Aon Reports Third-Quarter Profits Fall 48 Percent

Chicago-based Aon Corp. said Nov. 7 third-quarter profits dropped 48 percent, as it paid out life insurance benefits for staff who died in the destruction of the World Trade Center, according to a Reuters report.

The firm occupied several of the highest floors in World Trade Center 2 and was one of the hardest hit by the Sept. 11 attack. It has confirmed 31 died, and it is missing a further hundred or more out of the 1,350 staff in its offices or in the downtown Manhattan area on Sept. 11. Aon has about 50,000 employees worldwide.

Aon, second only to Marsh & McLennan Cos. Inc. in the insurance brokerage industry, said third-quarter net income fell to $72 million, or 26 cents per share. That compares with $139 million, or 53 cents per share, in the year-ago quarter.

Excluding the Sept. 11 costs, Aon reported 38 cents per share profit. Wall Street expected a profit of 36 cents per share on average, with estimates ranging from 32 cents to 43 cents per share.

Topics Profit Loss Aon