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Daily Insurance Industry News
Saturday 23rd of June 2018
July 30, 2009

Willis announces $87m profits

by Richard Kilner

Story link: 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.

 

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