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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aluminum Corporation Of China Limited | TG:AOC | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0174 | -2.63% | 0.6444 | 0.6298 | 0.6588 | 0.662 | 0.6342 | 0.662 | 17 | 22:50:02 |
DOW JONES NEWSWIRES
Aon Corp.'s (AOC) second-quarter profit slumped 87% from a year earlier result that included a $1 billion divestiture gain, while the insurance company said organic revenue remained flat. Earnings, however, beat analysts' expectations.
In general, as catastrophes continue to run below long-term averages, insurance brokerages have been grappling with how to price policies low enough to attract customers less concerned with risk. That has led to price wars taking a toll on insurers' bottom lines.
Aon has been undergoing major restructuring for more than a year, including job cuts and divestitures. It also bought U.K. reinsurance brokerage Benfield Group for $1.51 billion in November as part of its plan to boost the reach of its insurance group. The move marked a major consolidation in the reinsurance-broker market, where intermediaries arrange cover for insurers for risks that are too big to keep on their own balance sheet.
Chief Executive Greg Case said the merger with Benfield "continues to perform exceptionally well" and the company's restructuring programs are on track. He called the second-quarter results "strong performance against difficult economic and industry conditions."
Aon, one of the world's largest insurance brokerages, posted income of $149 million, or 52 cents a share, down from $1.13 billion, or $3.71 a share, a year earlier. Excluding items such as the year-earlier gain, earnings from continuing operations rose to 76 cents from 70 cents.
Revenue decreased 3.6% to $1.89 billion as investment income slumped 69% to $21 million.
Analysts polled by Thomson Reuters expected earnings of 74 cents on revenue of $1.94 billion.
Organic revenue is a closely watched indicator that excludes recent acquisitions and divestitures as well as currency fluctuations. It was also flat at Aon's largest unit, risk and insurance brokerage services. The segment's pretax profit - the company didn't provide after-tax figures - fell 10%. Organic revenue in the consulting business slid 1%, while pretax earnings fell 4.7%.
Shares closed Wednesday at $39.74 and haven't traded premarket.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com
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