This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Willis Group Reports Fourth Quarter 2012 Results

Total commissions and fees for Willis Group were $867 million in the fourth quarter of 2012, up 7.0% from $810 million in the prior year quarter. The impact from foreign currency movements amounted to negative 0.5% during the quarter compared to the prior year period. Excluding this foreign exchange impact, organic commissions and fees increased 7.5% in the fourth quarter of 2012.

Investment income for Willis Group declined to $4 million in the fourth quarter of 2012, from $8 million in the fourth quarter of 2011 due to lower net yields on cash and cash equivalents.

Willis North America Segment

The North America segment reported 4.7% commissions and fees growth in the fourth quarter of 2012 compared to the fourth quarter of 2011, reflecting a negative 0.3% impact from foreign currency movements and 5.0% organic commissions and fees growth. Part of that growth, however, is attributable to the previously disclosed $6 million of commissions and fees from a North America business unit that were improperly recorded during 2011 and reversed in the fourth quarter of 2011. Excluding that revenue reversal, organic growth in North America was 3.1%.

Underlying growth in commissions and fees in the fourth quarter of 2012 was recorded across all North America geographic regions, and a number of the segment’s industry practices. Notable among these results was the construction business, which recorded low single-digit growth, largely driven by strong project business and growth in Surety.

As noted above, the Company completed its annual goodwill impairment testing and, as a result, recorded a non-cash impairment charge related to goodwill in the North America segment of $492 million, pre-tax. The charge is reported within “Corporate and Other” in the segment information note 7 of the supplemental financial information.

Willis International Segment

The International segment reported a 6.4% increase in commissions and fees in the fourth quarter of 2012 compared with the same period in 2011, reflecting a negative 1.0% impact from foreign currency movements and 7.4% organic growth.

3 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs