Global brokers Marsh and Willis have achieved growth in income for the first quarter of 2011, despite the continuing soft insurance market.

In the quarter ended March 31, Marsh saw a 31% increase in net income to $US325 million ($302 million), up from $US248 million ($231 million) for the comparable quarter last year.

Revenue for the quarter jumped 9% to $US2.9 billion ($2.69 billion), or 5% before the impact of acquisitions and disposals, the company says.

Its risk and insurance services division saw a 10% increase in revenue to $US1.6 billion ($1.49 billion), up 4%, with increases in revenue recorded by both Marsh and the company’s reinsurance brokerage, Guy Carpenter. Revenue in the Asia-Pacific region across the division rose 9%.

President and CEO Brian Duperreault says the results “reflect underlying revenue growth at Marsh and Guy Carpenter”.

“Marsh’s revenue growth was across all geographies, driven by continued high levels of new business development and client retention. Guy Carpenter’s superior results were led by international operations, with the company producing its ninth consecutive quarter of underlying revenue growth.”

Willis also posted a similar rise in revenue, of 4%, to $US1 billion ($930 million) from $US972 million ($905 million) in the first quarter of 2010.

But its net income fell from $US204 million ($190 million) in the first quarter of 2010 to $US34 million ($31.6 million), as a result of exceptional costs.

Willis Group Chairman and CEO Joe Plumeri says the company anticipates it will achieve cost savings of $US65-75 million ($61-$70 million) this year and even more next year.

“Even though there was no meaningful change in the economic and rate environment for much of our business in the first quarter of 2011, we achieved 4% organic growth in commissions and fees,” he said.