Aon has reported net income attributable to shareholders of $1.07bn for the first quarter (Q1) of 2024, up 2% from $1.05bn a year ago.
The company’s total revenue for the quarter ending 31 March 2024 was $4.07bn, an increase of 5% increase compared with $3.87bn last year.
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Aon’s revenue streams included $1.81bn from commercial risk solutions, $1.17bn from reinsurance solutions, $733m from health solutions and $370m from wealth solutions.
The commercial risk solutions unit of Aon registered organic revenue growth of 3%.
The Europe, Middle East and Africa and Asia-Pacific regions demonstrated solid growth in retail brokerage, particularly in core property and casualty insurance, the company said.
However, the US market faced challenges, with lower new business and the effects of external capital markets activity applying pressure.
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By GlobalDataThe reinsurance solutions sector saw organic revenue growth of 7%, driven by treaty retention and new business, alongside significant progress in the strategy and technology group.
Health solutions recorded a 6% organic revenue increase, spurred by global growth in core health and benefits brokerage, new business and renewal management.
Wealth solutions reported organic revenue growth of 4%, largely due to strong performance in retirement services.
Operating expenses for Q1 rose 9% year-on-year to $2.6bn.
Aon CEO Greg Case 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 are 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 are 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.”
Last week, Aon completed the $13bn acquisition of middle market insurance broker NFP.
