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Previous: PEREGRINE REAL ESTATE TRUST, SC 13G, 1995-06-20 |
Next: INTERNATIONAL BANCSHARES CORP, 8-K, 1995-06-20 |
<PAGE>
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, 1994
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
123 N. Wacker Drive
Chicago, Illinois 60606
<PAGE>
Aon SAVINGS PLAN
ITEM 1. FINANCIAL STATEMENTS AND SCHEDULES
INDEX TO AUDITED FINANCIAL STATEMENTS AND SCHEDULES
---------------------------------------------------
<TABLE>
<CAPTION>
Page
------
<S> <C>
Report of Independent Auditors 1
Financial Statements:
Statements of Net Assets Available
for Plan Benefits at
December 31, 1994 and 1993 2
Statements of Changes in Net Assets Available
for Plan Benefits for the years ended
December 31, 1994 and 1993 3
Notes to Financial Statements 4
Financial Statement Schedules:
Schedule I
Assets Held for Investment as of
December 31, 1994 9
Schedule II
Net Assets Available for Plan Benefits
by Investment Program at December 31, 1994
and 1993 20
Schedule III
Changes in Net Assets Available for Plan
Benefits by Investment Program for the years
ended December 31, 1994 and 1993 22
Schedule IV
Transactions or Series of Transactions in
Excess of 5% of the Current Value of Plan
Assets for the year ended December 31, 1994 24
</TABLE>
ITEM 2. EXHIBITS
Exhibit No.
-----------
23(a) Consent of Ernst & Young, Independent Auditors
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Participants and Administrative Committee
Aon Savings Plan
We have audited the accompanying statements of net assets available for plan
benefits of Aon Savings Plan as of December 31, 1994 and 1993, and the related
statements of changes in net assets available for plan 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 generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as 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 net assets available for plan benefits of the Plan at
December 31, 1994 and 1993, and the changes in its net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment as of December 31, 1994 (Schedule I) and transactions or
series of transactions in excess of 5% of the current value of plan assets for
the year ended December 31, 1994 (Schedule IV), are presented for purposes of
complying with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the financial statements. The supplemental schedules have
been subjected to the auditing procedures applied in our audit of the 1994
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the 1994 financial statements taken as a whole.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
June 9, 1995
<PAGE>
Aon SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
<TABLE>
<CAPTION>
December 31
----------------------
1994 1993
---- ----
ASSETS
- ------
<S> <C> <C>
Investments, at Fair Value (Notes 1,2, and 3):
United States Government and
Government Agency Issues $ 37,916,274 $ 38,959,918
Corporate Bonds and Notes 8,098,890 8,999,672
Other Bonds 920,500 1,077,840
Common Stocks:
Aon Corporation 155,385,888 144,755,222
Other 59,847,568 59,152,208
Preferred Stocks 1,457,000 2,519,500
Investments held in the Life of Virginia
Series Funds, Inc.:
Money Market Portfolio 18,516,372 -
Government Securities Portfolio 3,777,576 -
Total Return Portfolio 19,848,878 -
Common Stock Index Portfolio 14,674,806 -
Other Long-Term Investments 25,288 -
Short-Term Investments 8,778,053 51,743,192
------------ ------------
329,247,093 307,207,552
Unallocated Guaranteed Insurance
Contracts, at Contract Value 135,532,699 113,047,429
------------ ------------
Total Investments 464,779,792 420,254,981
Receivables:
Contribution Receivable from Aon Corporation 13,629,906 13,349,681
Contributions Receivable from Participants 1,006,213 817,524
Loans Receivable 801,935 1,356,492
Accrued Dividends and Interest 946,466 937,530
Due from Broker 5,732,153 14,041,460
------------ ------------
Total Receivables 22,116,673 30,502,687
------------ ------------
Total Assets 486,896,465 450,757,668
------------ ------------
<CAPTION>
LIABILITIES
- -----------
<S> <C> <C>
Accounts Payable and Accrued Expenses 127,980 128,253
------------ ------------
Total Liabilities 127,980 128,253
------------ ------------
Net Assets Available for Plan Benefits $486,768,485 $450,629,415
============ ============
</TABLE>
See notes to financial statements.
2
<PAGE>
Aon SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
<TABLE>
<CAPTION>
Year Ended December 31
----------------------
1994 1993
ADDITIONS: ---- ----
- ----------
<S> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 13,771,237 $ 15,483,632
Aon Corporation Dividends 5,975,609 5,052,783
Other Dividends 3,475,361 1,620,968
------------ ------------
23,222,207 22,157,383
Contributions:
Aon Corporation 13,629,906 13,349,681
ESOP Diversification 57,357 37,934
Participants 41,642,356 26,500,697
------------ ------------
55,329,619 39,888,312
------------ ------------
78,551,826 62,045,695
<CAPTION>
DEDUCTIONS:
- -----------
<S> <C> <C>
Benefits Paid to Participants 33,754,528 39,828,741
Administrative Expenses 935,718 764,604
Investment Expenses 386,720 527,696
------------ ------------
35,076,966 41,121,041
------------ ------------
43,474,860 20,924,654
Net Realized and Unrealized
Depreciation in Fair Value
of Investments (Note 3) (7,335,790) (5,124,711)
------------ ------------
Net Increases 36,139,070 15,799,943
Net Assets Available for Plan Benefits
at Beginning of Year 450,629,415 354,182,096
Plan Mergers - 80,647,376
------------ ------------
Net Assets Available for Plan
Benefits at End of Year $486,768,485 $450,629,415
============ ============
</TABLE>
See notes to financial statements.
3
<PAGE>
Aon SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1994 and 1993
1. Description of Plan
-------------------
A. General
The Aon Savings Plan (the "Plan") was authorized by the Board of Directors
of Aon Corporation (the "Company"). The Plan has been designed as a salary
reduction plan under Section 401(k) of the Internal Revenue Code of 1986,
as amended (the "Code").
The Plan is subject to and is designed to comply with the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA") applicable to
defined contribution profit sharing plans, specifically "Title I -
Protection of Employee Benefits Rights" which includes regulatory
provisions regarding reporting and disclosure, participation and vesting,
funding, fiduciary responsibility, administration and enforcement. The
minimum funding standards of Title I do not, however, apply to the Plan.
B. Plan Changes
On July 1, 1994, the Plan introduced three new investment options, the
Government Securities Fund, the Common Stock Index Fund and the Total
Return Fund. These new funds along with the Money Market Fund are invested
in the portfolios of the Life of Virginia Series Funds, Inc., an affiliated
registered investment company. Also effective on July 1, 1994, the
Balanced Fund has become a closed fund and will no longer accept new
monies.
C. Plan Mergers and Transfer of Assets
Effective January 1, 1993, the Savings and Investment Plan for the
Employees of Frank B. Hall & Co. Inc. (the "FBH Plan") was merged into the
Aon Savings Plan. All assets and liabilities of the FBH Plan were
transferred to the Aon Savings Plan as of January 1, 1993. Participants of
the FBH Plan immediately became Participants in the Aon Savings Plan and
were given the option to select the Aon Savings Plan investment funds in
which their participant balances would be invested. Of the six funds that
existed in the FBH Plan, the Reliance Group Holdings, Inc. Common Stock
Fund and the Frank B. Hall and Co. Inc. Preferred Stock Fund were continued
in the Aon Savings Plan. Effective January 1, 1993, Participants could not
elect to have current contributions invested in these two funds. On
January 22, 1993, Prometheus Funding Corporation, formerly Frank B. Hall &
Co. Inc., announced the redemption of the Frank B. Hall & Co. Inc. Series B
Cumulative Preferred Stock ("FBH Preferred Stock"). Participants in the
Plan who had invested in the FBH Preferred Stock could either convert the
preferred stock to 1) common stock of Reliance Group Holdings, Inc. at a
conversion ratio of 9.08 common shares for every preferred share or 2) cash
in the amount of $53.2853 per share to be invested in the remaining fund
options. Those Participants who had invested in the Reliance Group
Holdings, Inc. Common Stock Fund immediately before the plan merger may
continue to invest that portion of their account balance in that fund
subsequent to the plan merger.
Effective July 1, 1993, the Salary Deferral Thrift Plan for the Employees
of Booke & Company (the "Booke Plan") was merged into the Plan.
Participants of the Booke Plan immediately became Participants in the Aon
Savings Plan. All assets and liabilities of the Booke Plan were
transferred to the Aon Savings Plan as of July 1, 1993.
4
<PAGE>
Effective August 1, 1993, the K and K Insurance Agency, Inc. 401(k) Profit
Sharing Trust (the "K and K Plan") was merged into the Plan. Participants
of the K and K Plan immediately became Participants in the Aon Savings
Plan. All assets and liabilities of the K and K Plan were transferred to
the Aon Savings Plan as of August 1, 1993.
D. Eligibility and Participation
Participation in the Plan is limited to employees who have completed one
year of service and attained the age of 21 or employees who were eligible
under another Plan that was merged into the Aon Savings Plan. An employee
must be employed in the United States on a permanent basis in order to
participate.
E. Contributions
Participant - Participant contributions are made by means of regular
-----------
payroll deductions. Non-highly compensated Participants, as defined by the
Code, may elect to make contributions of between 2% and 10% of their
compensation, as defined by the Plan. Highly compensated participants, as
defined by the Code, may elect to make contributions of between 2% and 6%
of their compensation, as defined by the Plan. Participant contributions
are limited to amounts allowed under the Tax Reform Act of 1986.
Accordingly, the maximum Participant contribution was $9,240 and $8,994 in
1994 and 1993, respectively.
Company - The Company will contribute an amount equal to 100% of a
-------
Participant's contributions, on the first 3% of compensation contributed
for the year. The Plan requires that a Participant be actively employed
and contributing to the Plan as of the last day of the Plan year in order
to receive a company contribution.
F. Investment Provisions
Contributions to the Plan may be invested in one or more of the following
investment funds:
Money Market Fund - Invested principally in shares of the Money Market
-----------------
Portfolio of the Life of Virginia Series Funds, Inc., an affiliated
registered investment company. The portfolio invests in various types
of good quality money market securities including certificates of
deposit, commercial paper, U.S. Treasury and Agency securities and
other similar instruments.
Aon Stock Fund - Invested principally in common stock of the Company
--------------
that is purchased on the open market or in private transactions. At
December 31, 1994, 32% of the net assets available for plan benefits
were invested in the Company's common stock.
Investment Contract Fund - Invested principally in unallocated
------------------------
guaranteed insurance contracts and short-term investment funds.
During 1994 and 1993, Fidelity Management Trust Company ("Investment
Manager") was the Investment Manager for this Fund. In 1995, members
of the Company's Investment Department became managers of this Fund.
The Investment Manager is a fiduciary within the meaning of ERISA
Section 3(21). Certain restrictions and penalties may apply with
regard to the termination of unallocated guaranteed insurance
contracts prior to the scheduled maturity date.
Government Securities Fund - Invested principally in shares of the
--------------------------
Government Securities Portfolio of the Life of Virginia Series Fund,
Inc. The portfolio invests in intermediate and long-term debt
securities issued or guaranteed by the U.S. Government or its agencies
or instrumentalities.
5
<PAGE>
Total Return Fund - Invested principally in shares of the Total
-----------------
Return Portfolio of the Life of Virginia Series Funds, Inc. The
portfolio invests in equities, fixed income and money market
instruments.
Common Stock Index Fund - Invested principally in shares of the
-----------------------
Common Stock Index Portfolio of the Life of Virginia Series Funds,
Inc. The investment objective of the portfolio is to replicate the
total return of the S&P 500 Index through investment in common stocks
traded on the New York Stock Exchange and the American Stock Exchange
and, to a limited extent, in the over-the-counter markets.
The Plan's net assets available for plan benefits and changes in net assets
available for plan benefits by investment program are set forth on
Schedules II and III, respectively, and are incorporated herein by
reference.
G. Account Balances
Each Participant's account is credited with the Participant's contribution
and an allocation of a) the Company's contribution, b) Plan earnings, and
c) Forfeitures of terminated Participants' non-vested accounts.
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. Forfeitures of non-vested
accounts are allocated to the remaining Participants. The amount of
forfeitures allocated to Participants was $344,106 and $667,438 for 1994
and 1993, respectively.
On termination of service, a participant may elect to receive either a lump
sum amount equal to the value of his or her account and/or monthly
installments over a period not to exceed ten years.
H. 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 account
balances.
I. Loan Administration
Under the Aon Savings Plan, participants do not have the ability to borrow
from their accounts. Prior to the plan mergers, the FBH Plan, the Booke
Plan and the K and K Plan permitted Participants to borrow from the vested
portion of their account. At the date of merger, Participants under the
former plans could no longer borrow from the vested portion of their
account. However, the Plan will continue to administer those loans that
existed prior to the mergers.
J. Summary Plan Description
Participants of the Plan should refer to the Summary Plan Description for a
more complete description of the Plan.
6
<PAGE>
2. Summary of Significant Accounting Policies
------------------------------------------
A. Investments
Investments except for unallocated guaranteed insurance contracts, are
carried at fair value, which for marketable securities is based on
quotations obtained from national securities exchanges and various other
sources. Investments in unallocated guaranteed insurance contracts are
valued at contract value, which represents contributions made under the
contract, plus interest at the contract rate, less any administrative
charges. The Plan believes contract value approximates 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.
B. Operating 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. Administrative expenses
include $936,000 and $765,000 in 1994 and 1993, respectively, paid to
subsidiaries of the Company.
3. Investments
-----------
The Northern Trust Company is the custodian of the Plan assets and Trustee
for the Aon Stock Fund. The remaining Trustees for the Plan are members of
the Company's Investment Department and they have been given the discretion
and authority to manage the investments. The Trustees are named
fiduciaries under ERISA.
The net realized and unrealized appreciation (depreciation) in fair value
of Plan investments are as follows:
<TABLE>
<CAPTION>
1994 1993
------ ------
<S> <C> <C>
United States Government and
Government Agency Issues $ (2,790,665) $ 2,507,978
Corporate Bonds and Notes (1,100,782) 920,199
Other Bonds (414,695) 155,335
Common Stock:
Aon Corporation (1,386,014) (16,423,437)
Other (816,886) 7,373,482
Preferred Stocks (632,935) 340,950
Investment held in the Life
of Virginia Series Funds,
Inc.:
Money Market Portfolio (96,974) -
Government Securities
Portfolio (152,200) -
Total Return Portfolio (106,017) -
Common Stock Index
Portfolio 161,039 -
Unallocated Guaranteed
Insurance Contracts 339 1,782
------------ ------------
$ (7,335,790) $ (5,124,711)
============ ============
</TABLE>
7
<PAGE>
The aggregate cost of investments was $412,490,537 and $358,158,986 at
December 31, 1994 and 1993, respectively.
The following investments exceed 5% of the Plan's net assets available for
plan benefits:
<TABLE>
<CAPTION>
December 31
---------------
1994 1993
------ ------
<S> <C> <C>
Aon Corporation, Common Stock $155,385,888 $144,755,222
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company - 51,700,063
</TABLE>
The Plan has unallocated guaranteed insurance contracts with a contract
value of $18,817,867 that are issued by insurance subsidiaries of the
Company.
On August 12, 1994, the Canadian and United States insurance regulators
assumed control of Confederation Life Insurance Company to protect
policyholders and other creditors. The investment contract with
Confederation Life is accounted for at contract value as of August 12, 1994
in the amount of $8,937,801, and interest on the contract is no longer
being accrued. The benefit responsiveness of the contract has been limited
to normal retirement, death, disability and hardship. Other withdrawals
for employee terminations, loans and transfers will not be permitted.
4. Federal Income Taxes
--------------------
On September 14, 1994, the Plan has requested a determination letter with
respect to the 1) mergers of the FBH Plan, the Booke Plan, and the K and K
Plan, 2) change in the percentage of compensation relating to participant
contributions made by highly and non-highly compensated participants, and
3) changes made to Code Section 402 relating to rollovers made to employees
as a result of The Unemployment Compensation Act of 1992. Once qualified,
the Plan is required to operate in conformity with the Code to maintain its
qualification. The Plan's Administrative Committee is not aware of any
course of action or series of events that have occurred that might
adversely affect the Plan's qualified status.
8
<PAGE>
Schedule I
Aon SAVINGS PLAN
ASSETS HELD FOR INVESTMENT
December 31, 1994
Schedule I represents the investments of the Aon Savings Plan. The investments
are allocated to the various investment funds in which the Plan's Participants
may elect to invest their funds. Schedule II, following on page 20, represents
the composition of these investment funds for the Aon Savings Plan.
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market Fund
- -----------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Money Market Portfolio 1,820,686 $ 18,616,138 $ 18,516,372
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 303,100 303,100 303,100
------------ ------------
Total Money Market Fund $ 18,919,238 $ 18,819,472
============ ============
Balanced Fund
- -------------
Common Stock
Advanta Corporation
Class A Common Stock, $.01 par 5,000 $ 153,453 $ 131,250
Alco Standard Corporation
Common Stock, No par 19,300 672,746 1,211,075
American General Corporation
Common Stock, $1.50 par 28,000 440,755 791,000
American International Group, Inc.
Common Stock, $2.50 par 11,000 412,611 1,078,000
American Stores Company
Common Stock, $1.00 par 41,600 591,287 1,118,000
American Telephone & Telegraph
Common Stock 11,000 610,225 551,375
Amli Residential Properties
Common Stock, $0.01 par 25,000 512,500 468,750
Amoco Corporation
Common Stock, no par 11,100 612,514 656,288
Anheuser Busch Companies, Inc.
Common Stock, $1.00 par 7,500 371,783 381,563
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Aptargroup, Inc.
Common Stock, $0.01 par 2,000 $ 51,000 $ 57,500
Archer-Daniels-Midland Co.
Common Stock, No par 90,956 668,854 1,875,973
Avery Dennison Corporation
Common Stock, $1.00 par 24,000 676,413 852,000
Barnes & Noble
Common Stock, $.001 par 21,800 612,262 681,250
Bay Apartment Communities Inc.
Common Stock 5,000 100,000 100,625
Becton, Dickinson and Co.
Common Stock, $1.00 par 15,000 486,772 720,000
Boeing Company
Capital Stock, $5.00 par 18,000 802,131 846,000
Briggs & Stratton Corporation
Capital Stock, $3.00 par 20,000 297,175 655,000
Colonial Properties Trust
Common Stock, $.01 par 17,000 391,000 382,500
Comcast Corp
Class A Special Common Stock 4,000 62,000 62,752
Compuware Corporation
Common Stock, $.01 par 25,000 596,100 900,000
Crown Cork & Seal Co., Inc.
Common Stock, $5.00 par 35,000 411,469 1,321,250
CSX Corporation
Common Stock, $1.00 par 12,200 597,046 849,425
CUC International, Inc.
Common Stock, $.01 par 20,000 658,410 665,000
Dayton-Hudson Corporation
Common Stock, $1.00 par 13,000 824,751 919,750
DeBartolo Realty Corporation
Common Stock 35,000 516,250 525,000
Dentsply International Inc.
Common Stock 6,000 211,500 189,000
Walt Disney Productions
Common Stock, $.025 par 2,000 79,245 92,000
Du Pont, E.I. DeNemours & Co.
Common Stock, $5.00 par 16,500 441,719 926,063
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Duke Realty Investment Inc.
Common Stock 10,000 $ 252,500 $ 282,500
Enron Global Power & Pipeline
Common Stock 6,500 158,393 143,000
Equity Residential Properties
Common Stock, $.01 par 20,100 522,600 603,000
Federal Realty Investment Trust
Share of Beneficial Interest, No par 33,000 858,000 680,625
First Financial Management Corporation
Common Stock, $.10 par 11,000 591,342 677,875
First Industrial Realty Trust Inc.
Common Stock 16,000 376,000 312,000
Fruit of the Loom, Inc.
Class A Common Stock 19,000 516,515 513,000
GTE Corporation
Common Stock, $3.33 1/3 par 20,000 645,277 607,500
Glimcher Realty Trust
Common Stock 20,000 405,000 437,500
Greenfield Industries, Inc.
Common Stock 10,000 197,500 240,000
Groupo Mexicano De Desarrollo
Common Stock, ADR Ser B 7,000 119,000 53,375
Groupo Mexicano De Desarrollo
Common Stock, ADR Rep Ser L 8,037 135,659 71,328
Groupo Televisa
Common Stock, Rep Ord 144A 15,600 998,400 495,300
Harcourt General, Inc.
Common Stock, $1.00 par 25,000 509,672 881,250
Harley Davidson, Inc.
Common Stock, $.01 par 31,600 657,177 884,800
Health & Retirement Properties Trust
Common Stock, $.01 par 12,000 174,000 160,500
Healthcare Realty Trust
Common Stock 20,000 427,500 420,000
Health Care REIT, Inc.
Common Stock, $1.00 par 23,000 572,076 460,000
Honeywell, Inc.
Common Stock, $1.50 par 22,000 472,960 693,000
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Horizon Outlet Centers, Inc.
Common Stock, $.01 par 24,000 $ 592,416 $ 627,000
ITT Corporation
Common Stock, $1.00 par 10,800 529,754 957,150
Illinois Tool Works, Inc.
Common Stock, $3.33 1/3 par 10,200 379,884 446,250
Information Resources, Inc.
Common Stock, $.01 par 9,500 363,800 130,625
Insignia Financial Group A
Common Stock, $.01 par 9,500 160,750 191,188
Integrated Device Technology, Inc.
Common Stock, $.001 par 32,000 429,100 948,000
Integrated Health Services, Inc.
Common Stock, $.001 par 17,200 494,345 679,400
Interim Services Inc.
Common Stock 10,000 228,750 246,250
Itron, Inc.
Common Stock, no par 7,500 101,250 151,875
Johnson & Johnson
Common Stock, $1.00 par 19,000 822,685 1,040,250
Jones Intercable Investment
Class A Common Stock 2,300 25,098 25,013
Keane Inc.
Common Stock, $0.10 par 7,000 136,500 166,250
Leggett & Platt, Inc.
Common Stock, $1.00 par 7,200 334,019 252,000
Litton Industries, Inc.
Common Stock, $1.00 par 15,000 240,877 555,000
Macerich Company
Common Stock 5,000 95,000 106,875
Mobil Corporation
Common Stock, $3.75 par 8,500 569,160 716,125
Motorola, Inc.
Common Stock, $3.00 par 20,600 950,161 1,194,800
National Wireless Holdings, Inc.
Common Stock 9,200 115,000 83,950
Nationsbank Corporation
Common Stock, $2.50 par 15,000 623,598 676,875
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NBD Bancorp, Inc.
Common Stock, $6.25 par 34,500 $ 616,936 $ 944,437
Northern Border Partners L.P.
Common Stock, $.01 par 20,700 520,022 429,525
Oasis Residential, Inc.
Common Stock, $.01 par 7,000 152,250 171,500
Omega Healthcare Investor, Inc.
Common Stock 39,000 945,750 940,875
Parker Hannifin Corporation
Common Stock, no par 17,000 520,973 773,500
Pepsico, Inc.
Common Stock, $.05 par 15,000 594,000 543,750
Philip Morris Companies, Inc.
Common Stock, $1.00 par 19,000 1,157,850 1,092,500
Proctor & Gamble Company
Common Stock, No par 5,500 303,358 341,000
Rayonier Incorporated
Common Stock 2,700 48,190 82,350
Reptron Electronics, Inc.
Common Stock 37,000 481,000 328,375
Royal Dutch Petroleum Co.
5 Guilders par 7,500 598,840 808,125
Schering-Plough Corporation
Common Stock, $1.00 par 14,000 817,569 1,036,000
Sherwin-Williams Co.
Common Stock, $6.25 par 40,000 641,914 1,335,000
Storage USA Incorporated
Common Stock 14,000 364,000 385,000
Summit Properties Incorporated
Common Stock 20,000 380,000 385,000
Tele-Communications, Inc.
Class A Common Stock, $1.00 par 35,000 702,795 761,250
Temple Inland Inc.
Common Stock, $1.00 par 20,000 622,804 902,500
Time Warner, Inc.
Common Stock, $1.00 par 18,000 669,580 632,250
Tommy Hilfiger Corporation
Common Stock, $.01 par 14,800 448,000 667,850
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Tucker Properties Corporation
Common Stock, $.001 par 10,000 $ 180,000 $ 127,500
Unilever N.V.
4 Guilders par 8,000 773,964 932,000
US Robotics Corporation
Common Stock, $.01 par 19,000 606,100 821,750
U.S. West, Inc.
Common Stock, no par 18,000 796,290 641,250
United Video Satellite Group, Inc.
Class A Common Stock, $.01 par 28,600 431,503 686,400
US Life Corporation
Common Stock, $1.00 par 25,000 715,859 871,875
Viacom Inc.
Class A Common Stock 672 108,308 27,972
Viacom Inc.
Class B Common Stock 5,092 103,628 207,499
Viacom Contingent Value
Common Stock 8,400 9,360 9,450
Warnaco Group, Inc.
Class A Common Stock, $.01 par 26,600 430,137 458,850
Watsco, Inc.
Class A Common Stock 8,000 127,480 133,000
Watson Pharmaceuticals, Inc.
Common Stock, $.0033 par 12,000 352,754 315,000
Western Atlas Inc.
Common Stock 15,000 307,326 564,375
Xerox Corporation
Common Stock, $1.00 par 9,000 462,832 891,000
------------ ------------
Total Common Stock 44,635,061 56,068,526
------------ ------------
Preferred Stock
Prime Retail Inc.
Series B
Convertible Preferred Stock 35,000 875,000 665,000
Property Trust Company of America
Series A
7% Convertible Preferred Stock 36,000 900,000 792,000
------------ ------------
Total Preferred Stock 1,775,000 1,457,000
------------ ------------
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Government and Government
Agency Issues
Federal National Mortgage Association
Series SM-2002-J
7.3% Debenture due 10/28/2002
Registered $ 4,500,000 $ 4,500,000 $ 4,220,145
U.S. Treasury, Series A-2001
7.75% Note due 2/15/2001 3,500,000 3,449,688 3,486,875
U.S. Treasury, Series F-1999
7% Note due 4/15/1999 3,550,000 3,509,937 3,440,163
U.S. Treasury, Series N-1997
6.375% Note due 6/30/1997 750,000 762,656 726,563
U.S. Treasury, Series C-2001
7.875% Note due 8/15/2001 3,000,000 3,000,000 3,006,570
U.S. Treasury, Series L
6.875% Note due 4/30/1997 3,550,000 3,551,570 3,483,438
U.S. Treasury, Series D-2000
8.5% Note due 11/15/2000 1,000,000 1,029,063 1,031,250
U.S. Treasury
5.875% Note due 5/31/1996 2,000,000 2,004,375 1,956,260
U.S. Treasury
4.25% Note due 12/31/1995
Registered 2,000,000 2,000,156 1,941,880
U.S. Treasury
4.25% Note due 11/30/1995
Registered 13,000,000 13,014,453 12,658,750
U.S. Treasury, Series D-2001
7.5% Note due 11/15/2001 2,000,000 2,015,156 1,964,380
------------- -------------
Total U.S. Government and
Government Agency Issues 38,837,054 37,916,274
------------- -------------
Corporate Bonds and Notes
Archer-Daniels-Midland Co.
8.875% Bond due 4/15/2011,
Registered 1,000,000 994,860 1,029,120
Associates Corp of North America
7.77% Note due 3/9/1999 1,000,000 1,000,000 974,640
Dow Chemical Company
9.35% Note due 3/15/2002,
Registered 1,000,000 998,000 1,042,580
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Du Pont, E.I. DeNemours & Co.
6% Debenture due 12/1/2001,
Registered $ 1,000,000 $ 736,250 $ 883,750
General Motors Acceptance Corporation
6% Debenture due 4/1/2011,
Registered 750,000 542,505 564,375
Hillenbrand Industries, Inc.
8.5% Bond due 12/1/2011,
Registered 500,000 499,495 490,815
Hydro Quebec Electric
7.74% Medium Term Note due 2/26/1999 1,000,000 998,925 975,860
Liberty Property Trust
8% Convertible Sub Debenture due 7/1/2001,
Registered 200,000 200,000 194,000
Monsanto Defined Contribution & Employee
Stock Ownership Trust
8.13% Debenture due 12/15/2006 1,000,000 1,000,000 976,070
Norfolk Southern Railway Equipment Trust
Series B
8% Certificate due 3/1/2006 1,000,000 949,230 967,680
------------ ------------
Total Corporate Bonds and Notes 7,919,265 8,098,890
------------ ------------
Other
Hydro-Quebec Canada
8% Non-Callable Debenture
due 2/1/2013 1,000,000 994,860 920,500
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company 2,194,428 2,194,428 2,194,428
------------ ------------
Total Balanced Fund $ 96,355,668 $ 106,655,618
============ ============
Aon Stock Fund
- --------------
Common Stock
Aon Corporation
Common Stock, $1.00 par 4,855,809 $ 109,536,314 $ 155,385,888
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 225,765 225,765 225,765
------------ ------------
Total Aon Stock Fund $ 109,762,079 $ 155,611,653
============ ============
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Contract Fund
- ------------------------
Unallocated Insurance Contracts
Canada Life Assurance Company
Contract #P45672
6.05% due 10/16/1997 $ 2,024,286 $ 2,024,286 $ 2,024,286
Combined Insurance Co. of America
Contract #CG1000
7.12% due 9/30/96, 6/30/99 8,260,443 8,260,443 8,260,443
Commonwealth Life Insurance Co.
Contract #ADA00551FR
5.35% due 6/30/95, 6/30/98 5,242,784 5,242,784 5,242,784
Commonwealth Life Insurance Co.
Contract #ADA00395FR
8.58% due 6/30/1996 7,816,011 7,816,011 7,816,011
Confederation Life Insurance Co.
Contract #62718
6.96% due 3/31/1998 8,937,801 8,937,801 8,937,801
Connecticut General Life
Insurance Company, IN-16017
9.832% due 12/20/1995, 12/20/1996 8,109,110 8,109,110 8,109,110
Connecticut General Life
Insurance Company, #0025125
8.13% due 1/2/1996 6,663,304 6,663,304 6,663,304
Continental Assurance Co.
Contract #GP-12736
5.58% due 1/2/1995 1,825,802 1,825,802 1,825,802
Hartford Life Insurance Co.
Contract #GA-9102
8.37% due 6/30/1995, 12/31/1995 13,581,302 13,581,302 13,581,302
The Life Insurance Company of Georgia
Contract #GA 289
6.7% due 6/30/1997 11,729,843 11,729,843 11,729,843
The Life Insurance Company of Virginia
Contract #GS2753
5.67% due 9/30/98 10,557,424 10,557,424 10,557,424
Metropolitan Life Insurance Co.
Contract #13272
6.53% due 12/31/1997 11,673,797 11,673,797 11,673,797
New York Life Insurance Co.
Contract #GA06068
8.1% due 1/2/1996 2,876,382 2,876,382 2,876,382
</TABLE>
17
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Pacific Mutual Life Insurance Co.
Contract #G25899-01
6.36% due 12/31/1995 $ 9,963,051 $ 9,963,051 $ 9,963,051
Protective Life Insurance Company
Contract # GR-9039
7.36% due 3/31/99 4,068,817 4,068,817 4,068,817
Provident Life & Accident Insurance Co.
Contract #627-05641
5.79% due 12/31/98 4,438,386 4,438,386 4,438,386
Prudential
Contract #6458
5.20% due 6/30/95, 6/30/98 10,512,697 10,512,697 10,512,697
Sun Life Insurance Co.
Contract #GICFA-484
6.02% due 12/31/98 4,460,692 4,460,692 4,460,692
Travelers Insurance Co.
Contract #GR-9039
6.6%, Reset annually 2,790,767 2,790,767 2,790,767
--------------- ---------------
Total Unallocated Guaranteed Insurance Contracts 135,532,699 135,532,699
--------------- ---------------
Other
Continental Bank Real Estate Fund #1 1 1,950 2,924
Wachovia Real Estate Fund 54 40,735 22,364
--------------- ---------------
42,685 25,288
--------------- ---------------
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company 4,526,451 4,526,451 4,526,451
CF Continental Short-Term Investors
II Fund 1 1 1
Wachovia Bank of North Carolina
Cash 211 211 211
--------------- ---------------
Total Short-Term Investments 4,526,663 4,526,663
--------------- ---------------
Total Investment Contract Fund $ 140,102,047 $ 140,084,650
=============== ===============
Reliance Group Holdings Common Stock Fund
- -----------------------------------------
Common Stock
Reliance Group Holdings, Inc.
Common Stock, $.10 par 728,490 $ 7,424,967 $ 3,779,042
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
----------------
Issue Principal Amount Cost Fair Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 604,347 $ 604,347 $ 604,347
------------- -------------
Total Reliance Group Holdings Common Stock Fund $ 8,029,314 $ 4,383,389
============= =============
Government Securities Fund
- --------------------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Government Securities Portfolio 397,221 $ 3,929,777 $ 3,777,576
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 325,388 325,388 325,388
------------- -------------
Total Government Securities Fund $ 4,255,165 $ 4,102,964
============= =============
Total Return Fund
- -----------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Total Return Portfolio 1,481,260 $ 19,954,895 $ 19,848,878
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 261,175 261,175 261,175
------------- -------------
Total Total Return Fund $ 20,216,070 $ 20,110,053
============= =============
Common Stock Index Fund
- -----------------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Common Stock Index Portfolio 933,512 $ 14,513,770 $ 14,674,806
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 337,187 337,187 337,187
------------- -------------
Total Common Stock Index Fund $ 14,850,957 $ 15,011,993
============= =============
Total Investments $ 412,490,537 $ 464,779,792
============= =============
</TABLE>
19
<PAGE>
Schedule II
Aon SAVINGS PLAN
NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Money Aon Investment RGH
ASSETS Market Balanced Stock Contracts Common Stock
- ------ -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 37,916,274
Corporate Bonds and Notes 8,098,890
Other Bonds 920,500
Common Stocks:
Aon Corporation - $ 155,385,888
Other 56,068,526 - $ 3,779,042
Preferred Stocks 1,457,000 - -
Investments held in the Life
of Virginia Series Funds, Inc.:
Money Market Portfolio $ 18,516,372 - - -
Government Securities Portfolio - - - -
Total Return Portfolio - - - -
Common Stock Index Portfolio - - - -
Other Long-Term Investments - - - $ 25,288 -
Short-Term Investments 303,100 2,194,428 225,765 4,526,663 604,347
-------------- -------------- -------------- -------------- --------------
18,819,472 106,655,618 155,611,653 4,551,951 4,383,389
Unallocated Guaranteed Insurance Contracts,
at Contract Value - - - 135,532,699 -
-------------- -------------- -------------- -------------- --------------
Total Investments 18,819,472 106,655,618 155,611,653 140,084,650 4,383,389
Receivables:
Contribution Receivable from Aon Corporation 849,153 - 4,993,846 2,969,163 -
Contributions Receivable from Participants 52,546 (2,256) 358,537 229,227 -
Loans Receivable - - - - -
Accrued Dividends and Income 1,016 819,586 3,788 56,060 62,368
Due from Broker - - - 5,732,153 -
Fund Transfers (199,917) (1,995) 111,741 204,029 (383,086)
-------------- -------------- -------------- -------------- --------------
Total Receivables 702,798 815,335 5,467,912 9,190,632 (320,718)
-------------- -------------- -------------- -------------- --------------
Total Assets 19,522,270 107,470,953 161,079,565 149,275,282 4,062,671
-------------- -------------- -------------- -------------- --------------
<CAPTION>
LIABILITIES
- -----------
Accounts Payable and Accrued Expenses 4,047 1,761 2,544 116,286 2,950
-------------- -------------- -------------- -------------- --------------
Net Assets Available for Plan Benefits $ 19,518,223 $ 107,469,192 $ 161,077,021 $ 149,158,996 $ 4,059,721
============== ============== ============== ============== ==============
<CAPTION>
Government Total Common Loan
ASSETS Securities Return Stock Index Account Total
- ------ -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 37,916,274
Corporate Bonds and Notes 8,098,890
Other Bonds 920,500
Common Stocks:
Aon Corporation 155,385,888
Other 59,847,568
Preferred Stocks 1,457,000
Investments held in the Life
of Virginia Series Funds, Inc.:
Money Market Portfolio 18,516,372
Government Securities Portfolio $ 3,777,576 3,777,576
Total Return Portfolio - $ 19,848,878 19,848,878
Common Stock Index Portfolio - - $ 14,674,806 14,674,806
Other Long-Term Investments - - - 25,288
Short-Term Investments 325,368 261,175 337,187 8,778,053
-------------- -------------- -------------- -------------- --------------
4,102,964 20,110,053 15,011,993 329,247,093
Unallocated Guaranteed Insurance Contracts,
at Contract Value - - - 135,532,699
-------------- -------------- -------------- -------------- --------------
Total Investments 4,102,964 20,110,053 15,011,993 464,779,792
Receivables:
Contribution Receivable from Aon Corporation 1,439,387 1,087,647 2,290,710 13,629,906
Contributions Receivable from Participants 101,717 78,926 187,516 1,006,213
Loans Receivable - - - $ 801,935 801,935
Accrued Dividends and Income 1,169 1,069 1,410 - 946,466
Due from Broker - - - - 5,732,153
Fund Transfers 39,995 90,201 139,032 - 0
-------------- -------------- -------------- -------------- --------------
Total Receivables 1,582,268 1,257,843 2,618,668 801,935 22,116,673
-------------- -------------- -------------- -------------- --------------
Total Assets 5,685,232 21,367,896 17,630,661 801,935 486,896,465
-------------- -------------- -------------- -------------- --------------
LIABILITIES
- -----------
Accounts Payable and Accrued Expenses (15) 246 161 - 127,980
-------------- -------------- -------------- -------------- --------------
Net Assets Available for Plan Benefits $ 5,685,247 $ 21,367,650 $ 17,630,500 $ 801,935 $ 486,768,485
============== ============== ============== ============== ==============
</TABLE>
20
<PAGE>
Schedule II
Aon SAVINGS PLAN
NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Guaranteed RGH
Money Market Balanced Aon Stock Contract Common Stock
ASSETS Fund A Fund B Fund C Fund D Fund E
- ------ ------------ ------------- ------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 38,959,918
Corporate Bonds and Notes 8,999,672
Other Bonds 1,077,840
Common Stocks:
Aon Corporation - $ 144,755,222
Other 51,403,952 - $ 43,129 $ 7,748,256
Preferred Stocks 2,519,500 - -
Short-Term Investments $ 17,603,217 19,082,390 1,530,542 12,872,357 611,557
------------ ------------- ------------- ------------- -----------
17,603,217 122,043,272 146,285,764 12,915,486 8,359,813
Unallocated Guaranteed Insurance Contracts,
at Contract Value - - - 113,047,429 -
------------ ------------- ------------- ------------- -----------
Total Investments 17,603,217 122,043,272 146,285,764 125,962,915 8,359,813
Receivables:
Contribution Receivable from Aon Corporation 967,307 3,898,282 5,184,303 3,299,789 -
Contributions Receivable from Participants 55,827 245,960 331,881 183,856 -
Loans Receivable - - - - -
Accrued Dividends and Income 46,614 698,534 4,814 107,825 79,743
Due from Broker - - - 14,041,460 -
Fund Transfers (260,122) 150,381 200,071 122,166 (212,496)
------------ ------------- ------------- ------------- -----------
Total Receivables 809,626 4,993,157 5,721,069 17,755,096 (132,753)
------------ ------------- ------------- ------------- -----------
Total Assets 18,412,843 127,036,429 152,006,833 143,718,011 8,227,060
------------ ------------- ------------- ------------- -----------
LIABILITIES
- -----------
Accounts Payable and Accrued Expenses - - - 128,253 -
------------ ------------- ------------- ------------- -----------
Net Assets Available for Plan Benefits $ 18,412,843 $ 127,036,429 $ 152,006,833 $ 143,589,758 $ 8,227,060
============ ============= ============= ============= ===========
<CAPTION>
FBH
Preferred Stock Loan
ASSETS Fund F Account Total
- ------ ----------- ----------- -------------
<S> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 38,959,918
Corporate Bonds and Notes 8,999,672
Other Bonds 1,077,840
Common Stocks:
Aon Corporation 144,755,222
Other 59,195,337
Preferred Stocks 2,519,500
Short-Term Investments 51,700,063
----------- ----------- -------------
- 307,207,552
Unallocated Guaranteed Insurance Contracts,
at Contract Value 113,047,429
----------- ----------- -------------
Total Investments - 420,254,981
Receivables:
Contribution Receivable from Aon Corporation 13,349,681
Contributions Receivable from Participants 817,524
Loans Receivable $ 1,356,492 1,356,492
Accrued Dividends and Income - 937,530
Due from Broker - 14,041,460
Fund Transfers - -
----------- ----------- -------------
Total Receivables - 1,356,492 30,502,687
----------- ----------- -------------
Total Assets - 1,356,492 450,757,668
----------- ----------- -------------
LIABILITIES
- -----------
Accounts Payable and Accrued Expenses - 128,253
----------- ----------- -------------
Net Assets Available for Plan Benefits $ - $ 1,356,492 $ 450,629,415
=========== =========== =============
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
Schedule III
Aon SAVINGS PLAN
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
YEAR ENDED DECEMBER 31, 1994
Investment RGH
Money Market Balanced Aon Stock Contracts Common Stock
ADDITIONS Fund Fund Fund Fund Fund
- --------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 324,553 $ 3,681,162 $ 68,220 $ 9,529,170 $ 65,051
Interest on Loan Repayments 4,097 13,938 19,518 20,217 -
Aon Corporation Dividends - - 5,975,609 - -
Other Dividends 513,346 1,544,193 - - 264,383
-------------- -------------- -------------- -------------- --------------
841,996 5,239,293 6,063,347 9,549,387 329,434
Contributions:
Aon Corporation 849,153 - 4,993,846 2,969,163 -
ESOP Diversification 1,209 16,946 18,536 20,666 -
Participants 2,664,420 8,913,228 13,431,374 11,039,069 -
-------------- -------------- -------------- -------------- --------------
3,514,782 8,930,174 18,443,756 14,028,898 -
-------------- -------------- -------------- -------------- --------------
4,356,778 14,169,467 24,507,103 23,578,285 329,434
DEDUCTIONS
- ----------
Benefits Paid to Participants 1,926,041 7,731,742 9,731,736 13,120,251 593,972
Administrative Expenses 36,359 246,315 316,967 290,351 17,983
Investment Expenses 42,571 46,814 37,753 242,675 11,474
-------------- -------------- -------------- -------------- --------------
2,004,971 8,024,871 10,086,456 13,653,277 623,429
-------------- -------------- -------------- -------------- --------------
2,351,807 6,144,596 14,420,647 9,925,008 (293,995)
Net Realized and Unrealized Appreciation
(Depreciation) in Fair Value of Investments (96,974) (3,507,018) (1,386,014) 339 (2,248,945)
-------------- -------------- -------------- -------------- --------------
Net Increases (Decreases) 2,254,833 2,637,578 13,034,633 9,925,347 (2,542,940)
Net Assets Available for Plan Benefits
at Beginning of Year 18,412,843 127,036,429 152,006,833 143,589,758 8,227,060
RGH Litigation Award 128,840 - 63,920 97,661 (403,153)
Fund Transfers (1,278,293) (22,204,815) (4,028,365) (4,453,770) (1,221,246)
-------------- -------------- -------------- -------------- --------------
Net Assets Available for Plan Benefits
at End of Year $ 19,518,223 $ 107,469,192 $ 161,077,021 $ 149,158,996 $ 4,059,721
============== ============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
Government Total Common
Securities Return Stock Index Loan
ADDITIONS Fund Fund Fund Account Total
- --------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 7,574 $ 11,569 $ 10,574 $ 13,697,873
Interest on Loan Repayments 4,896 3,856 6,842 73,364
Aon Corporation Dividends - - - 5,975,609
Other Dividends 159,777 754,895 238,767 3,475,361
-------------- -------------- -------------- -------------- --------------
172,247 770,320 256,183 23,222,207
Contributions:
Aon Corporation 1,439,387 1,087,647 2,290,710 13,629,906
ESOP Diversification - - - 57,357
Participants 1,452,121 1,627,744 2,514,400 41,642,356
-------------- -------------- -------------- -------------- --------------
2,891,508 2,715,391 4,805,110 55,329,619
-------------- -------------- -------------- -------------- --------------
3,063,755 3,485,711 5,061,293 78,551,826
DEDUCTIONS
- ----------
Benefits Paid to Participants 49,942 249,535 298,214 $ 53,095 33,754,528
Administrative Expenses 9,228 14,547 3,968 - 935,718
Investment Expenses 1,666 1,934 1,833 - 386,720
-------------- -------------- -------------- -------------- --------------
60,836 266,016 304,015 53,095 35,076,966
-------------- -------------- -------------- -------------- --------------
3,002,919 3,219,695 4,757,278 (53,095) 43,474,860
Net Realized and Unrealized Appreciation
(Depreciation) in Fair Value of Investments (152,200) (106,017) 161,039 - (7,335,790)
-------------- -------------- -------------- -------------- --------------
Net Increases (Decreases) 2,850,719 3,113,678 4,918,317 (53,095) 36,139,070
Net Assets Available for Plan Benefits
at Beginning of Year - - - 1,356,492 450,629,415
RGH Litigation Award 34,298 28,549 49,885 - -
Fund Transfers 2,800,230 18,225,423 12,662,298 (501,462) -
-------------- -------------- -------------- -------------- --------------
Net Assets Available for Plan Benefits
at End of Year $ 5,685,247 $ 21,367,650 $ 17,630,500 $ 801,935 $ 486,768,485
============== ============== ============== ============== ==============
</TABLE>
22
<PAGE>
Schedule III
Aon SAVINGS PLAN
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Guaranteed
Money Market Balanced Aon Stock Contract
ADDITIONS Fund A Fund B Fund C Fund D
- --------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 590,935 $ 3,801,810 $ 75,270 $ 10,882,007
Interest on Loan Repayments 7,873 31,616 28,681 35,058
Aon Corporation Dividends - - 5,052,783 -
Other Dividends - 1,246,029 - -
-------------- -------------- -------------- --------------
598,808 5,079,455 5,156,734 10,917,065
Contributions:
Aon Corporation 967,307 3,898,283 5,184,303 3,299,788
ESOP Diversification 2,065 9,103 14,899 11,867
Participants 1,748,569 7,728,219 10,500,525 6,523,384
-------------- -------------- -------------- --------------
2,717,941 11,635,605 15,699,727 9,835,039
-------------- -------------- -------------- --------------
3,316,749 16,715,060 20,856,461 20,752,104
DEDUCTIONS
- ----------
Benefits Paid to Participants 2,666,099 7,135,791 10,114,971 18,244,530
Administrative Expenses 34,102 188,251 275,372 255,811
Investment Expenses 48,563 42,813 36,329 389,110
-------------- -------------- -------------- --------------
2,748,764 7,366,855 10,426,672 18,889,451
-------------- -------------- -------------- --------------
567,985 9,348,205 10,429,789 1,862,653
Net Realized and Unrealized Appreciation
(Depreciation) in Fair Value of Investments - 9,067,099 (16,423,437) 1,782
-------------- -------------- -------------- --------------
Net Increases (Decreases) 567,985 18,415,304 (5,993,648) 1,864,435
Net Assets Available for Plan Benefits
at Beginning of Year 15,843,895 85,760,334 138,034,639 114,543,228
Plan Mergers 4,122,920 18,744,638 9,836,227 32,764,908
Share Redemption/Conversion 36,314 47,578 17,397 93,315
Fund Transfers (2,158,271) 4,068,575 10,112,218 (5,676,128)
-------------- -------------- -------------- --------------
Net Assets Available for Plan Benefits
at End of Year $ 18,412,843 $ 127,036,429 $ 152,006,833 $ 143,589,758
============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
RGH FBH
Common Stock Preferred Stock Loan
ADDITIONS Fund E Fund F Account Total
- --------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 30,369 $ 13 $ 15,380,404
Interest on Loan Repayments 103,228
Aon Corporation Dividends - - 5,052,783
Other Dividends 374,939 - 1,620,968
-------------- -------------- -------------- --------------
405,308 13 22,157,383
Contributions:
Aon Corporation - - 13,349,681
ESOP Diversification - - 37,934
Participants - - 26,500,697
-------------- -------------- -------------- --------------
- - 39,888,312
-------------- -------------- -------------- --------------
405,308 13 62,045,695
DEDUCTIONS
- ----------
Benefits Paid to Participants 1,404,476 - $ 262,874 39,828,741
Administrative Expenses 11,068 - - 764,604
Investment Expenses 10,881 - - 527,696
-------------- -------------- -------------- --------------
1,426,425 - 262,874 41,121,041
-------------- -------------- -------------- --------------
(1,021,117) 13 (262,874) 20,924,654
Net Realized and Unrealized Appreciation
(Depreciation) in Fair Value of Investments 2,188,066 41,779 - (5,124,711)
-------------- -------------- -------------- --------------
Net Increases (Decreases) 1,166,949 41,792 (262,874) 15,799,943
Net Assets Available for Plan Benefits
at Beginning of Year - - - 354,182,096
Plan Mergers 12,624,456 200,497 2,353,730 80,647,376
Share Redemption/Conversion 47,685 (242,289) -
Fund Transfers (5,612,030) - (734,364) -
-------------- -------------- -------------- --------------
Net Assets Available for Plan Benefits
at End of Year $ 8,227,060 $ - $ 1,356,492 $ 450,629,415
============== ============== ============== ==============
</TABLE>
23
<PAGE>
Schedule IV
Aon SAVINGS PLAN
TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5%
OF THE CURRENT VALUE OF PLAN ASSETS
For the Year Ended December 31, 1994
The following schedule represents the 5% reportable transactions for the year
ended December 31, 1994 of the Aon Savings Plan. This summary is intended to
satisfy the disclosure requirements set forth in Sections 2520.103-6 of the
Department of Labor Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974.
24
<PAGE>
Schedule IV
Aon SAVINGS PLAN
SCHEDULE OF TRANSACTIONS OR SERIES OF TRANSACTIONS IN
EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS
For the Year Ended December 31, 1994
<TABLE>
<CAPTION>
Current Value
Cost of of Asset at Net
Asset Transaction Date Gain
------------------ ------------------ ------------------
<S> <C> <C> <C>
Short-Term Investment Fund, Collective
Trust Funds of The Northern Trust Company
$65,099,221 increases on 161 days $ 65,099,221 $ 65,099,221 -
$90,756,470 decreases on 126 days 90,756,470 90,756,470 -
$62,687,244 increases on 345 days 62,691,259 62,691,259 -
$79,956,232 decreases on 176 days 79,956,232 79,956,232 -
------------------ ------------------
$ 298,503,182 -
================== ==================
</TABLE>
25
<PAGE>
SIGNATURES
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 undesigned, thereunto duly authorized, in the County
of Cook and the State of Illinois on the 15th day of June, 1995.
Aon SAVINGS PLAN
BY THE COMMITTEE
/s/ Virginia G. Schooley
- ----------------------------------
Virginia G. Schooley
/s/ E.J. Finneran /s/ Paul I. Rabin
- ---------------------------------- ----------------------------------
E.J. Finneran Paul I. Rabin
/s/ Robert S. Hurwitz /s/ John A. Reschke
- ---------------------------------- ----------------------------------
Robert S. Hurwitz John A. Reschke
<PAGE>
Exhibit 23(a)
-------------
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
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 9, 1995 with respect to the financial statements and schedules
of the Aon Savings Plan included in this Annual Report (Form 11-K) for the year
ended December 31, 1994.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
Chicago, Illinois
June 16, 1995
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