Top US brokers fall
Aon Corporation has recorded total revenue growth of 6% during the third quarter as the No 2 global broker banked a $US117 million ($175 million) net profit.
Net earnings climbed 18% to $153 million ($229 million) but overall net profit was down 43% due to the impact of “businesses moved to discontinued operations”.
Chicago-based Aon collected $US1.85 billion ($2.8 billion) in revenue during the quarter.
No 4 broker Arthur J Gallagher & Co has announced that its third-quarter profits are also down, with a 27% drop to $US37.8 million ($55.3 million).
Chairman and CEO Pat Gallagher says the company is satisfied with the result, “given the soft market conditions seen in the quarter”.
“Despite an increase in catastrophes and financial turmoil impacting the banking and insurance sectors we continued to see pricing decreases,” he said.
Net earnings climbed 18% to $153 million ($229 million) but overall net profit was down 43% due to the impact of “businesses moved to discontinued operations”.
Chicago-based Aon collected $US1.85 billion ($2.8 billion) in revenue during the quarter.
No 4 broker Arthur J Gallagher & Co has announced that its third-quarter profits are also down, with a 27% drop to $US37.8 million ($55.3 million).
Chairman and CEO Pat Gallagher says the company is satisfied with the result, “given the soft market conditions seen in the quarter”.
“Despite an increase in catastrophes and financial turmoil impacting the banking and insurance sectors we continued to see pricing decreases,” he said.