Mergers between two companies usually carry some additional initial expense, and Willis Towers Watson has reported a decline in second-quarter profit based on comparison figures adjusted for a merger completed in January.

Net profit fell 38% to $US72 million ($93 million), while revenue gained 8% to $US1.95 billion ($2.51 billion).

Shareholders in Willis Group and Towers Watson last December backed the $US18 billion ($23 billion) “merger of equals”, and the latest earnings include costs associated with the restructure.

CEO John Haley says he is encouraged by the result.

“We’ve made significant strides in our integration efforts, kept continued focus on the market and our clients and won new business through the strong collaboration of our colleagues around the world.

“We will have work to do across the portfolio. Many of the actions and key integration initiatives under way may not immediately impact our results but are fundamental to our long-term success.”

Commissions and fees for the corporate risk and broking division increased 7% to $US623 million ($801 million) in the quarter, following an acquisition.

“Britain led organic growth as a result of new business in property and casualty facultative and financial lines,” the company says.

Investment, risk and reinsurance segment commissions and fees grew 5% to $US355 million ($456 million).