Aon plc has announced that the Board of Directors has authorised an additional $7.5 billion in share repurchases. This is in addition to Aon's existing share repurchase program, which had approximately $1.7 billion of remaining authorisation as of December 31, 2021. Total authorisation increased to approximately $9.2 billion, before any share repurchase in the first quarter.
Aon intends to complete the existing authorization before repurchasing shares under the new authorisation.
The Board of Directors has also authorised a 10% increase to its quarterly cash dividend on Aon's outstanding Class A Ordinary Shares to $0.56 per share.
"Today's announcement reinforces our conviction in our Aon United strategy, strong free cash ow generation outlook, and continued focus on maximizing total return for shareholders," said Greg Case, Chief Executive Ocer. "We continue to build momentum and believe our disciplined approach to return on invested capital will result in substantial long-term shareholder value creation."
Including the new authorisation, up to $9.2 billion, before any share repurchase in the first quarter, of Aon's Class A ordinary shares may be purchased from time to time on the open market, in block trades, in privately negotiated transactions, pursuant to Rule 10b5-1 plans or otherwise, depending on market conditions or other factors. The program does not obligate Aon to acquire any particular amount of shares and may be suspended or discontinued at any time.