Global risk group Aon says its revenue increased 2% to $US11.5 billion ($11.03 billion) for the year to December 31.

Operating expenses grew 2% to $US9.9 billion ($9.49 billion) and interest paid was $US228 million ($218.7 million), giving net income of $US1.01 billion ($968 million) – or $US979 million ($939.1 million) after payments to minority interests are removed.

“Our results reflect earnings growth driven by a higher rate of organic revenue growth across each segment, strong free cashflow growth and effective capital management, as highlighted by the repurchase of $US500 million ($479.63 million) of ordinary shares in the quarter,” President and CEO Greg Case said.

The business has positioned itself for “solid long-term growth”, he says.

Brokerage income for the year was $US6.09 billion ($5.84 billion), up 1%, comprising $US3.07 billion ($2.94 billion) in the Americas and $US3.01 billion ($2.88 billion) elsewhere.

Reinsurance brokerage totalled $US1.05 billion ($1 billion), up 3%.

The human resources business made $US3.92 billion ($3.76 billion), up 4%, with outsourcing accounting for $US2.3 billion ($2.22 billion) and consulting services $US1.58 billion ($1.51 billion).

The operating margin for the year was 18.6%, although it stood at 19.6% in the fourth quarter.