The elimination of scandal-tinged contingent commissions contributed to a 44 percent drop in Willis Group Holdings Limited's net income for the fourth quarter of 2005, the company said.
The London-based insurance brokerage firm reported net income dropped $48 million in the fourth quarter, going from $108 million, or 65 cents a share, to $60 million, or 38 cents a share. Revenues declined 4 percent, or $26 million, from $588 million to $562 million.
Besides losing $24 million in contingent commissions for the quarter, Willis said higher compensation costs, the effect of foreign currency translation and the sale of its wholesale operation, Stewart Smith in April 2005, contributed to the decline.
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