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Aon annual net income up 71%

Aon has reported a net income of $1.48 billion for December 2008

Aon Corporation, a provider of risk management services, insurance and reinsurance brokerage, has reported a net income of $1.48 billion, or $4.91 per diluted share, for the year ended December 31, 2008, an increase of 71%, compared to $864 million, or $2.69 per diluted share, in 2007.

Total revenue for 2008 was $7.63 billion, an increase of 4%, compared to $7.36 billion in 2007.

Net income for the fourth quarter of 2008 decreased 95% to $10 million, or $0.03 per diluted share, compared to $207 million, or $0.64 per diluted share, for the prior-year quarter, primarily due to an expected $116 million after-tax loss on the disposition of the remaining property and casualty insurance businesses that are now included in discontinued operations, an increase in restructuring-related costs, and costs related to the Benfield merger.

Net income from continuing operations decreased 35% to $123 million, or $0.43 per diluted share, compared to $188 million, or $0.58 per diluted share, for the prior-year quarter. Net income from continuing operations per diluted share, excluding certain items, increased 19% to $0.81 compared to $0.68 for the prior-year quarter.

Greg Case, president and CEO of Aon Corporation, said: In the fourth quarter, we achieved solid results despite a soft market and very challenging economic environment. Organic growth was 2%, adjusted pretax margin increased 120 basis points and adjusted earnings per share from continuing operations increased 19%.