Aon has reported a net income of $277m (£224.7m), or $1.14 (£0.92) per share, for the second quarter of 2019, compared to $47m (£38.13m), or $0.19 (£0.15) per diluted share, for the same period last year.
In the previous quarter, Aon had a net income of $659m (£534.58m), or $2.70 (£2.19) per diluted share.
The second quarter that ended 30 June 2019 saw the UK-based global professional services firm earn revenue of $2.6bn (£2.11bn), which was up by 2% compared to $2.56bn (£2.08bn) reported in Q2 2018. The increased revenue in the current reported quarter was owing to the 6% organic revenue growth, said the company.
Aon’s total operating expenses in Q2 2019 came down 15% to $2.19bn (£1.78bn) compared to $2.57bn (£2.08bn) reported in the same quarter in 2018. The company spent $127m (£103.02m) on restructuring in the second quarter, which was mainly caused by workforce reductions and other costs related to restructuring and separation initiatives.
Revenue of Aon’s commercial risk solutions unit in Q2 2019 was $1.167bn (£950m) compared to $1.166bn (£950m) in Q2 2018. The company said that the increase in revenue was driven by solid growth across the globe, especially in the US, EMEA and the Pacific.
The reinsurance solutions unit earned $420m (£340.7m) in the reported quarter compared to $380m (£308.25m) in the same period last year. Aon said that the results were offset partially by an unfavorable impact from some of the businesses it sold during the quarter.
The health solutions business increased its revenue from $309m (£250.66m) in the second quarter of 2018 to $317m (£257.15m) in the current reported quarter. On the other hand, the data and analytics services business had a revenue increase of $9m (£7.3m) to $286m (£232m) in Q2 2019 compared to the same quarter in 2018.
Aon CEO Greg Case said: “Our second quarter results reflect continued progress and momentum from our Aon United initiatives, highlighted by strong organic revenue growth of 6% for the fourth consecutive quarter and substantial operating margin improvement of 240 basis points.
“The steps we are taking to lead Aon United in response to increasing client demand combined with significant investment in content and capability, is not only amplifying our ability to serve clients, but also our ability to deliver improved operational and financial performance that we believe will unlock significant shareholder value creation over the long-term.”