Net income attributable to Aon stockholders was $149 million or $0.52 per share, compared to $1.1 billion or $3.71 per share for the prior year quarter. The decrease from the prior year quarter relates primarily to the $1.0 billion after-tax gain on the sales of Combined Insurance Companies of America (CICA) and Sterling Life Insurance (Sterling) that was included in the second quarter 2008. Net income attributable to Aon stockholders from continuing operations decreased 11% to $147 million or $0.51 per share, compared to $166 million or $0.54 per share for the prior year quarter. Net income attributable to Aon stockholders from continuing operations per share, excluding certain items, increased 9% to $0.76 compared to $0.70 for the prior year quarter. Certain items that impacted second 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.

"Our second quarter results reflect continued progress and a strong performance against difficult economic and industry conditions. Our organic revenue performance was led by four percent organic growth in our industry-leading reinsurance franchise, our total adjusted pretax margin increased 180 basis points, and adjusted earnings per share from continuing operations increased nine percent," said Greg Case, president and chief executive officer, Aon Corporation. "Despite macro-related challenges, we continue to strengthen the underlying foundation of Aon and invest heavily in the fundamental client-serving capabilities of our firm, as the merger with Benfield continues to perform exceptionally well. The 2007 and Aon Benfield restructuring programs are fully on-track and enabling investment in future growth with significant opportunity for margin expansion as we have achieved less than 40% thus far, of the total $492 million of savings we anticipate to realize under these two programs. Lastly, our balance sheet provides significant financial flexibility to effectively allocate capital and deliver long-term shareholder value, as highlighted by the repurchase of $125 million of our common stock in the second quarter."

SECOND QUARTER FINANCIAL SUMMARY

Total revenue decreased 4% to $1.9 billion due to a 9% decline resulting from foreign currency translation and a 69% decline in investment income, partially offset by a 7% increase from acquisitions, primarily Benfield, net of dispositions.

Total operating expenses decreased 3% or $43 million to $1.7 billion, including a $160 million favorable impact from foreign currency translation, partially offset by operating expenses from the Benfield merger and a $42 million increase in restructuring charges.

Restructuring expenses related to the 2007 and Aon Benfield restructuring programs were $95 million in the second quarter compared to $53 million in the prior year quarter. An analysis of restructuring-related expenses by segment and type for both the 2007 and Aon Benfield restructuring programs are detailed on page 13 of this release.

Restructuring savings in the second quarter related to the 2007 restructuring program are estimated at $52 million compared to $16 million in the prior year quarter. Of the estimated restructuring savings in the second quarter, $45 million were related to the Brokerage segment primarily for workforce reduction. Before any potential reinvestment of savings, the 2007 restructuring program is currently expected to deliver cumulative run-rate cost savings of approximately $240-265 million in 2009 and $370 million in 2010.

Restructuring savings in the second quarter related to the Aon Benfield restructuring program are estimated at $10 million. Before any potential reinvestment of savings, the Benfield restructuring program is currently 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 $0.03 per share compared to the prior year quarter due primarily to fluctuations in the U.S. dollar against most major currencies. Excluding certain items highlighted on page 12 of this press release, the impact of foreign currency translation decreased net income by $0.04 per share ($0.04 per share unfavorable impact in Brokerage, $0.01 per share unfavorable impact in Consulting, partially offset by a $0.01 favorable impact in unallocated expenses).

Effective tax rate on continuing operations was 27.1% for the second quarter compared to 25.2% for the prior year quarter. The rate in the second quarter includes an underlying tax rate on operations of 28.0%. The prior year quarter reflected an underlying tax rate on operations of 30.0% and included the favorable resolution of prior year tax issues in the U.K.

Average diluted shares outstanding decreased to 289 million in the second quarter compared to 305 million in the prior year quarter, due primarily to the Company's share repurchase program. During the quarter, the Company repurchased 3.4 million shares of common stock for $125 million. As of June 30, the Company had approximately $730 million of remaining share repurchase authorization.

Discontinued Operations after-tax income was $2 million or $0.01 per share compared to after-tax income of $967 million or $3.17 per share for the prior year quarter. Discontinued operations include results of the run-off property and casualty insurance operations. The prior year quarter includes the results of Automobile Insurance Specialists (AIS), the run-off property and casualty insurance operations and a $1.0 billion after-tax gain on the sales of CICA and Sterling.

SECOND QUARTER SEGMENT REVIEW

Certain noteworthy items impacted pretax income and pretax margins in the second quarter of 2009 and 2008. The second 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                  Second Quarter Ended                     Less:   (millions)    --------------------          Less:   Acquisitions,  Organic   Commissions,   June 30,  June 30,   %     Currency  Divestitures,  Revenue   Fees, Other      2009      2008   Change   Impact      Other       Growth   -----------      ----      ----   ------   ------      -----       ------   Americas         $574      $588     (2)%     (4)%       (1)%          3%   U.K.              181       214    (15)     (14)         4           (5)   EMEA              309       364    (15)     (14)         2           (3)   Asia Pacific      123       147    (16)     (14)        (1)          (1)   Reinsurance       372       248     50       (7)        53            4                    ----      ----    ----     ----       ----         ----   Sub-Total      $1,559    $1,561      -%      (9)%        9%           -%                  ------    ------    ----     ----       ----         ----   Investment    Income            19        49    (61)%                    ----      ----     ----   Total Revenue  $1,578    $1,610     (2)%                  ======    ======     ====    

Risk and Insurance Brokerage Services total revenue decreased 2% to $1.6 billion compared to the prior year quarter due to a 9% unfavorable impact from foreign currency translation on commissions and fees and a 61% decline in investment income, partially offset by a 9% increase from acquisitions, primarily Benfield, net of dispositions. Americas organic revenue increased 3% reflecting strong new business growth in both U.S. Retail and Latin America. U.K. organic revenue decreased 5% due primarily to weak economic conditions and lower new business. EMEA organic revenue decreased 3% as weak economic conditions in continental Europe offset growth in certain emerging markets. Asia Pacific organic revenue decreased 1% reflecting the impact of exiting certain businesses in Japan, partially offset by modest growth in Australia and certain emerging markets. Reinsurance organic revenue increased 4% due primarily to growth in global treaty and facultative placements.

                                       Second Quarter Ended                                       --------------------   (millions)                          June 30,    June 30,        %                                         2009        2008       Change                                         ----        ----       ------   Revenue                             $1,578      $1,610         (2)%   Expenses     Compensation and benefits            932         923          1     Other expenses                       440         454         (3)                                         ----        ----        ----    Total operating expenses            1,372       1,377          -    Operating income                      $206        $233        (12)%     Other (income) expense                (4)         (1)       300                                         ----        ----        ----   Pretax  income                        $210        $234        (10)%                                         ====        ====        ====   Pretax  margin                        13.3%       14.5%    Pretax income - adjusted              $309        $294          5%   Pretax margin - adjusted              19.6%       18.3%   

Compensation and benefits for the second quarter increased $9 million from the prior year quarter including a $93 million favorable impact from foreign currency translation and benefits related to the restructuring programs, primarily offset by increased operating expenses from the Benfield merger and a $34 million increase in restructuring related costs. Other expenses for the second quarter decreased $14 million from the prior year quarter including a $41 million favorable impact from foreign currency translation and a $10 million decrease related to the reviews under the Foreign Corrupt Practices Act (FCPA) and similar laws in other countries and related compliance initiatives, partially offset by the inclusion of Benfield operating expenses and an $11 million increase in intangible amortization primarily related to the merger with Benfield. The prior year quarter included $20 million of legacy litigation accruals.

Second quarter pretax income decreased 10% to $210 million. Adjusting for certain items detailed on page 12 of this press release, pretax income increased 5% or $15 million to $309 million and pretax margin increased 130 basis points to 19.6% versus the prior year quarter due primarily to benefits of the 2007 and Aon Benfield restructuring programs and the inclusion of pretax income from the merger with Benfield, partially offset by a $30 million decrease in investment income and higher intangible amortization expenses.

   CONSULTING    (millions)      Second Quarter Ended                   Less:                   --------------------        Less:   Acquisitions,  Organic   Commissions,   June 30,  June 30,   %     Currency  Divestitures,  Revenue   Fees, Other      2009      2008   Change   Impact      Other       Growth   -----------      ----      ----   ------   ------      -----       ------   Services         $251      $278    (10)%     (9)%        -%          (1)%   Outsourcing        49        57    (14)     (11)         1           (4)                    ----      ----    ----     ----        ----         ----   Sub-Total        $300      $335    (10)%     (9)%        -%          (1)%                    ----      ----    ----     ----        ----         ----   Investment    Income             -         1   (100)%                    ----      ----    ----   Total Revenue    $300      $336    (11)%                    ====      ====    ====   

Consulting total revenue decreased 11% to $300 million compared to the prior year quarter due primarily to a 9% unfavorable impact from foreign currency translation and a 1% organic decline in commissions and fees revenue. Organic revenue in Consulting Services decreased 1% reflecting a decline in human capital and compensation consulting, partially offset by modest growth in health and benefits consulting. Organic revenue in Outsourcing declined 4% as a previously announced outsourcing contract winds down, partially offset by modest growth in benefits outsourcing.

                                       Second Quarter Ended                                       --------------------   (millions)                          June 30,    June 30,        %                                         2009        2008       Change                                         ----        ----       ------   Revenue                               $300        $336        (11)%   Expenses     Compensation and benefits            184         205        (10)     Other expenses                        75          89        (16)                                         ----        ----        ----    Total operating expenses              259         294        (12)    Operating income                       $41         $42         (2)%     Other (income) expense                 -          (1)      (100)                                         ----        ----        ----   Pretax  income                         $41         $43         (5)%                                         ====        ====        ====   Pretax  margin                        13.7%       12.8%    Pretax income - adjusted               $45         $47         (4)%   Pretax margin - adjusted              15.0%       14.0%   

Compensation and benefits for the second quarter decreased 10% or $21 million from the prior year quarter including a $17 million favorable impact from foreign currency translation and benefits related to the 2007 restructuring program. Other expenses decreased 16% or $14 million compared to the prior year quarter due to an $8 million favorable impact from foreign currency translation.

Second quarter pretax income decreased 5% to $41 million. Adjusting for certain items detailed on page 12 of this press release, pretax income decreased 4% or $2 million to $45 million and pretax margin increased 100 basis points to 15.0% versus the prior year quarter due primarily to benefits related to the 2007 restructuring program and solid expense discipline.

   UNALLOCATED INCOME AND EXPENSE                                             Second Quarter Ended                                             --------------------   (millions)                                June 30,    June 30,      %                                               2009        2008     Change                                               ----        ----     ------   Operating segment income before tax         $251        $277        (9)%   Unallocated investment income &    other revenue                                13          17       (24)   Unallocated expenses                         (28)        (37)      (24)   Interest expense                             (26)        (31)      (16)                                               ----        ----       ----   Income from continuing operations    before tax                                 $210        $226        (7)%                                               ====        ====       ====   

Unallocated investment income and other revenue for the second quarter decreased $4 million to $13 million compared to the prior year quarter due to a decline in average interest rates and lower cash balances, primarily offset by $10 million of revenue related to the Company's equity ownership in certain insurance investment funds acquired with Benfield. Unallocated expenses decreased $9 million to $28 million versus the prior year quarter, including the recognition of a $5 million gain on the extinguishment of a portion of the Company's trust preferred securities and lower compensation related expenses, partially offset by $6 million of expense related to the Company's equity ownership in certain insurance investment funds acquired with Benfield. Interest expense decreased $5 million to $26 million from the prior year quarter due to fluctuations in foreign currency and a decline in average interest rates on outstanding debt.

Conference Call and Webcast Details

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

About Aon

Aon Corporation is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's 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.