Willis Group Holdings Limited, the global insurance broker, today reported results for the quarter and six months ended June 30, 2009.
Highlights of the quarter include:
- Reported (and adjusted) earnings per diluted share from continuing operations of $0.52
- 20 percent reported growth in commissions and fees
- 1 percent organic growth in commissions and fees; Global and International segments with 7 percent and 5 percent growth, respectively
- Reported operating margin of 21.0 percent; adjusted operating margin of 21.2 percent
- North America segment operating margin expansion of 660 basis points over a year ago, to 22.3 percent
- Interim bridge facility fully paid at June 30, 2009
“Willis’ strength lies in its business diversity. We continue to see excellent results from our International and Global segments, and this is bolstering our overall performance in the face of difficult economic conditions, particularly in the US, UK and Ireland,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “The HRH integration continues to go better than expected, with synergies tracking ahead of schedule. We continue to run our company with discipline and foresight, implementing strict cost controls, right sizing for the current environment, and investing in areas that will drive current and future growth.”
Willis made a quarterly net income of $87m ($0.52 per diluted share). A massive increase compare to the $39m reported for the same period last year.
This could be due to 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.
