Revenues were down less than 1 percent, or $94 million, going from $9.93 billion to $9.84 billion.

“We are a fundamentally stronger firm today than we were a year ago,” said Greg Case, Aon's president and chief executive officer, during an analyst's conference call.

During the fourth quarter of 2004, Aon took a $180 million charge to settle charges brought by New York Attorney General Eliot Spitzer and other states that the company improperly steered insurance contracts to carriers in exchange for lucrative volume-based contingency fee payments.

Chicago-based Aon reached a $190 million customer restitution agreement with Mr. Spitzer's office in March of 2005 that also settled investigations in Illinois and Connecticut. In the fourth quarter of 2005, Aon recorded $1 million related to state settlements.

Mr. Case said while Aon recorded savings related to restructuring in 2005, it would not feel the full impact of savings from its three-year restructuring plan until 2006.

The total restructuring cost was put at $262 million, which will be spent on workforce reductions and lease consolidations. This is an increase from an earlier company estimate of $250 million. Most of the costs will go to workforce reductions.

Aon said it anticipates its restructuring will end up in savings of $180 million a year beginning 2008.

The biggest hit will be felt in the United Kingdom where Aon expects to spend $147 million on restructuring by 2007, followed by the U.S. with $65 million. Costs in Europe and the rest of the world are expected to total $50 million.

In its brokerage segment, Aon saw all brokerage and risk services practically unchanged for the year, which was a challenge since the company agreed to discontinue taking contingent commissions as part of its settlement agreement. Organic growth in the brokerage was at 3 percent, the firm said.

Mr. Case said that to accurately track performance, Aon is following how much new business it obtains through requests for proposals. He said of the number of RFP's available in 2005, Aon was able to capture 60 percent of the business, and added that the firm would do better in the future.

“We are not managing Aon for a particular period of result,” said Mr. Case. “We are building a sustainable franchise that delivers unique value to our clients and shareholders.”

Aon's underwriting division was down 4 percent for the year, going from $785 million to $756 million in 2005. However, its accident and health and life underwriting increased 7 percent, from $432 million to $462 million, while its warranty, credit and property-casualty business was off 17 percent, going from $785 million to $756 million.

Revenues from consulting services were down 1 percent for the year, from $341 million in 2004 to $336 million.