Acquisition drives Willis profit forward 44%
Global broker Willis has reported a 44% increase in net profit as the acquisition of US giant Hilb Regal and Hobbs (HRH) continues to build company revenue.
Reported net income from continuing operations grew to $US436 million ($503 million) for the year compared with a previous figure of $US302 million ($348 million).
Total revenue grew 15% to $US3.3 billion ($3.8 billion) while Willis recorded 2% organic growth in commissions and fees against reported growth of 17%.
Aside from the merger integration, Willis completed the move of its place of incorporation from Bermuda to Ireland on December 31.
Chairman and CEO Joe Plumeri says the broker has emerged from a “momentous year” with “a much stronger balance sheet”.
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