Willis Group Holdings reported a net income drop of $10m after its decision to abandon contingent commission incomes.
Willis' net income dropped to $108m in the 2004 fourth quarter compared to $118m in the fourth quarter of 2003.
Reported revenue grew 2% to $588m from $577m in the earlier period, despite the drop in profit- and volume-based contingent commissions to $25m from $39m a year earlier.
Net acquisitions added 6% to revenues while the effect of foreign currency translation reduced revenues 4%.
For the full year net income rose to $427m from $414m a year earlier, the company said.