Willis has good Q1 but UK performance drags

This is based on a marginal increase in revenue to $1,013m ($1,007m: 2011).

This growth was led by the global segment of the company as well as the North American but the UK division performed less favourably.

Most segments produced growth, either single or double digit, except the UK which was “down mid single-digits”.

This was blamed on the region’s continuing economic weakness.

“Across Willis Group, we generated two percent organic growth in the quarter with only minimal rate tailwind,” said Joe Plumeri, chairman and chief executive officer, Willis Group.

“Growth at Willis this quarter was led by the Global segment, which continues to do very well. The International segment reported strong results despite uneven economic conditions in many of the larger markets in which we operate.

“And the North America segment also provided positive organic growth, excluding the results from our Loan Protector unit, helped by retention that is returning to normal levels.

“Across the board, our associates around the world are squarely focused on growing the business – and their efforts are reflected in this quarter’s results,” Mr Plumeri added.