Willis GB commissions and revenues slump in 2015

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Willis GB commissions and revenues slump in 2015

Willis GB has reported a drop in revenue to $641m (£443m) for the 12 months to 31 December 2015 while, at group level, the broker reported a $24m net loss for Q4 2015.

Underlying and organic commissions and fees for Willis GB increased 5.1% in the three months to 31 December 2015 to $186m (Q4 2014: $177m).

Across the full year, Willis GB saw a 3.8% drop in underlying and organic commissions and fees from $662m in 2014 to $637m in 2015.

In January it was announced that adviser firms Willis and Towers Watson merged and the two firms will operate under the name Willis Towers Watson.

Total revenues for Willis GB reached $641m in the 12 months ended 31 December 2015, a decrease from the 2014 result of $669m.

Twelve month operating income for GB division dropped slightly from $148m in 2014 to $143m in 2015.

For the year-to-date to 31 December 2015 restructuring costs in the Willis GB business reached $27m, including $3m in the three months ending 31 December.

In the 12 months ended 31 December 2014, Willis GB reported $10m of restructuring costs. Total cumulative restructuring costs for the GB division were recorded as $37m.

At group level, Willis reported a net loss of $24m in the fourth quarter compared to earnings of $76m in the same period of 2014.

For the full year, group operating income dropped to $427m from $647m in 2014 while commissions and fees increased to $3.81bn from $3.77bn in 2014.

Group total commissions and fees increased 3.3% to $970m in the fourth quarter (Q4 2014: $939m).

Commenting on the performance of Willis Group, Dominic Casserley, pictured, Willis Towers Watson president and deputy CEO, said: "As part of the new Willis Towers Watson, we enter 2016 with solid momentum, focused on fully integrating our combined strengths into a single platform that we believe will help our clients and employees and will generate value for our shareholders."

Willis Towers Watson will not report consolidated results until the period ending 30 June 2016.

Further reading 

Willis Towers Watson merger complete

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