Aon Corporation has announed that its first quarter 2003 earnings were lower than expected.
Aon Corporation has announced that its first quarter 2003 earnings were lower than expected.
The Chicago-based broker said its first-quarter earnings were $152m (£94.6m) compared with $160m (£99.6m) a year earlier.
Aon said its lower earnings level was caused by higher pension costs and the cost of subleasing office space it rented temporarily after the 11 September terrorist attacks.
The company, which lost 175 employees in the 2001 attacks, said there would be additional costs related to the subleasing in future quarters, but that they would not exceed $15m (£9.3m).
Aon did point out that it has benefited from rising insurance premium rates as a result of the continuing hard market.
