Willis reports fall in Q1 profits
Global insurance broker Willis Group Holdings plc has reported its financial results for the first three months of 2011.
Quarterly net income was recorded at $34m, equating to $0.20 per diluted share, one-sixth the $204m ($1.20 per diluted share) achieved in the corresponding period last year.
Net income also fell on comparison with Q4 2010 when Willis made $98m, or $0.57 per diluted share.
The firm’s net income was hit by a $97m charge relating to the 2011 operational review and $171m of make-whole amounts related to the repurchase and redemption of Senior Notes and write-off of unamortized debt issuance costs.
Total revenue generated rose modestly on a year-on-year basis, up from $972m to $1,008m.
Chairman and Chief Executive Officer Joe Plumeri said that the firm had enjoyed a great start to the year and achieved its quarterly objectives.
Category: Financials, Insurance News, Willis News
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