Chicago-based Aon Corporation has reported profits of $795 million, a 35% increase on 2002’s figures – but the group says there’s still room for improvement.

Aon’s revenues derived from commissions and fees increased by more than 11% to $8.6 billion, and investment income rose by almost 26% to $401 million.

CEO and Chairman Patrick Ryan said margins in the group’s insurance brokerage segment dropped slightly because of increased pension costs. “We have a lot more work ahead of us to achieve the true profit potential of our organisation, but I am pleased with the progress we have made in several areas,” he said.