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Willis Group reports Q1 results
- By ILS corp
- Published 05/10/2009
- ILSTV Stories
- Unrated
Global insurance broker Willis Group Holdings Limited has announced the results for the first quarter ended March 31.
Reported net income from continuing operations for the quarter was $192 million, or $1.15 per diluted share, compared with $166 million or $1.16 from the same period one year ago. Reported first quarter net income was significantly affected by the acquisition of Hilb Rogal & Hobbs Company, certain other non-operating items and foreign currency translation.
Reported net income from continuing operations for the quarter was $192 million, or $1.15 per diluted share, compared with $166 million or $1.16 from the same period one year ago. Reported first quarter net income was significantly affected by the acquisition of Hilb Rogal & Hobbs Company, certain other non-operating items and foreign currency translation.
Total reported revenues for the quarter were $930 million compared with $795 million for the same period last year, an increase of 17 percent.
Willis said that the international business segment contributed 5 percent organic growth in commissions and fees in the quarter, while the North American segment reported a 5 percent decline in the same commissions and fees.
Salaries and benefits were $480 million, or 51.6 percent of total revenue, in the first quarter of 2009 compared with $411 million, or 51.7 percent, in the first quarter of 2008.