Aon Corp. said that its third-quarter net income rose 24 percent, to $97.6 million, or 57 cents per share, from $78.8 million, or 48 cents per share, a year earlier, when fewer shares were outstanding.
The Chicago-based insurance holding company said revenues jumped 54 percent, to $1.45 billion from $944.3 million.
For the first nine months, Aon’s net income fell 36 percent, to $175.8 million, or $1.03 per share, from $273.8 million, or $1.66 per share, a year earlier. Revenues rose 50 percent, to $4.23 billion from $2.82 billion.
The 1997 nine-month results included special charges totaling $172 million, compared with $30.2 million the year before. The increase included reserves created to cover $27 million in hidden losses from its acquisition of Alexander & Alexander Services Inc. early in the year. Aon announced the discovery of the losses in August. The year-earlier earnings also included $43.4 million attributable to discontinued operations, Aon said.
