Aon has reported a tepid 1% rise in first-quarter net profit, with unfavourable currency changes affecting revenues.

The global broker earned net profit of $US328 million ($419 million) in the three months to March 31.

Overall revenue from fees and commission fell 3% to $US2.84 billion ($3.63 billion), and expenses dropped 3% to $US2.4 billion ($3.07 billion).

“Our first-quarter results reflect a solid start to the year, with 7% earnings growth despite a significant headwind from foreign currency translation,” President and CEO Greg Case said.

Unfavourable foreign currency conversions cost the company $US53 million ($67.7 million) on a pre-tax basis.

Retail brokerage revenue fell 4% to $US1.51 billion ($1.93 billion) and reinsurance revenue dropped 8% to $US377 million ($481.57 million).

Retail organic revenue grew 4%, aided by income expansion in the Americas and international business.

“Americas organic revenue increased… reflecting growth across all regions driven by solid management of the renewal book portfolio in US retail, as well as double-digit new business growth in Latin America and Canada,” Aon says.

Strong growth in Asia and other emerging markets drove a 3% rise in global organic revenue.