Aon posts Q1 2021 financial results


In the Commercial Risk Solutions segment, organic revenue growth increased 9%, driven by growth in all major regions. This reflects the strong retention and management of the renewal book portfolio, which is underscored by double-digit growth in the US, Asia and Latin America. Aon noted that these results also reflect expansion in the more "discretionary" businesses, including a double-digit increase in transactional liability and increased project-based work.

"On average globally," Aon said in his trading statement, "pricing was slightly positive while exposures were flat, which resulted in a slightly positive impact on the market."

Reinsurance Solutions posted organic sales growth of 6% driven by contract growth driven by continued global net new business generation and double-digit growth in facultative placements. Aon noted that the market's impact on the first quarter results was slightly positive. The retirement solutions arm posted 5% organic sales growth, driven by growth in all major businesses, while the healthcare solutions arm saw 4% organic sales growth.

The data and analytics services segment posted a 2% organic revenue decline due to a decline in global travel and events practice. For the first three months of 2021, cash flow from operating activities increased 66% to $ 561 million, while free cash flow increased 91% to $ 532 million.

Aon commented on the 4% increase in total cost of ownership in the first quarter of 2021 as primarily due to: “An adverse currency translation impact of $ 73 million, an increase in costs associated with organic sales growth of 6%, and an increase of $ 17 million in transaction costs related to the upcoming combination with Willis Towers Watson ”.

These operating costs were partially offset by a decrease of $ 55 million due to accelerated paybacks related to certain trade names that were fully paid back in Q2 2020 and cost discipline, including lower travel and entertainment expenses.

Commenting on the results, Aon CEO Greg Case emphasized that the broker's colleagues had "outstanding" operational performance in the first quarter of 2021, building on over a decade of advances in key financial metrics, stimulating 2021 and performance of 'demonstrated. Aon United '.

"Customers today are rightly focused on the unprecedented impact of the COVID-19 pandemic," he said. “However, they are increasingly aware of other challenges such as climate change, disruption in the supply chain, the future of work and increasing health. Prosperity gap. Our strategy is focused on delivering the best innovations, insights and solutions from across our company. Our potential to respond to customer needs will only increase with the upcoming combination with Willis Towers Watson. "


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https://businessservicesnews.ca/aon-posts-q1-2021-financial-results/

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