GLOBAL - Aon's chairman and chief executive officer Patrick Ryan has labelled 2001 as a "year of progress", with the firm's pre-tax consulting income up 22% to $133m.
Despite the damage inflicted to both the firm and its employees at by World Trade Center disaster, Ryan said that 2001 was a good year for the firm.
“Our core businesses produced good results and they are well-positioned as we enter 2002,” he said. “Together our business segments produced revenue growth of 7%, and our consulting and insurance underwriting segments both improved their pre-tax income margins.”
Aon’s consulting business saw full year revenue rise 22% to $939m in 2001, compared to $770m the year before. Fourth quarter revenue was up 14% to $265m from $232m. The pre-tax margin figures for both the fourth quarter and the full year were in double digits, at 18.5% and 14.2% respectively.
The firm’s consolidated revenue in the fourth quarter was $2.036bn, compared to $1.961bn the year before. Consolidated revenue for full year 2001 was $7.7bn, up from $7.4bn in 2000.
Whilst Aon’s consulting, insurance brokerage and underwriting divisions produced strong results, corporate and other business unit lagged behind.
Additionally, Aon has been forced to write off $68m pre-tax due to the destruction of the World Trade Center.
By Geoffrey Ho
The PPI has unveiled a policy paper outlining current considerations and policy debates relevant to DC scheme default strategies. Kim Kaveh explores some of its views.
The £30bn local government pension pool has appointed Quoniam and Robeco to manage an active equity portfolio worth around £400m.
The volume of insured buyouts from FTSE 100 defined benefit (DB) schemes could increase from £5bn to £300bn by 2029, according to Lane Clark & Peacock (LCP).