Willis Group Holdings management reported fourth quarter net income dropped 35 percent as a strong U.S. dollar and costs for its integration of Hilb, Rogal & Hobbs bit into what it said was otherwise a strong performance.
Fourth quarter net income dropped $33 million from $95 million, or 66-cents a share for the prior year to $62 million, or 37-cents a share. Revenues increased 25 percent, or $160 million, to $799 million from $639 million.
The revenue increase came primarily from commissions and fees, which rose 28 percent, or $172 million, to $782 million, while investment income fell 29 percent, or $7 million, to $17 million.
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