Ipswich: Increased revenues and earnings for broker Willis

GLOBAL insurance broker Willis has reported increased earnings and revenues for the first quarter of 2012, but has warned of an uncertain outlook for the rest of the year.

United States-based Willis, whose UK operations include a major presence in Ipswich, said total reported revenues for the quarter were US$1.013billion (�626m) compared with US$1.007bn for the same period last year, an increase of 1%.

Reported net income from continuing operations for the quarter ended March 31 was US$225million (�139m), or US$1.28 per diluted share, compared with US$35m, or US$0.20 per diluted share, in the same period a year ago when the figure was hit by one-off factors totalling US$264.

Adjusted net income from continuing operations (which excludes one-off factors) was US$233m (�144m), or US$1.32 per diluted share, compared with US$224m, or US$1.29 per diluted share, in the same period a year ago.

Foreign currency movements decreased earnings by US$0.02 per share in the first quarter of 2012 compared with the first quarter of 2011, Willis added.

“Across the board, our associates around the world are squarely focused on growing the business, and their efforts are reflected in this quarter’s results,” said Willis chairman and chief executive Joe Plumeri.

“The results we are posting today are encouraging and are the result of significant effort across all segments of the company.”

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Mr Plumeri said that, in view of current uncertainty, the company was withdrawing its previous guidance on future financial results.

But he added: “ Everyone at the company will, nonetheless, stay squarely focused on producing the best possible results for our shareholders for the remaining three quarters of the year, and beyond.”