Aon has published its financial results for the third quarter of 2024, reporting an increase in revenue and a decrease in net income attributable to shareholders.
Here’s how the global brokerage performed in the three months ended September 30:
|
Metric |
Q3 2024 |
Q3 2023 |
|---|---|---|
|
Revenue |
US$3.72 billion |
US$2.95 billion |
|
Operating income |
US$623 million |
US$691 million |
|
Adjusted operating income |
US$915 million |
US$717 million |
|
Net income attributable to Aon shareholders |
US$343 million |
US$456 million |
|
Adjusted net income attributable to Aon shareholders |
US$594 million |
US$474 million |
The bulk of Aon’s total revenue came from its commercial risk solutions unit, which contributed US$1.85 billion in the third quarter. Meanwhile US$870 million came from health solutions; US$503 million from reinsurance solutions; and US$499 million, wealth solutions. All four segments saw an uptick in Q3 revenue.
Commenting on the company’s quarterly performance, Aon chief executive Greg Case (pictured) said: “Our global team delivered another quarter of excellent results in the third quarter, with 7% total organic revenue growth, including all solution lines at 6% or greater, which contributed to adjusted operating margin expansion and 17% growth in adjusted EPS (earnings per share).
“Our performance through the first three quarters positions us well to deliver full-year results in line with our financial guidance, and demonstrates the success of our 3x3 Plan to bring better client solutions across risk capital and human capital, powered by Aon business services.”
As for the decline in operating income, part of what impacted Aon’s results was the group’s completed swoop for NFP in April.
“As part of the acquisition, Aon incurred US$35 million and US$151 million of transaction and integration costs during the three and nine months ended September 30, 2024, respectively,” Aon noted. “Transaction costs include advisory, legal, accounting, regulatory, and other professional or consulting fees required to complete the acquisition.”
In a separate development earlier this month, NFP snapped up Ireland-based advisory firm IHI Group, which specialises in financial planning, healthcare, and general insurance.
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