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Acquisitions and Dispositions of Businesses
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions of Businesses Acquisitions and Dispositions of Businesses
Completed Acquisitions
The Company completed five acquisitions during the year ended December 31, 2022 and two acquisitions during the year ended December 31, 2021. The following table includes the preliminary fair values of consideration transferred, assets acquired, and liabilities assumed as a result of the Company’s acquisitions (in millions):
Year Ended
December 31, 2022
Consideration transferred
Cash$161 
Deferred and contingent consideration9 
Aggregate consideration transferred$170 
Assets acquired
Goodwill$87 
Intangible assets78 
Other assets (1)
25 
Total assets acquired190 
Liabilities assumed
Total liabilities assumed20 
Net assets acquired$170 
(1)     Includes Cash and cash equivalents of $2 million and funds held on behalf of clients of an insignificant amount.
Intangible assets acquired include technology as well as customer-related and contract-based assets. The intangible assets acquired as part of business acquisitions in 2022 had a weighted average useful economic life of 9 years. Acquisition related costs for completed acquisitions incurred and recognized within Other general expense for the year ended December 31, 2022 were insignificant. Total revenue for these acquisitions included in the Company’s Consolidated Statement of Income for the year ended December 31, 2022 was approximately $25 million.
The results of operations of these acquisitions are included in the Consolidated Financial Statements as of the respective acquisition dates. The Company’s results of operations would not have been materially different if these acquisitions had been reported from the beginning of the period in which they were acquired.
2022 Acquisitions
On November 1, 2022, the Company completed the acquisition of 100% of the share capital of E.R.N. Evaluacion de Riesgos Naturales y Antropogenicos, S.A. de C.V., a Mexico-based firm in risk assessment modeling.
On September 12, 2022, the Company completed the purchase of certain assets of Praxiom Risk Management, a provider of professional risk management in the U.S.
On August 1, 2022, the Company completed the purchase of certain assets of U.S. Advisors, Inc., a broker based in the U.S.
On May 3, 2022, the Company completed the acquisition of 100% of the share capital of Karl Köllner group companies, a marine hull broker based in Germany.
On March 1, 2022, the Company completed the acquisition of Tyche, an actuarial software platform based in the U.K.
2021 Acquisitions
On December 22, 2021, the Company completed the transaction to acquire 100% share capital of For Welfare S.r.l, a company focused on bancassurance programs in Italy.
On September 1, 2021, the Company completed the transaction to acquire 51% of Aon India Insurance Brokers Limited (formerly known as Anviti Insurance Brokers Private Limited). Prior to the acquisition date, the Company accounted for its 49% interest in Anviti as an equity-method investment. The acquisition-date fair value of the previous equity interest was $15 million and is included in the measurement of consideration transferred. There was no significant impact as a result of remeasuring the carrying value of the Company’s prior equity interest in Anviti held before the business combination.
Completed Dispositions
The Company completed three dispositions during the year ended December 31, 2022. The Company completed six dispositions during the year ended December 31, 2021 and one disposition during the year ended December 31, 2020.
The pretax gains recognized related to dispositions were $54 million, $142 million, and $25 million for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. Gains recognized as a result of a disposition are included in Other income in the Consolidated Statements of Income. The pretax losses recognized in the Consolidated Statements of Income related to dispositions were insignificant for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively.