Aon 2nd quarter net income falls 5 percent

Associated Press

CHICAGO (AP) — Aon's net income fell 5 percent in the April to June period because of unfavorable foreign currency translations and lower investment income.

The company said Friday it earned $246 million, or 73 cents per share, for the second quarter. That compares with $258 million, or 75 cents per share, a year ago.

However, its adjusted net income per share attributable to shareholders from continuing operations was $1.02, in line with analyst estimates, according to data provider FactSet.

AON's stock rose $2.90, or over 6 percent, to $49.38 at around noon Friday.

Revenue for the period ended June 30 was flat at $2.8 billion.

Investment income declined 33 percent. As the dollar strengthened against other currencies around the world it has hurt earnings for many global companies. At AON, it led to a 4 percent decline in revenue.

Total operating expenses increased 2 percent to $2.4 billion. It included a $14 million expense related to its headquarter relocation to London.

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