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WILLIS CORROON GROUP plc RESULTS FOR NINE MONTHS ENDED SEPTEMBER 30, 1991

                     WILLIS CORROON GROUP plc
        RESULTS FOR NINE MONTHS ENDED SEPTEMBER 30, 1991
    LONDON, Nov. 20 /PRNewswire/ -- Willis Corroon Group plc announced its results for the nine months ended September 30, 1991.  The Group's profit before tax from its ongoing operations, which comprise global risk management, insurance and reinsurance broking, and consultancy services, together with insurance underwriting in North America, was 89 million pounds ($156 million) for the first nine months of 1991 compared with 96.6 million pounds on a pro forma basis in the equivalent period of last year.  Eliminating the effect both of businesses acquired and of businesses disposed of or to be discontinued, and adjusting to constant exchange rates, this is a fall of 3 percent.
    Earnings per share for the nine months were 14.1p compared with 15.5p on a pro forma basis for the same period of 1990.
    Executive Chairman Roger J. Elliott and Chief Executive Richard M. Miller stated:  "The growth of revenue of our broking businesses continues to show the effects of the acute competition between underwriters.  Premium rates in the United States continue to fall in most classes, and there is no indication that this trend will not continue.  In the United Kingdom, the severe losses incurred by direct insurers have led to a less harsh operating environment than in the United States.  Significant rate increases are being imposed by underwriters of catastrophe reinsurance, for which capacity is considerably reduced, but pricing trends for non-castrophe reinsurance are less clear.
    "Seven percent growth at constant exchange rates in the operating revenues of our U.K. broking and consultancy operations, continuing the trend reported at the half-year, is a reflection of the robustness of our account in these conditions of rising prices and falling capacity, and contributes towards a 5 percent increase in brokerage and fees of the Group as a whole on a pro forma basis.  Falling interest rates have reduced our investment income.
    "The growth of operating expenses for the group was 5 percent on a pro forma basis.  Expenses for the nine months of 1991 include 2.1 million pounds of employee termination costs and the start-up costs for many new business units, which are not yet generating in full the revenue streams anticipated for these investments.  Among such new ventures are aerospace, marine, and energy broking teams in the United States and operations in Sweden, Denmark, and elsewhere in Europe.  Despite these additions to our worldwide servicing capability, total Group headcount is below the level of a year ago.
    "Our direct broking operations throughout the United States, now operating under the name of Willis Corroon, are providing a full service to many of our U.K. clients with interests there; at the same time, they are combining with their colleagues in the United Kingdom for the acquisition of new business where their global skills are required.  We are already providing a full worldwide retail service to our multinational clients and will continue to announce details of our new offices in Europe and elsewhere when appropriate.
    "In London, we are at the forefront of the market's moves towards greater harmonization in and exploitation of information technology.  We believe we are leaders in our industry in the development and use of such technology.  We continue to invest in and develop this vital aspect of our business to maintain our competitive advantage in world markets.
    "We have made progress with our withdrawal from underwriting in the United Kingdom.  The marine and aviation books of business of Sovereign have been acquired by Zurich Re, and our interest in the Camomile and Westminster underwriting agencies have also been sold.  We shall continue to run-off the Sovereign marine, aviation, and non-marine underwriting and agency businesses to ensure the provision of a proper service to our clients.  An extraordinary provision for future cost of the remaining operations will be included in our year-end accounts.
    Implementation of the merger continues to go well.  The enthusiasm and commitment of our staff, which produce first-class service to our clients, will generate the results which will meet our shareholders requirements.
                       WILLIS CORROON GROUP PLC
                    GROUP PROFIT AND LOSS ACCOUNT
    Nine Months Ended Sept. 30, 1991        1991       1991       1990
                                          U.S.$M(A) (Millions of pounds)
    Turnover                                792.4      452.8      249.4
    Interest and investment income           91.0       52.0       52.2
    Operating revenue                       883.4      504.8      301.6
    Operating expenses                     (679.9)    (388.5)    (195.1)
    Underwriting claims                     (49.7)     (28.4)     (34.6)
    Operating profit                        153.8       87.9       71.9
    Share of profit of associated
     companies                                7.4        4.2        4.4
    Interest payable                         (5.4)      (3.1)      (4.1)
    Profit on ordinary activities before
     taxation                               155.8       89.0       72.2
    Tax on profit on ordinary activities    (55.9)     (31.9)     (25.7)
    Profit on ordinary activities after
     taxation                                99.9       57.1       46.5
    Minority interests                       (0.3)      (0.2)      (0.2)
    Profit before extraordinary items(3)     99.6       56.9       46.3
    Earnings per share                       24.7 cents 14.1       19.5
    Dividends per share                      17.3 cents  9.9p       9.9p
    (A) -- The results for the nine months ended Sept. 30, 1991, have been translated into U.S. dollars at the period end rate of 1 pound equals U.S.$1.75.
                 SUMMARIZED GROUP BALANCE SHEET
                                          9/30/91    9/30/91    12/31/90
                                          U.S.$M(A) (Millions of pounds)
    Fixed assets
    Tangible assets                         322.9      184.5      161.5
    Investments                              30.6       17.5       13.5
    Total                                   353.5      202.0      175.0
    Current assets
    Debtors                               1,906.8    1,089.6    1,039.3
    Investments                             306.8      175.3      230.6
    Deposits and cash                     1,120.0      640.0      532.5
    Total                                 3,333.6    1,904.9    1,802.4
    Current liabilities
    Creditors falling due within 1 year  (2,787.2)  (1,592.7)  (1,451.2)
    Net current assets                      546.4      312.2      351.2
    Total assets less current liabilities   899.9      514.2      526.2
    Creditors falling due after more
     than 1 year                           (101.2)     (57.8)    (103.2)
    Provision for liabilities and charges  (382.9)    (218.8)    (209.1)
    Total                                   415.8      237.6      213.9
    Capital and reserves
    Share capital                            89.1       50.9       50.2
    Reserves                                323.6      184.9      160.6
    Shareholders' funds                     412.7      235.8      210.8
    Minority interest                         3.1        1.8        3.1
    Total                                   415.8      237.6      213.9
    (A) -- The balance sheet at Sept. 30, 1991, has been translated into U.S. dollars at the period end rate of 1 pound equals U.S.$1.75.
    NOTES:
    1. Accounting Presentation
    Quarterly results were not published prior to 1991.  The results for the nine months ended Sept. 30, 1990, have not been previously published.
    The results for the nine months ended Sept. 30, 1991, have been prepared on the basis of the accounting policies set out in the 1990 annual report.  The merger with Corroon & Black Corporation, which took place on Oct. 8, 1990, have been accounted for under the acquisition method of accounting and accordingly, the comparative figures for the nine months to Sept. 30, 1990, do not include the results of Corroon & Black Corporation for that period.
    2. Segmental Analysis
    Nine Months Ended Sept. 30              1991       1991       1990
                                          U.S.$M(A) (Millions of pounds)
    Operating revenue
    Broking activities                      801.3      457.9      240.6
    Underwriting activities                  82.1       46.9       61.0
    Total                                   883.4      504.8      301.6
    United Kingdom                          395.5      226.0      242.5
    United States of America                451.2      257.8       37.3
    Rest of the world                        36.7       21.0       21.8
    Total                                   883.4      504.8      301.6
    Operating profit
    Broking activities                      146.1       83.5       67.5
    Underwriting activities                   7.7        4.4        4.4
    Total                                   153.8       87.9       71.9
    United Kingdom                           95.2       54.4       58.8
    United States of America                 51.3       29.3        7.4
    Rest of the world                         7.3        4.2        5.7
    Total                                   153.8       87.9       71.9
    3.  Underwriting
    As already announced, the Group has decided to discontinue its U.K. underwriting activities.  At June 30, 1991 extraordinary after-tax losses of 4.9 million pounds had been incurred and further such losses of 3.8 million pounds have arisen in the quarter ended September 30, 1991.  Provision for the future costs of running off these activities will be made as an extraordinary item in the accounts of December 31, 1991.
    4.  Earnings per Share
    Earnings per share have been calculated on the weighted average number of ordinary shares in issue during the period of 404 million (1990:  237 million).
    5.  Dividend per Share
    The Directors have declared a fourth interim dividend of 3.3 pence (net) per share (4.4 pence gross) which will be paid on January 2, 1992, to shareholders registered at the close of business on December 5, 1991.
    Holders of the Company's American Depositary Receipts (ADRs) will receive the dividend after it has been converted into U.S. dollars by the Depositary.  Payments to ADR holders whose residence (for tax purposes) is in the United States will include a refund of the associated U.K. tax credit in respect of the dividend.  The payment will be subject to U.K. withholding tax (currently equal to 15 percent of the gross dividend) and will be sent to holders of ADRs by the Depositary on January 9, 1992.
    6.  Unaudited Figures
    The financial information contained herein, which does not comprise full accounts, is unaudited except for the summarized balance sheet in pounds sterling at December 31, 1990 which has been extracted from the audited accounts at that date.  The auditors issued an unqualified report on those accounts, a copy of which has been delivered to the Registrar of Companies in England and Wales.
    -0-                      11/20/91
    /CONTACT: (London) Peter Stevens, 071-481-7045 or John Robins 071-488-8457; (New York) Mary Florey, 212-363-4100/ CO:  Willis Corroon Group plc ST: IN:  INS SU:  ERN DF-JM -- CH003 -- 5257 11/20/91 09:01 EST
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