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Willis Group Q4 earnings down

Willis has reported its net income for Q4 08 as $62 million

Willis Group Holdings, an insurance broker, has reported that its net income for the fourth quarter ended December 31, 2008 was $62 million, or $0.37 per diluted share, compared with $95 million, or $0.66 per diluted share, for the same quarter of 2007.

Total revenues for the fourth quarter of 2008 were $799 million, compared with $639 million for the fourth quarter of 2007, an increase of 25%.

The company has reported an operating margin of 17% for the fourth quarter of 2008, compared with 23.6% for the corresponding quarter of 2007.

Net income for the year ended December 31, 2008 was $303 million, or $2.05 per diluted share, compared with $409 million, or $2.78 per diluted share, for the year ended December 31, 2007.

Total revenues for the year 2008 were $2.83 billion, compared with $2.58 billion for the year 2007, an increase of 10%. Operating margin was 17.8% for the year ended December 31, 2008, compared to 24% for the same period of 2007.

Joe Plumeri, chairman and CEO of Willis Group Holdings, said: Our acquisition of HRH is proving to be a financial and strategic win with high client and producer retention and early delivery of synergies.