Willis saw net income more than double in the first quarter, as the brokerage left the previous year's headaches over settlement and regulatory expenses behind and began what its chief executive called a new chapter in its transformation.
Willis Group Holdings Ltd. reported net income increased 109 percent–from $67 million (41 cents a share) to $140 million (88 cents a share)–despite revenues increasing less than 1 percent to $671 million.
Expenses for 2005 were impacted by regulatory settlements–primarily an agreement with New York Attorney General Eliot Spitzer over allegations of steering insurance contracts to carriers in return for volume-based contingent commissions. Willis gave up the controversial bonus fees in the wake of conflict-of-interest questions.
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