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For Immediate Release
Willis Group Reports Fourth Quarter 2012 Results
7.0% reported growth in commissions and fees
7.5% organic growth in commissions and fees
Group announces 3.7% quarterly cash dividend increase
NEW YORK, February 12, 2013 Willis Group Holdings plc (NYSE: WSH), the global insurance broker, today reported results for the fourth quarter of 2012 and twelve months ended December 31, 2012. The quarter also marked the culmination of Joe Plumeris 12 year tenure as CEO and the appointment of Dominic Casserley in that role.
As the Company announced in December 2012, it incurred significant charges during the fourth quarter related to goodwill impairment in North America and a change in the Companys cash retention awards program. Additionally, during the quarter, the Company set up a valuation allowance against its deferred tax asset. These items, collectively, had a notable negative impact on reported results. Excluding those items, all of which have no impact on the expected cash profile of the company, the Companys fourth quarter 2012 adjusted earnings per share were flat versus the prior year quarter as higher commissions and fees were offset by higher salary and benefits expense and taxes.
Financial highlights for:
Reported earnings per diluted share from continuing operations
Adjusted earnings per diluted share from continuing operations
Reported operating margin
Adjusted operating margin
|19.1||%||18.7||%||40 bps||21.6||%||22.5||%||(90||) bps|
Reported commissions and fees growth
Organic commissions and fees growth
NM = not meaningful
The following information was filed by Willis Towers Watson Plc (WLTW) on Wednesday, February 13, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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