases (Decreases) 11,963 16,060 195 402 (42) 148,960 Net Assets Available for Plan Benefits at Beginning of Year 21,368 17,631 - - 802 486,768 Plan Mergers 965 671 3 112 - 3,493 Fund Transfers 11,198 9,399 954 2,438 (362) - ------- ------- ------ ------ ----- -------- Net Assets Available for Plan Benefits at End of Year $45,494 $43,761 $1,152 $2,952 $ 398 $639,221 ======= ======= ====== ====== ===== ========
22 Schedule III AON SAVINGS PLAN CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM YEAR ENDED DECEMBER 31, 1994
(thousands) Money Aon Investment RGH Market Balanced Stock Contracts Common Stock ADDITIONS Fund Fund Fund Fund Fund - --------- ------- -------- -------- ---------- ------------ Investment Income: Interest and Income from Unallocated Guaranteed Insurance Contracts $ 324 $ 3,681 $ 68 $ 9,529 $ 65 Interest on Loan Repayments 4 14 20 20 - Aon Corporation Dividends - - 5,976 - - Other Dividends 513 1,544 - - 264 ------- -------- -------- -------- ------- 841 5,239 6,064 9,549 329 Contributions: Aon Corporation 849 - 4,994 2,969 - ESOP Diversification 1 17 19 21 - Participants 2,665 8,913 13,431 11,039 - ------- -------- -------- -------- ------- 3,515 8,930 18,444 14,029 - ------- -------- -------- -------- ------- 4,356 14,169 24,508 23,578 329 DEDUCTIONS - ---------- Benefits Paid to Participants 1,926 7,732 9,732 13,120 594 Administrative Expenses 36 247 317 290 18 Investment Expenses 43 47 38 243 11 ------- -------- -------- -------- ------- 2,005 8,026 10,087 13,653 623 ------- -------- -------- -------- ------- 2,351 6,143 14,421 9,925 (294) Net Realized and Unrealized Appreciation/ (Depreciation) in Fair Value of Investments (97) (3,507) (1,386) - (2,249) ------- -------- -------- -------- ------- Net Increases (Decreases) 2,254 2,636 13,035 9,925 (2,543) Net Assets Available for Plan Benefits at Beginning of Year 18,413 127,036 152,007 143,590 8,227 RGH Litigation Award 129 - 63 98 (403) Fund Transfers (1,278) (22,204) (4,028) (4,454) (1,221) ------- -------- -------- -------- ------- Net Assets Available for Plan Benefits at End of Year $19,518 $107,468 $161,077 $149,159 $ 4,060 ======= ======== ======== ======== =======
Government Total Common Securities Return Stock Index Loan ADDITIONS Fund Fund Fund Account Total - --------- ---------- ------- ----------- ------- -------- Investment Income: Interest and Income from Unallocated Guaranteed Insurance Contracts $ 8 $ 11 $ 11 $ 13,697 Interest on Loan Repayments 5 4 7 74 Aon Corporation Dividends - - - 5,976 Other Dividends 160 755 239 3,475 ------- ------- ------- ------ -------- 173 770 257 23,222 Contributions: Aon Corporation 1,439 1,088 2,291 13,630 ESOP Diversification - - - 58 Participants 1,452 1,628 2,514 41,642 ------- ------- ------- ------ -------- 2,891 2,716 4,805 55,330 ------- ------- ------- ------ -------- 3,064 3,486 5,062 78,552 DEDUCTIONS - ---------- Benefits Paid to Participants 50 250 297 $ 53 33,754 Administrative Expenses 9 15 4 - 936 Investment Expenses 2 1 2 - 387 ------- ------- ------- ------ -------- 61 266 303 53 35,077 ------- ------- ------- ------ -------- 3,003 3,220 4,759 (53) 43,475 Net Realized and Unrealized Appreciation/ (Depreciation) in Fair Value of Investments (152) (106) 161 - (7,336) ------- ------- ------- ------ -------- Net Increases (Decreases) 2,851 3,114 4,920 (53) 36,139 Net Assets Available for Plan Benefits at Beginning of Year - - - 1,356 450,629 RGH Litigation Award 34 29 50 - - Fund Transfers 2,800 18,225 12,661 (501) - ------- ------- ------- ------ -------- Net Assets Available for Plan Benefits at End of Year $ 5,685 $21,368 $17,631 $ 802 $486,768 ======= ======= ======= ====== ========
23 Schedule IV AON SAVINGS PLAN TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS For the Year Ended December 31, 1995 The following schedule represents the 5% reportable transactions for the year ended December 31, 1995 of the Aon Savings Plan. This summary is intended to satisfy the disclosure requirements set forth in Sections 2520.103-6 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. 24 Schedule IV Aon SAVINGS PLAN SCHEDULE OF TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS For the Year Ended December 31, 1995
Current Value Cost of of Asset at Net Asset Transaction Date Gain ---------- ---------------- ------- (thousands) Short-Term Investment Fund, Collective Trust Funds of The Northern Trust Company $75,739 increases on 216 day $ 75,739 $ 75,739 - $73,908 decreases on 95 days 73,908 73,908 - $120,445 increases on 654 days 120,445 120,445 - $93,654 decreases on 275 days 93,654 93,654 - ---------------- ------- $ 363,746 - ================ =======
25 REPORT OF INDEPENDENT AUDITORS The Participants and Administrative Committee Aon Savings Plan We have audited the accompanying statements of net assets available for plan benefits of Aon Savings Plan as of December 31, 1995 and 1994, and the related statements of changes in net assets available for plan 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 generally accepted auditing standards. 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 that 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 plan benefits of the Plan at December 31, 1995 and 1994, and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1995 (Schedule I) and transactions or series of transactions in excess of 5% of the current value of plan assets for the year ended December 31, 1995 (Schedule IV), are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1995 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1995 financial statements taken as a whole. May 31, 1996 EX-23.(A) 2 CONSENT OF ERNST & YOUNG Exhibit 23(a) CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-27894) pertaining to the Aon Savings Plan of Aon Corporation of our report dated May 31, 1996, 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, 1995. ERNST & YOUNG LLP Chicago, Illinois June 21, 1996 -----END PRIVACY-ENHANCED MESSAGE-----