Aon outlines Q1 financials
Aon outlines Q1 financials | Insurance Business Australia
Insurance News
Aon outlines Q1 financials
Chief executive thanks global team for strong showing
Insurance News
By
Terry Gangcuangco
Aon, which recently completed its swoop for middle-market property & casualty broker NFP, has published the group’s financial results for the first quarter of 2024.
Here’s how the broking giant performed in the period:
Metric
Q1 2024
Q1 2023
Revenue
US$4.07 billion
US$3.87 billion
Expenses
US$2.61 billion
US$2.40 billion
Operating income
US$1.465 billion
US$1.473 billion
Net income
US$1.09 billion
US$1.08 billion
Net income attributable to Aon shareholders
US$1.07 billion
US$1.05 billion
Broken down, US$1.81 billion of the total revenue came from commercial risk solutions; US$1.17 billion from reinsurance solutions; US$733 million from health solutions; and US$370 million from wealth solutions.
Aon reported: “Commercial Risk Solutions organic revenue growth of 3% reflects growth across most major geographies driven by strong retention, management of the renewal book, and net new business generation. Growth in retail brokerage was highlighted by solid growth in EMEA (Europe, Middle East, and Africa) and Asia and the Pacific, driven by continued strength in core P&C (property and casualty).
“Results in the US were pressured, reflecting lower net new business and the ongoing impacts from external capital markets activity. Results also reflect growth in Affinity globally across both consumer and benefits solutions. On average globally, exposures and pricing were positive, resulting in modestly positive market impact.”
Commenting on the numbers, Aon chief executive Greg Case (pictured) said: “Our global team delivered strong operating results in the first quarter, including 5% organic revenue growth, 100 basis points of adjusted operating margin improvement, and 9% adjusted EPS (earnings per share) growth.
“We’re delighted to welcome NFP to Aon and look forward to working together to help clients address increasing volatility across risk and people issues, enabled by Aon Business Services.
“With this earlier-than-expected close, we’re moving even faster to address client demand, create more opportunities for our 60,000 colleagues, strengthen the long-term free cash flow profile of the firm, and enhance long-term shareholder value creation.”
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