Risk and insurance brokerage service provider Aon Plc (AON) Friday reported higher profit for the first quarter, aided by a 3 percent growth in revenue on higher commissions and fees. Adjusted earnings and revenue topped Wall Street estimates.
Net income attributable to shareholders increased to $261 million or $0.82 per share from $238 million or $0.71 per share a year ago.
Adjusted for certain items, net income attributable to Aon shareholders from continuing operations, was $1.11 per share, while it was $0.98 per share last year. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $1.10 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue grew 3 percent to $2.92 billion from $2.84 billion and topped analysts' estimate of $2.87 billion. Organic revenue growth was 2 percent.
Revenue from Commissions, fees and other was $2.908 billion, up from last year's $2.829 billion.
Risk solutions segment's revenue increased 4 percent to $2.0 billion, amid higher commissions and fees despite a decline in investment income.
Within the business, Retail Brokerage organic revenue advanced 4 percent, reflecting growth in the Americas and International businesses. Reinsurance organic revenue increased 1 percent as a result of growth in capital market transactions and advisory business and global facultative placements.
HR Solutions segment's revenue edged up 1 percent to $954 million. Organic revenue growth also was 1 percent.
Total operating expenses increased 3 percent to $2.5 billion due primarily to increase in organic revenue, inclusion of $10 million of expenses from acquisitions and higher restructuring costs.
Greg Case, CEO, 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 $300 million of ordinary shares in the quarter."
The stock closed at $61.29 on Thursday.
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