Profits ‘solid’ for Willis
Global broker Willis has reported a sound first-quarter result with net income of $US204 million ($219 million), up from $US192 million ($206 million) reported for the same quarter last year.
Total reported revenue for the period was $US972 million ($1.04 billion), up from $US930 million ($999 million).
Willis Group Chairman and CEO Joe Plumeri says the results are pleasing considering the challenging environment in a number of countries in which Willis operates.
“We delivered another solid quarter of financial results, supported by positive organic growth in each segment of our business,” he said. “Combined with our continued focus on cost control, we expanded our adjusted operating margin by over 200 basis points.”
The international business segment contributed much of the good fortune with a 12% increase in commission and fee income, with the North America segment reporting a 3% decline.