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Willis Group Q1 net income plummets

IBR Staff Writer Published 05 May 2011

Willis Group Holdings has reported a net income of $34m, or $0.20 per diluted share, for the first quarter of 2011, compared to $204m, or $1.20 per diluted share, in the same period a year ago.

The insurer said that net income was impacted by a $97m charge related to the 2011 operational review and $171m make-whole amounts related to the repurchase and redemption of senior notes and write-off of unamortized debt issuance costs.

Total revenues for the first quarter of 2011 were $1.01bn, compared to $0.97bn for the same period of 2010.

Adjusted net income was $223m for compared to $216 million or $1.27 per share prior year.