Aon plc (NYSE:AON) Q1 2020 Earnings Conference Call - Final Transcript

May 01, 2020 • 08:30 am ET


Aon plc (NYSE:AON) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, and thank you for holding. Welcome to Aon Plc's First Quarter 2020 Conference Call. [Operator Instructions]

It is important to note that some of the comments in today's call may constitute certain statements that are forward-looking in nature as defined by the Private Securities Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. Information concerning risk factors that could cause such differences are described in the press release covering our first quarter 2020 results as well as having been posted on our website.

Now it is my pleasure to turn the call over to Greg Case, CEO of Aon plc.

Greg Case

Thanks, Elena, and good morning, everyone. Welcome to our first quarter conference call. I'm joined virtually by Christa Davies, our CFO; and Eric Andersen, our President. Like previous quarters, we posted a detailed financial presentation on our website. At this time of unprecedented humanitarian and economic challenge, I want to start by thanking our 50,000 Aon colleagues around the world with a remarkable dedication, resilience and impressive response to this crisis. It's inspiring to see our colleagues tirelessly go into extraordinary lengths to support each other and connect the firm, embracing Aon United. Our global team is fully committed to bringing the best of our firm to clients at a time when they need our help more than ever.

As we all know, we're experiencing a humanitarian tragedy at a scale that's difficult to comprehend, and economic consequences are likely to play out for months or even years to come. The global economy is forecast to shrink by 3% in 2020, and unemployment is increasing around the world. Against that backdrop, I'd like to talk about how we're responding as a firm and how we expect to emerge stronger and even more capable. Our colleagues are the firm, and we're committed to their safety and well-being. In response to local government guidelines, we've canceled travel and events and now have over 98% of our colleagues working remotely. And to ensure our colleagues stay healthy, well and productive, we made available to all colleagues virtual learning tools to optimize remote work as well as multiple tools and services around telemedicine and well-being.

We've also increased communication and connectivity across the firm, and our leadership teams and our COVID-19 task force accelerate best practice sharing, coordinate our responses and anticipate future impacts to ensure we can continue to deliver solutions for clients. Further, our Aon Business Services operational platform ensures that we can work remotely with secure access to all applications with no loss of productivity, enabling our team full access to all resources required to meet client needs. And finally, we are committed that no colleague will lose their job as a result of COVID-19.

Turning to Q1 results. Our team delivered a strong quarter with positive performance across each of our key metrics despite some early disruption from the impacts of