Willis UK sees growth after several negative quarters

Willis Group has reported net income from continuing operations for the quarter ended June 30 was $89m, compared with $87m in the same period a year ago.

The broker added net income from continuing operations for the second quarter of 2010 was impacted by a net loss on disposal of operations of $3m.

Total reported revenues for the quarter ended June 30 were $799m compared with $784m for the same period last year, an increase of 2%.

Total commissions and fees were $789 million, an increase of 2 percent from $772 million in the second quarter of 2009.

Willis said the International business segment reported 6% growth in commissions and fees and contributed 8% organic growth in commissions and fees in the second quarter of 2010 compared with the same period in 2009. It added the UK and Ireland retail market recorded modestly positive growth after several negative quarters.

Reported net income from continuing operations for the six months ended June 30, 2010 was $293m, compared with $279m in the same period a year ago.

"Our second quarter results continue to reflect the strength of our geographic diversity and our relentless focus on building the business," said Joe Plumeri, chairman and chief executive officer, Willis Group.

"Organic growth in commissions and fees was 4%, driven by 16% new business growth and solid client retention. This result was in the face of a continued soft insurance market and challenging economic conditions. We continue to exercise disciplined expense management while funding investments for future growth."