Willis Group reports 5.7% increase in Q2 fees, commissions

Willis Group Holdings plc released Thursday its financial results for the second quarter, reporting a 5.7% year-over-year increase in commissions and fees.

In a filing with the U.S. Securities and Exchange Commission, the London-based risk consulting and brokerage firm reported revenues for the three months ending June 30 were $890 million, up year-over-year from $842 million. All figures are in U.S. currency.

Willis Group stated its net income for the three months ending June 30 was $107 million, down from $110 million in the second quarter of 2012. Net income attributable to Willis Group (as opposed to non-controlling interests) was $105 million for the second quarter of 2013, down from $108 million in the second quarter of 2012.

Revenues for the first six months of 2013 were $1.941 billion, compared to $1.855 billion during the first six months of 2012.

Commissions and fees for the second quarter were up 5.7% year-over-year, from $837 million in 2012 to $885 million this year.  The company reported commissions and fees during the first three months of 2013 were $1.046 billion.

“Commissions and fees were unfavourably impacted by $7 million from foreign currency movements,” the firm stated in its SEC filing. “Second quarter 2013 organic commissions and fees, which exclude the net impact of acquisitions, disposals and foreign currency movements, grew 6.3% relative to the second quarter of 2012.”

The company added that Willis Global contributed growth of 10.3%, Willis North America contributed growth of 5.5% and Willis International contributed growth of 2.6%.

Willis has more than 17,000 employees in about 400 offices. In Canada, Willis Group has about 200 employees in Toronto, Calgary and Vancouver. It also owns Willis Corroon Aerospace of Canada Ltd. of Montreal.

Services in Canada include commercial property, group home and auto, enterprise risk management, environmental, directors’ and officers’ liability and errors and omissions.

In November, 2012 Willis announced it acquired Avalon Actuarial Inc., which operates in Toronto and Montreal, providing employee benefits consulting, group insurance, retirement and pension plans.

In January, 2013, Dominic Casserley replaced Joe Plumeri as Willis Group’s chief executive officer.