Willis Group Holdings, an insurance broker, has reported a net income of $60m for the third quarter of 2011, or $0.34 per diluted share, compared to $64m, or $0.37 per diluted share, in the same period a year ago.
Total reported revenues for the quarter ended 30 September 2011 were $76m compared with $733m for the same period last year, an increase of 4%.
Adjusted net income increased to $72m or $0.41 per share from $64m or $0.37 per share last year.
Reported net income for the nine months ended 30 September 2011 was $179m, or $1.02 per diluted share, compared with $357m, or $2.09 per diluted share, in the same period a year ago.
Willis Group Holdings chairman and CEO Joe Plumeri said the company has achieved steady 2% organic growth in commissions and fees in a quarter complicated by a number of factors, including the impact from our operational review charge, further deterioration in the results of the Loan Protector business we talked about last quarter, and some favorable factors, including tax-related adjustments.