WILLIS Group net income down 0.8% in 2014

11 February 2015 — Vlad BOLDIJAR
The insurance and reinsurance broker WILLIS Group reported net income of USD 362 million for the twelve months ended December 31, 2014 compared with USD 365 million in 2013. At the same time, the value of commissions and fees increased to USD 3.77 billion compared to USD 3.63 billion in 2013.

Analyzing only the fourth quarter 2014 figures, total reported commissions and fees increased 3.1% y-o-y to USD 939 million, while the value of net income increased in absolute values by USD 8 million to USD 76 million. WILLIS Group reported total expenses of USD 819 million or 5.8% more y-o-y: "Total reported expense growth included USD 16 million of restructuring costs related to the Operational Improvement Program, USD 24 million of favorable foreign currency movements, and a USD 33 million net increase in expenses from acquisitions and disposals", WILLIS Group officials said in a statement.

"We enter the new year well positioned. We expect to drive our 2015 performance with mid-single digit organic revenue growth," said WILLIS Chief Executive Officer (CEO), Dominic CASSERLEY.  

Read the press release here.

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