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Willis profits rise on new business


NEW YORK--New business more than offset the soft pricing environment at Willis Group Holdings Ltd. for the first six months of 2007.

The London-based brokerage on Wednesday reported an 8% rise in total revenues, to $1.37 billion, in the first half of this year compared with the same period in 2006. Willis said first-half net income rose 16.5% to $247 million.

Organic growth in commissions and fees was up 5% for the six months, Willis said. The brokerage attributed the growth to new business it won, which was offset partially by declining premium rates.