International broker Willis has reported slightly weaker revenues for the six months to June 30, but a “significant fall” in expenses in the June quarter has resulted in a 279% increase in net income.

Commission and fee income earned in the half-year was $US1.84 billion ($1.75 billion) compared to $US1.85 billion ($1.76 billion) in the corresponding period last year.

The London-based company says organic growth in fees and commissions rose 2% in the half-year.

The fall in expenses was helped in part by foreign exchange gains, with net income increasing to $US333 million ($317.9 million) in the half.

“We are moving past many of the difficult comparable items that make it harder to see the progress we’ve made in the first half of this year,” Chairman and CEO Joe Plumeri said.

“Strong results in our global segment led the way and, looking forward, robust sales pipelines and increased recruitment of new producers are evident across our businesses and are providing momentum going into the second half of the year.

“The global economy continues to be challenging, but the reports from our business heads each show positive developments.”