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Member, Beacon International Group, Ltd.
Willis Group Holdings P.L.C. posted first-quarter revenues of $1.05 billion Tuesday, essentially unchanged from the $1.01 billion the London-based brokerage recorded in the first quarter of 2012.
Likewise, the company’s net income was essentially flat at $219 million for the first quarter, compared with $225 million in the first period a year ago.
Willis reported 4.1% organic growth, compared with 2.1% in the same period in 2012. The company also recorded a $46 million charge primarily related to headcount reductions in the first quarter. The reductions are expected to drive future savings, starting in the second quarter, the company said.
In a statement accompanying the financial data, Willis CEO Dominic Casserley noted that the company’s growth was spread evenly throughout its three business units: Willis North America Inc.; Willis International; and Willis Global, which comprises Willis Re, Specialty, Placement and Willis Capital Markets and Advisory.
“We will continue working to build on the positive trajectory of our organic growth over the last two quarters,” Mr. Casserley said. “As shown by our first-quarter charge, our efforts are also focused on tempering expense growth and delivering strong, sustainable results over the long term.”