Growth stimulated by increases in fees and commissions
Aon has reported net income attributable to shareholders of $261m (£168.7m) for the first quarter of 2013, up 10% on the first three months of 2013.
The increase in profits was largely helped by the strong performance of its Risk Solutions business, which saw revenues increase by 3% to $2bn (Q1 2012: $1.9bn). The growth was made up of a 3% organic increase in fees and commissions as well as a 1% increase in fees and commissions as a result of acquisitions.
Aon president and chief executive Greg Case (pictured) said: “Our first quarter results reflect a solid start to the year, with double-digit earnings growth driven by a strong performance in our Risk Solutions business and effective capital management, as highlighted by the repurchase of $300m of ordinary shares in the quarter.”
The international broker also announced cost savings of $69m over the quarter due to the restructuring of its consultancy business Aon Hewitt.
This is up from $48m for the prior-year quarter, and the company is expecting to benefit from cumulative savings of $355m over the course of the year.
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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