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Member, Beacon International Group, Ltd.
Willis Group Holdings P.L.C.’s total revenue for the first nine months of the year reached $2.61 billion, a drop of less than 1% from that of the same period a year earlier, Willis reported Tuesday.
The London-based broker’s net income, however, increased 101% to $359 million for the first nine months of the year.
Commissions and fees remained virtually flat at $2.59 billion for the nine months. Willis said its organic growth in commissions and fees for the first nine months of 2012 was 2% compared with the same period of 2011.
Willis’ revenue for the third quarter of the year was $754 million, a decrease of less than 1% from that of the same period in 2011. Commissions and fees were almost flat at $749 million. But net income dropped 56.7% to $26 million for the quarter.
Joe Plumeri, Willis chairman and CEO, noted in a statement announcing the results that Willis had benefited a year ago from “a number of one-off items throughout the group that were unlikely to repeat this year.” These included $5 million from a reinsurance profitability initiative and “net beneficial tax adjustments that were significantly higher than what was recorded this quarter.”