llis Group has reported a net income of $89m (£46.8m) for its third quarter, compared to $45m (£23.6m) last year.

The national broker said the global results were positively affected by the gain on the sale of the company's London headquarters, and spending on its "shaping our future" initiative.

Total reported revenues for the quarter stood at $543m (£285.7m), compared with $487m (£256.2m) for the same period last year - an 11% increase.

For the nine months, ended 30 September, revenue was $1.8bn (£947m), a 6% improvement on last year.

The company's net income for the nine months was $301m (£158.4m), up from $226m (£118.9m) a year ago.

Its reported operating margin for the first three quarters of 2006 was 23.2% compared to 20.6% in 2005.

These results were announced shortly after Willis announced it was slashing 400 jobs globally. The broker said the job cuts were a result of its "shaping the future" initiative.

Joe Plumeri, chairman and chief executive, said: "We remain committed to delivering profitable business growth which we demonstrated again this quarter, with our strong organic growth in commissions and fees of 8% coupled with our continued margin expansion."