Revenues up 3% for Aon in second quarter

Aon Plc has reported net income for the second quarter of the year of $241 million, down slightly from $27 million in the prior year quarter.

Total revenue increased 3% to $2.9 billion compared to the prior year quarter, the company reported Friday.

Total revenue for its Risk Solutions business increased 2% to $1.9 billion compared to the prior year quarter, while its Retail Brokerage business’s organic revenue increased 4%, “reflecting revenue growth in both the Americas and International businesses.”

Organic revenue increased 5% for the Americas, driven by new business generation in U.S. Retail and Canada, and “strong management of the renewal book portfolio across all regions, particularly Latin America,” the company said.

International organic revenue increased 3% driven by strong growth in New Zealand, France and emerging markets, partially offset by a modest decline in Germany.

Reinsurance organic revenue increased 2%, mainly because of “growth in net new business in international treaty placement and capital market transactions and advisory business, partially offset by an unfavorable market impact and higher cedent retentions.”

“Our second quarter results reflect organic growth across each of our major segments, continued margin improvement in Risk Solutions, twenty percent growth in free cash flow and the repurchase of $225 million of ordinary shares in the quarter,” noted Greg Case, the company’s president and CEO.

“Our solid financial performance has absorbed significant investments made in areas such as the Global Risk Insight Platform and in healthcare exchanges, strengthening our industry-leading platform for long-term growth, strong free cash flow generation and increased financial flexibility.”