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Willis Q3 profits decline

IBR Staff Writer Published 27 October 2010

Willis Group has reported a net income from continuing operations was $64m, or $0.37 per diluted share for the third quarter of 2010, compared to $78m, or $0.46 per diluted share, in the same period a year ago.

The total revenues for the third quarter of 2010 were $733m compared to $725m for the same period of 2009.

Organic growth in commissions and fees was 4% in the third quarter of 2010 compared to third quarter of 2009.

Reported operating margin was 14.5% for the quarter ended 30 September 2010 compared with 11.3% for the same period last year, an increase of 320 basis points.

Willis Group Holdings chairman and CEO Joe Plumeri said, the global diversity

and cooperation across businesses continued to deliver results, as each segment recorded positive organic growth in commissions and fees in the face of continued soft rate and economic conditions in a number of the regions in which Willis operate.