Global broker Willis posted net income of $US365 million ($405 million) last year, returning to profit after writedowns that led to a $US446 million ($495 million) loss in 2012.

Total commissions and fees grew to $US3.63 billion ($4.03 billion) from $US3.46 billion, ($3.84 billion), including a 5.4% gain from the North American operations.

“Willis closed 2013 with another quarter of solid organic revenue growth, and each of our businesses achieved our goal of mid-single-digit organic growth for the full year,” CEO Dominic Casserley said.

The company plans to buy back $US200 million ($222 million) in shares this year, with the timing of purchases depending on market conditions.

Willis’ 2012 results were hit by goodwill writedowns associated with its acquisition of former US competitor Hilb, Rogal and Hobbs.

Last year’s fourth-quarter earnings were $US68 million ($75 million), compared with an $US805 million ($894 million) loss in the corresponding period of 2012.

Commissions and fees grew 3.7% in the quarter, excluding acquisitions and foreign currency effects.

North American commissions and fees grew 5.8%, operations in western Europe recorded “high-single-digit” growth and Australasia’s gains were in the “mid single digits”.

The UK business experienced a “low-single-digit” decline, while Latin America grew at least 10%, with positive contributions from a number of the larger countries.

The global segment, which comprises Willis Re, Specialty, Placement and Willis Capital Markets and Advisory, posted a 1.4% gain in fourth-quarter commissions and fees.