Net income, revenues climb at Aon in third quarter

Aon has reported net income attributable to shareholders of $309 million for the quarter ended Sept. 30, up from $256 million in the same period of 2013.

Total revenue in the quarter also saw 3% organic growth year-over-year to $2.9 billion.

For the first nine months of the year, net income attributable to shareholders jumped 24% to $938 million, from $758 million in the same period of 2013.

“Our third quarter results reflect double-digit earnings growth of fourteen percent in our seasonally weakest quarter driven by underlying operational performance and effective capital management,” Greg Case, president and chief executive officer commented in a statement on the results.

“We expect to deliver strong operating performance across both Risk and HR Solutions in the fourth quarter, benefiting from investments in client serving capabilities such as our Global Risk Insight Platform and health care exchanges, resulting in a solid year of operational improvement and record free cash flow generation.”

Total revenue for the company’s Risk Solutions business, which includes reinsurance, increased $15 million compared to the prior year quarter to $1.84 billion.

“Reinsurance organic revenue decreased 4% compared to the prior year quarter due primarily to an unfavorable market impact in treaty, a decline in capital markets and transaction advisory business, and a $3 million unfavorable impact from timing of certain revenue, partially offset by net new business growth in treaty placements and growth in facultative placements,” Aon’s statement noted.

Total revenue for Aon’s HR Solutions business rose to $1.06 billion, from $981 million in the third quarter of 2013.