Willis revenues increase slightly

Willis Group Holdings Ltd (NYSE: WSH)’s 2006 Q1 revenues increased slightly to US$671 million from US$669 million during the same period in 2005.

Willis Group says the effect of foreign currency translation decreased reported revenues by 5% and net disposal of operations reduced reported revenues by %.

Joe Plumeri, chairman and CEO, says last year the company made disciplined decisions for the long-term best interest of the company. These investments, he says, included “investments in talent, processes and technology.”

“We are pleased that the first quarter 2006, with 6% organic revenue growth and improved earnings, reflects the early results of these investments,” Plumeri says.

Of the 6% organic growth in commissions and fees, excluding total market remuneration, approximately 6% is comprised in net new business and a negligible impact from insurance premium rates and other market factors. Willis says it continues to see rates moderating, but the impact is varied geographically and according to product line.

Net income for the quarter ended Mar. 31, 2006 was US$140 million, compared with US$67 million a year ago.