Willis Fourth-Quarter Income Soars
NU Online News Service, Feb. 12, 10:28 a.m. EST?Willis Group Holdings, headquartered in London, reported today that net income for the fourth quarter ending 2001 was up 440 percent with revenues increasing almost 11 percent over 2000.
The broker reported net income for the fourth quarter, ending Dec. 31 2001, increased $22 million going from $5 million in 2000 to $27 million in 2002.
Net income per diluted share rose 12 cents, or 300 percent, rising from 4 cents in 2000 to 16 cents in 2001.
Revenues were up for the quarter, rising from $349 million in 2000 to $387 million in 2001.
Since Willis' conversion to a publicly-held company, the firm has cut its long-term debt by 36 percent, going from $1.2 billion to $787 million. The firm said that with proceeds from its June 12, 2001, initial public offering, it has repaid $273 million in preference shares outstanding. The next mandatory debt payment is not due until November 2005, the broker said.
Willis also noted the Dec. 31, 2001, acquisition of Goldman Insurance Services of San Francisco; an increase in its majority interest in its subsidiary, Willis Italia; and majority ownership of Jaspers Wuppesahl Industrie Assekuranz GmbH & Co. KG, Germany's third largest broker.
Willis has renamed the German unit Willis GmbH.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
