NU Online News Service, Oct. 28, 3:25 p.m. EDT
Insurance broker Willis Group Holdings reported third quarter net income dropped 19 percent from the previous year absent a tax credit it received last year, but organic growth remained strong across the board.
The London headquartered broker reported net income dropped $15 million to $64 million over the same period last year. However, the firm received a tax credit of $29 million in the third quarter last year, compared to a tax charge of $10 million this year. Net income per share dropped 10 cents to 37 cents a share. Third quarter revenues grew 1 percent, or $8 million, to $733 million.
For the first nine months of the year, net income was down less than 1 percent, or $2 million, to $357 million. Net income per share was down 5 cents to $2.09 a share. Revenues were up 3 percent, or $65 million, to $2.5 billion, Willis said.
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