Total revenue in Q4 2023 increased by 8% to USD 3.4 billion compared to the prior year, while total operating expenses increased 23% to USD 2.6 billion.
Commercial Risk Solutions revenue increased by 5% y-o-y in Q4 to USD 1.90 billion, Reinsurance Solutions revenue was up by18% to USD 332 million, Health Solutions revenue expanded by 13% to USD 763 million, while Wealth revenue totaled USD 377 million (+7% y-o-y).
“Total revenue increased USD 245 million, or 8%, to USD 3,375 million, compared to the prior year period, including organic revenue growth of 7% driven by ongoing strong retention, net new business generation, and management of the renewal book, a 2% favorable impact from foreign currency translation, and a 1% favorable impact from fiduciary investment income, partially offset by a 2% unfavorable impact from acquisitions, divestitures and other.”
Compensation and benefits expense increased USD 132 million to USD 1.67 billion, Information technology expense decreased $7 million to USD 131 million, Premises expense increased USD 4 million to USD 77 million, Depreciation of fixed assets increased USD 12 million to USD 48 million, Amortization and impairment of intangible assets decreased USD 7 million to USD 19 million, Other general expense increased USD 215 million to USD 521 million, while Accelerating Aon United Restructuring Program expenses were USD 129 million, relating to workforce optimization, asset impairments, and technology and other costs.
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