Patrick Ryan, Chairman and CEO of global broker Aon, had every reason to smile last week when he announced an 86% rise in the group’s net income in the first half of 2003.

Turnover rose 15% to about $7.3 billion, delivering a healthy profit of $453 million for the half-year. It was a big turnaround for the Chicago-based broker, which struggled last year but has recovered through what Mr Ryan says is tighter expense management and higher productivity.

Most of the growth came from brokerage commissions and fees, while income on investments also began to recover.