The Chicago-based risk and insurance brokerage service provider had a net income of $280 million, up from $218 million in 2008. On a per share basis, earnings climbed 43 percent to 97 cents from 68 cents in 2008.

Aon said its Risk and Insurance Brokerage Services total revenue decreased 1 percent to $1.6 billion compared to the prior year quarter due to a 10 percent unfavorable impact from foreign currency translation on commissions and fees and a 41 percent decline in investment income, partially offset by a 9 percent increase from acquisitions, primarily Benfield.

The company said that organic revenue in the Americas increased 2 percent reflecting strong growth in Latin America and solid growth in Canada and in their Affinity business.

While Aon President and CEO Greg Case said that the first quarter results reflect continued progress in the face of soft market conditions and a challenging economic environment, the results fell short of Wall Street expectations. Shares of the company fell 13.3 percent in morning trading immediately after the results were released.