Aon has reported a 51% increase in total revenue to $2.7bn (£1.7bn) for the third quarter of 2011 compared to the same period of 2010.
However the broking giant highlighted this was due to a 46% increase in commissions and fees resulting from acquisitions, along with changes in foreign currency rates. According to the company organic revenue increased by 1%.
Net income from continuing operations increased 38% in the quarter to $198m. The result meant that in the first nine months of 2011 net revenue increased 48% to $702m.
Retail brokerage
The breakdown of the figures for Aon's broker arm revealed a 12% rise in retail brokerage income to $1.24bn (Q3 2010: $1.11bn) resulting in a 9% rise in business for the first nine months to $3.84bn. The international segment saw a 12% rise in the three months to $596m (Q3 2010: $534m) with organic growth recorded at 4%.
Greg Case, president and chief executive officer of Aon, commented: "Our third quarter results reflect 13% growth in earnings as highlighted by strong performance in our risk segment and the delivery of synergy savings related to Aon Hewitt."
"While macro economic conditions remain challenging globally, we are firmly on track to deliver growth in 2011, our restructuring programs continue to deliver cost savings and we have solid financial flexibility that will continue to drive increased shareholder value, as highlighted by the repurchase of $175 million of common stock in the quarter."
This originally appeared on COVER's sister title Insurance Age.
