Willis posts 6.3% increase in revenues for fourth quarter
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Willis Group Holdings P.L.C. posted a 6.3% increase in revenues for the fourth quarter of 2012 to $871 million, the company reported Tuesday.
However, the London-based broker reported a net loss of $804 million for the quarter compared with reported net income of $24 million in the fourth quarter of 2011. The company said charges related to goodwill impairment and a change in its cash retention awards program accounted for the loss.
For the full year, revenues were essentially unchanged at $3.48 billion, while the company reported a net loss of $446 million for fiscal 2012, compared with net income of $204 million in 2011.
“In the fourth quarter, Willis undertook a series of steps to pave the way forward for our company and our shareholders. Those actions are reflected in our reported results,” Willis CEO Dominic Casserley said in a statement. “With these actions behind us, and a quarter that resulted in significantly improved revenue growth in our segments, particularly the turnaround in Willis North America, we are encouraged by what lies ahead.”
