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Aon P.L.C reported a 30% increase in revenue for the first quarter of 2018 to $3.10 billion, up 13% on an underlying basis after the effect of new accounting methods instituted this year.
The adjusted increase was attributable to a 5% increase related to acquisitions, a 5% favorable impact from foreign exchange and 3% organic growth, an Aon statement said.
Like several other large brokerages, Aon adjusted its 2017 figures to reflect new accounting rules from the Financial Accounting Standards Board that affect when certain revenues are recognized in financial results.
Net income more than doubled to $594 million for the first quarter compared with $294 in the same period last year, but on a comparable basis it increased 26%.
The organic revenue growth of 3% was driven by growth in reinsurance and its commercial insurance business, Greg Case, president and CEO of Aon said on an earnings call with analysts on Friday.
Commercial risk solutions, its commercial insurance business, reported organic growth of 4% in the quarter, up from 2% in the same quarter last year, Mr. Case said. The unit saw “solid growth across all geographies” driven by more than $200 million in new business, he said.
In the Americas, Aon reported double-digit growth in both Canada and Latin America as well as particular strength in U.S retail, benefitting from a 17% increase in new business generation, Mr. Case said.
Internationally, growth was driven by strength in the Europe, Middle East and Africa region with new business generation up 26% there, Mr. Case said.
In reinsurance, Aon saw organic growth of 6%, up from 4% in the year-ago quarter, Mr. Case said, adding it was “a really strong performance for what is now our seasonally largest quarter for reinsurance.”
Marsh & McLennan Cos. Inc. reported $4 billion in revenue for the first quarter of 2018, a 14% increase over the same period last year, but the increase was 4% on an underlying basis after accounting changes were factored in.