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Aon's net income rises 10 percent in 1st quarter

The Associated Press

Insurance brokerage Aon PLC said Friday that its net income rose 10 percent in the first quarter as its revenue grew and savings from its restructuring increased.

Aon reported revenue from both its risk solutions and human-resources solutions businesses increased.

In addition, the restructuring of its Aon Hewitt human resources consulting business saved it about $69 million during the quarter, up from $48 million a year ago.

London-based Aon reported net income after paying preferred dividends of $261 million, or 82 cents per share, for the three months ended March 31. That compares with net income of $238 million, or 71 cents per share, in the same period last year.

Excluding one-time items, the company said it earned $1.11 per share.

Revenue increased about 3 percent, to $2.92 billion from $2.84 billion.

Analysts were forecasting adjusted net income of $1.10 per share and $2.93 billion in revenue, according to FactSet.

The London-based company said revenue from its risk solutions division rose 3 percent to $1.97 billion and HR solutions revenue rose 1 percent to $954 million.

Shares of Aon fell $2.29, or 3.7 percent, to $59 during regular trading.