Aon profits down in H1 but up in Q2

Broking group Aon made a net profit of $344m for the first half of 2010, 22% down on the $440m it made in the same period last year.

The drop came despite a 2% increase in total revenue to $3.8bn from $3.7bn.

Affecting the first half results were a 4% increase in total operating expenses to $3.26bn and a $26m loss on discontinued operations compared with a $52m profit in the first half of 2009.

Despite the slide in first half net profit, however, second quarter profit increased 2% to $158m.

While most of Aon’s business segments boosted their revenue in the first half of the year, two segments recorded declines – Both UK retail and reinsurance revenues dropped by 3%.

The best performing unit was Asia Pacific retail, whose revenues increased 16%.

First half operating profit for the risk and insurance brokerage services segment increased 7% to $660m from $616m.