Aon Becomes The First Foreign Insurance Broker Licensed In India, Entering The Market As A Joint Venture Operating Company With Global Insurance Services.

Business Editors

CHICAGO--(BUSINESS WIRE)--March 7, 2003

Aon Corporation (NYSE:AOC) announced today that the Insurance Regulatory & Development Authority of India has granted its first composite insurance brokerage license to a foreign company in India. Aon has entered the market through a joint venture company with Global Insurance Services with whom Aon and legacy companies have had a long and mutually beneficial relationship over the last 17 years.

Aon's brokerage in India is Aon Global Insurance Services Pvt. Ltd., headquartered in Mumbai, India. The new company will provide a full range of insurance brokerage services to its corporate and industrial clients as well as reinsurance services to insurance companies. Aon will also provide consulting and benefits consulting, loss control and safety engineering services to the Indian marketplace.

Aon was the first broker to establish in many Asian countries including Singapore, Malaysia, Thailand and Vietnam. The India license follows the recent announcement of the first license being issued to Aon in China.

"We are honored to be able to enter the Indian market," said Patrick G. Ryan, Aon's chairman and chief executive officer. "The Indian market is strategically very important to Aon, as many of our multinational clients are active in India through subsidiaries or joint venture companies. India is the second largest market in the world by population and is at the cutting edge of many high tech industries."

Prabodh Thakker, Aon Global Insurance Services chairman, added, "We look forward to providing our resources to the rapidly changing needs of indigenous Indian companies as well as our multinational clients following the recent liberalisation of the insurance market in India."

Aon Corporation (http://www.aon.com) is a holding company that is comprised of a family of insurance brokerage, consulting, and insurance underwriting subsidiaries.

This press release may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors. Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, pension funding, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual cost of resolution of contingent liabilities and other loss contingencies, the ultimate impact of the business transformation plan, and the timing and resolution of related insurance and reinsurance issues relating to the events of September 11, 2001.

Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission.