Aon reinsurance business grows 6% organically in Q1
Broker Aon has recorded organic revenue growth in the reinsurance solutions business of 6 percent year on year in the first quarter of 2018 after 4 percent in the same period of 2017.
All major reinsurance product lines delivered growth, but Aon stressed particular strength in treaty placements, driven by net new business generation and a modest favourable market impact. In addition, business expansion was boosted by both facultative placements and capital markets transactions, according to a presentation.
In the first quarter, Aon Securities, as part of reinsurance solutions, launched a $1.4 billion catastrophe bond on behalf of the World Bank, a transaction that brings emergency funding and disaster support to certain Latin American countries if and when an earthquake occurs.
Overall, the group’s total revenues increased 13 percent year on year to $3.1 billion, including 3 percent organic revenue growth.
Net income from continuing operations attributable to Aon shareholders on a reported basis was $588 million, compared to $251 million, in the prior year period. However, this includes $239 million of favourable impact from adoption of a new revenue recognition accounting standard.
"Our first quarter results reflect a strong start to the year with positive performance across each of our key metrics, highlighted by strong organic revenue growth in reinsurance and commercial risk solutions, substantial operational improvement, 26 percent growth in earnings per share and double-digit adjusted free cash flow growth," said Aon CEO Greg Case.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Low major losses boost Munich Re Q1 results
Buffett warns on cyber insurance risks
Chubb, Lockton fined $8.3m for NRA-branded insurance
Sompo advances European expansion with Luxembourg unit
Hiscox grows 24% in Q1 as reinsurance, ILS expand
Munich Re grows 8% at April renewals
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze