Willis Group's revenue and income rise in 2009

Willis Group Holdings, the global insurance broker, today reported results for the year ended December 31, 2009, which showed a $134m (£84.4m) rise in net income and $500m growth in revenues.

Reported net income from continuing operations for 2009 was $436m, or $2.58 per diluted share, compared with $302m, or $2.04 per diluted share, in 2008.

According to the company, reported net income for the 2009 and 2008 years was affected by certain items which are reviewed in detail in this release, including the acquisition of HRH and 2008 expense review charges for severance and other costs.

Total reported revenues for 2009 were $3.3bn compared with $2.8bn for 2008, an increase of 15%.

The company stated the increase was primarily due to the HRH acquisition, while the effect of foreign currency translation decreased reported revenues by 4%.

Organic growth in commissions and fees was 2% in 2009 compared with 2008. This growth reflected net new business won of 5%, offset by a negative 3% impact from declining premium rates and other market factors and as of December 31, 2009, total debt was $2.4bn.

The company also confirmed that in the year ended December 31, 2009 it paid out $24m related to severance costs for approximately 450 positions.

Joe Plumeri, chairman and chief executive officer, Willis Group Holdings commented: "2009 was a momentous year. We began in the midst of integrating our transformational HRH acquisition, facing a difficult global economy and soft insurance market.

He continued: "We responded with 2% organic growth in commissions and fees, disciplined expense management, successful merger integration, completion of the Gras Savoye transaction and a much stronger balance sheet."