Willis Group Holdings posted a higher first-quarter profit thattopped Wall Street estimates, as it earned more from commissionsand fees, but the insurance broker withdrew its previous forecastsdue to uncertainty in some operations.
|The company's results suffered from continued weakness in itsloan protector business, a non-core unit within its North Americasegment that provides insurance services to the mortgage servicingindustry.
|“Unexpected events and operational or economic disruptions cansignificantly affect our business results,” Chief Executive JoePlumeri said in a statement.
|“With that kind of uncertainty, it does not make sense to offerguidance on future financial results.”
|First-quarter net income was $225 million, or $1.28 per share,compared with $35 million, or $20 cents per share, a year ago.
|Excluding items, the London-based company earned $1.32 pershare.
|Analysts, on average, expected the company to earn $1.25 pershare, according to Thomson Reuters I/B/E/S.
|Total commissions and fees rose marginally to $1.01 billion,while organic commissions and fees grew 3 percent, excluding thenegative impact of Loan Protector.
|Shares of the company, which have gained 13 percent sincetouching a year-low in October, closed at $37.32 on the New YorkStock Exchange on Thursday.
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