Brokers post impressive first-quarter earnings
While the insurers continue to take a financial belting, things are looking good for the brokers, with three of the top global companies posting increased first-quarter results.
Aon has reported a first-quarter net income of $US280 million ($382 million), up 28% from $US218 million ($297 million) for the same quarter last year.
But the results still fell short of analysts’ expectations, with revenue slipping 3% to $US1.85 billion ($2.5 billion) and stocks plummeting in reaction.
British-based Willis Group’s quarterly net income was up 15.7% to $US192 million ($262 million) from $US166 million ($226 million) a year earlier.
Willis says this year’s results were hurt by a stronger US dollar compared to the euro, which reduced earnings by US14 cents (19 cents) a share compared to last year.
While Jardine Lloyd Thompson has not yet released its first-quarter results, it says its performance is “ahead of the same period last year”.
It also says there is “no significant consistent evidence” of hardening rates across the market.
Aon has reported a first-quarter net income of $US280 million ($382 million), up 28% from $US218 million ($297 million) for the same quarter last year.
But the results still fell short of analysts’ expectations, with revenue slipping 3% to $US1.85 billion ($2.5 billion) and stocks plummeting in reaction.
British-based Willis Group’s quarterly net income was up 15.7% to $US192 million ($262 million) from $US166 million ($226 million) a year earlier.
Willis says this year’s results were hurt by a stronger US dollar compared to the euro, which reduced earnings by US14 cents (19 cents) a share compared to last year.
While Jardine Lloyd Thompson has not yet released its first-quarter results, it says its performance is “ahead of the same period last year”.
It also says there is “no significant consistent evidence” of hardening rates across the market.