Chicago-based insurance broker Aon Corp., that saw its fourth-quarter net income drop by $16 million, declared a quarterly cash dividend of 15 cents per share payable May 14.

Aon's net income dropped by 7 percent in the fourth quarter of 2007, surprising analysts by beating earnings per share estimates by 3 cents a share. It reported increased organic growth of 2 percent in its brokerage unit for the quarter.

Fourth-quarter net income was down to $207 million, off by $16 million primarily on increased expenses in new hires and other growth investments.

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