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.
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