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Member, Beacon International Group, Ltd.
LONDON—Willis Group Holdings P.L.C. reported nearly $1.01 billion in revenue in the first quarter of this year, up 3.7% from $972 billion during the same period last year.
The London-based broker posted net income of $34 million during this year’s first three months, an 83% drop from the $204 million in net income Willis reported for 2010’s first quarter.
In a statement accompanying the results, Willis said this year’s first-quarter net income was affected by a $97 million charge related to an operational review the company said was aimed at better aligning resources with its growth strategies, and $171 million related to the repurchase and redemption of notes and the write-off of unamortized debt issuance costs.
Organic growth in commissions and fees was up 3.8% in the first quarter over the same period last year, to $1 billion from $963 million, Willis said.