Investors have pushed shares in broker Willis to a four-month high on the New York Stock Exchange after a better than expected full-year result.

Shareholders shrugged off a net fourth-quarter loss of $US804 million ($775.3 million) to push Willis shares to $US37.35 ($36.04) on Thursday, the broker’s highest price since October last year before settling back to $US36.87 ($35.76).

A full-year net loss of $US446 million ($430.08 million) was largely caused by goodwill writedowns of $US492 million ($474 million) associated with the acquisition of former US competitor Hilb Regal and Hobbs (HRH).

Willis acquired HRH in 2008 for $US2.1 billion ($2 billion), just months before the full force of the financial crisis decimated the global economy. The company announced in a Securities and Exchange Commission filing last December it had realised a “significant non-cash impairment charge” related to HRH due to continuing weak economic conditions.

Not counting goodwill impairments, $US200 million ($192.8 million) in unamortised cash retention writedowns, $US252 million ($243 million) in cash bonuses, $US113 million ($108.96 million) in tax charges, $US50 million ($48.21 million) in operational review charges and $US20 million ($19.28 million) in uncollectable accounts, Willis’ adjusted net income for the quarter was $US79 million ($59.13 million) – higher than most analysts were expecting.

Also fuelling positive investor sentiment was a 7% rise in commissions and fees for the quarter to $US867 million ($836.05 million).

“In the fourth quarter, Willis undertook a series of steps to pave the way forward for our company and our shareholders,” new CEO Dominic Casserley said.

“With these actions behind us, and a quarter that resulted in significantly improved revenue growth in our segments, particularly in the turnaround in Willis North America, we are encouraged by what lies ahead.”

For the full year, Willis booked a net loss of $US446 million ($430.08 million), or $US1.15 ($1.10) per share, against net earnings of $US203 million ($195.75 million) for the previous year. Adjusted earnings – those discounting writedowns and other expenses – were slightly down for the full year at $US2.58 ($2.48) per share from $US2.74 ($2.64 million) in 2011.

Total commissions and fees for the year rose slightly to $US3.46 billion ($3.35 billion), reduced by movements in foreign currency.