Search
 

Willis Q1 Net Income Drops 4% on Reorganization Charge

Willis Group Holdings reports first-quarter net income dropped 4 percent over the same period last year on a pre-tax charge of $46 million related to the companys reorganization that eliminated 207 positions.

By Mark E. Ruquet | Updated on May 01, 2013

Willis Group Holdings reports first-quarter net income dropped 4 percent over the same period last year on a pre-tax charge of $46 million related to the company’s reorganization that eliminated 207 positions.

The insurance brokerage firm says net income was down $9 million to $223 million while revenues increased 4 percent to $1.05 billion. Without the restructuring charge this year and a write-off of $13 million last year related to the discovery of fraudulent overstatements in its Chicago office, Willis says net income would be up 10 percent to $257 million.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.