Willis Group reports 2009 Q3 profit of US$78 million

Willis Group Holdings Limited has reported a 2009 Q3 profit from continuing operations of US$78 million, compared to US$36 million during the same period a year ago.
The company reported a US$357-million profit from continuing operations for the first nine months of 2009, compared with a US$241-million profit during the same period a year ago.
Organic growth in commissions and fees was 2% in the first nine months of 2009 compared with the comparable period of 2008. “This growth reflected net new business won of 5%, offset by a negative 3% impact from declining premium rates and other market factors,” the company said in a release. 
Reported net income for 2009 Q3 and 2008 Q3 was affected by certain items, including the acquisition of Hilb Rogal & Hobbs Company (HRH), the company noted.
The North America segment reported an improvement from 2009 Q2, despite a 3% decline in organic commissions and fees compared with 2008 Q3. This reflected soft insurance market conditions as well as continued weakness in the U.S. economy, the company reported.
“I am proud of what we’ve been able to accomplish this quarter and over the first nine months of 2009,” Willis Group Holdings chairman and CEO Joe Plumeri said in a release. “This is a strong, diverse business that is able to perform well even under the worst global economic conditions.
“As always, we are rigorous about our expenses and keeping our company at the right size for the current environment.”