Firm also announces strategic options consideration for Combined Insurance Company of America
Aon Corporation has reported results for the second quarter ended June 30, 2007.
Aon's UK risk and insurance brokerage services revenue increased 14% to US$218m (£107m), compared to US$191m (£94m) for the prior year quarter, with organic revenue growth of 6%.
Total global revenue grew 13% to $2.5bn (£1.2bn) with organic revenue growth of 8%.
Greg Case, president and chief executive officer, Aon Corporation, said: “Despite soft market conditions, our Brokerage segment generated the highest rate of organic revenue growth since 2003, with growth across all major business units. Strong organic revenue growth, combined with expense initiatives, led to another quarter of meaningful margin improvement and earnings growth, even as we invest in innovative solutions and talent to deliver increased value for clients.”
“...We are making preparations for a spin-off of the company to our shareholders...
Greg Case, president and chief executive officer, Aon Corporation
In other news, Aon announced that it was considering strategic options for Combined Insurance Company of America (CICA) and its subsidiaries.
Case commented, “Combined is a great company with a longstanding record of success, and I’m confident that it will continue to succeed in the future. We are making preparations for a spin-off of the company to our shareholders, but we anticipate receiving inquiries from potential buyers and are prepared to respond accordingly.”
CICA and its subsidiaries, including Sterling Life Insurance Company, provide accident, health and life insurance coverage, in the U.S., Canada, Europe, Asia and Australia, primarily through more than 7,000 career insurance agents.
Aon has engaged Credit Suisse Securities (USA) LLC, Merrill Lynch & Co., and Aon Capital Markets as advisors on any potential related transaction.