Willis reports profits of $169 million for Q1

Willis Group reported a net income of US$169 million [approximately Cdn$189 million] for 2007 Q1, as compared to US$140 million [approximately Cdn$156 million].
Each business unit contributed to overall organic growth in commissions and fees in the first quarter, with global at 3%, North America at 6% and international at 8%, according to a Willis statement.
For the full year 2007, Willis expects to continue to grow organic revenue and expand adjusted operating margin modestly, says a company release.
Our plan is to continue to drive revenue growth despite softening insurance markets, while maintaining our expense discipline, Joe Plumeri, chairman and CEO, said in a statement.
We have shown we are executing on our Shaping our Future initiatives by delivering profitable growth, and we are making progress towards our financial targets.
Under the companys Shaping our Future initiatives, Willis estimates the annualized net benefit will be approximately US$20 million [approximately Cdn$22 million] in 2007, US$30 million [approximately Cdn$33 million] by 2008 and US$45 million[ approximately Cdn$50 million].