Declining rates, a volatile economic climate and restructuring expenses combined to push Aon's fourth-quarter earnings down by 95 percent, company management reported today.
The Chicago-based insurance broker said fourth-quarter net income dropped $197 million to $10 million, or 4 cents a share, compared to net income of $207 million, or 69 cents for the prior year. Revenues in the quarter dropped 4 percent, or $82 million, to $1.9 billion.
For the year, net income increased 71 percent, or $614 million, from $864 million, or $2.90 a share in 2007 to $1.48 billion, or $5.18 a share for last year.
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