Willis Group Holdings CEO Discusses Q3 2010 Results - Earnings Call Transcript
Looking at earnings, we reported adjusted earnings per share of $0.37 for the quarter compared with $0.53 a year-ago with both years affected by tax items. If you look at adjusted earnings and apply the underlying effective rate of 26%, adjusted earnings per share would have been about the same in both periods.
Our culture of teamwork and discipline has served us well in this environment continues to serve us well with our commitment to growth and our focus on cost control. Our commitment to growth is reflected especially in another 4% organic growth in commissions and fees that we delivered in both the third quarter and in a year-to-date period, so that’s been pretty consistent and our ability to be able to deliver that I think shows the underlying sales cultures that I make reference to. This compares very well to the 2% organic growth that we delivered in the corresponding periods last year.
Each of our segments also delivered organic growth in both the quarter and year-to-date periods. This is especially something that we’re proud of, because all of our operating segments grew, again in a very difficult environment.
In the third quarter, North America grew 2%, where probably the rates are softest around the world and the economy is the worst. International grew 6% and global grew 4%. So across the board, our diversity, our ability to be able to distribute our product again shines through.This Group continues to be driven in the main by new business generation across all segments. We spend a lot of time on it, it’s something that we’re good at it, and we can better at. Net growth of 13% for the quarter and a steady client retention, so you take the two – so clearly both of those are trending in the right direction, and there is no reason to believe that that trend wouldn’t continue. Read the rest of this transcript for free on seekingalpha.com
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