Insurance broker Aon plc says second quarter net income was down 1 percent compared to the prior year's results despite a 3 percent increase in revenue as it continues to absorb restructuring costs.
Net income for 2Q stands at $252 million, off by $2 million from the same period last year. Revenues grew 3 percent to $2.9 billion. For the first six months of this year, net income is up 4 percent to $524 million and revenues increased 3 percent to $5.81 billion.
Impacting the quarter's results was $40 million increase in restructuring expense from the prior year to $53 million. The expense comes from Aon's acquisition of the human resource consulting firm Hewitt in 2010 as it continues to reduce headcount and consolidate locations. The company also incurred a 25 percent decline in investment income and 1 percent unfavorable impact from foreign currency translation.
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