GLOBAL – Insurance and consulting group Aon Corp. says it put $463m (€386.7m) into its own main pension funds in 2005.
“During 2005, Aon made cash contributions of $463m to its principal pension plans, including a $200m contribution to the US pension plan in the fourth quarter of 2005,” the company said in its fourth-quarter earnings report.
The Chicago-based company said consulting revenue declined 1% to $336m while “lost business and lower levels of new business” in the US contributed to a 4% decline in outsourcing revenue.
Fourth-quarter pre-tax consulting income increased 82% to $40m. The company’s overall net income for the quarter rose to $224m from $81m a year before.
"Our fourth quarter operating results show strong underlying margin improvement,” said president and chief executive Greg Case.
Meanwhile, Aon Consulting says UK corporate pension deficits widened to £76bn in January, up by £3bn from the end of 2005. It said low bond yields have made meeting liabilities more expensive.