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Previous: FMR CORP, SC 13D/A, 1996-07-01 |
Next: CRONUS CORP, 8-K, 1996-07-01 |
<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, 1995
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>
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 undersigned, thereunto duly authorized, in the
County of Cook and the State of Illinois on the 25th day of June, 1995.
AON SAVINGS PLAN
BY THE COMMITTEE
- ------------------------------- --------------------------------
Paul Rabin John Reschke
- ------------------------------- --------------------------------
Virginia G. Schooley Robert S. Hurwitz
- -------------------------------
E. J. Finneran
2
<PAGE>
AUDITED FINANCIAL STATEMENTS AND SCHEDULES
Aon SAVINGS PLAN
1995
WITH
REPORT OF INDEPENDENT AUDITORS
<PAGE>
AON SAVINGS PLAN
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, 1995 and 1994 2
Statements of Changes in Net Assets Available
for Plan Benefits for the years ended
December 31, 1995 and 1994 3
Notes to Financial Statements 4
Financial Statement Schedules:
Schedule I
Assets Held for Investment as of
December 31, 1995 9
Schedule II
Net Assets Available for Plan Benefits
by Investment Program at December 31, 1995
and 1994 20
Schedule III
Changes in Net Assets Available for Plan
Benefits by Investment Program for the years
ended December 31, 1995 and 1994 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, 1995 24
</TABLE>
<PAGE>
AON SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
<TABLE>
<CAPTION>
DECEMBER 31
----------------------
(THOUSANDS)
1995 1994
-------- --------
ASSETS
- ------
<S> <C> <C>
Investments, at Fair Value (Notes 1, 2, and 3):
United States Government and Government Agency Issues $ 48,036 $ 37,916
Corporate Bonds and Notes 5,708 8,099
Other Bonds 1,053 921
Common Stocks:
Aon Corporation 242,680 155,386
Other 42,316 59,847
Preferred Stocks 1,645 1,457
Investments held in the Life of Virginia Series Funds, Inc.:
Money Market Portfolio 21,729 18,516
Government Securities Portfolio 11,692 3,778
Total Return Portfolio 43,613 19,849
Common Stock Index Portfolio 40,527 14,675
Real Estate Securities Portfolio 1,052 -
International Equity Portfolio 2,761 -
Other Long-Term Investments 18 25
Short-Term Investments 37,400 8,778
-------- --------
500,230 329,247
Unallocated Guaranteed Insurance Contracts, at Contract Value 101,938 135,533
-------- --------
Total Investments 602,168 464,780
Receivables:
Contribution Receivable from Aon Corporation 14,697 13,630
Contributions Receivable from Participants 845 1,006
Loans Receivable 398 802
Accrued Dividends and Interest 763 946
Due from Broker 20,350 5,732
-------- --------
Total Receivables 37,053 22,116
-------- --------
Total Assets 639,221 486,896
-------- --------
LIABILITIES
- -----------
Accounts Payable and Accrued Expenses - 128
-------- --------
Total Liabilities - 128
-------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $639,221 $486,768
======== ========
</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
------------------------
(THOUSANDS)
1995 1994
---- ----
ADDITIONS:
- ----------
<S> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 12,754 $ 13,771
Aon Corporation Dividends 6,561 5,976
Other Dividends 7,164 3,475
-------- --------
26,479 23,222
Contributions:
Aon Corporation 14,697 13,630
ESOP Diversification 72 58
Participants 30,975 41,642
-------- --------
45,744 55,330
-------- --------
72,223 78,552
DEDUCTIONS:
- -----------
Benefits Paid to Participants 41,574 33,754
Administrative Expenses 980 936
Investment Expenses 261 387
-------- --------
42,815 35,077
-------- --------
29,408 43,475
Net Realized and Unrealized Appreciation/
(Depreciation) in Fair Value
of Investments (Note 3) 119,552 (7,336)
-------- --------
Net Increases 148,960 36,139
Net Assets Available for Plan Benefits
at Beginning of Year 486,768 450,629
Plan Mergers 3,493 -
-------- --------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS AT END OF YEAR $639,221 $486,768
======== ========
</TABLE>
See notes to financial statements.
3
<PAGE>
AON SAVINGS PLAN
----------------
NOTES TO FINANCIAL STATEMENTS
1995 and 1994
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.
Certain of the Plan's investments are held by the Life of Virginia Series
Funds, Inc. ("Series Funds"). Prior to April 1, 1996 the Series Funds was
an affiliated registered investment company. As a result of the Company's
sale of its subsidiary, The Life Insurance Company of Virginia, on April 1,
1996, the Series Funds is no longer affiliated with the Plan.
B. PLAN CHANGES
On July 1, 1995, the Plan introduced two new investment options, the Real
Estate Securities Fund and the International Equity Fund. These new funds
are invested in the portfolios of the Series Funds. On December 31, 1995,
the RGH Common Stock Fund, a closed fund, was liquidated.
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 Series Funds. Also effective on July 1, 1994, the
Balanced Fund became a closed fund and will no longer accept new monies.
C. PLAN MERGERS AND TRANSFER OF ASSETS
Effective October 1, 1995, the J. H. Blades & Co., Employees' 401(k) Plan
(the "Blades Plan") and Energy Insurance International, Inc. Savings and
Investment Plan (the "E. I. I. Plan") were merged into the Aon Savings
Plan. All assets and liabilities of the Blades Plan and the E. I. I. Plan
were transferred to the Aon Savings Plan as of October 1, 1995.
Participants of the Blades Plan and the E. I. I. Plan immediately became
Participants in the Aon Savings Plan.
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.
4
<PAGE>
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 in 1995 and
1994.
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 Series Funds. 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.
Investment Contract Fund - Invested principally in unallocated
guaranteed insurance contracts, U.S. Treasury bills and short-term
investment funds. During 1994, 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 Series Funds. The portfolio
invests in intermediate and long-term debt securities issued or
guaranteed by the U.S. Government or its agencies or
instrumentalities.
Total Return Fund - Invested principally in shares of the Total Return
Portfolio of the Series Funds. 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 Series Funds. 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.
Real Estate Securities Fund - Invested principally in shares of the
Real Estate Securities Portfolio of the Series Funds. The portfolio
invests primarily in the securities of U.S. issuers that are
principally engaged in or related to the real estate industry. This
portfolio does not invest directly in real estate.
International Equity Fund - Invested principally in shares of the
International Equity Portfolio of the Series Funds. The portfolio
invests primarily in equity and equity- related securities of
companies organized and operating outside of the U.S.
5
<PAGE>
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 $510,000 and $344,000 for 1995
and 1994, 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 certain plan mergers, the predecessor plans
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.
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.
6
<PAGE>
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 $980,000 and $936,000 in 1995 and 1994, 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 is as follows:
<TABLE>
<CAPTION>
1995 1994
-------- --------
(THOUSANDS)
<S> <C> <C>
United States Government and
Government Agency Issues $ 2,582 $(2,790)
Corporate Bonds and Notes 1,000 (1,101)
Other Bonds 200 (415)
Common Stock:
Aon Corporation 87,369 (1,386)
Other 15,200 (817)
Preferred Stocks 24 (633)
Investment held in the Series Funds:
Money Market Portfolio 355 (97)
Government Securities Portfolio 607 (152)
Total Return Portfolio 4,639 (106)
Common Stock Index Portfolio 7,476 161
Real Estate Securities Portfolio 29 -
International Equity Portfolio 70 -
Unallocated Guaranteed
Insurance Contracts 1 -
-------- -------
</TABLE>
$119,552 $(7,336)
======== =======
The aggregate cost of investments was $443,187,000 and $412,491,000 at
December 31, 1995 and 1994, respectively.
7
<PAGE>
The following investments exceed 5% of the Plan's net assets available for plan
benefits:
<TABLE>
<CAPTION>
1995 1994
-------- --------
(THOUSANDS)
<S> <C> <C>
Aon Corporation, Common Stock $242,680 $155,386
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company 37,400 -
Investments held in the Series Funds:
Total Return Portfolio 43,613 -
Common Stock Index Portfolio 40,527 -
</TABLE>
The Plan has unallocated guaranteed insurance contracts with a contract
value of $20,005,000 that are issued by an insurance subsidiary and a
former insurance subsidiary 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 $8,956,000, 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 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. The Plan has not
received a response to the determination letter request. Once qualified,
the Plan is required to operate in conformity with the Code to maintain its
qualification. The Plan Administrative Committee believes the Plan is a
qualified salary reduction plan under Section 401(k) of the Code. 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.
5. SUBSEQUENT EVENTS
-----------------
On April 1, 1996, Aon sold its direct response life and health subsidiary,
Union Fidelity Life Insurance Company, headquartered in Trevose,
Pennsylvania, and its capital accumulation life insurance subsidiary, The
Life Insurance Company of Virginia, headquartered in Richmond, Virginia, to
General Electric Capital Corporation.
Total assets in the plan for employees of those subsidiaries were
$30,671,000 at December 31, 1995, or about 5% of total assets for the Plan.
Employees at those subsidiaries have the option to receive a lump sum
distribution of their total account balances until December 31, 1998 or to
maintain their account balance in the Plan.
8
<PAGE>
Schedule I
AON SAVINGS PLAN
ASSETS HELD FOR INVESTMENT
December 31, 1995
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 Cost Fair Value
----------------
Issue Principal Amount (thousands) (thousands)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market Fund
- -----------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Money Market Portfolio 2,097,380 $ 21,517 $ 21,729
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 21,089 21 21
------------ ----------
Total Money Market Fund $ 21,538 $ 21,750
============ ==========
Balanced Fund
- -------------
Common Stock
Abbott Laboratories
Common Stock, No par 4,200 $ 149 $ 175
ADR Saville Systems PLC
Common Stock, $0.0025 5,000 50 71
ADR Unilever NV
4 Guilders par 7,000 680 985
Alco Standard Corporation
Common Stock, No par 16,000 315 730
American General Corporation
Common Stock, $1.50 par 28,000 441 977
American International Group, Inc.
Common Stock, $2.50 par 13,500 339 1,249
American Stores Company
Common Stock, $1.00 par 30,000 423 803
American Telephone & Telegraph
Common Stock 6,000 324 389
Amli Residential Properties
Common Stock, $0.01 par 25,000 512 500
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
---------------- Cost Fair Value
Issue Principal Amount (thousands) (thousands)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Amoco Corporation
Common Stock, no par 11,100 $ 613 $ 794
Archer-Daniels-Midland Company
Common Stock, No par 89,248 638 1,606
Avery Dennison Corporation
Common Stock, $1.00 par 20,000 562 1,003
Barnett Banks, Incorporated
Common Stock, $2.00 par 1,500 86 89
Becton, Dickinson and Co.
Common Stock, $1.00 par 15,000 487 1,125
Bell & Howell Company
Common Stock 5,600 104 157
Briggs & Stratton Corporation
Capital Stock, $3.00 par 20,000 244 868
BT Office Products International
Common Stock 2,000 26 32
Burlington Northern Santa Fe Corp.
Common Stock 2,000 149 156
Centerpoint Properties Corporation
Common Stock 6,800 135 157
Central Garden & Pet Company
Common Stock 8,300 56 79
Cisco Systems
Common Stock 1,000 75 75
Colonial Properties Trust
Common Stock, $.01 par 17,000 391 434
Compaq Computer Corporation
Common Stock 1,000 35 48
Conrail Incorporated
Common Stock 2,000 137 140
Continental Circuits Corporation
Common Stock 2,000 21 33
Cox Communications Incorporated
New Class A Stock 2,000 38 39
CSX Corporation
Common Stock, $1.00 par 1,000 114 137
Digital Equipment Corporation
Common Stock, $1.00 par 1,000 59 64
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Number of Shares Cost Fair Value
----------------
Issue Principal Amount (thousands) (thousands)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Walt Disney Productions
Common Stock, $.025 par 2,000 $ 79 $ 118
DSC Communications Corporation
Common Stock 1,500 54 55
DSP Communications Incorporated
Common Stock 2,000 32 87
Du Pont, E.I. DeNemours & Co.
Common Stock, $5.00 par 10,000 268 699
Duke Realty Investment Inc.
New Common Stock 10,000 252 314
Echostar Communications
Common Stock 4,000 72 97
EMC Corporation
Common Stock 4,000 64 62
Equity Residential Properties
Common Stock, $.01 par 20,100 523 616
Evergreen Media Corporation
Class A Common Stock 2,000 57 64
Federal Realty Investment Trust
Share of Beneficial Interest, No par 33,000 858 751
First Chicago NBD Corporation
Common Stock, $6.25 par 23,000 475 909
First Data Corporation
Common Stock 17,444 591 1,167
First Industrial Realty Trust Inc.
Common Stock 16,000 376 360
Greentree Financial Corporation
Common Stock 3,000 85 79
Harley Davidson, Incorporated
Common Stock, $.01 par 31,600 657 909
Healthcare Realty Trust
Common Stock 20,000 427 460
Health Care REIT, Incorporated
Common Stock, $1.00 par 23,000 572 414
Hewlett-Packard Cmpany
Common Stock, $1.00 par 2,500 182 209
HGI Realty Incorporated
Common Stock 7,100 175 162
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
Number of Shares Cost Fair Value
----------------
Issue Principal Amount (thousands) (thousands)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Household International Inc.
Common Stock, $1.00 par 1,000 $ 64 $ 59
Humana Incorporated
Common Stock, $.016 2/3 par 1,000 26 27
Illinois Tool Works, Incorporated
Common Stock, $3.33 1/3 par 10,200 380 602
Informix Corporation
Common Stock 2,000 55 60
Intel Corporation
Capital Stock, $.001 par 1,000 64 57
Intersolv Incorporated
Common Stock 1,000 22 13
Itron, Incorporated
Common Stock, no par 7,500 101 253
Johnson & Johnson
Common Stock, $1.00 par 10,000 428 855
Liberty Property Trust
Share of Beneficial Interest 2,000 39 41
Littelfuse, Incorporated
Common Stock 1,000 28 37
Litton Industries, Incorporated
Common Stock, $1.00 par 15,000 241 667
Macerich Company
Common Stock 5,000 95 100
Mail-Well Incorporated
Common Stock 10,000 140 122
McAfee Associates Incorporated
Common Stock 1,500 50 66
Mobil Corporation
Common Stock, $3.75 par 8,500 569 950
Motorola, Incorporated
Common Stock, $3.00 par 17,000 786 969
Nationsbank Corporation
Common Stock, $2.50 par 10,000 532 696
Northern Border Partners L.P.
Common Stock, $.01 par 7,200 189 168
Omega Healthcare Investor, Inc.
Common Stock 40,000 971 1,065
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
Number of Shares Cost Fair Value
----------------
Issue Principal Amount (thousands) (thousands)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Panamsat Corporation
Common Stock 3,000 $ 53 $ 66
Parker Hannifin Corporation
Common Stock, no par 22,000 449 753
Pepsico, Incorporated
Common Stock, $.05 par 15,000 594 838
Proctor & Gamble Company
Common Stock, No par 3,500 193 290
Royal Dutch Petroleum Company
5 Guilders par 7,500 599 1,058
Schering-Plough Corporation
Common Stock, $1.00 par 20,000 610 1,095
Sherwin-Williams Company
Common Stock, $6.25 par 27,000 433 1,100
SPSS Incorporated
Common Stock 1,000 16 19
Summit Properties Incorporated
Common Stock 20,000 380 397
Sun Microsystems, Incorporated
Common Stock, $0.00067 par 2,000 63 91
Temple Inland Incorporated
Common Stock, $1.00 par 20,000 623 877
Three Com Corporation
Common Stock 1,000 44 47
Time Warner, Incorporated
Common Stock, $1.00 par 18,000 670 682
Tommy Hilfiger Corporation
Common Stock, $.01 par 29,600 448 1,254
Tribune Company
Common Stock, No par 4,000 248 244
Turner Broadcasting System Inc.
Class A Common Stock 6,000 155 155
US Robotics Corporation
Common Stock, $.01 par 12,000 191 1,053
Union Pacific Corporation
Common Stock, $5.00 par 2,600 171 172
US Life Corporation
Common Stock, $1.00 par 30,000 571 896
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
Number of Shares Cost Fair Value
----------------
Issue Principal Amount (thousands) (thousands)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Viacom Incorporated
Class A Common Stock 6,000 $ 348 $ 277
Viacom Incorporated
Class B Common Stock 3,000 61 142
Walgreen Company
Common Stock, $.1.25 par 44,000 996 1,314
Watsco, Incorporated
Class A Common Stock 12,000 127 215
Watson Pharmaceuticals, Inc.
Common Stock, $.0033 par 12,000 353 588
Williams-Sonoma Incorporated
Common Stock 1,000 20 19
Wireless Telecom Group Inc.
Common Stock 3,000 49 50
Xerox Corporation
Common Stock, $1.00 par 10,000 575 1,370
------------ ----------
Total Common Stock 26,822 42,316
------------ ----------
Preferred Stock
Ford Motor Company
Series A
Convertible Preferred Stock 1,500 122 142
Prime Retail Inc.
Series B
Convertible Preferred Stock 35,000 875 621
Security Capital Pacific Trust
Convertible Preferred Stock 36,000 900 882
------------ ----------
Total Preferred Stock 1,897 1,645
------------ ----------
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 4,631
U.S. Treasury, Series AF-1996
5.875% Note due 5/31/1996 2,000,000 2,004 2,005
U.S. Treasury
6.875% Note due 4/30/1997 3,550,000 3,552 3,625
U.S. Treasury, Series D-2001
7.5% Note due 11/15/2001 2,000,000 2,015 2,204
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
Number of Shares Cost Fair Value
----------------
Issue Principal Amount (thousands) (thousands)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Treasury, Series F-1999
7% Note due 4/15/1999 $ 3,550,000 $ 3,510 $ 3,728
U.S. Treasury, Series N-1997
6.375% Note due 6/30/1997 750,000 763 763
U.S. Treasury, Series A-2001
7.75% Note due 2/15/2001 3,500,000 3,450 3,863
U.S. Treasury, Series C-2001
7.875% Note due 8/15/2001 3,000,000 3,000 3,351
U.S. Treasury, Series D-2000
8.5% Note due 11/15/2000 1,000,000 1,029 1,131
---------- -----------
Total U.S. Government and
Government Agency Issues 23,823 25,301
---------- -----------
Corporate Bonds and Notes
Associates Corp of North America
7.77% Note due 3/9/1999 1,000,000 1,000 1,060
Dow Chemical Company
9.35% Note due 3/15/2002,
Registered 1,000,000 998 1,125
Du Pont, E.I. DeNemours & Co.
6% Debenture due 12/1/2001,
Registered 1,000,000 736 1,009
Liberty Property Trust
8% Convertible Sub Debenture due 7/1/2001,
Registered 200,000 200 206
Monsanto Defined Contribution & Employee
Stock Ownership Trust
8.13% Debenture due 12/15/2006 1,000,000 1,000 1,157
Norfolk Southern Railway Equipment Trust
Series B
8% Certificate due 3/1/2006 1,000,000 949 1,151
---------- -----------
Total Corporate Bonds and Notes 4,883 5,708
---------- -----------
Other
Hydro Quebec Electric Tranche
7.74% Note due 2/26/1999 1,000,000 999 1,053
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company 26,437,151 26,437 26,437
---------- -----------
Total Balanced Fund $ 84,861 $ 102,460
========== ===========
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
---------------- Cost Fair Value
Issue Principal Amount (thousands) (thousands)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Aon Stock Fund
- --------------
Common Stock
Aon Corporation
Common Stock, $1.00 par 4,865,755 $114,344 $242,680
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 3,579,198 3,579 3,579
-------- ---------
Total Aon Stock Fund $117,923 $246,259
======== ========
Investment Contract Fund
- ------------------------
Unallocated Insurance Contracts
Canada Life Assurance Company
Contract #P45672
6.05% due 10/16/1997 $ 2,024,612 $ 2,025 $ 2,025
Combined Insurance Co. of America
Contract #CG1000
7.12% due 9/30/96, 6/30/99 8,848,565 8,849 8,849
Commonwealth Life Insurance Co.
Contract #ADA00551FR
5.35% due 6/30/98 2,761,403 2,761 2,761
Commonwealth Life Insurance Co.
Contract #ADA00395FR
8.58% due 6/30/1996 7,815,130 7,815 7,815
Confederation Life Insurance Co.
Contract #62718
6.96% due 3/31/1998 8,955,944 8,956 8,956
Connecticut General Life
Insurance Company, IN-16017
9.832% due 12/20/1996 4,065,545 4,065 4,065
Connecticut General Life
Insurance Company, #0025125
8.13% due 1/2/1996 7,205,031 7,205 7,205
The Life Insurance Company of Georgia
Contract #GA 289
6.7% due 6/30/1997 12,515,742 12,516 12,516
The Life Insurance Company of Virginia
Contract #GS2753
5.67% due 9/30/98 11,156,030 11,156 11,156
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION> Number of Shares
---------------- Cost Fair Value
Issue Principal Amount (thousands) (thousands)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Metropolitan Life Insurance Co.
Contract #13272
6.53% due 12/31/1997 $12,436,096 $ 12,436 $ 12,436
New York Life Insurance Co.
Contract #GA06068
8.1% due 1/2/1996 2,504,835 2,505 2,505
Protective Life Insurance Company
Contract # GR-9039
7.36% due 3/31/99 4,367,887 4,368 4,368
Provident Life & Accident Insurance Co.
Contract #627-05641
5.79% due 12/31/98 4,695,369 4,695 4,695
Prudential
Contract #6458
5.20% due 6/30/98 5,529,678 5,530 5,530
Sun Life Insurance Co.
Contract #GICFA-484
6.02% due 12/31/98 4,729,225 4,729 4,729
Travelers Insurance Co.
Contract #GR-9039
4%, Reset annually 2,327,274 2,327 2,327
-------- --------
Total Unallocated Guaranteed Insurance Contracts 101,938 101,938
-------- --------
U.S. Government and Government
Agency Issues
U.S. Treasury Bill
due 1/25/96 4,000,000 3,988 3,989
U.S. Treasury Bill
due 2/29/96 4,000,000 3,914 3,970
U.S. Treasury Bill
due 3/28/96 6,000,000 5,897 5,929
U.S. Treasury Bill
due 4/25/96 5,000,000 4,898 4,922
U.S. Treasury Bill
due 5/16/96 4,000,000 3,894 3,925
-------- --------
22,591 22,735
-------- --------
Other
Wachovia Real Estate Fund 44 34 18
-------- --------
34 18
-------- --------
</TABLE>
17
<PAGE>
<TABLE>
<CAPTION>
Number of Shares
---------------- Cost Fair Value
Issue Principal Amount (thousands) (thousands)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company 7,244,106 7,244 7,244
-------- --------
Total Short-Term Investments 7,244 7,244
-------- --------
Total Investment Contract Fund $131,807 $131,935
======== ========
Government Securities Fund
- --------------------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Government Securities Portfolio 1,115,626 $ 11,254 $ 11,692
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 29,686 30 30
-------- --------
Total Government Securities Fund $ 11,284 $ 11,722
======== ========
Total Return Fund
- -----------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Total Return Portfolio 2,737,783 $ 39,080 $ 43,613
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 32,702 33 33
-------- --------
Total Total Return Fund $ 39,113 $ 43,646
======== ========
Common Stock Index Fund
- -----------------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Common Stock Index Portfolio 1,930,784 $ 32,890 $ 40,527
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 31,052 31 31
-------- --------
Total Common Stock Index Fund $ 32,921 $ 40,558
======== ========
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION> Number of Shares
---------------- Cost Fair Value
Issue Principal Amount (thousands) (thousands)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Real Estate Securities Fund
- ---------------------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
Real Estate Securities Portfolio 95,171 $ 1,023 $ 1,052
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 14,818 15 15
-------- --------
Total Real Estate Securities Fund $ 1,038 $ 1,067
======== ========
International Equity Fund
- -------------------------
Mutual Fund
Investments held in the Life of Virginia
Series Funds, Inc.:
International Equity Portfolio 263,749 $ 2,692 $ 2,761
Short-Term Investments
Short-Term Investment Fund,
Collective Trust Funds of
The Northern Trust Company $ 9,768 10 10
-------- --------
Total International Equity Fund $ 2,702 $ 2,771
======== ========
Total Investments $443,187 $602,168
======== ========
</TABLE>
19
<PAGE>
<TABLE>
<CAPTION>
Schedule II
AON SAVINGS PLAN
NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
DECEMBER 31, 1995
(thousands)
Money Aon Investment Government
Market Balanced Stock Contracts Securities
ASSETS Fund Fund Fund Fund Fund
- ------ ------ -------- ----- ---------- ----------
<S> <C> <C> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 25,301 $22,735
Corporate Bonds and Notes 5,708
Other Bonds 1,053
Common Stocks:
Aon Corporation - $242,680
Other 42,316 -
Preferred Stocks 1,645 -
Investments held in the Life of Virginia Series Funds, Inc.:
Money Market Portfolio $21,729 - -
Government Securities Portfolio - - - $11,692
Total Return Portfolio - - - -
Common Stock Index Portfolio - - - -
Real Estate Equity Portfolio - - - -
International Equity Portfolio - - - -
Other Long-Term Investments - - - 18 -
Short-Term Investments 21 26,437 3,579 7,244 30
------- -------- -------- ------- -------
21,750 102,460 246,259 29,997 11,722
Unallocated Guaranteed Insurance Contracts,
at Contract Value - - - 101,938 -
------- -------- -------- ------- -------
Total Investments 21,750 102,460 246,259 131,935 11,722
Receivables:
Contribution Receivable from Aon Corporation 940 - 5,068 2,675 1,298
Contributions Receivable from Participants 21 (2) 298 153 76
Loans Receivable - - - - -
Accrued Dividends and Income 14 717 7 21 1
Due from Broker - 2,394 - 17,956 -
Fund Transfers 2,386 (29) (2,914) 196 62
------- -------- -------- ------- -------
Total Receivables 3,361 21,001 1,437
------- -------- -------- ------- -------
Net Assets Available for Plan Benefits $25,111 $105,540 $248,718 $152,936 $13,159
======= ======== ======== ======== =======
</TABLE>
<TABLE>
<CAPTION>
Total Common Real Estate International
Return Stock Index Securities Equity Loan
ASSETS Fund Fund Fund Fund Account Total
- ------ ------ ----------- ----------- ------------- ------- -----
<S> <C> <C> <C> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 48,036
Corporate Bonds and Notes 5,708
Other Bonds 1,053
Common Stocks:
Aon Corporation 242,680
Other 42,316
Preferred Stocks 1,645
Investments held in the Life of Virginia Series Funds, Inc.:
Money Market Portfolio 21,729
Government Securities Portfolio 11,692
Total Return Portfolio $43,613 43,613
Common Stock Index Portfolio - $40,527 40,527
Real Estate Equity Portfolio - - $1,052 1,052
International Equity Portfolio - - - $2,761 2,761
Other Long-Term Investments - - - - 18
Short-Term Investments 33 31 15 10 37,400
------- ------- ------ ------ ---- --------
43,646 40,558 1,067 2,771 500,230
Unallocated Guaranteed Insurance Contracts,
at Contract Value - - 101,938
------- ------- ------ ------ ---- --------
Total Investments 43,646 40,558 1,067 2,771 602,168
Receivables:
Contribution Receivable from Aon Corporation 1,683 2,835 57 141 14,697
Contributions Receivable from Participants 106 179 4 10 845
Loans Receivable - - - - $398 398
Accrued Dividends and Income 1 2 - - - 763
Due from Broker - - - - - 20,350
Fund Transfers 58 187 24 30 - 0
------- ------- ------ ------ ---- --------
Total Receivables 1,848 3,203 85 181 398 37,053
------- ------- ------ ------ ---- --------
Net Assets Available for Plan Benefits $45,494 $43,761 $1,152 $2,952 $398 $639,221
======= ======= ====== ====== ==== ========
20
</TABLE>
<PAGE>
Schedule II
AON SAVINGS PLAN
NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
DECEMBER 31, 1994
<TABLE>
<CAPTION>
(thousands)
Money Aon Investment RGH
Market Balanced Stock Contracts Common Stock
ASSETS Fund Fund Fund Fund Fund
- ------ ---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 37,916
Corporate Bonds and Notes 8,099
Other Bonds 921
Common Stocks:
Aon Corporation - $155,386
Other 56,068 - $3,779
Preferred Stocks 1,457 - -
Investments held in the Life of
Virginia Series Funds, Inc.:
Money Market Portfolio $18,516 - - -
Government Securities Portfolio - - - -
Total Return Portfolio - - - -
Common Stock Index Portfolio - - - -
Other Long-Term Investments - - - $ 25 -
Short-Term Investments 303 2,194 226 4,527 605
------- -------- -------- -------- ------
18,819 106,655 155,612 4,552 4,384
Unallocated Guaranteed Insurance Contracts,
at Contract Value - - - 135,533 -
------- -------- -------- -------- ------
Total Investments 18,819 106,655 155,612 140,085 4,384
Receivables:
Contribution Receivable from Aon Corporation 849 - 4,994 2,969 -
Contributions Receivable from Participants 53 (3) 358 229 -
Loans Receivable - - - - -
Accrued Dividends and Income 1 820 4 56 62
Due from Broker - - - 5,732 -
Fund Transfers (200) (2) 112 204 (383)
------- -------- -------- -------- ------
Total Receivables 703 815 5,468 9,190 (321)
------- -------- -------- -------- ------
Total Assets 19,522 107,470 161,080 149,275 4,063
------- -------- -------- -------- ------
LIABILITIES
- -----------
Accounts Payable and Accrued Expenses 4 2 3 116 3
------- -------- -------- -------- ------
Net Assets Available for Plan Benefits $19,518 $107,468 $161,077 $149,159 $4,060
======= ======== ======== ======== ======
</TABLE>
<TABLE>
<CAPTION>
(thousands)
Government Total Common
Securities Return Stock Index Loan
ASSETS Fund Fund Fund Account Total
- ------ ---------- ------- ----------- ------- --------
<S> <C> <C> <C> <C> <C>
Investments, at Fair Value:
United States Government and
Government Agency Securities $ 37,916
Corporate Bonds and Notes 8,099
Other Bonds 921
Common Stocks:
Aon Corporation 155,386
Other 59,847
Preferred Stocks 1,457
Investments held in the Life of Virginia
Series Funds, Inc.:
Money Market Portfolio 18,516
Government Securities Portfolio $3,778 3,778
Total Return Portfolio - $19,849 19,849
Common Stock Index Portfolio - - $14,675 14,675
Other Long-Term Investments - - - 25
Short-Term Investments 325 261 337 8,778
------ ------- ------- --------
4,103 20,110 15,012 329,247
Unallocated Guaranteed Insurance Contracts,
at Contract Value - - - 135,533
------ ------- ------- --------
Total Investments 4,103 20,110 15,012 464,780
Receivables:
Contribution Receivable from Aon Corporation 1,439 1,088 2,291 13,630
Contributions Receivable from Participants 102 79 188 1,006
Loans Receivable - - - $802 802
Accrued Dividends and Income 1 1 1 - 946
Due from Broker - - - - 5,732
Fund Transfers 40 90 139 - 0
------ ------- ------- ---- --------
Total Receivables 1,582 1,258 2,619 802 22,116
------ ------- ------- ---- --------
Total Assets 5,685 21,368 17,631 802 486,896
------ ------- ------- ---- --------
LIABILITIES
- -----------
Accounts Payable and Accrued Expenses - - - - 128
Net Assets Available for Plan Benefits $5,685 $21,368 $17,631 $802 $486,768
====== ======= ======= ==== ========
</TABLE>
21
<PAGE>
Schedule III
AON SAVINGS PLAN
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
(thousands)
Money Aon Investment RGH Government
Market Balanced Stock Contracts Common Stock Securities
ADDITIONS Fund Fund Fund Fund Fund Fund
- --------- ------- -------- -------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 12 $ 3,394 $ 65 $ 9,158 $ 32 $ 11
Interest on Loan Repayments 2 - 10 9 - 5
Aon Corporation Dividends - - 6,561 - - -
Other Dividends 827 1,521 - - 147 683
------- -------- -------- -------- ------- -------
841 4,915 6,636 9,167 179 699
Contributions:
Aon Corporation 940 - 5,068 2,675 - 1,298
ESOP Diversification 6 - 16 25 - 7
Participants 1,827 - 10,336 5,772 - 2,780
------- -------- -------- -------- ------- -------
2,773 0 15,420 8,472 - 4,085
------- -------- -------- -------- ------- -------
3,614 4,915 22,056 17,639 179 4,784
DEDUCTIONS
- ----------
Benefits Paid to Participants 3,623 8,258 13,493 12,149 611 898
Administrative Expenses 38 198 341 277 7 14
Investment Expenses (6) 39 56 131 9 7
------- -------- -------- -------- ------- -------
3,655 8,495 13,890 12,557 627 919
------- -------- -------- -------- ------- -------
(41) (3,580) 8,166 5,082 (448) 3,865
Net Realized and Unrealized Appreciation
in Fair Value of Investments 355 17,274 87,369 198 1,535 607
------- -------- -------- -------- ------- -------
Net Increases (Decreases) 314 13,694 95,535 5,280 1,087 4,472
Net Assets Available for Plan Benefits at
Beginning of Year 19,518 107,468 161,077 149,159 4,060 5,685
Plan Mergers 508 - 391 536 - 307
Fund Transfers 4,771 (15,622) (8,285) (2,039) (5,147) 2,695
------- -------- -------- -------- ------- -------
Net Assets Available for Plan Benefits at
End of Year $25,111 $105,540 $248,718 $152,936 $ - $13,159
======= ======== ======== ======== ======= =======
</TABLE>
<TABLE>
Total Common Real Estate International
Return Stock Index Securities Equity Loan
ADDITIONS Fund Fund Fund Fund Account Total
- --------- ------- ----------- ----------- ------------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest and Income from Unallocated
Guaranteed Insurance Contracts $ 17 $ 22 $ 1 $ 2 $ 12,714
Interest on Loan Repayments 5 9 - - 40
Aon Corporation Dividends - - - - 6,561
Other Dividends 3,101 776 57 52 7,164
------- ------- ------ ------ ----- --------
3,123 807 58 54 26,479
Contributions:
Aon Corporation 1,683 2,835 57 141 14,697
ESOP Diversification 8 10 - - 72
Participants 3,748 6,303 56 153 30,975
------- ------- ------ ------ ----- --------
5,439 9,148 113 294 45,744
------- ------- ------ ------ ----- --------
8,562 9,955 171 348 72,223
DEDUCTIONS
- ----------
Benefits Paid to Participants 1,175 1,314 - 11 $ 42 41,574
Administrative Expenses 55 48 1 1 - 980
Investment Expenses 8 9 4 4 - 261
------- ------- ------ ------ ----- --------
1,238 1,371 5 16 42 42,815
------- ------- ------ ------ ----- --------
7,324 8,584 166 332 (42) 29,408
Net Realized and Unrealized Appreciation
in Fair Value of Investments 4,639 7,476 29 70 - 119,552
------- ------- ------ ------ ----- --------
Net Increases (Decreases) 11,963 16,060 195 402 (42) 148,960
Net Assets Available for Plan Benefits at
Beginning of Year 21,368 17,631 - - 802 486,768
Plan Mergers 965 671 3 112 - 3,493
Fund Transfers 11,198 9,399 954 2,438 (362) -
------- ------- ------ ------ ----- --------
Net Assets Available for Plan Benefits at
End of Year $45,494 $43,761 $1,152 $2,952 $ 398 $639,221
======= ======= ====== ====== ===== ========
</TABLE>
22
<PAGE>
Schedule III
AON SAVINGS PLAN
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
(thousands)
Money Aon Investment RGH
Market Balanced 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 $ 3,681 $ 68 $ 9,529 $ 65
Interest on Loan Repayments 4 14 20 20 -
Aon Corporation Dividends - - 5,976 - -
Other Dividends 513 1,544 - - 264
------- -------- -------- -------- -------
841 5,239 6,064 9,549 329
Contributions:
Aon Corporation 849 - 4,994 2,969 -
ESOP Diversification 1 17 19 21 -
Participants 2,665 8,913 13,431 11,039 -
------- -------- -------- -------- -------
3,515 8,930 18,444 14,029 -
------- -------- -------- -------- -------
4,356 14,169 24,508 23,578 329
DEDUCTIONS
- ----------
Benefits Paid to Participants 1,926 7,732 9,732 13,120 594
Administrative Expenses 36 247 317 290 18
Investment Expenses 43 47 38 243 11
------- -------- -------- -------- -------
2,005 8,026 10,087 13,653 623
------- -------- -------- -------- -------
2,351 6,143 14,421 9,925 (294)
Net Realized and Unrealized Appreciation/
(Depreciation) in Fair Value of Investments (97) (3,507) (1,386) - (2,249)
------- -------- -------- -------- -------
Net Increases (Decreases) 2,254 2,636 13,035 9,925 (2,543)
Net Assets Available for Plan Benefits at
Beginning of Year 18,413 127,036 152,007 143,590 8,227
RGH Litigation Award 129 - 63 98 (403)
Fund Transfers (1,278) (22,204) (4,028) (4,454) (1,221)
------- -------- -------- -------- -------
Net Assets Available for Plan Benefits at
End of Year $19,518 $107,468 $161,077 $149,159 $ 4,060
======= ======== ======== ======== =======
</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 $ 8 $ 11 $ 11 $ 13,697
Interest on Loan Repayments 5 4 7 74
Aon Corporation Dividends - - - 5,976
Other Dividends 160 755 239 3,475
------- ------- ------- ------ --------
173 770 257 23,222
Contributions:
Aon Corporation 1,439 1,088 2,291 13,630
ESOP Diversification - - - 58
Participants 1,452 1,628 2,514 41,642
------- ------- ------- ------ --------
2,891 2,716 4,805 55,330
------- ------- ------- ------ --------
3,064 3,486 5,062 78,552
DEDUCTIONS
- ----------
Benefits Paid to Participants 50 250 297 $ 53 33,754
Administrative Expenses 9 15 4 - 936
Investment Expenses 2 1 2 - 387
------- ------- ------- ------ --------
61 266 303 53 35,077
------- ------- ------- ------ --------
3,003 3,220 4,759 (53) 43,475
Net Realized and Unrealized Appreciation/
(Depreciation) in Fair Value of Investments (152) (106) 161 - (7,336)
------- ------- ------- ------ --------
Net Increases (Decreases) 2,851 3,114 4,920 (53) 36,139
Net Assets Available for Plan Benefits at
Beginning of Year - - - 1,356 450,629
RGH Litigation Award 34 29 50 - -
Fund Transfers 2,800 18,225 12,661 (501) -
------- ------- ------- ------ --------
Net Assets Available for Plan Benefits at
End of Year $ 5,685 $21,368 $17,631 $ 802 $486,768
======= ======= ======= ====== ========
</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, 1995
The following schedule represents the 5% reportable transactions for the year
ended December 31, 1995 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, 1995
<TABLE>
<CAPTION>
Current Value
Cost of of Asset at Net
Asset Transaction Date Gain
---------- ---------------- -------
<S> <C> <C> <C>
(thousands)
Short-Term Investment Fund, Collective
Trust Funds of The Northern Trust Company
$75,739 increases on 216 day $ 75,739 $ 75,739 -
$73,908 decreases on 95 days 73,908 73,908 -
$120,445 increases on 654 days 120,445 120,445 -
$93,654 decreases on 275 days 93,654 93,654 -
---------------- -------
$ 363,746 -
================ =======
</TABLE>
25
<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, 1995 and 1994, 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, 1995 and 1994, 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, 1995 (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, 1995 (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 1995
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the 1995 financial statements taken as a whole.
May 31, 1996
<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 May 31, 1996, 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, 1995.
ERNST & YOUNG LLP
Chicago, Illinois
June 21, 1996
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