Aon has reported a drop in earnings for last year, blaming an “unfavourable impact” from the adoption of a new revenue recognition standard.

Overall net income fell to $US1.13 billion ($1.6 billion) from $US1.23 billion ($1.7 billion) in 2017, but revenue gained 8% to $US10.8 billion ($14.9 billion).

Its commercial risk solutions arm posted a 12% rise in revenue to $US4.7 billion ($6.5 billion), powered by a strong December quarter with record new business in the US and good growth in Latin America, Asia-Pacific and other emerging markets.

Revenue from the reinsurance solutions business grew 9% to $US1.6 billion ($2.2 billion).

“Our strong performance reflects initial success from the strategic actions we have progressively taken to drive Aon United, while also absorbing significant investments to support long-term growth initiatives,” CEO Greg Case said.