Aon Corp.'s revenue jumped to $11.29 billion in 2011, a 32.7 percent increase over that of a year earlier, due in large part to its purchase of Hewitt Associates Inc., the Chicago-based brokerage reported Feb. 3.
Revenue for its Aon Risk Solutions brokerage and risk management unit increased 6.2 percent over that of 2010 to $6.82 billion, while revenue for its human resources solution unit increased 113 percent to $4.5 billion. Retail brokerage income in 2011 from fees, commissions and other sources rose 7.7 percent from that of a year earlier to $5.30 billion.
Aon said the overall rise stemmed from a 29 percent increase in commissions and fees resulting from acquisitions, primarily of Hewitt, net of dispositions; a 2 percent increase in organic revenue driven by Aon Risk Solutions; and a 2 percent favorable impact from foreign currency exchange rates.
Aon's net income increased 38.7 percent to $979 million for the year.
For the fourth quarter, Aon's total revenue increased 3 percent to $3.0 billion. Aon Risk Solutions' total revenue increased 6.2 percent to $6.82 billion and HR Solutions' total revenue increased 113 percent to $4.5 billion as a result of the merger with Hewitt, Aon said in a statement. For the fourth quarter, retail brokerage income rose 3.5 percent to $1.47 billion.
Net income for the fourth quarter increased 19.4 percent to $277 million.
"Our fourth-quarter results reflect 15 percent growth in earnings as highlighted by organic growth across all major businesses and the continued delivery of synergy savings related to Aon Hewitt," Aon President and CEO Greg Case said in a statement. "While macroeconomic conditions remain challenging globally, we are firmly on track to deliver improved growth in 2012, our restructuring programs will deliver cost savings, and we have solid financial flexibility that will drive increased shareholder value, as highlighted by the repurchase of $828 million of common stock in 2011."
Aon recently announced that it would move its headquarters from Chicago to London in a strategic plan to grow Aon as a global platform.