Willis Insurance Announce Strong Q3 Performance

by Stewart Douglas

Story link: Willis Insurance Announce Strong Q3 Performance

Insurance group Willis has today announced its third quarter results to the end of September, marking a substantial increase in earnings over the period on results from the previous year, with overall revenues rising by 6% on the period as a result of its continued growth strategy.

The group reported an increase in income of $67 million from $57 million this time last year, which the company attributes largely to its growth initiative launched early last year, designed to see the company through its expansion over the coming sessions.

Additionally, it also realised a substantial net gain on the disposal of its former London headquarters, giving rise to an increase in figures at the end of the period, which has pleased shareholders and market analysts alike.

Over the period, sales rose by 6% from $543 million up to $574 million, with the operating margin for the year end now realigned to 24% reflecting increasing profitability as a result of the flagship Shaping Our Future programme.

The company has also forecast that by the end of the decade its operating margin will be up to 28% as a result of cost savings on employment expenses, with the Shaping Our Future programme expected to generate an additional $30 million a year directly into the company coffers as a result of measured expansion.

Speaking today on the results, chief executive Joe Plumeri said that the Shaping Our Future programme had played a significant part in the strong quarterly results, with a view to providing more considerable long term growth in a more robust, profitable insurance environment.

The group launched the Shaping Our Future initiative back in 2006, which outlined its plans for expansion towards the end of the decade. At present, the third quarter results continue to reflect the ongoing success of that business strategy within the Willis operation.