The following tables include information about our reportable segments, including total segment revenue, consolidated revenue, segment operating income, and income before income taxes:


	Three Months Ended March 31, 2025
(millions, except per share data)	Risk Capital			Human Capital			Corporate/Eliminations		Total Consolidated
Revenue
Total revenue (1)	$	3,191		$	1,545		$	(7)	$	4,729
Expenses
Compensation and benefits	1,461			774			14		2,249
Information technology	90			45			1		136
Premises	52			29			1		82




Other expenses (2)	391			294			116		801
Total operating expenses	1,994			1,142			132		3,268
Operating income	1,197			403			(139)		1,461
Operating margin	37.5		%	26.1		%			30.9		%

Non-operating expenses
Interest income									5
Interest expense									(206)
Other income (expense)									(10)
Income before income taxes									$	1,250

(1)Includes fiduciary investment income of $65 million in Risk Capital and $2 million in Human Capital for the three months ended March 31, 2025.

(2)Includes expenses related to Depreciation of fixed assets, Amortization and impairment of intangible assets, Accelerating Aon United Program expenses, and Other general expenses.


	Three Months Ended March 31, 2024
(millions, except per share data)	Risk Capital			Human Capital			Corporate/Eliminations		Total Consolidated
Revenue
Total revenue (1)	$	2,975		$	1,103		$	(8)	$	4,070
Expenses
Compensation and benefits	1,354			527			2		1,883
Information technology	89			35			—		124
Premises	50			21			—		71




Other expense (2)	297			133			97		527
Total operating expenses	1,790			716			99		2,605
Operating income	1,185			387			(107)		1,465
Operating margin	39.8		%	35.1		%			36.0		%

Non-operating expenses
Interest income									28
Interest expense									(144)
Other income (expense)									75
Income before income taxes									$	1,424

(1)Includes fiduciary investment income of $78 million in Risk Capital and $1 million in Human Capital for the three months ended March 31, 2024.