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Willis Group Reports Increase In Q2 Revenues

IBR Staff Writer Published 28 July 2010

Willis Group Holdings has reported total revenues of $799m for the second quarter of 2010, an increase of 2% compared to $784m for the same quarter in 2009.

For the quarter ended June 30, 2010, the company posted net income of $89m, or $0.52 per share, compared to $87m, or $0.52 per share, for the same period last year.

Reported net income from continuing operations for the six months ended June 30, 2010 was $293m, or $1.71 per diluted share, compared with $279m, or $1.66 per diluted share, in the same period a year ago.

Total reported revenues for the six months ended June 30, 2010 were $1.77bn compared with $1.71bn for the same period last year, an increase of 3%.

Joe Plumeri, chairman and CEO of Willis Group Holdings, said: “Our second quarter results continue to reflect the strength of our geographic diversity and our relentless focus on building the business. Organic growth in commissions and fees was 4%, driven by 16% new business growth and solid client retention.

“This result was in the face of a continued soft insurance market and challenging economic conditions. We continue to exercise disciplined expense management while funding investments for future growth.”