Aon felt the impact of unfavourable currency translation and costs associated with its expansion in the first quarter, with the group reporting a 3% fall in profit to $US238 million ($233 million).

Total revenue rose 3% to $US2.8 billion ($2.7 billion).

CEO Greg Case says continuing operations performed strongly but the result was masked by an unfavourable currency impact and investment to “strengthen client-serving capabilities”.

“We have taken significant steps to position the firm for long-term growth, strong cash flow generation and increased financial flexibility as highlighted by the completed re-domestication to London, the authorisation of a $US5 billion ($4.9 billion) share repurchase program and a 5% increase in our dividend,” he said.

Aon Risk Solutions increased revenue by 3% to $US1.9 billion ($1.8 billion) and operating income by 5% to $US366 million ($358 million), with the company reporting growth in retail broking in the US and internationally, particularly from Asia, New Zealand and emerging markets.

It also noted $US4 million ($3.9 million) of project-related costs in Australia were offset partially by a $US12 million ($11.7 million) favourable impact from currency conversions.