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Willis Q3 net income declines by 56%

Global insurance broker Willis Group Holdings has reported $26m in net income for the three months ending 30 September 2012, a decline of 56.6% from $60m last year.

Total revenue fell by 1% to $754m from $760m in 2011.

Net income in the third quarter of 2012 was impacted by an $11m charge related to a settlement with a former joint venture partner in India and $1m loss on disposal of the India operations, according to the company.

Reported earnings per diluted share from continuing operations was $0.15 compared to $0.34, while adjusted earnings per diluted share was $0.22 versus $0.41 in year ago quarter.

Reported commissions and fees decreased by 1% compared with the third quarter of 2011, whereas organic growth in commissions and fees was 2%.

The Global segment, which comprises Reinsurance, Global Specialties, Willis Faber & Dumas, and Willis Capital Markets & Advisory, reported flat growth in commissions and fees in the third quarter of 2012 compared with the third quarter of 2011.

Headquartered in London and domiciled in Dublin, Willis serves its clients in more than 190 countries including Argentina, Australia, Canada, Finland, Germany, Italy, Spain, Sweden and the US.