Analysts at investment banking firm Keefe, Bruyette & Woods offer their views on what to expect from some brokers they follow as first-quarter financial results are announced.

All Q1 2013 figures are estimates provided by KBW.

Aon plc

Reporting date: 4/26 (conference call)

What to look for:

Commentary on demand for defined benefit consulting services as clients transition to defined contribution models.
Update on brokerage margin expansion outlook.
Discussion of trends in the European economy and the impact on demand for consulting services.

Revenue Growth

Q1 2012: 3%

Q1 2013E: 2.7%

Organic Revenue Growth

Q1 2012: 4.2%

Q1 2013E: 3.3%

Operating Earnings Per Share

Q1 2012: $0.97

Q1 2013E: $1.11

KBW Analyst: Meyer Shields

Arthur J. Gallagher & Co.

Reporting date: 4/30 after close

What to look for:

Update on investment in Chem Mod, which provides technologies that can assist coal-fired power plants in meeting regulatory compliance while minimizing impact on operations.
Commentary on workers' compensation rate increases impacting.
Discussion of M&A financing (namely cash vs. stock).

Revenue Growth

Q1 2012: 22.4%

Q1 2013E: 17.0%

Organic Revenue Growth

Q1 2012: 3.2%

Q1 2013E: 5.0%

Operating Earnings Per Share

Q1 2012: $0.26

Q1 2013E: $0.23

KBW Analyst: Meyer Shields

Marsh & McLennan Companies, Inc.

Reporting date: 5/2 (conference call)

What to look for:

Updates on revenue expectations for recently launched Mercer health exchange.
Expectations for margin improvement in 2013, following 2012's improvement.
Discussion on Europe's impact on consulting-segment revenues.

Revenue Growth

Q1 2012: 5.8%

Q1 2013E: 2.8%

Organic Revenue Growth

Q1 2012: 6.6%

Q1 2013E: 4.2%

Operating Earnings Per Share

Q1 2012: $0.63

Q1 2013E: $0.69

KBW Analyst: Meyer Shields

Willis Group Holdings plc

Reporting date: 4/30 after close

What to look for:

Discussion on profitability initiatives to address investor concerns following CEO transition.
Expectations for North America organic revenue growth in 2013 and beyond.
Plans to implement health-exchange strategy, as Willis is the only global broker that has yet to announce a strategy.

Revenue Growth

Q1 2012: 0.6%

Q1 2013E: 3.4%

Organic Revenue Growth

Q1 2012: 2.2%

Q1 2013E: 5.3%

Operating Earnings Per Share

Q1 2012: $1.32

Q1 2013E: $1.34

KBW Analyst: Meyer Shields

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