willis group holdings plc (WSH) Key Developments
Willis Capital, Wholesale and Reinsurance Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2015
Apr 29 15
Willis Capital, Wholesale and Reinsurance announced unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue was $297 million against $304 million a year ago. Operating income was $153 million against $168 million a year ago.
Willis GB Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2015
Apr 29 15
Willis GB announced unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue was $143 million against $153 million a year ago. Operating income was $21 million against $22 million a year ago.
Willis Group Holdings plc Declares Quarterly Cash Dividend Payable on July 15, 2015; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Fiscal 2015 and 2016
Apr 28 15
At it's April 2015 board meeting, the Board of Directors of Willis Group Holdings plc approved a regular quarterly cash dividend of $0.31 per share (an annual rate of $1.24 per share). The dividend is payable on July 15, 2015 to shareholders of record at June 30, 2015.
The company also reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the total revenues were $1,087 million compared to $1,097 million in the same period of 2014. Income before income taxes and interest in earnings of associates were $254 million against $294 million a year ago. Net income attributable to the company was $210 million, or $1.15 per diluted share, in the first quarter of 2015 compared to $246 million, or $1.35 per diluted share, in the prior year quarter. Items which affected the year-on-year movement in net income included restructuring costs related to the Operational Improvement Program of $0.12 per diluted share, gain on disposal of operations of $0.01, and unfavorable foreign currency movements totaling $0.15 per diluted share. Underlying net income was $230 million against $220 million, last year. Underlying diluted earnings per share were $1.26 in the first quarter of 2015, up 4.1% compared to $1.21 in the first quarter 2014. EBITDA was $329 million compared to $362 million in the same period of 2014. Underlying EBITDA was $360 million against $340 million a year ago. Net cash flows used in operating activities were $64 million against net cash flows from operating activities of $5 million, last year. Underlying Revenue was $1,087 million compared to $1,028 million a year ago. Operating income excluding special items was $293 million against $326 million a year ago. Underlying operating income was $324 million against $305 million a year ago.
The company expected growth in both revenue and underlying EBITDA in 2015.
The company expected impact on reported 2016 EPS to be $0.06 to $0.08 dilutive. Expect impact on 2016 cash EPS (ex amortization expense) to be $0.13 to $0.17 accretive.
Willis Group Holdings Plc to Cut 350 Jobs in UK
Apr 17 15
Willis Group Holdings Plc will cut 350 jobs in the U.K. as part of its global cost-cutting measures. The layoffs, which the company revealed to staff April 13, are mainly due to relocating London-based roles to lower-cost locations in the U.K. and in Mumbai, India. In 2014, Willis cut 200 jobs in the U.K. as part of its plan to reduce costs.
Willis Group Holdings Appoints Seth Peller as Global CEO of Fine Art, Jewellery and Specie Business
Apr 16 15
Willis Group Holdings announced the appointment of Seth Peller as Global CEO of its Fine Art, Jewellery and Specie division. Based in London, he takes up his new role with immediate effect. As a global leader in the Fine Art, Jewellery and Specie business, Willis has a long established reputation for addressing these specific risks for clients on an international basis. Its specialty team collaborates closely with colleagues worldwide, including across a variety of industry-focused teams, to design bespoke, global insurance programmes. It is supported by dedicated in-house claims and risk management services. Peller has more than 20 years of experience in the insurance industry and has held a number of senior leadership roles at Willis in both mature and emerging markets, including Global Head of Casualty and CEO of the firm's Argentina operations.