Bloomberg News

Aon Rallies on Profit Increase, Share Buybacks: Chicago Mover

October 25, 2013

Aon Plc (AON:US), the second-largest insurance broker by market value, had the biggest gain in the 81-company Standard & Poor’s 500 Financials Index after posting higher third-quarter profit and accelerating share repurchases.

The broker advanced 3.7 percent to $78.38 at 10:20 a.m. in New York, extending its increase this year to 41 percent.

Net income (AON:US) jumped 25 percent to $256 million as revenue climbed at both the risk-solutions brokerage segment and the human-resources division, according to a statement today from the London-based company. Aon, which was previously based in Chicago, said it repurchased about $500 million of stock in the quarter, compared with $225 million in the prior three months.

“Risk-solutions results were strong and slightly better than our estimates,” Dan Farrell, an analyst at Sterne Agee & Leach Inc., said in a note to investors today. The share “buyback of $500 million was well above our $200 million forecast.”

Marsh & McLennan Cos., the largest broker by market value, advanced 1.1 percent. The New York-based company gained 35 percent since Dec. 31.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • AON
    (Aon PLC)
    • $82.14 USD
    • -0.22
    • -0.27%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus