Exhibit 99.1

Investor Relations

News from Aon

Aon Reports Fourth Quarter and Full Year 2008 Results

·Total Revenue was $1.9 billion with Organic Growth in Commissions and Fees of 2%

·EPS from Continuing Operations was $0.43

Fourth Quarter Highlights

·EPS from continuing operations, excluding certain items, increased 19% to $0.81

·Brokerage revenue declined 3% due to an 8% decline from foreign currency translation; Organic growth in commissions and fees of 2%

·Brokerage pretax margin was 13.7% and the adjusted pretax margin, excluding certain items, increased 150 basis points to 19.9%

·Consulting revenue declined 8% due to a 9% decline from foreign currency translation; Organic growth in commissions and fees of 3%

·Consulting pretax margin was 16.1% and the adjusted pretax margin, excluding certain items, increased 180 basis points to 19.0%

·Increased total annual savings related to the 2007 restructuring program by $70 million to $370 million, and costs necessary to achieve savings by $100 million to $550 million

·Completed merger with Benfield Group, creating an unparalleled reinsurance franchise

CHICAGO, IL — February 6, 2009 - Aon Corporation (NYSE: AOC) today reported results for the fourth quarter and full year ended December 31, 2008.

Net income decreased 95% to $10 million or $0.03 per share, compared to $207 million or $0.64 per share for the prior year quarter, primarily due to an expected $116 million after-tax loss on the disposition of the remaining property and casualty insurance businesses that are now included in discontinued operations, an increase in restructuring-related costs, and costs related to the Benfield merger.  Net income from continuing operations decreased 35% to $123 million or $0.43 per share, compared to $188 million or $0.58 per share for the prior year quarter.  Net income from continuing operations per share, excluding certain items, increased 19% to $0.81 compared to $0.68 for the prior year quarter.  Certain items that impacted fourth quarter results and comparisons with the prior year quarter are detailed in the reconciliation of non-GAAP measures on page 12 of this press release.

“In the fourth quarter, we achieved solid results despite a soft market and very challenging economic environment.  These results reflect the strength of our industry-leading network of global resources and capabilities, and continued progress in each of our key operating metrics.  Organic growth was two percent, adjusted pretax margin increased 120 basis points and adjusted earnings per share from continuing operations increased 19%,” said Greg Case, president and chief executive officer, Aon Corporation.  “We begin 2009 in a

position of strength, with a core product portfolio that is now aligned around risk advice and human capital solutions.  Our expense initiatives and restructuring programs are delivering meaningful margin improvement, while concurrently funding significant investments in value-added services and capabilities to support our clients.  Our balance sheet has remained strong, which has provided us with financial flexibility to effectively allocate capital, as is highlighted by the recent merger with Benfield.  All of these actions support our belief in the underlying strength of Aon and our on-going commitment to delivering long-term shareholder value.”

FOURTH QUARTER FINANCIAL SUMMARY

Total revenue decreased 4% to $1.9 billion due to an 8% decline from foreign currency translation, a 2% increase from acquisitions net of dispositions and organic revenue growth in commissions and fees of 2%.  Total expenses increased 1% or $16 million to $1.8 billion, including a $155 million favorable impact from foreign currency translation, partially offset by a $53 million increase in restructuring costs, $46 million of Benfield transaction costs and $42 million of other Benfield expenses.

The fourth quarter includes the operating results of Benfield since the close of the merger on November 28, and reflects $38 million of revenue and $42 million of expenses.  The results of Benfield decreased net income by $0.01 per share in the fourth quarter.

Restructuring expense was $87 million in the fourth quarter compared to $34 million in the prior year quarter.  An analysis of restructuring-related expenses by segment and type for both the 2007 and Benfield restructuring programs are detailed on page 13 of this release.

Restructuring savings in the fourth quarter related to the 2007 restructuring program are estimated at $32 million compared to no material savings in the prior year quarter.  Of the estimated restructuring savings in the fourth quarter, $27 million were related to the Brokerage segment primarily for workforce reduction.  The 2007 restructuring program achieved approximately $78 million of cumulative savings in 2008.  Before any potential reinvestment of savings, the 2007 restructuring program is now expected to deliver cumulative run-rate cost savings of approximately $240-265 million in 2009 and $370 million in 2010, primarily as a result of additional cost savings opportunities to streamline support functions globally.

Although the recently announced Benfield restructuring program is expected to realize significant savings over the next three years, the Company realized no savings from the program in the fourth quarter.  The Company expects the restructuring plan to result in cumulative pretax costs of approximately $185 million over a three-year period, a portion of which will be included in the purchase price allocation.  Before any potential reinvestment of savings, the Benfield restructuring program is expected to deliver cumulative cost savings of $33-41 million in 2009, $84-94 million in 2010 and $122 million in 2011.

Foreign currency translation decreased net income by $0.01 per share compared to the prior year quarter due primarily to fluctuations in the U.S. dollar against most major currencies.

Effective tax rate on continuing operations declined to 28.9% for the fourth quarter compared to 30.6% for the prior year quarter due primarily to reductions in certain statutory tax rates and changes in the geographical distribution of income.

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Average diluted shares outstanding were 288 million in the fourth quarter compared to 324 million in the prior year quarter, due primarily to the Company’s share repurchase program.

Discontinued Operations after-tax loss was $113 million or $0.40 per share compared to after-tax income of $19 million or $0.06 per share for the prior year quarter.  Subsequent to the fourth quarter, the Company entered into an agreement to dispose of its property and casualty insurance operations, and the results were classified as held-for-sale and placed into discontinued operations for the quarter.  The after-tax loss in the quarter is primarily due to an expected $116 million loss on disposal of these operations.  Discontinued operations also include the results of Automobile Insurance Specialists (AIS), and for the prior year quarter, include the results of AIS, Combined Insurance Company of America and Sterling Life Insurance.

FOURTH QUARTER SEGMENT REVIEW

Certain noteworthy items impacted revenue, pretax income and pretax margins in the fourth quarter of 2008 and 2007.  The fourth quarter segment reviews provided below include supplemental information related to adjusted pretax income and pretax margin which is described in detail on the “Reconciliation of the Impact of Non-GAAP Measures on Segments and Diluted Earnings Per Share” on page 12 of this press release.

RISK AND INSURANCE BROKERAGE SERVICES

	Fourth Quarter Ended										Less:		Less: Acquisitions,		Organic
(millions) Commissions, Fees, Other	Dec 31, 2008				Dec 31, 2007				% Change		Currency Impact		Divestitures, Other		Revenue Growth
Americas	$			642	$			650	(1	)%	(4	)%	—	%	3	%
U.K.	196				223				(12	)	(14	)	1		1
EMEA	333				353				(6	)	(9	)	2		1
Asia Pacific	119				140				(15	)	(16	)	(2	)	3
Reinsurance	247				210				18		(5	)	21		2
Sub-Total	$	1,537			$		1,576		(2	)%	(8	)%	4	%	2	%
Investment Income	$		44		$		51		(14	)%
Total Revenue	$	1,581			$	1,627			(3	)%

Risk and Insurance Brokerage Services total revenue decreased 3% to $1.6 billion compared to the prior year quarter due to an 8% unfavorable impact from foreign currency translation and a  14% decline in investment income, partially offset by a 4% increase from acquisitions net of dispositions and 2% organic revenue growth in commissions and fees.  Americas organic revenue increased 3% reflecting solid growth in U.S. Retail and strong growth in Latin America.  U.K. organic revenue increased 1% due primarily to growth in Captives business.  EMEA organic revenue increased 1% due to growth in continental Europe and emerging markets.  Asia Pacific organic revenue increased 3% reflecting solid growth in most Asian markets, partially offset by the impact of certain regulatory changes in Japan.  Reinsurance organic revenue increased 2% due primarily to growth in global facultative and treaty placements, partially offset by soft market conditions.

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	Fourth Quarter Ended
(millions)	Dec 31, 2008			Dec 31, 2007			% Change
Revenue	$	1,581		$	1,627		(3	)%
Expenses
Compensation and benefits	934			923			1
Other expenses	426			434			(2	)
Total operating expenses	1,360			1,357			—
Operating income		221			270		(18	)%
Other (income) expense	4			(6		)	N/A
Pretax income	$	217		$	276		(21	)%
Pretax margin	13.7		%	17.0		%
Pretax income - adjusted	$	314		$	300		5	%
Pretax margin - adjusted	19.9		%	18.4		%

Total operating expenses for the fourth quarter increased $3 million from the prior year quarter.  The $3 million increase includes a $48 million increase in restructuring costs, $40 million of Benfield operating expenses and $11 million for the previously disclosed reviews under the Foreign Corrupt Practices Act (FCPA) and similar laws in other countries and related compliance initiatives, primarily offset by a $124 million favorable impact from foreign currency translation, $27 million of benefits related to the 2007 restructuring program, and a $33 million benefit due primarily to an increase in U.S. dollar commissions and fees receivable in the U.K. This benefit currently reflects a more favorable ongoing relationship between U.S. dollar revenue and British pound expense, for business placed into the U.K. market.

Fourth quarter pretax income decreased 21% to $217 million.  Adjusting for certain items detailed on page 12 of this press release, pretax income increased 5% or $14 million to $314 million and pretax margin increased 150 basis points to 19.9% versus the prior year quarter due primarily to benefits of the 2007 restructuring program and other operational improvements, partially offset by a $21 million unfavorable impact related to conforming adjustments in certain European countries and a $7 million decline in investment income.

Brokerage results for the fourth quarter include $38 million of revenue and a $2 million pretax loss for Benfield.  Benfield operating results had an unfavorable impact of 60 basis points on adjusted Brokerage pretax margin.

CONSULTING

	Fourth Quarter Ended						Less:		Less: Acquisitions,		Organic
(millions) Commissions, Fees, Other	Dec 31, 2008		Dec 31, 2007		% Change		Currency Impact		Divestitures, Other		Revenue Growth
Services	$	289	$	313	(8	)%	(9	)%	(3	)%	4	%
Outsourcing	52		59		(12	)	(10	)	2		(4	)
Sub-Total	$	341	$	372	(8	)%	(9	)%	(2	)%	3	%
Investment Income	$	1	$	1	—	%
Total Revenue	$	342	$	373	(8	)%

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Consulting total revenue decreased 8% to $342 million compared to the prior year quarter due to a 9% unfavorable impact from foreign currency translation, a 2% decrease from acquisitions net of dispositions, partially offset by 3% organic revenue growth in commissions and fees.  Organic revenue in Services increased 4% reflecting growth in retirement and health and benefits consulting.  Organic revenue in Outsourcing declined 4% due to the previously announced termination of a significant outsourcing contract, partially offset by modest growth in benefits outsourcing.

	Fourth Quarter Ended
(millions)	Dec 31, 2008			Dec 31, 2007			% Change
Revenue	$	342		$	373		(8	)%
Expenses
Compensation and benefits	203			219			(7	)
Other expenses	84			94			(11	)
Total operating expenses	287			313			(8	)
Operating income		55			60		(8	)%
Other (income) expense	—			—			—
Pretax income	$	55		$	60		(8	)%
Pretax margin	16.1		%	16.1		%
Pretax income - adjusted	$	65		$	64		2	%
Pretax margin - adjusted	19.0		%	17.2		%

Compensation and benefits for the fourth quarter decreased 7% or $16 million from the prior year quarter including an $18 million favorable impact from foreign currency translation and benefits related to the 2007 restructuring program, partially offset by a $4 million increase in restructuring costs.  Other expenses decreased 11% or $10 million compared to the prior year quarter including a $7 million favorable impact from foreign currency translation and benefits related to the 2007 restructuring program.

Fourth quarter pretax income decreased 8% to $55 million due to an $8 million decline from foreign currency translation.  Pretax margin was 16.1%, similar to the prior year quarter.  Adjusting for certain items detailed on page 12, pretax income increased 2% to $65 million and the pretax margin increased 180 basis points to 19.0%.

UNALLOCATED INCOME AND EXPENSE

	Fourth Quarter Ended
(millions)	Dec 31, 2008			Dec 31, 2007			% Change
Operating segment income before tax	$	272		$	336		(19	)%
Unallocated investment income	6			11			(45	)
Unallocated expenses	(75		)	(40		)	88
Interest expense	(30		)	(36		)	(17	)
Income from continuing operations before tax	$	173		$	271		(36	)%

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Unallocated investment income for the fourth quarter decreased $5 million to $6 million compared to the prior year quarter due primarily to the timing of distributions in certain private equity holdings.  Unallocated expenses increased $35 million to $75 million versus the prior year quarter due primarily to $44 million of hedging costs related to the Benfield transaction.  Interest expense decreased $6 million to $30 million from the prior year quarter due to fluctuations in foreign currency and a decline in average interest rates on outstanding debt.

2008 FULL YEAR SUMMARY

Total revenue for 2008 increased 4% to $7.6 billion with organic revenue growth of 2%. Risk and Insurance Brokerage Services total revenue increased 5% to $6.2 billion with organic revenue growth in commissions and fees of 2%. Consulting total revenue was similar to the prior year with organic revenue growth in commissions and fees of 3%.

Net income for 2008 increased 71% to $1.5 billion compared to $864 million for the prior year.  Net income from continuing operations decreased 6% to $621 million compared to $662 million for the prior year.

EPS for 2008 increased 83% to $4.91 per share compared to $2.69 per share for the prior year.  EPS from continuing operations was $2.06 compared to $2.07 for the prior year.  EPS from continuing operations, excluding certain items, increased 24% to $2.90 compared to $2.33 for the prior year.  Certain items that impacted full year results and comparisons against the prior year are detailed in the reconciliations of the impact of non-GAAP measures on page 12.

During 2008, the Company repurchased approximately 42.6 million shares of common stock for $1.9 billion at an average price of $45.08 per share. As of December 31, 2008, the Company had approximately $850 million of remaining share repurchase authorization.

Conference Call and Webcast Details

The Company will host a conference call on Friday, February 6, 2009 at 7:30 a.m. central time.  Interested parties can listen to the conference call via a live audio webcast at www.aon.com.

About Aon

Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting.  With over 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources and technical expertise are delivered locally through more than 500 offices in over 120 countries.  Named the world’s best broker by Euromoney magazine’s 2008 Insurance Survey, Aon also ranked highest on the Business Insurance listing of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance.  For more information on Aon, log onto http://www.aon.com.

Safe Harbor Statement

This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: general economic conditions in different countries in which we do business around the world, changes in global equity and fixed income markets that could affect the return on invested assets, fluctuations in exchange and interest rates that could influence revenue and expense, rating agency actions that could affect our ability to borrow funds, funding of our various pension plans, changes in the competitive environment, our ability to implement restructuring initiatives and other initiatives

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intended to yield cost savings, changes in commercial property and casualty markets and commercial premium rates that could impact revenues, the outcome of inquiries from regulators and investigations related to compliance with the U.S. Foreign Corrupt Practices Act and non-U.S. anti-corruption laws, the impact of investigations brought by U.S. state attorneys general, U.S. state insurance regulators, U.S. federal prosecutors, U.S. federal regulators, and regulatory authorities in the U.K. and other countries, the impact of class actions and individual lawsuits including client class actions, securities class actions, derivative actions, ERISA class actions, the cost of resolution of other contingent liabilities and loss contingencies, our ability to integrate Benfield successfully and to realize the anticipated benefits of the Benfield merger.  Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.

This press release includes supplemental information related to organic revenue growth and several additional measures including expenses, margins and income per share, that exclude the effects of restructuring charges and certain other noteworthy items that affected results for the comparable periods.  Organic revenue growth excludes from reported revenues the impact of foreign exchange, acquisitions, divestitures, transfers between business units, investment income, reimbursable expenses and unusual items.  Reconciliation is provided in the attached schedules.  Supplemental organic revenue growth information and additional measures that exclude the effects of the restructuring charges and certain other items do not affect net income or any other GAAP reported amounts.  Management believes that these measures are important to make meaningful period-to-period comparisons and that this supplemental information is helpful to investors.  They should be viewed in addition to, not in lieu of, the Company’s Consolidated Summary of Operations.  Industry peers provide similar supplemental information regarding their performance, although they may not make identical adjustments.

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Investor Contact:	Media Contact:
Scott Malchow	David Prosperi
Vice President, Investor Relations	Vice President, Global Public Relations
312-381-3983	312-381-2485

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Aon Corporation

Consolidated Summary of Operations (Unaudited)

	Fourth Quarter Ended								Twelve Months Ended
(millions except per share data)	Dec. 31, 2008			Dec. 31, 2007			Percent Change		Dec. 31, 2008		Dec. 31, 2007			Percent Change
Revenue
Commissions, fees and other	$	1,873		$	1,943		(4	)%	$	7,366	$	7,066		4	%
Investment income	51			63			(19	)	265		293			(10	)
Total revenue	1,924			2,006			(4	)	7,631		7,359			4
Expenses
Compensation and benefits	1,153			1,157			—		4,581		4,341			6
Other general expenses	455			496			(8	)	1,800		1,712			5
Depreciation and amortization	65			52			25		222		193			15
Total operating expenses	1,673			1,705			(2	)	6,603		6,246			6
Operating income	251			301			(17	)	1,028		1,113			(8	)
Interest expense	30			36			(17	)	126		138			(9	)
Other (income) expense	48			(6		)	N/A		39		(35		)	N/A
Income from continuing operations before provision for income tax	173			271			(36	)	863		1,010			(15	)
Provision for income tax (1)	50			83			(40	)	242		348			(30	)
Income from continuing operations	123			188			(35	)	621		662			(6	)
Discontinued operations
Income (loss) from discontinued operations	(184		)	77			N/A		1,256		330			281
Provision for (benefit from) income tax (2)	(71		)	58			N/A		399		128			212
Income (loss) from discontinued operations	(113		)	19			N/A		857		202			324
Net income	$	10		$	207		(95	)%	$	1,478	$	864		71	%
Basic net income (loss) per share:
Continuing operations	$	0.45		$	0.62		(27	)%	$	2.18	$	2.23		(2	)%
Discontinued operations	(0.41		)	0.07			N/A		3.00		0.67			348
Net income	$	0.04		$	0.69		(94	)%	$	5.18	$	2.90		79	%
Diluted net income (loss) per share:
Continuing operations	$	0.43		$	0.58		(26	)%	$	2.06	$	2.07		—	%
Discontinued operations	(0.40		)	0.06			N/A		2.85		.62			360
Net income	$	0.03		$	0.64		(95	)%	$	4.91	$	2.69		83	%
Weighted average common shares outstanding - diluted	288.1			324.1			(11	)%	300.9		323.0			(7	)%

(1)	Tax rate from continuing operations is 28.9% and 30.6% for the fourth quarters ended December 31, 2008 and 2007, respectively, and 28.0% and 34.5% for the twelve months ended December 31, 2008 and 2007, respectively.
(2)	Tax rate from discontinued operations is 38.6% and 75.3% for the fourth quarters ended December 31, 2008 and 2007, respectively, and 31.8% and 38.8% for the twelve months ended December 31, 2008 and 2007, respectively.

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Aon Corporation

Revenue from Continuing Operations (Unaudited)

	Fourth Quarter Ended
(millions)	Dec. 31, 2008			Dec. 31, 2007			Percent Change		Less: Currency Impact		Less: Acquisitions, Divestitures & Other		Organic Revenue Growth (1)
Commissions, Fees and Other
Risk and Insurance Brokerage Services:
Americas	$	642		$	650		(1	)%	(4	)%	—	%	3	%
United Kingdom	196			223			(12	)	(14	)	1		1
Europe, Middle East & Africa	333			353			(6	)	(9	)	2		1
Asia Pacific	119			140			(15	)	(16	)	(2	)	3
Reinsurance brokerage and related services	247			210			18		(5	)	21		2
Total Risk and Insurance Brokerage Services	1,537			1,576			(2	)	(8	)	4		2
Consulting:
Consulting services	289			313			(8	)	(9	)	(3	)	4
Outsourcing	52			59			(12	)	(10	)	2		(4	)
Total Consulting	341			372			(8	)	(9	)	(2	)	3
Total Operating Segments	$	1,878		$	1,948		(4	)%	(8	)%	2	%	2	%
Investment Income
Risk and Insurance Brokerage Services	$	44		$	51		(14	)%
Consulting	1			1			—
Total Operating Segments	$	45		$	52		(13	)%
Total Revenue
Risk and Insurance Brokerage Services	$	1,581		$	1,627		(3	)%
Consulting	342			373			(8	)
Unallocated	6			11			(45	)
Intersegment	(5		)	(5		)	—
Total	$	1,924		$	2,006		(4	)%

(1) Organic revenue growth excludes the impact of foreign exchange, acquisitions, divestitures, transfers, reimbursable expenses and unusual items.

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Aon Corporation

Revenue from Continuing Operations (Unaudited)

	Twelve Months Ended
(millions)	Dec. 31, 2008			Dec. 31, 2007			Percent Change		Less: Currency Impact		Less: Acquisitions, Divestitures & Other		Organic Revenue Growth (1)
Commissions, Fees and Other
Risk and Insurance Brokerage Services:
Americas	$	2,280		$	2,259		1	%	—	%	—	%	1	%
United Kingdom	742			768			(3	)	(4	)	1		—
Europe, Middle East & Africa	1,521			1,341			13		7		2		4
Asia Pacific	492			483			2		1		(1	)	2
Reinsurance brokerage and related services	1,003			901			11		3		7		1
Total Risk and Insurance Brokerage Services	6,038			5,752			5		2		1		2
Consulting:
Consulting services	1,139			1,107			3		—		(2	)	5
Outsourcing	214			236			(9	)	(2	)	—		(7	)
Total Consulting	1,353			1,343			1		—		(2	)	3
Total Operating Segments	$	7,391		$	7,095		4	%	1	%	1	%	2	%
Investment Income
Risk and Insurance Brokerage Services	$	192		$	205		(6	)%
Consulting	5			9			(44	)
Total Operating Segments	$	197		$	214		(8	)%
Total Revenue
Risk and Insurance Brokerage Services	$	6,230		$	5,957		5	%
Consulting	1,358			1,352			—
Unallocated	68			79			(14	)
Intersegment	(25		)	(29		)	(14	)
Total	$	7,631		$	7,359		4	%

(1)  Organic revenue growth excludes the impact of foreign exchange, acquisitions, divestitures, transfers, reimbursable expenses and unusual items.

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Aon Corporation - Segments (Unaudited)

Risk and Insurance Brokerage Services  - Continuing Operations

	Fourth Quarter Ended								Twelve Months Ended
(millions)	Dec. 31, 2008			Dec. 31, 2007			Percent Change		Dec. 31, 2008			Dec. 31, 2007			Percent Change
Revenue
Commissions, fees and other	$	1,537		$	1,576		(2	)%	$	6,038		$	5,752		5	%
Investment income	44			51			(14	)	192			205			(6	)
Total revenue	1,581			1,627			(3	)	6,230			5,957			5
Expenses
Compensation and benefits	934			923			1		3,707			3,457			7
Other general expenses	426			434			(2	)	1,659			1,525			9
Total operating expenses	1,360			1,357			—		5,366			4,982			8
Operating income	221			270			(18	)	864			975			(11	)
Other (income) expense	4			(6		)	N/A		(10		)	(35		)	(71	)
Income before provision for income tax	$	217		$	276		(21	)%	$	874		$	1,010		(13	)%
Pretax income margin	13.7		%	17.0		%			14.0		%	17.0		%

Consulting - Continuing Operations

	Fourth Quarter Ended								Twelve Months Ended
(millions)	Dec. 31, 2008			Dec. 31, 2007			Percent Change		Dec. 31, 2008			Dec. 31, 2007			Percent Change
Revenue
Commissions, fees and other	$	341		$	372		(8	)%	$	1,353		$	1,343		1	%
Investment income	1			1			—		5			9			(44	)
Total revenue	342			373			(8	)	1,358			1,352			—
Expenses
Compensation and benefits	203			219			(7	)	815			823			(1	)
Other general expenses	84			94			(11	)	331			340			(3	)
Total operating expenses	287			313			(8	)	1,146			1,163			(1	)
Operating income	55			60			(8	)	212			189			12
Other (income) expense	—			—			—		(1		)	—			N/A
Income before provision for income tax	$	55		$	60		(8	)%	$	213		$	189		13	%
Pretax income margin	16.1		%	16.1		%			15.7		%	14.0		%

Reconciliation of segment income before provision for income tax to income from continuing operations before provision for income tax:

	Fourth Quarter Ended								Twelve Months Ended
(millions)	Dec. 31, 2008			Dec. 31, 2007			Percent Change		Dec. 31, 2008			Dec. 31, 2007			Percent Change
Segment income before provision for income tax
Risk and Insurance Brokerage Services	$	217		$	276		(21	)%	$	874		$	1,010		(13	)%
Consulting	55			60			(8	)	213			189			13
Total segment income before provision for income tax	272			336			(19	)	1,087			1,199			(9	)
Unallocated investment income	6			11			(45	)	68			79			(14	)
Unallocated expenses	(75		)	(40		)	88		(166		)	(130		)	28
Interest expense	(30		)	(36		)	(17	)	(126		)	(138		)	(9	)
Income from continuing operations before provision for income tax	$	173		$	271		(36	)%	$	863		$	1,010		(15	)%
Pretax income margin	9.0		%	13.5		%			11.3		%	13.7		%

11

Aon Corporation

Reconciliation of the Impact of Non-GAAP Measures on Segments and Diluted Earnings Per Share (Unaudited) (1)

	Fourth Quarter Ended December 31, 2008												Twelve Months Ended December 31, 2008
(millions except per share data)	Risk and Insurance Brokerage Services			Consulting			Unallocated Income & Expense			Total			Risk and Insurance Brokerage Services			Consulting			Unallocated Income & Expense			Total
Revenue as reported	$	1,581		$	342		$	1		$	1,924		$	6,230		$	1,358		$	43		$	7,631
Income (loss) from continuing operations before provision for income tax - as reported	$	217		$	55		$	(99	)	$	173		$	874		$	213		$	(224	)	$	863
Restructuring charges (2005 and 2007 plans)	78			9			—			87			237			17			—			254
Pension curtailment	6			1			1			8			6			1			1			8
Anti-bribery and compliance initiatives	11			—			—			11			42			—			—			42
Benfield costs	2			—			44			46			2			—			50			52
Gain on sale of land	—			—			—			—			(5		)	—			—			(5		)
Income (loss) from continuing operations before provision for income tax - as adjusted	$	314		$	65		$	(54	)	325			$	1,156		$	231		$	(173	)	1,214
Provision for income taxes (2)										93												340
Income from continuing operations - as adjusted										$	232											$	874
Diluted earnings per share from continuing operations - as adjusted										$	0.81											$	2.90
Weighted average common shares outstanding - diluted										288.1												300.9
Pretax income margins - as adjusted	19.9		%	19.0		%	N/A			16.9		%	18.6		%	17.0		%	N/A			15.9		%

	Fourth Quarter Ended December 31, 2007												Twelve Months Ended December 31, 2007
(millions except per share data)	Risk and Insurance Brokerage Services			Consulting			Unallocated Income & Expense			Total			Risk and Insurance Brokerage Services			Consulting			Unallocated Income & Expense			Total
Revenue as reported	$	1,627		$	373		$	6		$	2,006		$	5,957		$	1,352		$	50		$	7,359
Income (loss) from continuing operations before provision for income tax - as reported	$	276		$	60		$	(65	)	$	271		$	1,010		$	189		$	(189	)	$	1,010
Restructuring charges (2005 and 2007 plans)	30			4			—			34			74			11			—			85
Gain on sale of businesses	(6		)	—			—			(6		)	(36		)	—			—			(36		)
Resolution of U.K. balance sheet reconciliation difference	—			—			15			15			—			—			15			15
Reinsurance litigation	—			—			—			—			21			—			—			21
Income (loss) from continuing operations before provision for income tax - as adjusted	$	300		$	64		$	(50	)	314			$	1,069		$	200		$	(174	)	1,095
Provision for income taxes (2)										93												348
Income from continuing operations - as adjusted										$	221											$	747
Diluted earnings per share from continuing operations - as adjusted										$	0.68											$	2.33
Weighted average common shares outstanding - diluted										324.1												323.0
Pretax income margins - as adjusted	18.4		%	17.2		%	N/A			15.7		%	17.9		%	14.8		%	N/A			14.9		%

(1)   Certain noteworthy items impacting revenue and pretax income in 2008 and 2007 are described in this schedule. The revenue, income (loss) from continuing operations before provision for income tax, diluted earnings per share from continuing operations and related margins shown with the caption “as adjusted” are non-GAAP measures.

(2)   Tax rate from continuing operations is 28.6% and 29.6% for the fourth quarters ended December 31, 2008 and 2007, respectively, and 28.0% and 31.8% for the twelve months ended December 31, 2008 and 2007, respectively.

12

Aon Corporation

2007 Restructuring Plan (Unaudited)

By Type:

	Actual										Estimated
(millions)	2007		Nine Months  2008		4th  Quarter  2008		Full  Year  2008		Total  Incurred to  Date		Total
Workforce reduction (Compensation and benefits)	$	17	$	118	$	48	$	166	$	183	$	330
Lease consolidation (Other general expenses)	22		25		13		38		60		134
Asset impairments (Depreciation and amortization)	4		13		5		18		22		45
Other costs associated with restructuring (Other general expenses)	3		9		20		29		32		41
Total restructuring and related expenses	$	46	$	165	$	86	$	251	$	297	$	550

By Segment:

	Actual										Estimated
(millions)	2007		Nine Months  2008		4th  Quarter  2008		Full  Year  2008		Total  Incurred to  Date		Total
Risk and Insurance Brokerage Services	$	41	$	157	$	77	$	234	$	275	$	503
Consulting	5		8		9		17		22		47
Total restructuring and related expenses	$	46	$	165	$	86	$	251	$	297	$	550

Benfield Restructuring Plan (Unaudited)

By Type:

	Estimated
(millions)	Purchase  Accounting		Non-Purchase  Accounting		Total
Workforce reduction (Compensation and benefits)	$	74	$	52	$	126
Lease consolidation (Other general expenses)	28		21		49
Asset impairments (Depreciation and amortization)	—		8		8
Other costs associated with restructuring (Other general expenses)	2		—		2
Total restructuring and related expenses	$	104	$	81	$	185

13

Aon Corporation

Consolidated Summary of Operations - Reclassified for Discontinued Operations (Unaudited)

	2007													2008
(millions except per share data)	1st Quarter		2nd Quarter			3rd Quarter		4th Quarter			Full Year			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Full Year
Revenue
Commissions, fees and other	$	1,702	$	1,750		$	1,671	$	1,943		$	7,066		$	1,848		$	1,889		$	1,756		$	1,873		$	7,366
Investment income	67		88			75		63			293			57			67			90			51			265
Total revenue	1,769		1,838			1,746		2,006			7,359			1,905			1,956			1,846			1,924			7,631
Expenses
Compensation and benefits	1,040		1,097			1,047		1,157			4,341			1,154			1,143			1,131			1,153			4,581
Other general expenses	413		413			390		496			1,712			419			503			423			455			1,800
Depreciation and amortization	47		46			48		52			193			50			58			49			65			222
Total operating expenses	1,500		1,556			1,485		1,705			6,246			1,623			1,704			1,603			1,673			6,603
Operating income	269		282			261		301			1,113			282			252			243			251			1,028
Interest expense	35		34			33		36			138			33			31			32			30			126
Other (income) expense	—		(29		)	—		(6		)	(35		)	(4		)	(2		)	(3		)	48			39
Income from continuing operations before provision for income tax	234		277			228		271			1,010			253			223			214			173			863
Provision for income tax	73		97			95		83			348			76			57			59			50			242
Income from continuing operations	161		180			133		188			662			177			166			155			123			621
Discontinued operations
Income (loss) from discontinued operations	79		91			83		77			330			66			1,431			(57		)	(184		)	1,256
Provision for (benefit from) income tax	27		31			12		58			128			25			464			(19		)	(71		)	399
Income (loss) from discontinued operations	52		60			71		19			202			41			967			(38		)	(113		)	857
Net income	$	213	$	240		$	204	$	207		$	864		$	218		$	1,133		$	117		$	10		$	1,478
Basic net income (loss) per share:
Continuing operations	$	0.54	$	0.61		$	0.45	$	0.62		$	2.23		$	0.58		$	0.57		$	0.57		$	0.45		$	2.18
Discontinued operations	0.17		0.20			0.24		0.07			0.67			0.14			3.34			(0.14		)	(0.41		)	3.00
Net income	$	0.71	$	0.81		$	0.69	$	0.69		$	2.90		$	0.72		$	3.91		$	0.43		$	0.04		$	5.18
Dilutive net income (loss) per share:
Continuing operations	$	0.50	$	0.57		$	0.42	$	0.58		$	2.07		$	0.55		$	0.54		$	0.53		$	0.43		$	2.06
Discontinued operations	0.16		0.18			0.22		0.06			0.62			0.13			3.17			(0.13		)	(0.40		)	2.85
Net income	$	0.66	$	0.75		$	0.64	$	0.64		$	2.69		$	0.68		$	3.71		$	0.40		$	0.03		$	4.91
Weighted average common shares outstanding - diluted	324.4		321.9			321.5		324.1			323.0			319.8			305.3			290.3			288.1			300.9

14

Aon Corporation

Segments  - Reclassification for Discontinued Operations (Unaudited)

	2007															2008
(millions)	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Full Year			1st Quarter			2nd Quarter			3rd Quarter			Nine Months
Revenue
Risk and insurance brokerage services	$	1,429		$	1,490		$	1,411		$	1,627		$	5,957		$	1,566		$	1,610		$	1,473		$	4,649
Consulting	329			325			325			373			1,352			343			336			337			1,016
Unallocated
As reported	23			32			21			13			89			7			18			41			66
Less: reclassification to discontinued operations	(2		)	(3		)	(3		)	(2		)	(10		)	(2		)	(1		)	(1		)	(4		)
As reclassified	21			29			18			11			79			5			17			40			62
Intersegment	(10		)	(6		)	(8		)	(5		)	(29		)	(9		)	(7		)	(4		)	(20		)
Total	$	1,769		$	1,838		$	1,746		$	2,006		$	7,359		$	1,905		$	1,956		$	1,846		$	5,707
Income (loss) before income tax
Risk and insurance brokerage services	$	234		$	272		$	228		$	276		$	1,010		$	238		$	231		$	188		$	657
Consulting	47			44			38			60			189			63			43			52			158
Unallocated
As reported	(48		)	(41		)	(43		)	(68		)	(200		)	(50		)	(52		)	(28		)	(130		)
Less: reclassification to discontinued operations	1			2			5			3			11			2			1			2			5
As reclassified	(47		)	(39		)	(38		)	(65		)	(189		)	(48		)	(51		)	(26		)	(125		)
Total	$	234		$	277		$	228		$	271		$	1,010		$	253		$	223		$	214		$	690
Income from continuing operations before income tax - margins
Risk and insurance brokerage services	16.4		%	18.3		%	16.2		%	17.0		%	17.0		%	15.2		%	14.3		%	12.8		%	14.1		%
Consulting	14.3		%	13.5		%	11.7		%	16.1		%	14.0		%	18.4		%	12.8		%	15.4		%	15.6		%
Total
As reported	13.2		%	14.9		%	12.8		%	13.3		%	13.6		%	13.2		%	11.3		%	11.5		%	12.0		%
As reclassified	13.2		%	15.1		%	13.1		%	13.5		%	13.7		%	13.3		%	11.4		%	11.6		%	12.1		%

15

Aon Corporation

Property and Casualty Run-off Insurance Operations (Unaudited)

	2007															2008
(millions except per share data)	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Full Year			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Full Year
Revenue
Commissions, fees and other	$	—		$	1		$	1		$	1		$	3		$	—		$	—		$	—		$	1		$	1
Investment income	2			2			2			1			7			2			1			1			1			5
Total revenue	2			3			3			2			10			2			1			1			2			6
Expenses
Compensation and benefits	2			1			1			2			6			1			2			1			—			4
Other general expenses	1			4			7			3			15			3			—			2			(3		)	2
Total operating expenses	3			5			8			5			21			4			2			3			(3		)	6
Operating income (loss)	(1		)	(2		)	(5		)	(3		)	(11		)	(2		)	(1		)	(2		)	5			—
Other expense	—			—			—			—			—			—			—			—			191			191
Loss before benefit from income tax	(1		)	(2		)	(5		)	(3		)	(11		)	(2		)	(1		)	(2		)	(186		)	(191		)
Benefit from income tax	—			(1		)	(2		)	(1		)	(4		)	(1		)	—			—			(73		)	(74		)
Net loss	$	(1	)	$	(1	)	$	(3	)	$	(2	)	$	(7	)	$	(1	)	$	(1	)	$	(2	)	$	(113	)	$	(117	)
Basic net loss per share	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.01	)	$	—		$	(0.01	)	$	(0.41	)	$	(0.41	)
Dilutive net loss per share	$	—		$	—		$	(0.01	)	$	—		$	(0.02	)	$	—		$	—		$	(0.01	)	$	(0.39	)	$	(0.39	)
Weighted average common shares outstanding - diluted	324.4			321.9			321.5			324.1			323.0			319.8			305.3			290.3			288.1			300.9

16

Aon Corporation

Condensed Consolidated Statements of Financial Position

	As of
(millions)	Dec. 31, 2008		Dec. 31, 2007 (2)
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	657	$	584
Short-term investments	579		1,120
Receivables	1,992		1,993
Fiduciary assets (1)	10,678		9,498
Other current assets	480		276
Assets held for sale	237		4,601
Total Current Assets	14,623		18,072
Goodwill	5,637		4,915
Other intangible assets	779		204
Fixed assets, net	451		497
Long-term investments	342		332
Other non-current assets	1,340		914
TOTAL ASSETS	$	23,172	$	24,934
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Fiduciary liabilities	$	10,678	$	9,498
Short-term debt	105		252
Accounts payable and accrued liabilities	1,536		1,413
Other current liabilities	438		293
Liabilities held for sale	142		3,172
Total Current Liabilities	12,899		14,628
Long-term debt	1,872		1,893
Pension, post employment and post retirement liabilities	1,694		1,251
Other non-current liabilities	1,393		941
TOTAL LIABILITIES	17,858		18,713
TOTAL STOCKHOLDERS’ EQUITY	5,314		6,221
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	23,172	$	24,934

(1) Includes short-term investments: 2008 - $3,204; 2007 - $3,122.

(2) Certain amounts have been reclassified to conform to the 2008 presentation.

17