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Willis Q2 net income up

IBR Staff Writer Published 03 August 2012

Willis Group Holdings has reported a net income of $108m, or $0.61 diluted earnings per share, for the second quarter of 2012, compared to $85m, or $0.48 diluted earnings per share, for the same period in 2011.

The total revenues for the second quarter of 2012 decreased to $842m, compared to $861m for the same period in the year ago period.

Operating income was $179m for the quarter, compared to $156m for the same period in the previous year.

Investment income declined to $5m for the quarter, compared to $8m for the same period last year primarily due to declining net yields on cash and cash equivalents.

The Global segment, which comprises Reinsurance, Global Specialties, Willis Faber & Dumas, and Willis Capital Markets & Advisory, reported 5% growth in commissions and fees in the quarter compared to same period previous year.

Willis Chairman and CEO Joe Plumeri said, "Strong results in our Global segment led the way and, looking forward, robust sales pipelines and increased recruitment of new producers are evident across our businesses and are providing momentum going into the second half of the year."