Reinsurance revenues up 7%; credits growth in international treaty placements and firmer pricing
Aon has reported 2012 third quarter net income of $204m, compared to $198m in the same quarter of 2011.
Total revenue increased 1% to $2.7bn compared to the prior year quarter driven by a 4% increase in organic revenue, primarily offset by a 3% decrease from unfavourable foreign currency exchange rates and a 27% decline in investment income due to lower average interest rates.
Restructuring expenses were $32m compared to $26m in the prior year quarter.
Reinsurance organic revenue increased 7% in Q3, said the broker. It noted strong growth across all businesses including new business growth in treaty placements internationally and a favourable near-term benefit from pricing, capital market transactions and advisory business and facultative placements.
Retail brokerage organic revenue increased 2% reflecting revenue growth in both the Americas and international businesses. Americas organic revenue increased 2% in the third quarter, primarily as a result of strong management of the renewal book portfolio across Latin America and affinity.
International organic revenue increased 3% driven by strong growth in emerging markets, health and benefits, and solid management of the renewal book portfolio across Continental Europe.
During the quarter Aon repurchased 5.4 million Class A ordinary shares for approximately $275m.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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