2024-02-02 15:07:10 ET
Aon plc (AON)
Q4 2023 Earnings Conference Call
February 02, 2024, 08:30 AM ET
Company Participants
Greg Case - CEO
Christa Davies - CFO
Eric Andersen - President
Conference Call Participants
Andrew Kligerman - TD Cowen
Jack Matten - BMO Capital Markets
Jimmy Bhullar - JPMorgan
Bob Huang - Morgan Stanley
Rob Cox - Goldman Sachs
Elyse Greenspan - Wells Fargo
Meyer Shields - KBW
Charlie Lederer - Citi
Presentation
Operator
Good morning, and thank you for holding. Welcome to Aon plc's Fourth Quarter 2023 Conference Call. At this time, all parties will be in listen-only mode until the question-and-answer portion of today's call. I'd also like to remind all parties that this call is being recorded. If anyone has any objection, you may disconnect your line at this time.
It's important to note that some of the comments in today's call may constitute certain statements that are forward-looking in nature as defined by the Private Securities Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. Information concerning risk factors that could cause such differences are described in the press release covering our fourth quarter and full year 2023 results, as well as having been posted on our website.
Now it is my pleasure to turn the call over to Greg Case, CEO of Aon plc.
Greg Case
Good morning, everyone. Welcome to our fourth quarter conference call. I'm joined by Christa Davies, our CFO; and Eric Andersen, our President. As in previous quarters, we posted a detailed financial presentation on our website.
We want to start with a very sincere thank you to our Aon colleagues around the world for all they've done in 2023 pivotal for our clients and support each other. As we reflect on 2023, we observed that the client demand driving our Aon United journey. Trends around increasing volatility and interconnected risk have accelerated.
Specifically, we see four broad areas of focus that increase the relevance of our core business and create opportunity to deliver more value to clients. These four megatrends revolve around trade and the consequence of sustained geopolitical uncertainty. Technology, particularly the rise of AI, weather reflecting the rate of natural catastrophes and workforce where the pandemic has fundamentally impacted talent. These profound transitions described in our Global Risk Management Survey and Human Capital Trends Report require clients to both deliver against today's expectations and evolve to make better decisions on new risk and people challenges.
Against that backdrop, we've taken significant steps to accelerate our Aon United strategy in ways that drove performance in 2023 and set the stage to build momentum and deliver stronger performance in 2024. Most notably, we're executing our three-by-three plan to leverage our risk capital and human capital structure and capability, embed the Aon Client leadership model across the firm and utilize Aon Business Services to set a new standard of innovation and client service.
We then doubled down on this plan by announcing a $900 million investment into our business to accelerate Aon Business Services as a catalyst for the three-by-three plan and the complete workforce strategy effort to reflect our simplified and more connected go-to-market strategy. We closed the year with strong operating momentum and also took action to build upon our ABS driven capability to deliver innovative and accretive new products into the middle-market by announcing our intent to acquire NFP.
NFP under the leadership of Doug Hammond and an exceptional team is the premier operating platform in the middle-market segment with tremendous client relationships and distribution. And together, we can bring stronger analytics and innovation to this space and not just capability but content that can serve the middle market like Aon Cyber Quotient Evaluation or CyQI, a proprietary platform that helps clients identify, measure and manage cyber risk. NFP's operating platform will enable quick and efficient connections to Aon Business Services content driving meaningful growth in the middle market. And we're incredibly excited about the top and bottom-line growth potential for NFP, given our complementary businesses and expected synergies and the value it will create....
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Aon plc (AON) Q4 2023 Earnings Call Transcript