Willis profit steady amid the turmoil
No 3 global broker Willis Group put in a steady performance last year with a 26% decline in net profit attributed mainly to the purchase of Hilb Rogal & Hobbs Company (HRH) in October.
Willis booked profit of $US303 million ($463 million) last year, down 26% from the $US409 million ($625 million) the company earned a year ago.
Net income for the fourth quarter was $US62 million ($95 million), against $US95 million ($145 million) in the same period a year ago.
The $US2.1 billion ($3.2 billion) acquisition of HRH was completed in October in a 50/50 cash and stock deal.
Total reported revenue for the year was $US2.83 billion ($4.32 billion), against $US2.58 billion ($3.94 billion) in 2007, reflecting revenue from the new acquisition. Organic growth in commission and fees was 4%.
Willis Group Chairman and CEO Joe Plumeri says fourth-quarter organic revenue growth of 6% was the best performance for two years.
“In these uncertain economic times, we continue to manage the business to maximise our opportunities to succeed in any environment,” he said.
Willis booked profit of $US303 million ($463 million) last year, down 26% from the $US409 million ($625 million) the company earned a year ago.
Net income for the fourth quarter was $US62 million ($95 million), against $US95 million ($145 million) in the same period a year ago.
The $US2.1 billion ($3.2 billion) acquisition of HRH was completed in October in a 50/50 cash and stock deal.
Total reported revenue for the year was $US2.83 billion ($4.32 billion), against $US2.58 billion ($3.94 billion) in 2007, reflecting revenue from the new acquisition. Organic growth in commission and fees was 4%.
Willis Group Chairman and CEO Joe Plumeri says fourth-quarter organic revenue growth of 6% was the best performance for two years.
“In these uncertain economic times, we continue to manage the business to maximise our opportunities to succeed in any environment,” he said.