Aon says the business has started the year strongly, powered by a 40% rise in fourth-quarter net income to $US524 million ($682 million) from the corresponding period of 2019.

Overall net income last year increased 29% to $US1.97 billion ($2.57 billion).

The broker is confident it can keep up the momentum and expects a further boost when the business completes its merger with Willis Towers Watson some time in the first-half of this year.

“We delivered a strong finish to 2020,” CEO Greg Case said. “Our team is incredibly proud of the tremendous resiliency demonstrated by our colleagues.

“Understanding the opportunity and the need in front of them, they responded by bringing the best of our firm to our clients and each other, allowing the firm to excel during a year filled with unprecedented challenges.

“We enter 2021 in a position of strength, with momentum for Aon and our pending combination with Willis Towers Watson.”

The commercial risk solutions division, Aon’s biggest income generator, achieved a 3% rise in revenue to $US1.38 billion ($1.8 billion) to take its total for the year to $US4.69 billion ($6.11 billion).

Revenues from reinsurance solutions in the December quarter increased 5% to $US197 million ($256.8 million) and 8% to $US1.81 billion ($2.36 billion) for last year.

Overall revenues last year were flat at $US11.07 billion ($14.43 billion) but operating income surged 28% to $US2.78 billion ($3.62 billion) as margins improved to 25.1% from 19.7% in 2019.