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Willis doubles third-quarter profits

Global insurance broker Willis Group has reported a net income of $US78 million ($87 million) for the third quarter, more than double the $US36 million ($40 million) posted at the same time last year.

Willis says the reported incomes for both those quarters have been affected by “certain items” including the acquisition of major US competitor Hilb Rogal & Hobbs in June.

Total reported revenue for the quarter was up 25% to $US725 million ($808 million) compared with $US579 million ($646 million) in the third quarter of last year thanks to the acquisition.

Willis’ international business segment contributed 3% organic growth in commissions and fees, which offset the soft rate environment in the UK and Ireland.