Willis reports Q4 and 2008 results
Global insurance broker Willis Group Holdings Limited has announced its results for the fourth quarter of last year and its annual performance for 2008.
The firm made a net income of $62m during the fourth quarter, equivalent to $0.37 per diluted share, down from $95m from Q4 in 2007 (partly due to the acquisition of Hilb Rogal & Hobbs Company (HRH)).
Total reported revenue for the year was up by 25% to $799m from $639m in 2007 (largely due to the HRH acquisition).
On an annual basis net income was $303m, or $2.05 per diluted share, down roughly a quarter from the 2007 figure of $409m.
Willis chairman and CEO Joe Plumeri has welcomed the 6% rise in organic revenue growth the firm has enjoyed despite the unprecedented financial turbulence.
Plumeri has also described the acquisition of HRH as a strategic and financial win, citing early synergies and strong retention of clients and producers.
It is notable that the insurance sector, although affected by the worldwide financial crisis, has not been hit as hard as the banking sector.
Numerous banks have announced multi-billion pound losses, writedowns and large job cuts, whereas insurers such as Willis, Crawford, Aon and WR Berkley have remained profitable (although Q4 net income has tended to fall).
Category: Financials, Insurance News
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