Aon has reported a net income of $467m (£385.52m) in the third quarter (Q3) of 2023, a 12% increase in comparison with $418m in the same period a year ago.
For the quarter ending 30 September 2023, revenue increased by 10% to $2.95bn, from $2.69bn a year ago.
The company attributed the rise in revenue to the 6% growth in organic revenue, the 2% favourable impact from fiduciary investment income and the 2% favourable impact from foreign currency translation.
Aon’s commercial risk solutions business reported revenue of $1.58bn, a 7% increase year-on-year (YoY).
The company’s reinsurance solutions business generated revenue of $465m, up 17% from $396m last year, while its health and wealth solutions businesses grew by 12% and 8% YoY, respectively.
Aon CEO Greg Case said: “Our global team delivered strong operating results in the third quarter, including a 6% organic revenue growth and 120 basis points of adjusted operating margin improvement, contributing to 7% organic revenue growth and 80 basis points of adjusted margin expansion year to date, demonstrating the strength of our Aon United strategy.
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“We see an ongoing evolution in client demand that will require new and integrated solutions, powered by better analytics, and delivered through Aon Business Services across risk capital and human capital. To capture this opportunity, we are accelerating our strategy to take Aon Business Services to the next level to enable sustainable value creation for clients, colleagues and shareholders.”
Between July and September 2023, Aon executed a buyback of 2.6 million Class A ordinary shares for approximately $850m.
During the period under review, the company also signed a formal agreement to purchase Global Insurance Brokers and announced the acquisition of NGS Seguros.
These deals are anticipated to increase the company’s footprint and risk capital capabilities in Latin America and India.