(Bloomberg) — Aon Plc, the world's second-largest insurance broker by market value, fell the most since February after revenue missed estimates as reinsurance sales declined.
Aon slipped 4.2% to $87.14 at 9:40 a.m. in New York, the biggest decline in the 84-company Standard & Poor's 500 Financials Index.
Revenue was $2.92 billion, compared with analysts' estimates of $2.96 billion in a survey by Bloomberg. Reinsurance commissions and fees fell 4.3 percent to $360 million, the London-based broker said today in a statement.
The reinsurance slump was “the key negative in the quarter,” Meyer Shields, a Keefe Bruyette & Woods analyst said in an investor note today. The decrease probably “reflects rate declines and shrinking demand.”
Net income was $304 million, or $1.01 a share, compared with $241 million, or 76 cents a share a year earlier.
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