Willis announces $87m profits
Global insurance broker Willis Group Holdings Limited (NYSE: WSH) has reported its financial results for Q2 and for the first six months of 2009.
For the quarter Willis made a net income of $87m, or $0.52 per diluted share, a massive increase on the $39m reported for the same period last year.
This was partly due to a number of unusual items in Q2 2008, such as the acquisition of Hilb Rogal & Hobbs Company (HRH), which totalled a cost of $62m.
However, the net income was much lower than that achieved in Q1, when the firm made a net income of $192m.
Total revenue rose from $661m to $784m, largely due to the acquisition of HRH.
For the first half of the year Willis made a net income of $279m, or $1.67 per diluted share, up sharply from the $205m made during the same time in 2008.
Total revenues also rose, up by 18% to reach $1,714m.
Chairman and CEO Joe Plumeri has described the quarterly results as excellent, and a reflection of the diverse strength the firm enjoys.
Plumeri went on to say that the HRH integration was progressing even better than expected.
Category: Companies News, Financials, Insurance News
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