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CHICAGO--Strong new business growth in the first quarter of 2007 from Aon Corp.'s America's brokerage unit offset double-digit organic growth declines in its United Kingdom brokerage unit, the Chicago-based brokerage said late Thursday.
Revenues from Aon's risk and insurance brokerage services segment increased 5.5% during the period to $1.46 billion, buoyed by double-digit revenue contributions from its Europe/Middle East/Asia and Asia Pacific units, Aon said.
Although revenues from its Americas brokerage unit were up less than 1% to $519 million due to a 2006 first-quarter investment gain, revenues were up 8% organically, which Aon attributed to "strong new business in U.S. retail and effective renewal book management in both U.S. retail and Latin America."
Less new business and soft market conditions, on the other hand, led to an 11% decline in organic revenue growth in its U.K. brokerage unit, where revenues were up 1% to $156 million in the quarter, the Chicago-based brokerage said.
Overall, total revenues, which include consulting and underwriting revenues, were up 10% in the quarter to $2.38 billion with organic revenue growth of 5%, Aon said.Net income rose 7.6% to $213 million.