DUBLIN, Feb. 18, 2022 /PRNewswire/ -- Aon plc (NYSE:
AON), a leading global professional services firm, today announced
that the Board of Directors has authorized an additional
$7.5 billion in share repurchases.
This is in addition to Aon's existing share repurchase program,
which had approximately $1.7 billion
of remaining authorization as of December
31, 2021. Total authorization increased to approximately
$9.2 billion, before any share
repurchase in the first quarter. Aon intends to complete the
existing authorization before repurchasing shares under the new
authorization.
The Board of Directors has also authorized a 10% increase to its
quarterly cash dividend on Aon's outstanding Class A Ordinary
Shares to $0.56 per share.
"Today's announcement reinforces our conviction in our Aon
United strategy, strong free cash flow generation outlook, and
continued focus on maximizing total return for shareholders," said
Greg Case, Chief Executive Officer.
"We continue to build momentum and believe our disciplined approach
to return on invested capital will result in substantial long-term
shareholder value creation."
Including the new authorization, up to $9.2 billion, before any share repurchase in the
first quarter, of Aon's Class A ordinary shares may be purchased
from time to time on the open market, in block trades, in privately
negotiated transactions, pursuant to Rule 10b5-1 plans or
otherwise, depending on market conditions or other factors. The
program does not obligate Aon to acquire any particular amount of
shares and may be suspended or discontinued at any time.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better —
to protect and enrich the lives of people around the world. Our
colleagues provide our clients in over 120 countries with advice
and solutions that give them the clarity and confidence to make
better decisions to protect and grow their business.
Follow Aon on Twitter and LinkedIn. Stay
up-to-date by visiting the Aon Newsroom and sign up for
News Alerts here.
Investor Contact
Investor Relations
investor.relations@aon.com
+1 312 381 3310
Media Contact
Nadine Youssef
mediainquiries@aon.com
+1 312 381 3024
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 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. These forward-looking statements include
information about possible or assumed future results of Aon's
operations and the uncertainty surrounding the COVID-19 pandemic.
All statements, other than statements of historical facts that
address activities, events or developments that Aon expects or
anticipates may occur in the future, including such things as its
outlook, future capital expenditures, growth in commissions and
fees, changes to the composition or level of its revenues,
repurchase of shares, payment of dividends, cash flow and
liquidity, expected tax rates, business strategies, competitive
strengths, goals, the benefits of new initiatives, growth of its
business and operations, plans, and references to future successes,
are forward-looking statements. Also, when Aon uses the words such
as "anticipate", "believe", "estimate", "expect", "intend", "plan",
"probably", "potential", "looking forward", or similar expressions,
it is making forward-looking statements.
The following factors, among others, could cause actual results
to differ from those set forth in or anticipated by the forward
looking statements: general economic and political conditions in
different countries in which Aon does business around the world,
including the U.K.'s withdrawal from the European Union; changes in
the competitive environment or damage to Aon's reputation;
fluctuations in exchange and interest rates that could influence
revenue and expenses; changes in global equity and fixed income
markets that could affect the return on invested assets; changes in
the funding status of Aon's various defined benefit pension plans
and the impact of any increased pension funding resulting from
those changes; the level of Aon's debt limiting financial
flexibility or increasing borrowing costs; rating agency actions
that could affect Aon's ability to borrow funds; volatility in
Aon's tax rate due to a variety of different factors, including
U.S. tax reform; changes in estimates or assumptions on Aon's
financial statements; limits on Aon's subsidiaries to make dividend
and other payments to Aon; the impact of lawsuits and other
contingent liabilities and loss contingencies arising from errors
and omissions and other claims against Aon; the impact of, and
potential challenges in complying with, legislation and regulation
in the jurisdictions in which Aon operates, particularly given the
global scope of Aon's businesses and the possibility of conflicting
regulatory requirements across jurisdictions in which Aon does
business; the impact of any investigations brought by regulatory
authorities in Ireland, the U.K.,
the U.S. and other countries; the impact of any inquiries relating
to compliance with the U.S. Foreign Corrupt Practices Act and
non-U.S. anti-corruption laws and with U.S. and non-U.S. trade
sanctions regimes; failure to protect intellectual property rights
or allegations that Aon infringes on the intellectual property
rights of others; the effects of Irish law on Aon's operating
flexibility and the enforcement of judgments against Aon; the
failure to retain and attract qualified personnel; international
risks associated with Aon's global operations; the effects of
natural or man-made disasters, including the effects of COVID-19
and other health pandemics and the impacts of climate change; the
potential of a system or network breach or disruption resulting in
operational interruption or improper disclosure of personal data;
Aon's ability to develop, implement, update and enhance new
technology; the actions taken by third parties that perform aspects
of Aon's business operations and client services; the extent to
which Aon manages certain risks created in connection with the
services, including fiduciary and investments, consulting, and
other advisory services, among others, that Aon currently provides,
or will provide in the future, to clients; Aon's ability to
continue, and the costs and the costs and risks associated with,
growing, developing and integrating companies that it acquires or
new lines of business; Aon's ability to secure regulatory approval
and complete transactions, and the costs and risks associated with
the failure to consummate proposed transactions; changes in
commercial property and casualty markets, commercial premium rates
or methods of compensation; changes in the health care system or
Aon's relationships with insurance carriers; Aon's ability to
implement initiatives intended to yield cost savings, and the
ability to achieve those cost savings; Aon's ability to realize the
expected benefits from its restructuring plan; and adverse effects
on the market price of Aon's securities and/or operating
results.
Any or all of Aon's forward-looking statements may turn out to
be inaccurate, and there are no guarantees about Aon's performance.
The factors identified above are not exhaustive. Aon and its
subsidiaries operate in a dynamic business environment in which new
risks may emerge frequently. Accordingly, you should not place
undue reliance on forward-looking statements, which speak only as
of the dates on which they are made. In addition, results for the
years ended December 31, 2020 and
2021 are not necessarily indicative of results that may be expected
for any future period, particularly in light of the continuing
effects of the COVID-19 pandemic. Further information concerning
Aon and its businesses, including factors that potentially could
materially affect Aon's financial results, is contained in Aon's
filings with the SEC. See Aon's
Annual Report on Form 10-K for the year ended December 31, 2021 for a further discussion of
these and other risks and uncertainties applicable to Aon and its
businesses. These factors may be revised or supplemented in
subsequent reports filed with the SEC. Aon is not under, and
expressly disclaims, any obligation to update or alter any
forward-looking statement that it may make from time to time,
whether as a result of new information, future events or
otherwise.
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SOURCE Aon plc