Willis Group Holdings has reported net income of $148m for the quarter ending 31 March 2004.
The 2004 result compares with the $117m reported for the same period in 2003.
Willis said excluding the non-cash compensation for performance-based stock options and a subordinated debt redemption premium, adjusted net income increased 30% to $160m for the quarter, up from $123m for the comparable period in 2002.
Total reported revenues for the quarter increased 20% to $665m, from $555m for the same period last year. Organic revenue growth was 9%, excluding the effects of foreign currency translation (8%) and net acquisitions (3%) said Willis.
The company said rates continued to moderate during the quarter, with a decline in some property lines and modest increases in casualty and professional liability lines.
Willis chairman and chief executive officer Joe Plumeri, said: “We continue the steadfast execution of our model – build a sales culture, grow revenues, maintain expense discipline, expand margins and enhance earnings.
“With 17 consecutive quarters of record results, we are accumulating a strong track record and continue to build the Company for success in all market environments.
During the first quarter of 2004, Willis acquired the remaining 70% interest in Danish broker Willis A/S, as well as reinsurance brokers in Denmark and Italy. The company also received approval form the China Insurance Regulatory Commission to complete the purchase of a 50 percent equity stake in Shanghai Pudong Insurance Brokers Ltd.
Plumeri concluded, “Willis is in great shape and we remain confident in our outlook for future growth. We reaffirm our long-term goal to grow adjusted net income per diluted share by 15% or better each year.
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