Aon reports subdued earnings in second quarter
Global broker Aon has reported second-quarter net profit of $US149 million ($181 million), well down on the $US1.1 billion ($1.3 billion) earned in the same period last year.
While the 86% plunge in profit was primarily due to the sale of assets in the second quarter of 2008, net income also fell 11% to $US 147 million ($178 million).
Total revenue fell 4% to $US1.9 billion ($2.3 billion) compared to the same quarter last year, while investment income slumped 69% to just $US21 million ($25 million).
Aon earnings from risk and insurance brokerage services remained fairly static at $US1.58 billion ($1.92 billion), although income from the Asia Pacific operations fell 16% to $US123 million ($149 million).
Aon President and CEO Greg Case defended the company’s performance, saying the second-quarter results “reflect continued progress and a strong performance against difficult economic and industry conditions”.
While the 86% plunge in profit was primarily due to the sale of assets in the second quarter of 2008, net income also fell 11% to $US 147 million ($178 million).
Total revenue fell 4% to $US1.9 billion ($2.3 billion) compared to the same quarter last year, while investment income slumped 69% to just $US21 million ($25 million).
Aon earnings from risk and insurance brokerage services remained fairly static at $US1.58 billion ($1.92 billion), although income from the Asia Pacific operations fell 16% to $US123 million ($149 million).
Aon President and CEO Greg Case defended the company’s performance, saying the second-quarter results “reflect continued progress and a strong performance against difficult economic and industry conditions”.