-----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, DWvrzN8xhIl5N6KkVa40vdkeBnNeoD5rKm8RmXqKH16afAwb5y+vz8YzbhJkDH0y ZynRgjjZkLIvkKCUCGav2A== 0001104659-04-032463.txt : 20041029 0001104659-04-032463.hdr.sgml : 20041029 20041028212259 ACCESSION NUMBER: 0001104659-04-032463 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041028 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041029 DATE AS OF CHANGE: 20041028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AON CORP CENTRAL INDEX KEY: 0000315293 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 363051915 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07933 FILM NUMBER: 041104106 BUSINESS ADDRESS: STREET 1: 200 EAST RANDOLPH STREET CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3123811000 MAIL ADDRESS: STREET 1: 200 EAST RANDOLPH STREET CITY: CHICAGO STATE: IL ZIP: 60601 FORMER COMPANY: FORMER CONFORMED NAME: COMBINED INTERNATIONAL CORP DATE OF NAME CHANGE: 19870504 8-K 1 a04-12140_18k.htm 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): October 28, 2004

 

 

Aon Corporation

(Exact Name of Registrant as Specified in Charter)

 

Delaware

1-7933

36-3051915

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

200 East Randolph Street, Chicago, Illinois

60601

(Address of Principal Executive Offices)

(Zip Code)

 

 

 

Registrant’s telephone number, including area code: (312) 381-1000

 

 

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o                                    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                                    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                                    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                                    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

Item 7.01.  Regulation FD Disclosure.

 

This supplemental information is being furnished to assist investors in analyzing the Company’s historical 2004, 2003, 2002, 2001 and 2000 financial information compared to the third quarter and nine months 2004 presentation, which added a non-core retail brokerage unit to discontinued operations.

 

On October 29, 2004, a Current Report on Form 8-K (the “October 29 Form 8-K”) was filed in conjunction with the release of third quarter and nine months 2004 financial results that included a quarterly and full year consolidated summary of operations for the year ended December 31, 2003, the quarter ended March 31, 2004, and the quarter and six months ended June 30, 2004, reclassified for discontinued operations.  This Form 8-K filing supplements the October 29 Form 8-K by adding reclassified information for each quarter as well as full years ended December 31, 2002, 2001 and 2000, and is attached as Exhibit 99.1.

 

The October 29 Form 8-K also included segment information reclassified for discontinued operations for each quarter and full year ended December 31, 2003, the quarter ended March 31, 2004, and the quarter and six months ended June 30, 2004. This Form 8-K filing supplements the October 29 Form 8-K by adding reclassified information for each quarter as well as full years ended December 31, 2002, 2001 and 2000, and is attached as Exhibit 99.2.

 

Item 9.01. Financial Statements and Exhibits.

 

(a)—(b)    Not applicable.

 

(c)                                         Exhibits:

 

The following exhibits are furnished as part of this report:

 

Exhibit
Number

 

Description of Exhibit

99.1

 

Consolidated Summary of Operations - Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2004, (ii) the quarter and six months ended June 30, 2004, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and (iv) the years ended December 31, 2003, 2002, 2001 and 2000.

 

 

 

99.2

 

Segments-Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2004, (ii) the quarter and six months ended June 30, 2004, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and (iv) the years ended December 31, 2003, 2002, 2001 and 2000.

 

2


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Aon CORPORATION

 

 

 

 

By:

   /s/ David P. Bolger

 

 

David P. Bolger
Executive Vice President, Chief Financial Officer and
Chief Administrative Officer

 

 

 

Date: October 28, 2004

 

 

 

3


 

EXHIBIT INDEX

 

The following is a list of the exhibits furnished with this Current Report on Form 8-K.

 

Exhibit
Number

 

Description of Exhibit

99.1

 

Consolidated Summary of Operations - Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2004, (ii) the quarter and six months ended June 30, 2004, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and (iv) the years ended December 31, 2003, 2002, 2001 and 2000.

 

 

 

99.2

 

Segments-Reclassified for Discontinued Operations for (i) the quarter ended March 31, 2004, (ii) the quarter and six months ended June 30, 2004, (iii) the quarters ended March 31, June 30, September 30 and December 31, 2003, 2002, 2001 and 2000 and (iv) the years ended December 31, 2003, 2002, 2001 and 2000.

 

4

 EX-99.1 2 a04-12140_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Aon Corporation

Consolidated Summary of Operations - Reclassified for Discontinued Operations

 

 

 

2004

 

(millions except per share data)

 

1st
Quarter

 

2nd
Quarter

 

Six
Months

 

Revenue

 

 

 

 

 

 

 

Brokerage commissions and fees

 

$

1,791

 

$

 1,759

 

$

 3,550

 

Premiums and other

 

692

 

716

 

1,408

 

Investment income

 

81

 

69

 

150

 

Total revenue

 

2,564

 

2,544

 

5,108

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

General expenses

 

1,834

 

1,821

 

3,655

 

Benefits to policyholders

 

383

 

392

 

775

 

Interest expense

 

34

 

35

 

69

 

Amortization of intangible assets

 

13

 

14

 

27

 

Total expenses

 

2,264

 

2,262

 

4,526

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax

 

300

 

282

 

582

 

Provision for income tax

 

108

 

102

 

210

 

Income from continuing operations

 

192

 

180

 

372

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

Loss from discontinued operations

 

(28

)

(10

)

(38

)

Income tax benefit

 

(6

)

(3

)

(9

)

Loss from discontinued operations, net of tax

 

(22

)

(7

)

(29

)

 

 

 

 

 

 

 

 

Net income

 

$

 170

 

$

 173

 

$

 343

 

Preferred stock dividends

 

(1

)

—

 

(1

)

Net income available for common stockholders

 

$

 169

 

$

 173

 

$

 342

 

 

 

 

 

 

 

 

 

Basic net income per share:

 

 

 

 

 

 

 

Income from continuing operations

 

$

 0.60

 

$

 0.56

 

$

 1.16

 

Discontinued operations

 

(0.07

)

(0.02

)

(0.09

)

Net income

 

$

 0.53

 

$

 0.54

 

$

 1.07

 

 

 

 

 

 

 

 

 

Dilutive net income per share:

 

 

 

 

 

 

 

Income from continuing operations

 

$

 0.60

 

$

 0.54

 

$

 1.13

 

Discontinued operations

 

(0.07

)

(0.02

)

(0.09

)

Net income

 

$

 0.53

 

$

 0.52

 

$

 1.04

 

 

 

 

 

 

 

 

 

Dilutive average common and common equivalent shares outstanding

 

321.3

 

337.1

 

329.2

 

 


 

 

 

2003

 

(millions except per share data)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Brokerage commissions and fees

 

$

1,652

 

$

1,687

 

$

1,638

 

$

1,820

 

$

6,797

 

Premiums and other

 

632

 

635

 

673

 

669

 

2,609

 

Investment income

 

79

 

89

 

57

 

87

 

312

 

Total revenue

 

2,363

 

2,411

 

2,368

 

2,576

 

9,718

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

General expenses

 

1,671

 

1,775

 

1,718

 

1,849

 

7,013

 

Benefits to policyholders

 

345

 

325

 

367

 

390

 

1,427

 

Interest expense

 

28

 

27

 

24

 

22

 

101

 

Amortization of intangible assets

 

12

 

14

 

17

 

17

 

60

 

Unusual charges (credits) - World Trade Center

 

37

 

9

 

—

 

(60

)

(14

)

Total expenses

 

2,093

 

2,150

 

2,126

 

2,218

 

8,587

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax and minority interest

 

270

 

261

 

242

 

358

 

1,131

 

Provision for income tax

 

100

 

96

 

90

 

133

 

419

 

Income from continuing operations before minority interest

 

170

 

165

 

152

 

225

 

712

 

Minority interest - 8.205% trust preferred capital securities

 

(9

)

(9

)

(9

)

(9

)

(36

)

Income from continuing operations

 

161

 

156

 

143

 

216

 

676

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

(14

)

(16

)

(44

)

(2

)

(76

)

Income tax benefit

 

(5

)

(6

)

(16

)

(1

)

(28

)

Loss from discontinued operations, net of tax

 

(9

)

(10

)

(28

)

(1

)

(48

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

152

 

$

146

 

$

115

 

$

215

 

$

628

 

Preferred stock dividends

 

(1

)

—

 

(1

)

(1

)

(3

)

Net income available for common stockholders

 

$

151

 

$

146

 

$

114

 

$

214

 

$

625

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.51

 

$

0.49

 

$

0.45

 

$

0.67

 

$

2.12

 

Discontinued operations

 

(0.03

)

(0.03

)

(0.09

)

—

 

(0.15

)

Net income

 

$

0.48

 

$

0.46

 

$

0.36

 

$

0.67

 

$

1.97

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.51

 

$

0.49

 

$

0.45

 

$

0.67

 

$

2.12

 

Discontinued operations

 

(0.03

)

(0.03

)

(0.09

)

—

 

(0.15

)

Net income

 

$

0.48

 

$

0.46

 

$

0.36

 

$

0.67

 

$

1.97

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive average common and common equivalent shares outstanding

 

315.2

 

318.2

 

318.6

 

319.3

 

317.8

 

 


 

 

 

2002

 

(millions except per share data)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Brokerage commissions and fees

 

$

1,420

 

$

1,483

 

$

1,527

 

$

1,667

 

$

6,097

 

Premiums and other

 

535

 

638

 

607

 

588

 

2,368

 

Investment income (loss)

 

109

 

(26

)

87

 

81

 

251

 

Total revenue

 

2,064

 

2,095

 

2,221

 

2,336

 

8,716

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

General expenses

 

1,430

 

1,636

 

1,616

 

1,673

 

6,355

 

Benefits to policyholders

 

314

 

391

 

350

 

320

 

1,375

 

Interest expense

 

29

 

30

 

32

 

33

 

124

 

Amortization of intangible assets

 

11

 

13

 

12

 

15

 

51

 

Unusual credits - World Trade Center

 

—

 

—

 

(18

)

(11

)

(29

)

Total expenses

 

1,784

 

2,070

 

1,992

 

2,030

 

7,876

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax and minority interest

 

280

 

25

 

229

 

306

 

840

 

Provision for income tax

 

104

 

9

 

84

 

113

 

310

 

Income from continuing operations before minority interest

 

176

 

16

 

145

 

193

 

530

 

Minority interest - 8.205% trust preferred capital securities

 

(10

)

(10

)

(10

)

(4

)

(34

)

Income from continuing operations

 

166

 

6

 

135

 

189

 

496

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

(9

)

(9

)

(12

)

(17

)

(47

)

Income tax benefit

 

(3

)

(3

)

(5

)

(6

)

(17

)

Loss from discontinued operations, net of tax

 

(6

)

(6

)

(7

)

(11

)

(30

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

160

 

$

—

 

$

128

 

$

178

 

$

466

 

Preferred stock dividends

 

(1

)

—

 

(1

)

(1

)

(3

)

Net income available for common stockholders

 

$

159

 

$

—

 

$

127

 

$

177

 

$

463

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.60

 

$

0.02

 

$

0.49

 

$

0.63

 

$

1.76

 

Discontinued operations

 

(0.02

)

(0.02

)

(0.03

)

(0.04

)

(0.11

)

Net income

 

$

0.58

 

$

—

 

$

0.46

 

$

0.59

 

$

1.65

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.59

 

$

0.02

 

$

0.49

 

$

0.63

 

$

1.75

 

Discontinued operations

 

(0.02

)

(0.02

)

(0.03

)

(0.04

)

(0.11

)

Net income

 

$

0.57

 

$

—

 

$

0.46

 

$

0.59

 

$

1.64

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive average common and common equivalent shares outstanding

 

276.6

 

278.0

 

277.1

 

299.0

 

282.6

 

 


 

 

 

2001

 

(millions except per share data)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Brokerage commissions and fees

 

$

1,273

 

$

1,334

 

$

1,284

 

$

1,499

 

$

5,390

 

Premiums and other

 

508

 

492

 

510

 

517

 

2,027

 

Investment income

 

21

 

78

 

105

 

7

 

211

 

Total revenue

 

1,802

 

1,904

 

1,899

 

2,023

 

7,628

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

General expenses

 

1,347

 

1,505

 

1,365

 

1,491

 

5,708

 

Benefits to policyholders

 

292

 

260

 

271

 

288

 

1,111

 

Interest expense

 

36

 

31

 

31

 

29

 

127

 

Amortization of intangible assets

 

39

 

38

 

40

 

40

 

157

 

Unusual charges - World Trade Center

 

—

 

—

 

53

 

105

 

158

 

Total expenses

 

1,714

 

1,834

 

1,760

 

1,953

 

7,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax and minority interest

 

88

 

70

 

139

 

70

 

367

 

Provision for income tax

 

35

 

27

 

53

 

30

 

145

 

Income from continuing operations before minority interest

 

53

 

43

 

86

 

40

 

222

 

Minority interest - 8.205% trust preferred capital securities

 

(10

)

(10

)

(10

)

(10

)

(40

)

Income from continuing operations

 

43

 

33

 

76

 

30

 

182

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

(40

)

(6

)

(6

)

(6

)

(58

)

Income tax benefit

 

(16

)

(2

)

(2

)

(3

)

(23

)

Loss from discontinued operations, net of tax

 

(24

)

(4

)

(4

)

(3

)

(35

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

19

 

$

29

 

$

72

 

$

27

 

$

147

 

Preferred stock dividends

 

(1

)

—

 

(1

)

(1

)

(3

)

Net income available for common stockholders

 

$

18

 

$

29

 

$

71

 

$

26

 

$

144

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.16

 

$

0.12

 

$

0.27

 

$

0.11

 

$

0.67

 

Discontinued operations

 

(0.09

)

(0.01

)

(0.01

)

(0.01

)

(0.13

)

Net income

 

$

0.07

 

$

0.11

 

$

0.26

 

$

0.10

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.16

 

$

0.12

 

$

0.27

 

$

0.11

 

$

0.66

 

Discontinued operations

 

(0.09

)

(0.01

)

(0.01

)

(0.01

)

(0.13

)

Net income

 

$

0.07

 

$

0.11

 

$

0.26

 

$

0.10

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive average common and common equivalent shares outstanding

 

267.9

 

270.2

 

275.4

 

276.9

 

272.4

 

 


 

 

 

2000

 

(millions except per share data)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Brokerage commissions and fees

 

$

1,191

 

$

1,190

 

$

1,164

 

$

1,349

 

$

4,894

 

Premiums and other

 

468

 

491

 

476

 

486

 

1,921

 

Investment income

 

136

 

124

 

132

 

112

 

504

 

Total revenue

 

1,795

 

1,805

 

1,772

 

1,947

 

7,319

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

General expenses

 

1,258

 

1,250

 

1,196

 

1,438

 

5,142

 

Benefits to policyholders

 

252

 

257

 

257

 

271

 

1,037

 

Interest expense

 

31

 

33

 

38

 

38

 

140

 

Amortization of intangible assets

 

38

 

39

 

38

 

39

 

154

 

Total expenses

 

1,579

 

1,579

 

1,529

 

1,786

 

6,473

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax and minority interest

 

216

 

226

 

243

 

161

 

846

 

Provision for income tax

 

84

 

88

 

95

 

63

 

330

 

Income from continuing operations before minority interest

 

132

 

138

 

148

 

98

 

516

 

Minority interest - 8.205% trust preferred capital securities

 

(10

)

(10

)

(10

)

(10

)

(40

)

Income from continuing operations

 

122

 

128

 

138

 

88

 

476

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

2

 

2

 

1

 

3

 

8

 

Income tax provision

 

1

 

1

 

—

 

1

 

3

 

Income from discontinued operations, net of tax

 

1

 

1

 

1

 

2

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of change in accounting principle, net of tax

 

(7

)

—

 

—

 

—

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

116

 

$

129

 

$

139

 

$

90

 

$

474

 

Preferred stock dividends

 

(1

)

—

 

(1

)

(1

)

(3

)

Net income available for common stockholders

 

$

115

 

$

129

 

$

138

 

$

89

 

$

471

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.46

 

$

0.50

 

$

0.53

 

$

0.33

 

$

1.82

 

Discontinued operations

 

0.01

 

—

 

—

 

0.01

 

0.02

 

Cumulative effect of change in accounting principle

 

(0.03

)

—

 

—

 

—

 

(0.03

)

Net income

 

$

0.44

 

$

0.50

 

$

0.53

 

$

0.34

 

$

1.81

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive net income per share:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.46

 

$

0.49

 

$

0.53

 

$

0.32

 

$

1.80

 

Discontinued operations

 

0.01

 

—

 

—

 

0.01

 

0.02

 

Cumulative effect of change in accounting principle

 

(0.03

)

—

 

—

 

—

 

(0.03

)

Net income

 

$

0.44

 

$

0.49

 

$

0.53

 

$

0.33

 

$

1.79

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive average common and common equivalent shares outstanding

 

260.5

 

261.7

 

262.8

 

267.0

 

263.0

 

 

 EX-99.2 3 a04-12140_1ex99d2.htm EX-99.2

Exhibit 99.2

 

Aon Corporation

Segments - Reclassified for Discontinued Operations

 

 

 

2004

 

(millions)

 

1st
Quarter

 

2nd
Quarter

 

Six
Months

 

Revenue

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services:

 

 

 

 

 

 

 

Risk Management & Insurance Brokerage - Americas

 

$

531

 

$

597

 

$

1,128

 

Risk Management & Insurance Brokerage - International

 

633

 

574

 

1,207

 

Reinsurance Brokerage & Related Services

 

239

 

204

 

443

 

Claims Services

 

61

 

57

 

118

 

Total Risk & Insurance Brokerage Services

 

1,464

 

1,432

 

2,896

 

 

 

 

 

 

 

 

 

Consulting:

 

 

 

 

 

 

 

Benefits, Compensation, Management & Communications Consulting

 

225

 

230

 

455

 

Human Resource Outsourcing

 

76

 

75

 

151

 

Total Consulting

 

301

 

305

 

606

 

 

 

 

 

 

 

 

 

Insurance Underwriting:

 

 

 

 

 

 

 

Accident & Health and Life

 

425

 

441

 

866

 

Warranty, Credit and Property & Casualty

 

356

 

364

 

720

 

Total Insurance Underwriting

 

781

 

805

 

1,586

 

 

 

 

 

 

 

 

 

Corporate & Other

 

36

 

18

 

54

 

Intersegment Revenues

 

(18

)

(16

)

(34

)

Total

 

$

2,564

 

$

2,544

 

$

5,108

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

$

243

 

$

213

 

$

456

 

Consulting

 

26

 

28

 

54

 

Insurance Underwriting

 

53

 

73

 

126

 

Corporate & Other

 

(22

)

(32

)

(54

)

Total

 

$

300

 

$

282

 

$

582

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax - margins

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

16.6

%

14.9

%

15.7

%

Consulting

 

8.6

%

9.2

%

8.9

%

Insurance Underwriting

 

6.8

%

9.1

%

7.9

%

Total

 

11.7

%

11.1

%

11.4

%

 


 

 

 

2003

 

(millions)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services:

 

 

 

 

 

 

 

 

 

 

 

Risk Management & Insurance Brokerage - Americas

 

$

506

 

$

589

 

$

561

 

$

638

 

$

2,294

 

Risk Management & Insurance Brokerage - International

 

524

 

507

 

478

 

565

 

2,074

 

Reinsurance Brokerage & Related Services

 

237

 

219

 

225

 

192

 

873

 

Claims Services

 

88

 

88

 

85

 

91

 

352

 

Total Risk & Insurance Brokerage Services

 

1,355

 

1,403

 

1,349

 

1,486

 

5,593

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting:

 

 

 

 

 

 

 

 

 

 

 

Benefits, Compensation, Management & Communications Consulting

 

209

 

224

 

214

 

251

 

898

 

Human Resource Outsourcing

 

71

 

68

 

70

 

78

 

287

 

Total Consulting

 

280

 

292

 

284

 

329

 

1,185

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Underwriting:

 

 

 

 

 

 

 

 

 

 

 

Accident & Health and Life

 

399

 

377

 

416

 

402

 

1,594

 

Warranty, Credit and Property & Casualty

 

310

 

315

 

326

 

338

 

1,289

 

Total Insurance Underwriting

 

709

 

692

 

742

 

740

 

2,883

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate & Other

 

31

 

40

 

14

 

40

 

125

 

Intersegment Revenues

 

(12

)

(16

)

(21

)

(19

)

(68

)

Total

 

$

2,363

 

$

2,411

 

$

2,368

 

$

2,576

 

$

9,718

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax and minority interest

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

$

236

 

$

181

 

$

192

 

$

239

 

$

848

 

Consulting

 

21

 

22

 

20

 

47

 

110

 

Insurance Underwriting

 

63

 

64

 

58

 

11

 

196

 

Corporate & Other

 

(50

)

(6

)

(28

)

61

 

(23

)

Total

 

$

270

 

$

261

 

$

242

 

$

358

 

$

1,131

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax - margins

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

17.4

%

12.9

%

14.2

%

16.1

%

15.2

%

Consulting

 

7.5

%

7.5

%

7.0

%

14.3

%

9.3

%

Insurance Underwriting

 

8.9

%

9.2

%

7.8

%

1.5

%

6.8

%

Total

 

11.4

%

10.8

%

10.2

%

13.9

%

11.6

%

 


 

 

 

2002

 

(millions)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services:

 

 

 

 

 

 

 

 

 

 

 

Risk Management & Insurance Brokerage - Americas

 

$

448

 

$

515

 

$

534

 

$

604

 

$

2,101

 

Risk Management & Insurance Brokerage - International

 

420

 

413

 

403

 

459

 

1,695

 

Reinsurance Brokerage & Related Services

 

194

 

186

 

204

 

181

 

765

 

Claims Services

 

77

 

80

 

87

 

85

 

329

 

Total Risk & Insurance Brokerage Services

 

1,139

 

1,194

 

1,228

 

1,329

 

4,890

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting:

 

 

 

 

 

 

 

 

 

 

 

Benefits, Compensation, Management & Communications Consulting

 

183

 

194

 

193

 

226

 

796

 

Human Resource Outsourcing

 

48

 

52

 

74

 

76

 

250

 

Total Consulting

 

231

 

246

 

267

 

302

 

1,046

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Underwriting:

 

 

 

 

 

 

 

 

 

 

 

Accident & Health and Life

 

389

 

441

 

415

 

394

 

1,639

 

Warranty, Credit and Property & Casualty

 

260

 

309

 

303

 

290

 

1,162

 

Total Insurance Underwriting

 

649

 

750

 

718

 

684

 

2,801

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate & Other

 

45

 

(95

)

8

 

21

 

(21

)

Total

 

$

2,064

 

$

2,095

 

$

2,221

 

$

2,336

 

$

8,716

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax and minority interest

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

$

192

 

$

146

 

$

213

 

$

254

 

$

805

 

Consulting

 

27

 

24

 

26

 

45

 

122

 

Insurance Underwriting

 

68

 

2

 

41

 

44

 

155

 

Corporate & Other

 

(7

)

(147

)

(51

)

(37

)

(242

)

Total

 

$

280

 

$

25

 

$

229

 

$

306

 

$

840

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax - margins

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

16.9

%

12.2

%

17.3

%

19.1

%

16.5

%

Consulting

 

11.7

%

9.8

%

9.7

%

14.9

%

11.7

%

Insurance Underwriting

 

10.5

%

0.3

%

5.7

%

6.4

%

5.5

%

Total

 

13.6

%

1.2

%

10.3

%

13.1

%

9.6

%

 


 

 

 

2001

 

(millions)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services:

 

 

 

 

 

 

 

 

 

 

 

Risk Management & Insurance Brokerage - Americas

 

$

423

 

$

480

 

$

441

 

$

576

 

$

1,920

 

Risk Management & Insurance Brokerage - International

 

375

 

342

 

322

 

374

 

1,413

 

Reinsurance Brokerage & Related Services

 

170

 

169

 

169

 

142

 

650

 

Claims Services

 

79

 

90

 

93

 

100

 

362

 

Total Risk & Insurance Brokerage Services

 

1,047

 

1,081

 

1,025

 

1,192

 

4,345

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting:

 

 

 

 

 

 

 

 

 

 

 

Benefits, Compensation, Management & Communications Consulting

 

169

 

181

 

180

 

210

 

740

 

Human Resource Outsourcing

 

43

 

47

 

50

 

53

 

193

 

Total Consulting

 

212

 

228

 

230

 

263

 

933

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Underwriting:

 

 

 

 

 

 

 

 

 

 

 

Accident & Health and Life

 

348

 

354

 

357

 

370

 

1,429

 

Warranty, Credit and Property & Casualty

 

280

 

255

 

284

 

273

 

1,092

 

Total Insurance Underwriting

 

628

 

609

 

641

 

643

 

2,521

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate & Other

 

(85

)

(14

)

3

 

(75

)

(171

)

Total

 

$

1,802

 

$

1,904

 

$

1,899

 

$

2,023

 

$

7,628

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax and minority interest

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

$

165

 

$

80

 

$

141

 

$

176

 

$

562

 

Consulting

 

24

 

24

 

29

 

50

 

127

 

Insurance Underwriting

 

68

 

60

 

45

 

(5

)

168

 

Corporate & Other

 

(169

)

(94

)

(76

)

(151

)

(490

)

Total

 

$

88

 

$

70

 

$

139

 

$

70

 

$

367

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax - margins

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

15.8

%

7.4

%

13.8

%

14.8

%

12.9

%

Consulting

 

11.3

%

10.5

%

12.6

%

19.0

%

13.6

%

Insurance Underwriting

 

10.8

%

9.9

%

7.0

%

-0.8

%

6.7

%

Total

 

4.9

%

3.7

%

7.3

%

3.5

%

4.8

%

 


 

 

 

2000

 

(millions)

 

1st
Quarter

 

2nd
Quarter

 

3rd
Quarter

 

4th
Quarter

 

Full
Year

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services:

 

 

 

 

 

 

 

 

 

 

 

Risk Management & Insurance Brokerage - Americas

 

$

420

 

$

456

 

$

448

 

$

544

 

$

1,868

 

Risk Management & Insurance Brokerage - International

 

370

 

332

 

301

 

332

 

1,335

 

Reinsurance Brokerage & Related Services

 

153

 

145

 

159

 

153

 

610

 

Claims Services

 

60

 

61

 

63

 

68

 

252

 

Total Risk & Insurance Brokerage Services

 

1,003

 

994

 

971

 

1,097

 

4,065

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting:

 

 

 

 

 

 

 

 

 

 

 

Benefits, Compensation, Management & Communications Consulting

 

143

 

147

 

148

 

198

 

636

 

Human Resource Outsourcing

 

33

 

33

 

34

 

34

 

134

 

Total Consulting

 

176

 

180

 

182

 

232

 

770

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Underwriting:

 

 

 

 

 

 

 

 

 

 

 

Accident & Health and Life

 

319

 

323

 

330

 

349

 

1,321

 

Warranty, Credit and Property & Casualty

 

267

 

286

 

264

 

275

 

1,092

 

Total Insurance Underwriting

 

586

 

609

 

594

 

624

 

2,413

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate & Other

 

30

 

22

 

25

 

(6

)

71

 

Total

 

$

1,795

 

$

1,805

 

$

1,772

 

$

1,947

 

$

7,319

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax and minority interest

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

$

177

 

$

177

 

$

178

 

$

125

 

$

657

 

Consulting

 

19

 

23

 

26

 

38

 

106

 

Insurance Underwriting

 

68

 

82

 

85

 

90

 

325

 

Corporate & Other

 

(48

)

(56

)

(46

)

(92

)

(242

)

Total

 

$

216

 

$

226

 

$

243

 

$

161

 

$

846

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax - margins

 

 

 

 

 

 

 

 

 

 

 

Risk & Insurance Brokerage Services

 

17.6

%

17.8

%

18.3

%

11.4

%

16.2

%

Consulting

 

10.8

%

12.8

%

14.3

%

16.4

%

13.8

%

Insurance Underwriting

 

11.6

%

13.5

%

14.3

%

14.4

%

13.5

%

Total

 

12.0

%

12.5

%

13.7

%

8.3

%

11.6

%

 

 -----END PRIVACY-ENHANCED MESSAGE-----