Willis Group Holdings plc, the global insurance broker, today reported results for the quarter ended March 31, 2012.
Highlights of the quarter ended March 31, 2012 include:
- Reported earnings per diluted share from continuing operations of $1.28 compared to $0.20 in first quarter of 2011; adjusted earnings per diluted share from continuing operations of $1.32 compared to $1.29 in year ago quarter;
- Reported commissions and fees increased 1% compared with the first quarter of 2011;
- Organic growth in commissions and fees of 2%; 3% excluding Loan Protector results;
- Reported operating margin of 31.3% compared to 23.7% in first quarter of 2011; adjusted operating margin of 32.6% compared to 33.0% in year ago quarter;
- Launched $100 million share repurchase plan.
“Across Willis Group, we generated two percent organic growth in the quarter with only minimal rate tailwind,” said Joe Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings. “Growth at Willis this quarter was led by the Global segment, which continues to do very well. The International segment reported strong results despite uneven economic conditions in many of the larger markets in which we operate. And the North America segment also provided positive organic growth, excluding the results from our Loan Protector unit, helped by retention that is returning to normal levels. Across the board, our associates around the world are squarely focused on growing the business – and their efforts are reflected in this quarter’s results,” Plumeri added.