Willis Group reports 2013 net income of $1 million a day

Willis Group reports a year-end net income of $365 million, compared with a loss of $446 million in the previous year. Total commissions and fees totalled $3,633 million for the twelve months ended December 31, 2013, for a growth of 4.9 percent in organic commissions and fees.

Dominic Casserley, Willis Group CEO, says: “Willis closed 2013 with another quarter of solid organic revenue growth, and each of our businesses achieved our goal of mid-single digit organic growth for the full year. In addition, we delivered strong earnings per share growth and grew cash flow from operations during the year.”

He continues: “based on that performance, and confidence in our strategy, we are increasing our dividend by 7 percent. We also announced a share buyback to offset the increase in shares outstanding resulting from the exercise of employee stock options. As the new year begins, we are committed across the firm to our goals of growing revenues with positive operating leverage to improve ash flow and create strong shareholder returns.”

Willis reports fourth quarter net income from continuing operations of $68 million.