The world's third largest broker, Willis Group, has posted an increased quarterly profit as a result of increased premium rates.
The London-based broker announced yesterday that it recorded a fourth quarter profit of $118m (£71m), compared with $27m (£16m) a year earlier.
Revenue also rose 25% to $483m (£293m) from $387m (£235m). The company also said earnings per share excluding items would rise by 25% in 2003 and by 15% in 2003.
The company suggested it has been helped by rising insurance rates.
