Willis profits fall 60 percent in 2011

Willis has reported a 60 percent fall in profits from $98 million in 2010 to $39 million in 2011.

This occurred despite total reported revenues rising from $3.33 billion in 2010 to $3.45 billion in 2011, representing an increase of 4 percent.

Despite the fall in profits, Joe Plumeri, chairman and chief executive officer of Willis Group Holdings, said that he was enormously proud of the work that the broker’s management team and associates had done during the year.

“While the fourth quarter and, indeed, the full year of 2011 included many achievements for which Willis can be proud, our measure of organic growth demonstrates the challenges that our business endured in the final months of the year and shows where we must improve in 2012,” he says.

It has also been reported that Plumeri will be retiring from Willis in 2013.