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Aon PLC reported $3.14 billion in revenue for the first quarter of 2019 on Friday, a 2% increase over the same period last year as the strong U.S. dollar curbed revenue growth.
But the brokerage reported 6% organic growth for the quarter — a metric brokers use to determine pure business growth discounting other factors — seeing increases across its lines of business, CEO Greg Case said on a conference call with analysts to discuss the results.
The brokerage saw double-digit revenue growth in several areas, “including cyber security, transactional liability, delegated investment management and voluntary benefits, to name a few,” he said.
It’s core commercial brokerage business reported a 6% decrease in revenue, but discounting the effect of currency changes and divestures, the unit saw organic growth of 6%.
Aon’s reinsurance business reported 6% revenue growth and 9% organic growth. Of the other main units, data and analytics services saw the biggest growth at 14%, while organic revenue grew 5%; health solutions reported an 8% increase in revenue and 5% organic; and retirement solutions decreased 1% but reported 2% organic growth.
Net income for the quarter increased to $676 million, up 10.8% compared with the same period last year.
Looking forward, Aon has a full pipeline of potential merger and acquisitions targets, said Christa Davies, Aon’s chief financial officer.
The pipeline “mirrors the areas we have been investing in organically and inorganically in the last couple of years — so things like data analytics, health elective benefits, affinity, delegated investment management, cyber, intellectual property,” she said.
Aon PLC reported fourth-quarter 2018 revenue of $2.8 billion on Friday, down 5% from the fourth quarter of 2017, as it felt the effect of newly adopted accounting standards.