Aon posts $238 million Q1 profit

International broker Aon has revealed a profit of $238 million for the first quarter.

Total revenue increased 3 percent to $2.8 billion from the prior year quarter driven by a 4 percent increase in organic revenue, partially offset by a 1 percent decrease from ‘unfavorable’ foreign currency translation, the broker said in a statement.

"Our first quarter results reflect the strongest rate of organic revenue growth since the second quarter of 2007 despite overall results that were unfavorably impacted by foreign currency movement and investments to strengthen our client-serving capabilities," said Greg Case, president and chief executive officer of Aon.

"We have taken significant steps to position the firm for long-term growth, strong free cash flow generation and increased financial flexibility as highlighted by the completed redomestication to London, the authorization of a five billion dollar share repurchase program and a five percent increase in our dividend."