Willis half-year result drops 17%
Global broker Willis has reported a reduced half-year net profit of $US205 million ($219 million), despite pushing total revenue up by 7%.
The result was down on the $US247 million ($263 million) the group booked in the prior corresponding period.
Willis says contract buyouts, severance and other costs combined to drag the latest financials by $US95 million ($101 million).
Total reported revenue for the first half was $1.46 billion ($1.56 billion), against $1.37 billion ($1.46 billion) last year.
In the second quarter, Willis net income of $US39 million ($42 million) was well down on the $78 million ($83 million) earned in the second quarter last year.
Chairman and CEO Joe Plumeri pointed to the company’s growth in fee income as evidence of its healthy future prospects.
“Our 3% organic commissions and fees growth is a testament to our successful top-line growth strategies and diversified business mix, despite continued softness in the insurance marketplace,” he said.
The result was down on the $US247 million ($263 million) the group booked in the prior corresponding period.
Willis says contract buyouts, severance and other costs combined to drag the latest financials by $US95 million ($101 million).
Total reported revenue for the first half was $1.46 billion ($1.56 billion), against $1.37 billion ($1.46 billion) last year.
In the second quarter, Willis net income of $US39 million ($42 million) was well down on the $78 million ($83 million) earned in the second quarter last year.
Chairman and CEO Joe Plumeri pointed to the company’s growth in fee income as evidence of its healthy future prospects.
“Our 3% organic commissions and fees growth is a testament to our successful top-line growth strategies and diversified business mix, despite continued softness in the insurance marketplace,” he said.