Willis reports Q1 profits of $204m
Global insurance broker Willis Group Holdings plc has reported its financial results for Q1 2010.
Willis achieved net income of $204m, equating to $1.2 per diluted share, a modest rise on the $192m ($1.15 per diluted share) recorded in Q1 2009.
Quarterly net income was hit by charge of $12m ($0.07 per diluted share) relating to the devaluation of the Venezuelan currency, and a number of other items.
Total revenues increased from $930m in the same period last year to $972m in the most recent quarter.
Total commissions and fees were up 5% to $963m, but investment income declined from $13m to $9m, a fall largely attributed to lower interest rates.
Chairman and Chief Executive Officer Joe Plumeri has described the firm’s quarterly performance as solid, with positive organic growth recorded in every business segment.
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