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Willis reports decrease in 4Q net income


February 10, 2006   by Canadian Underwriter


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Willis Group Holdings Limited (NYSE: WSH), the global insurance broker, reported its 2005 fourth-quarter revenues decreased 4% to US$562 million, from US$588 million over the same period last year.
Net income for the 2005 fourth quarter was US$60 million, or $0.38 per diluted share, compared with US$108 million, or $0.65 per diluted share, a year ago.
The company noted the effect of foreign currency translation decreased reported revenues 3% and net disposal of operations reduced reported revenues by 3%.
At the same time, the company reported organic growth in commissions and fees was 8% in the fourth quarter, excluding volume-based and profit-based contingent commissions and other market remuneration. This includes an increased organic growth of 9% in net new business and a negative 1% impact from declining insurance premium rates and other market factors.
Commenting on the results, Willis chairman and CEO Joe Plumeri said: “Our results in the fourth quarter and throughout 2005 were the direct result of hard work in a year filled with challenges and opportunities. Our 8% organic growth in commissions and fees reflects the strength of our sales culture. Our essential investments during the year helped us attract and retain the industry’s best talent and enhance our value proposition for our clients.”


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