Broking division profit up 3% for year despite Q4 dip
Aon made a net profit of $1.1bn (£673.7m) in 2013, up 12% on the $993m it made in 2012.
Total revenue at the broking and consulting group grew 3% to $11.8bn (2012: 11.5bn). Organic growth for the year was also 3%.
For the fourth quarter of 2013 alone, Aon reported a 16% rise in net profit to $355m (Q4 2012: $305m).
This was driven by a 3% revenue increase to $3.2bn (Q4 2012: $3.1bn).
Aon chief executive Greg Case said: “Our results reflect a strong finish to the year, with improvement across each key financial metric for both the quarter and full year.
“In 2013, we made significant strategic investments across the firm, delivered record cash flow from operations of $1.6bn and created significant value for shareholders through the repurchase of more than $1.1bn of ordinary shares.
“As we look ahead to 2014, our industry-leading platform is positioned for continued long-term growth, improved operational performance, strong free cash flow generation and significantly increased financial flexibility.”
Q4 broking dip
Aon’s core broking division, Aon Risk Solutions, enjoyed a 3% increase in operating profit for the full 2013 year to $1.54bn (2012: $1.49bn).
Risk Solutions revenue increased 2% to $7.79bn (2012: $7.63bn).
However, in the fourth quarter of 2013 alone, the broking division’s operating profit fell 5% to $413m (Q4 2012: $434m).
Revenues for the quarter were flat at $2bn.