Broker reports 4% organic growth
Global broking group Willis Group Holdings’ net profit fell 0.6% to $357m for the first nine months of 2010 from $359m in the same period last year.
This was despite a 2.7% increase in total revenues to $2.5bn from $2.4bn. Total expenses increased slightly to $1.93bn from $1.92bn.
In the third quarter alone, Willis’s profit fell 19% to $64m from $79m, despite a 1.1% boost in revenues to $733m from $725m.
Willis said that organic growth in commissions and fees in the third quarter and first none months of 2010 was 4% compared with the corresponding periods of 2009.