Q1 snap: good org. growth in Risk, Reinsurance
AON delivered Q1 EPS of $2.97, 6% above consensus but more or less in line after adjusting for FX. The highlights were the strong organic revenue growth of 4% in Commercial Risk and 6% in Reinsurance. On the negative side, organic revenue growth was essentially flat in Retirement, Health and Data & Analytics, which management essentially attributed to a decline in project-related work and/or timing. The adjusted operating margin increased by 230bp to 31.8%, 10bp above consensus. So overall this looks like a good result but not quite as strong as the initial headlines suggest.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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