Slide 1: Aon to Acquire NFP
Aon to Acquire NFP December 20, 2023 Exhibit 99.2
Slide 2: Presenters: Greg Case, Christa Davies, Eric Andersen
Greg Case Chief Executive Officer Christa Davies Chief Financial Officer Eric Andersen President
Slide 3: Conference Call and Webcast Details
Conference Call and Webcast Details Aon will host a conference call today, December 20, 2023 at 7:30am Central Time. Interested parties can listen to the conference call via a live audio webcast at www.aon.com, or by dialing (877) 524-8416 (Toll Free, U.S. and Canada) or (412) 902-1028 (outside U.S.
Slide 4: Safe Harbor Statement
Safe Harbor Statement This communication contains certain statements related to future results, or states Aon’s intentions, beliefs and expectations or predictions for the future, all of which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1
Slide 5: Aon to acquire NFP to unlock fast-growing middle market
Aon to acquire NFP to unlock fast-growing middle market with Aon Business Services-enhanced distribution Our Aon United strategy and Aon Business Services platform have driven a long-term track record of results and enable us to now access new areas of opportunity to drive profitable growth in compe
Slide 6: Leading advisor with capabilities across Risk, Health and Wealth
Leading advisor with capabilities across Risk, Health and Wealth with more than 7,700 colleagues Founded in 1999 and is privately held, with $2.2B 2023 estimated revenue diversified across solutions Predominantly US-based, with 88% of revenue in US, remainder in Canada and UK From 2019-2023, +6% ave
Slide 7: Aon and NFP value serving clients through a connected firm
Aon and NFP value serving clients through a connected firm, delivered on a consistent platform, which will be enhanced by Aon Business Services Aon United Aon United, as articulated in our 3x3 plan, brings the best of our firm to clients, across Risk Capital and Human Capital Aon Business Services p
Slide 8: NFP's Strong Growth Drives Ongoing Value Creation
NFP’s Strong Growth Drives Ongoing Value Creation NFP is a leading risk, health and wealth broker with a successful track record of growing organically and inorganically, which will drive ongoing growth going forward Strong track record of successful M&A and integrations, with over 200 completed tra
Slide 9: Key Transaction Terms
Key Transaction Terms Purchase Price & Consideration Acquisition of 100% of the equity interests of NFP with a fixed equity value at signing Purchase price is estimated to be $13.4B at the time of close, comprised of ~$7B cash and ~$6.4B Aon shares1, representing a ~15x multiple on seller-adjusted e
Slide 10: Transaction Builds on Long Term Track Record of Financial Results
Transaction Builds on Long Term Track Record of Financial Results and Ongoing Shareholder Value Creation The results presented on this page are non-GAAP measures that are reconciled to their corresponding U.S. GAAP measures in the Appendices of the presentation. Further accelerates our Aon United st
Slide 11: Appendix
Appendix AON
Slide 12: Synergies and Deal Financials
Synergies and Deal Financials Transaction is Accretive to EPS1 in 2027 and adds $300m of FCF1 in 2026 Transaction is expected to be accretive to EPS1 in 2027 and add to FCF1 beginning in 2026 based on the following assumptions: Expect $175m+ of net revenue synergies from cross-sell opportunities off
Slide 13: Appendix A: Reconciliation of Non-GAAP Measures – Organic Revenue Growth
Appendix A: Reconciliation of Non-GAAP Measures – Organic Revenue Growth Currency impact represents the effect on prior year period results if they were translated at current period foreign exchange rates. Fiduciary investment income for the twelve months ended December 31 for the years 2022, 2021,
Slide 14: Appendix B: Reconciliation of Non-GAAP Measures – Operating Income and Diluted EPS
Appendix B: Reconciliation of Non-GAAP Measures – Operating Income and Diluted Earnings Per Share Certain noteworthy items impacting operating income in 2022 and 2021 are described in this schedule. The items shown with the caption "as adjusted" are non-GAAP measures. As part of the terminated combi
Slide 15: Appendix B: Operating Income and Diluted EPS (Cont'd)
Appendix B: Reconciliation of Non-GAAP Measures – Operating Income and Diluted Earnings Per Share1 (Cont’d)
Slide 16: Appendix C: Adjusted Operating Income and Margin and ROIC
Appendix C: Adjusted Operating Income and Margin and Reconciliation of Return on Invested Capital (ROIC) Return on Invested Capital (ROIC) is a non-GAAP measure calculated as adjusted net operating profit after tax (NOPAT) divided by average invested capital (short-term debt, + long-term debt + tota
Slide 17: Appendix D: Reconciliation of Free Cash Flow & Free Cash Flow Margin
($ millions) FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 Revenue - as reported 8,512 11,287 11,514 11,815 12,045 11,682 11,627 9,998 10,770 11,013 11,066 12,193 12,479 Cash Provided by Operating Activities 876 1,112 1,534 1,753 1,812 2,009 2,326 669 1,686 1,835 2,78
Slide 18: Investor Relations
Investor Relations Leslie Follmer leslie.follmer@aon.com Office: 312-381-3230 Nicole Hendry nicole.hendry@aon.com Office: 312-381-5505 Grace Lenz grace.lenz@aon.com Office: 847-442-0622