Willis To Pay First Dividend

|

By Mark E. Ruquet

|

NU Online News Service, Feb. 6, 3:42 p.m.EST?Willis Group, which went public in 2001, announced itwould pay its first stock dividend and reported a more than 300percent increase in per share earnings for the fourth quarter of2002.

|

The London-headquartered insurance broker said it has declaredan initial quarterly payment of 12.5 cents a share on April 15 toshareholders of record as of March 31.

|

"This company is managed for growth and, in this currentenvironment, intends to grow operating cash earnings per share by25 percent or better in 2003 over the $1.62 reported for the yearended Dec. 31, 2002," said Joe Plumeri, chairman and chiefexecutive officer for Willis.

|

Mr. Plumeri added that the firm would see 15 percent growth ormore in cash earnings per share each year in the future.

|

For the fourth quarter ending Dec. 31, 2002, net income rose $91million to $118 million compared to $27 million in 2001. Net incomeper share increased 54 cents, from 16 cents a share in 2001 to 70cents. Total revenues rose $96 million, going from $387 million in2001 to $483 million in the fourth quarter of 2002.

|

For the year, net income rose $208 million, from $2 million in2001 to $210 million in 2002. Net income per share increased $1.27,from 1 cent 2001 to $1.28.

|

Revenues rose $311 million for 2002, going from $1.4 billion to$1.74 billion.

|

Willis said it has repaid $220 million of long-term debt,bringing its total to $567 million.

|

By mid-day Thursday, Willis' stock rose $1.71 to $27.82 ashare.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.