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Willis Group Q4 net income declines

IBR Staff Writer Published 15 February 2012

Willis Group Holdings has reported a net income of $40m, or $0.23 diluted earnings per share, for the fourth quarter of 2011, compared to $98m, or $0.57 diluted earnings per share, for the same period in 2010.

Adjusted net income from continuing operations for the fourth quarter of 2011 was $81m, or $0.46 per diluted share, compared to $98m, or $0.57 per diluted share, for the same period a year ago.

The total revenues for the fourth quarter of 2011 decreased 1% to $825m, compared to $833m for the same period in the last year.

Operating income was $106m, compared to $177m for the same period in the previous year.

Commissions and fees from the company's North America segment fell 7% to $322m, compared to $346m for the same period in the prior year.

Willis Group Holdings chairman and CEO Joe Plumeri said that the company's Global segment organic growth was driven by its reinsurance and global specialties businesses.

"Growth in our International segment was moderated primarily due to the performance of our UK and Ireland retail business which saw its commissions and fees decline by double digits," added Plumeri.