Willis reports return to UK growth

Willis has reported net income from continuing operations for the quarter ended 30 June 2010 was $89m. The figure is above last year’s $87m in the same period.

It also noted that net income from continuing operations for the second quarter of 2010 was impacted by a net loss on disposal of operations of $3m after tax.

According to the broker, worldwide total reported revenues for the quarter were up 2% to $799 million (2009 Q2: $784m), and total commissions and fees were $789 million, also a 2% increase from the $772m reported in the second quarter of last year.

It added that the UK and Ireland retail market recorded modestly positive growth after several negative quarters.

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

He continued: "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."