AON REPORTS SECOND QUARTER ORGANIC GROWTH OF 2%...

Growth in Aon’s retail insurance business in Latin America and Asia helped to offset declining reinsurance revenues as the global broker reported organic growth of 2% in the second quarter. But the strong US dollar hit the US-listed broker’s net income, which was down 41% to $178m. The US-listed broker reported total revenue for the quarter of $2.8bn, down 4% on the same period last year as the strength of the dollar took its toll. Aon Risk Solutions, which comprises its retail and reinsurance operations, produced organic growth of 2%. Total revenues were down 6% at $1.83bn, primarily owing to foreign currency impact. Retail insurance operation achieved organic growth of 3%, boosted by growth in both the Americas and international businesses. Total revenues for the period were $1.5bn. Aon’s business in the Americas increased 4%, driven by “strong” growth in Latin America and the affinity business, well as “record retention” in US retail. The international business achieved 2% organic revenue driven by a “strong” performance in Asia and “solid” growth in New Zealand, the broker said.