Aon Drops Most Since May as Broker’s Revenue Falls Short
Aon slid $2.29 or 3.7 percent, to $59 at 4:04 p.m. in New York, the biggest drop on the 81-company Standard & Poor’s 500 Financials Index. The shares are up 6.1 percent this year.
Organic revenue growth, a measure of sales that excludes acquisitions and currency fluctuations, was 2 percent in the period, compared with 4 percent a year earlier, Aon said today in a statement. Total revenue of $2.92 billion fell short of the average estimate of $2.94 billion in a survey of analysts by Bloomberg.
“We do not find the organic growth numbers particularly encouraging,” Charles Sebaski, an analyst at BMO Capital Markets, wrote today in a research note. “We would expect the shares to trade flat to down.”
Aon is the second-largest insurance broker by market value. No. 1 Marsh & McLennan Cos., based in New York, slipped 0.7 percent to $37.33.
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