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Aon Plc (AON) reported first quarter 2013 adjusted operating earnings of $1.11 per share in line with the Zacks Consensus Estimate. Results exceeded the year-ago earnings of 98 cents by 13%.

Including restructuring charges of $19.2 million, intangible assets of $73.2 million and headquarters reallocation costs of $2.2 million, Aon reported first quarter net income of $261 million or 82 cents compared to $238 million or 71 cents per share in the year-ago period.

Quarterly Operational Update

Total revenue of Aon was $2.9 billion, up 3% year over year due to higher organic revenue (up 2% year over year), and commission and fees resulting from acquisitions net of divestitures (up 1% year over year) partially mitigated by lower investment income (down 42% year over year). However, results were a tad lower than the Zacks Consensus Estimate of $2.94 billion.

Total operating expenses of Aon were $2.5 billion, up 3% year over year due to increase in organic revenue, higher restructuring costs (up 30% year over year) and including a $10 million expense from acquisitions. This was partially offset by an $18 million favorable impact from foreign currency translation and a decline in intangible asset amortization expense (down 5% year over year) and savings related to restructuring programs (up 43.8%).

Quarterly Segment Update

Risk Solutions: Total revenue increased 3% year over year to $2 billion, driven by an organic growth in commissions and fees (up 3%) and an increase in commissions and fees from acquisitions, net of divestitures (up 1%), partially offset by a decline in investment income (down 42%).

Organic revenue in Retail Brokerage increased 4% year over year driven by higher organic revenue in Americas business (up 6%) and International business (up 3%).

Organic revenue in the Reinsurance segment increased 1% year over year due to an improvement in capital market transactions and advisory business, and global facultative placements.

Operating earnings increased 10% year over ear to $403 million during the quarter.

HR Solutions: Total revenue was $954 million, up 1% year over year due to a 1% organic growth in commissions and fees.

Organic revenue in Consulting Services increased 1% year over year due to modest growth in communications and investment consulting partly offset by a decline in Continental Europe.

Organic revenue in Outsourcing increased 1% driven by increase in net new client wins and demand for discretionary services in HR, BPO and healthcare exchanges. This was partly mitigated by a modest reduction in benefits administration.

Operating earnings decreased 30% year over year to $51 million.