Aon Posts 3Q, Nine-Month Results

Chicago-based Aon Corp., the No. 2 broker in the world, has reported third-quarter and nine months 2003 results.

Third-quarter net income from continuing operations was $140 million, or 44 cents per share, compared with $121 million, or 43 cents per share, in 2002 before World Trade Center (WTC) items. Nine months net income from continuing operations before WTC items grew to $477 million or $1.50 per share from $289 million or $1.03 per share in 2002.

Reported net income per share for the third quarter was $0.36 compared with $0.46 in 2002. Nine months reported results increased to $1.30 per share from $1.03 per share in 2002.

Third-quarter losses from discontinued operations were 8 cents and 1 cents per share in 2003 and 2002, respectively. Nine months comparable losses were $0.11 and $0.04 per share. The automobile finance service business that is being discontinued has been in run-off since first quarter 2001. WTC items were zero and a positive $0.04 per share, respectively, in third quarter 2003 and 2002. Similar nine months WTC comparisons were a negative 9 cents per share and a positive 4 cents per share.

“Our international brokerage and U.S. reinsurance businesses drove organic revenue growth in the quarter, which was tempered by lower than expected revenue in claims services and Americas brokerage,” said Patrick G. Ryan, chairman and CEO, in a statement. “Overall brokerage results did not achieve our internal targets, and we will be implementing additional and more aggressive actions to improve both top and bottom line performance.”

Topics Profit Loss Aon