AON — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-10-28

• •Operating expenses increased $111 million, or 3%, compared to the prior-year period due primarily to an increase in expenses associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United Program expenses, partially offset by lower expenses as…

• •Operating margin decreased to 19.7% from 20.4% in the prior-year period, driven by an increase in operating expenses associated with 6% organic revenue growth, investments in long-term growth, and an increase in Accelerating Aon United program expenses, partially offset by the impact of organic rev…

• •Net income increased $16 million, or 3%, compared to the prior-year period, due primarily to a $24 million increase in interest income, partially offset by the factors set forth above and a $2 million increase in Other expense, as described in the Review of Consolidated Results. For the first nine …

• On August 31, 2026, Aon entered into the Merger Agreement with USI, pursuant to which Aon will acquire USI for an aggregate estimated purchase price of approximately $17 billion in cash. USI is a leading middle-market provider of property and casualty, employee benefit, personal risk, and retirement…

• Three Months Ended September 30,Nine Months Ended September 30,

Text removed vs the prior filing · source: 10-Q · 2026-07-29

• •Operating expenses increased $35 million, or 1%, compared to the prior-year period due primarily to an increase in expense associated with 5% organic revenue growth and investments in long-term growth, as well as an unfavorable impact from foreign currency translation, partially offset by lower exp…

• •Operating margin increased to 21.5% from 20.7% in the prior-year period, driven by organic revenue growth of 5% and $25 million of net restructuring savings, partially offset by an increase in operating expenses as previously described. For the first six months of 2026, operating margin increased t…

• •Net income decreased $29 million, or 5%, compared to the prior-year period, due to the factors set forth above and a $73 million decrease in Other income (expense), as described in the Review of Consolidated Results. For the first six months of 2026, Net income increased $228 million, or 14%, compa…

• Amortization and impairment of intangible assets174 201 326 400

• Less: Net income attributable to redeemable and nonredeemable noncontrolling interests14 15 41 32

Text added vs the prior filing · source: 10-Q · 2026-10-28

• The completion of the USI Acquisition is subject to a number of conditions, and if these conditions are not satisfied or waived on a timely basis, the USI Acquisition may not be completed.

• The completion of the USI Acquisition is subject to the satisfaction or waiver of a number of conditions as set forth in the Merger Agreement, including, among others, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as am…

• Failure to complete the USI Acquisition could have an adverse effect on Aon.

• If the USI Acquisition is not completed for any reason, our ongoing business may be adversely affected and, without realizing any of the potential benefits of completing the USI Acquisition, we will be subject to a number of risks, including the following:

• •we will be required to pay certain costs and expenses relating to the USI Acquisition;