Aon has reported a net income of $224m in the fourth quarter of 2005 and $81m in 2004...
Aon has reported a net income of $224m in the fourth quarter of 2005 and $81m for the fourth quarter of 2004.
Aon said fourth quarter 2005 net income from continuing operations increased 97% to $144m compared to $73m a year ago.
Net income for the full year 2004 increased 35% on the previous year to $737m.
Full year 2005 net income from continuing operations increased to $642m from $545m in 2004.
Greg Case, Aon's president and CEO, said: “Our fourth quarter operating results show strong underlying margin improvement.
"Americas Brokerage, led by our US and Latin America Retail
businesses, showed very solid organic growth, continuing a trend which emerged previously in 2005.
"Our affinity business continues to make an important contribution to organic revenue growth, and we continue to take steps to strengthen that business. For each of our operating segments, 2005 marked a year of good progress toward realizing the full potential of our tremendous portfolio of businesses."
Aon also said that the previously announced restructuring plan is currently expected to result in cumulative pretax charges of $262m, including employee termination and lease consolidation costs, asset impairments, and other costs associated with the restructuring.
The company added that annualised cost savings are now targeted at approximately $180m by 2008.
