financial broker

Willis Quarterly Results Show Organic Growth

Willis Group Holdings reported a 21 percent increase in first-quarter net income鈥攑ushed upward by the brokerage's new business, management said.

The New York-based insurance broker posted net income of $169 million compared with $140 million in the 2006 period.

Earnings per diluted share rose 25 percent to $1.10 compared with 88 cents a year ago.

The company reported that organic growth in commissions and fees, which excludes market remuneration, was 6 percent in the first quarter.

鈥淭his growth was attributed to net new business won," the company said in a statement. 鈥淭he net impact of declining premium rates was offset by other market factors."

Bear Stearns analyst David Small said the solid results broke a string of disappointing earnings announcements beating his earnings per share estimate by 3 cents and the consensus by 7 cents.