June 28, 2005
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: REPORT ON FORM 11-K FOR THE AON SAVINGS PLAN
REGISTRANT: AON CORPORATION
COMMISSION FILE NO.: 1-7933
Gentlemen and Ladies:
Enclosed with this EDGAR transmission is the above referenced Form 11-K
for the Aon Savings Plan.
Please contact the undersigned at 312/381-3165 if you have any
questions.
Very truly yours,
/S/ BETH E. BURK
Beth E. Burk
Associate General Counsel - Benefits
BEB/rjr
Enclosures
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
__X__ Annual Report Pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended December 31, 2004
OR
_____ Transition Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
A. Full title of the plan and the address of the plan,
if different from the issuer named below:
Aon Savings Plan
B. Name of the issuer of the securities held pursuant to
the plan and the address of its principal executive
office:
Aon Corporation
200 E. Randolph Drive
Chicago, Illinois 60601
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan,
by the Plan Administrator, the Committee, has caused this annual report to be
signed on its behalf by the undersigned, thereunto duly authorized, in the
County of Cook and the State of Illinois on the 28th day of June, 2005.
AON SAVINGS PLAN
BY THE COMMITTEE
/s/ THOMAS STACHURA /s/ JOHN A. RESCHKE
------------------- -------------------
Thomas Stachura John A. Reschke
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
AON SAVINGS PLAN
Years Ended December 31, 2004 and 2003
With Report of Independent Registered
Public Accounting Firm
Employer Identification Number 36-3051915
Plan # 020
AON SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
Years ended December 31, 2004 and 2003
CONTENTS
Report of Independent Registered Public Accounting Firm 1
Financial Statements
Statement of Assets Available for Benefits
at December 31, 2004 and 2003 2
Statement of Changes in Assets Available for Benefits
for the years ended December 31, 2004 and 2003 3
Notes to Financial Statements 4
Supplemental Schedule:
Schedule H, Line 4i - Schedule of Assets (Held At
End of Year) 12
Report of Independent Registered Public Accounting Firm
The Participants and Administrative Committee
Aon Savings Plan
We have audited the accompanying statements of assets available for benefits of
the Aon Savings Plan as of December 31, 2004 and 2003, and the related
statements of changes in assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an
audit of the Plan's internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plan's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan at December
31, 2004 and 2003, and the changes in its assets available for benefits for the
years then ended, in conformity with U.S. generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedule of
assets (held at end of year) as of December 31, 2004, is presented for purposes
of additional analysis and is not a required part of the financial statements,
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Chicago, Illinois Ernst & Young LLP
June 6, 2005
1
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS
(in thousands)
DECEMBER 31
----------------------------------------------------------
2004 2003
----------------------- -----------------------
ASSETS:
------
Investments, at Fair Value:
Aon Corporation Common Stock $ 258,761 $ 302,540
Brokerage Accounts-Other Common and
Preferred Stocks and Mutual Funds 9,215 8,327
Investments held in Mutual Funds:
State Street Global Advisors Short Term Investment Fund 254,613 -
AIM Liquid Asset Fund - 249,360
Vanguard REIT Index Fund 74,396 53,303
Vanguard Admiral Intermediate Term Treasury Fund 73,341 76,522
Vanguard Capital Opportunities Fund 60,849 -
INVESCO Dynamics Fund - 31,136
Dodge & Cox Common Stock Fund 174,806 105,230
PIMCO Total Return Fund 49,788 40,609
Montag & Caldwell Growth Fund 23,285 15,855
Managers Special Equity Fund 53,183 35,821
Templeton Emerging Markets Fund - 16,645
American Funds Euro-Pacific Growth Fund 77,495 -
Investments held in Collective Trusts:
Ned Davis Research Asset Allocation Strategy Fund 138,855 -
State Street Global Advisors S&P 500 Strategy Fund 255,803 -
INVESCO Asset Allocation Fund - 136,138
INVESCO 500 Index Fund - 229,043
INVESCO International Equity Fund - 40,756
Short-Term Investment Funds 1,943 2,065
Participant Loans 23,335 21,239
------------------------- -----------------------
1,529,668 1,364,589
CONTRIBUTIONS RECEIVABLE:
Participant Contribution Receivable 2,517 -
Company Contribution Receivable 9,219 54,148
----------------------- -----------------------
11,736 54,148
------------------------- -----------------------
ASSETS AVAILABLE FOR BENEFITS $ 1,541,404 $ 1,418,737
========================= =======================
See notes to financial statements.
2
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
(in thousands)
DECEMBER 31
----------------------------------------------------------
2004 2003
----------------------- -----------------------
NET INVESTMENT INCOME
Interest Income $ 3,574 $ 1,355
Net Appreciation in Fair Value
of Investments 89,855 201,742
Aon Corporation Dividends 7,145 7,948
Other Dividends 21,339 14,705
Management and Administrative Fees (1,580) (3,076)
----------------------- -----------------------
TOTAL NET INVESTMENT INCOME 120,333 222,674
CONTRIBUTIONS
Company 42,707 54,148
Participants 98,380 90,764
Rollovers 5,573 7,580
----------------------- -----------------------
TOTAL CONTRIBUTIONS 146,660 152,492
OTHER CHANGES
Benefit Payments (144,326) (98,081)
Plan Mergers - 6,144
----------------------- -----------------------
TOTAL OTHER CHANGES (144,326) (91,937)
----------------------- -----------------------
NET INCREASE IN ASSETS AVAILABLE
FOR BENEFITS 122,667 283,229
ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 1,418,737 1,135,508
----------------------- -----------------------
ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $ 1,541,404 $ 1,418,737
======================= =======================
See notes to financial statements.
3
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2004 and 2003
1. DESCRIPTION OF PLAN
GENERAL
The Aon Savings Plan (the Plan) was authorized by the Board of
Directors of Aon Corporation (the Company or Plan Sponsor). It is a
defined contribution plan with a salary deferral feature and an
employee stock ownership (ESOP) feature. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA). Effective January 1, 2003, the ASI Solutions, Inc. 401(k)
Retirement Plan and the McLagan Partners Inc. 401(k) Profit Sharing
Plan were merged into the Plan and as a result, assets approximating
$6.1 million were transferred to the Plan. Effective January 1, 2004,
the Aon Retirement Account was established as a separate account under
the Aon Savings Plan. The Aon Retirement Account is intended for
employees hired after January 1, 2004 who are not eligible for
participation in the Aon Pension Plan.
The assets of the ESOP portion of the Plan are invested primarily in
common stock of the Company. Additionally, certain assets are invested
by the Trustees as deemed advisable in order for the Plan to meet its
cash flow needs.
Effective January 1, 2003, the Aon Common Stock Fund and the ESOP
Allocated Fund were merged into a single fund called the Aon Common
Stock ESOP Fund. Participants have the option to reinvest dividends in
additional shares of Aon common stock in the Plan or receive dividends
in cash. Additionally, effective January 1, 2003, participants are
allowed to immediately diversify any Company matching contributions
allocated to the Aon Common Stock ESOP Fund.
The following description of the Plan provides only general
information. Participants of the Plan should refer to the Summary Plan
Description for a more complete description of the Plan.
ELIGIBILITY AND PARTICIPATION
Employees other than field sales agents or employees scheduled to work
less than 20 hours per week are immediately eligible to participate.
Field sales agents and employees scheduled to work less than 20 hours
per week are eligible to participate after completing one year of
service. Participants must complete one year of service to be eligible
for Company matching contributions.
4
1. DESCRIPTION OF PLAN (CONTINUED)
CONTRIBUTIONS
PARTICIPANT - Participant contributions are made by means of regular
payroll deductions. Non-highly compensated participants, as defined by
the Internal Revenue Code (IRC), may elect to make contributions
between 1% and 25% (16% prior to January 1, 2004) of their
compensation, as defined by the Plan. Highly compensated participants,
as defined by the IRC, may elect to make contributions between 1% and
10% (8% prior to January 1, 2004) of their compensation, as defined by
the Plan. Participant contributions are limited to amounts allowed by
the Internal Revenue Service (IRS). Accordingly, the maximum
participant contribution was $13,000 in 2004 and $12,000 in 2003. In
addition to regular participant contributions, catch-up contributions
of up to $3,000 for 2004 and $2,000 for 2003 were allowed for any
participants who were age 50 or older during the Plan year.
The Aon Retirement Account is funded entirely by Company contributions.
No employee contributions are allowed.
COMPANY - For 2004, the Company contributes an amount equal to 50% of
the first 6% of a participant's compensation that a participant
contributes to the Plan (75% of a participant's compensation up to 4%
for employees of Aon Human Capital Services, LLC and 100% of the first
3% for employees of Human Resources Outsourcing Group). This
contribution will be made concurrent with participant contributions.
Employees of the Human Resources Outsourcing Group receive a further
contribution equal to 75% of the next 3% of compensation contributed to
the Plan. The Company may make a further discretionary contribution
based on employee contributions of up to 6%. The amount and allocation
of this contribution is determined by the Aon Board of Directors.
For 2003, the Company contributed an amount equal to 100% of the first
3% of a participant's compensation that a participant contributed to
the Plan (75% of a participant's compensation up to 4% for employees of
Aon Human Capital Services, LLC). The Company made a further
contribution to the ESOP portion of the Plan equal to 75% (50% for
field sales agents) of the next 3% of a participant's compensation that
is contributed to the Plan. In 2003, the ESOP contribution was made in
cash. Employees of Aon Human Capital Services, LLC are not eligible for
the ESOP contribution. The Plan requires that a participant be employed
for at least one year and be actively employed as of the last day of
the Plan year in order to receive a Company contribution.
INVESTMENT OPTIONS
Contributions to the Plan may be invested in any of the various
investment alternatives offered by the Plan in any whole percentages.
Additionally, a Self-Managed Account is offered whereby participants
can invest their self-directed contributions in various stock, mutual
funds and other investments.
5
1. DESCRIPTION OF PLAN (CONTINUED)
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocations of a) the Company's contributions and b)
Plan earnings (losses). The benefit to which a participant is entitled
is the benefit that can be provided from the participant's account.
VESTING
For the ESOP portion of the Plan, a participant vests in 20% increments
per year and becomes 100% vested after completion of five years of plan
service.
For the non-ESOP portion of the Plan, participants are fully vested in
their contributions plus actual earnings thereon. Participants become
100% vested in the remainder of their account balance after five years
of plan service, according to a graded schedule.
Participants will become fully vested in the Aon Retirement Account
after five years of service.
The total amount of forfeitures allocated to participants was
$1,074,000 for 2003. For 2004, $1,538,000 of forfeitures were used to
provide partial funding for Company contributions and to pay other
expenses of the Plan.
BENEFIT PAYMENTS
For the ESOP portion of the Plan, a participant's entire account shall
be paid to the participant or designated beneficiary in a lump sum upon
normal retirement, permanent disability or death. The participant may
elect payment in the form of Company common stock or cash.
For the non-ESOP portion, on termination of service, a participant
shall be paid a lump sum amount equal to the value of his or her
account. The participant will receive payment in the form of cash only.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to the provisions of ERISA. In the event
of Plan termination, participants will become 100% vested in their
accounts.
6
1. DESCRIPTION OF PLAN (CONTINUED)
PARTICIPANT LOANS
Under the loan provision of the Plan, each participant is permitted one
loan in a twelve month period and the outstanding balance of all loans
made to a participant may not exceed the lesser of $50,000 or 50% of
the vested portion of the participant's account, excluding the ESOP
portion of the account. The interest rate for each loan is equal to 1%
plus the prime rate as quoted in The Wall Street Journal for the last
day of the month preceding the loan request. Loans are made for a
period of up to five years, except for residential loans that have a
fixed repayment period of up to fifteen years.
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared on an accrual basis
in accordance with U.S. generally accepted accounting principles.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments are carried at fair value, which for marketable securities
is based on quotations obtained from national securities exchanges and
various other sources. Participant loans are valued at their
outstanding balances, which approximate fair value.
Interest income is recorded as earned. Dividend income is recorded on
the ex-dividend date. Realized gains or losses on investments are the
difference between the proceeds received and the cost of investments
sold as determined on a first-in, first-out basis. The change in the
difference between fair value and the cost of investments is reported
as unrealized appreciation or depreciation of investments.
ADMINISTRATIVE EXPENSES
Administrative expenses of the Plan, including expenses of the
Trustees, are paid from the Plan assets, except to the extent that the
Company, at its discretion, may decide to pay such expenses. The
Company did not pay any Plan expenses in 2004 or 2003.
USE OF ESTIMATES
The preparation of the financial statements in conformity with U.S.
generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could
differ from those estimates.
7
3. INVESTMENTS
Effective October 1, 2004, State Street Bank and Trust Comapnay has
been appointed Trustee and custodian for all Plan assets. Prior to this
date, Institutional Trust Company (ITC) was custodian of the Plan
assets and Trustee for all Plan assets except the Aon Common Stock ESOP
shares and the self-managed brokerage accounts. For the Aon Common
Stock ESOP shares and self-managed brokerage accounts, State Street
Bank and Trust Company was the Trustee. The Trustees are named
fiduciaries under ERISA. As used herein, Trustee refers to ITC and
State Street Bank and Trust Company individually and collectively.
8
3. INVESTMENTS (CONTINUED)
During 2004 and 2003 the Plan's investments (including investments
bought, sold and held during the year) appreciated (depreciated) in
fair value as follows (in thousands):
December 31
2004 2003
--------------------------------------------------------------------
Net Realized Net Realized
and Unrealized and Unrealized
Appreciation Appreciation
(Depreciation) (Depreciation)
in Fair Value in Fair Value
of Investments of Investments
Fair During Fair During
Value the Year Value the Year
--------------------------------------------------------------------
Investments, at fair value:
Aon Corporation Common Stock $ 258,761 $ 606 $ 302,540 $ 65,964
Brokerage Accounts-Other
Common and Preferred Stocks
and Mutual Funds 9,215 (38) 8,327 2,337
Investments in Mutual Funds:
State Street Global Advisors Short
Term Investment Fund 254,613 - - -
AIM Liquid Asset Fund - - 249,360 -
Vanguard REIT Index Fund 74,396 13,335 53,303 10,518
Vanguard Capital Opportunities Fund 60,849 6,851 - -
INVESCO Dynamics Fund - 803 31,136 7,901
Dodge & Cox Common Stock Fund 174,806 19,224 105,230 19,582
PIMCO Total Return Fund 49,788 (199) 40,609 37
Montag & Caldwell Growth Fund 23,285 785 15,855 1,894
Managers Special Equity Fund 53,183 6,521 35,821 8,334
Templeton Emerging Markets
Fund - (55) 16,645 3,267
American Euro-Pacific Growth Fund 77,495 9,692 - -
Vanguard Admiral Intermediate
Term Treasury Fund 73,341 (1,009) 76,522 (3,003)
Investments in Collective Trusts:
State Street Asset Allocation Fund - (1,901) - -
Ned Davis Research Asset
Allocation Fund 138,855 7,739 - -
State Street Global Advisors S&P 500
Strategy Fund 255,803 21,150 - -
INVESCO Asset Allocation Fund - 1,653 136,138 23,219
INVESCO 500 Index Fund - 4,220 229,043 51,876
INVESCO International
Equity Fund - 478 40,756 9,816
Short-Term Investment Funds 1,943 - 2,065 -
--------------------------------------------------------------------
Total $ 1,506,333 $ 89,855 $ 1,343,350 $ 201,742
--------------------------------------------------------------------
9
3. INVESTMENTS (CONTINUED)
The fair value of individual investments that represent 5% or more of
the Plan's assets is as follows (in thousands):
December 31
-------------------------------------
2004 2003
---- ----
Aon Corporation, Common Stock $ 258,761 $ 302,540
Investments in Mutual Funds:
State Street Global Advisors Short
Term Investment Fund 254,613 -
AIM Liquid Asset Fund - 249,360
Dodge & Cox Common Stock Fund 174,806 105,230
Vanguard Admiral Intermediate Term
Treasury Fund * 76,522
American Euro-Pacific Growth Fund 77,495 -
Investments in Collective Trusts:
Ned Davis Research Asset Allocation
Strategy Fund 138,855 -
State Street Global Advisors S&P 500
Strategy Fund 255,803 -
INVESCO 500 Index Fund - 229,043
INVESCO Asset Allocation Fund - 136,138
*Below 5% threshold.
4. INCOME TAX STATUS
The Plan has received a determination letter from the IRS dated October
1, 2003, stating that the Plan is qualified under section 401(a) of the
IRC and, therefore, the related trust is exempt from taxation.
Subsequent to this issuance of the determination letter, the Plan was
amended. Once qualified, the Plan is required to operate in conformity
with the IRC to maintain its qualification. The Plan Administrative
Committee believes the Plan is being operated in compliance with the
applicable requirements of the IRC and, therefore, believes that the
Plan, as amended, is qualified and the related trust is tax exempt.
5. RISKS AND UNCERTAINTIES
The Plan invests in various investment securities. Investment
securities are exposed to various risks such as interest rate, market
and credit risks. Due to the level of risk associated with certain
investment securities, it is at least reasonably possible that changes
in the values of investment securities will occur in the near term and
that such changes could materially affect participants' account
balances and the amounts reported in the statements of assets available
for benefits.
10
6. SUBSEQUENT EVENTS
Effective in 2005, distributions to participants whose balances are
between $1,000 and $5,000 and that are made without their consent must
be rolled over into an IRA account.
11
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2004
Number of Shares Current Value
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
AON COMMON STOCK ESOP FUND
--------------------------
COMMON STOCK
Aon Corporation
Common Stock, 1.00 par* 10,884,365 $ 258,679
==============
SHORT TERM INVESTMENT FUND
--------------------------
MUTUAL FUND
Investments held in the State Street Global
Advisor Short Term Investment Fund* 254,613,324 $ 254,613
==============
TOTAL RETURN FUND
-----------------
COLLECTIVE TRUST
Investments held in the Ned Davis Research
Asset Allocation Fund 11,161,666 $ 138,855
==============
COMMON STOCK INDEX FUND
-----------------------
COLLECTIVE TRUST
Investments held in the State Street Global
Advisors S&P 500 Strategy Fund* 1,156,515 $ 255,803
==============
REAL ESTATE SECURITIES FUND
---------------------------
MUTUAL FUND
Investments held in the Vanguard
REIT Index Fund 5,999,641 $ 74,396
==============
12
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2004
(continued)
Number of Shares Current Value
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
VANGUARD CAPITAL OPPORTUNITIES FUND
-----------------------------------
MUTUAL FUND
Investments held in the Vanguard Capital
Opportunities Fund 856,070 $ 60,849
==============
DODGE & COX COMMON STOCK FUND
-----------------------------
MUTUAL FUND
Investments held in the Dodge & Cox
Common Stock Fund 1,342,387 $ 174,806
==============
PIMCO TOTAL RETURN FUND
-----------------------
MUTUAL FUND
Investments held in the PIMCO
Total Return Fund 4,666,161 $ 49,788
==============
MONTAG & CALDWELL GROWTH FUND
-----------------------------
MUTUAL FUND
Investments held in the Montag & Caldwell
Growth Fund 1,024,883 $ 23,285
==============
MANAGERS SPECIAL EQUITY FUND
----------------------------
MUTUAL FUND
Investments held in the Managers
Special Equity Fund 588,244 $ 53,183
==============
13
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2004
(continued)
Number of Shares Current Value
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
VANGUARD ADMIRAL INTERMEDIATE TERM
----------------------------------
TREASURY FUND
-------------
MUTUAL FUND
-----------
Investments held in the Vanguard Admiral
Intermediate Term Treasury Fund 6,513,415 $ 73,341
==============
AMERICAN EURO-PACIFIC GROWTH FUND
---------------------------------
MUTUAL FUND
Investments held in the American Euro-
Pacific Growth Fund 2,175,591 $ 77,495
==============
OTHER COMMON AND PREFERRED STOCKS AND MUTUAL FUNDS (SELF-MANAGED FUNDS)
-----------------------------------------------------------------------
BROKERAGE ACCOUNTS
Investments held in other common and preferred
stocks and mutual funds and other investments 9,214,966 $ 9,215
==============
Investments held in Aon Corporation
Common Stock* 3,426 $ 82
==============
Investment held in the State Street
Short-Term Investment Fund* 1,943,410 $ 1,943
==============
PARTICIPANT LOANS (5.00% - 11.0%) - $ 23,335
==============
$ 1,529,668
==============
*Party in interest transaction not prohibited by ERISA.
14
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-27894) pertaining to the Aon Savings Plan of Aon Corporation of our
report dated June 6, 2005, with respect to the financial statements and schedule
of the Aon Savings Plan included in this annual report (Form 11-K) for the year
ended December 31, 2004.
Chicago, Illinois Ernst & Young LLP
June 27, 2005