Aon takes 7% Q1 organic growth, led by double-digit treaty and fac Re
Global insurance broker Aon upped its top line by 5% to $3.9 billion in Q1 and laid claim to 7% organic growth, led by 9% organic growth in reinsurance solutions, well ahead of the gain in commercial risk.
The reinsurance solutions business took a 10% increase in reported revenue ahead of 9% organic growth, while management laid claim to “strong growth in treaty, driven by strong retention and continued net new business generation” as well as an unspecified double digit gain in facultative placements.
Commercial risk was up a milder 3% in reported terms and 6% organic. Growth “reflects strong growth across most major geographies driven by strong retention, net new business generation, and management of the renewal book portfolio.”
Retail commercial risk broking brought double digit growth in EMEA, Latin America, and the Pacific driven by continued strength in core P&C. Aon’s US business “grew modestly” after a run of double digit advances.
“Our team built momentum for 2023 by delivering strong operational performance, highlighted by 7% organic revenue growth and 70 basis points of adjusted operating margin improvement,” CEO Greg Case said. Risk and people are the focus of client demands for 2023 service, he indicated.
For the group, operating margin increased 90 basis points to 38.1% while an adjusted measure was said to have gained 70 basis points to 38.7%.
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