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WILLIS CORROON GROUP plc RELEASES RESULTS FOR THE THREE MONTHS ENDED MARCH 31

 WILLIS CORROON GROUP plc RELEASES RESULTS
 FOR THE THREE MONTHS ENDED MARCH 31
 NASHVILLE, Tenn., May 20 /PRNewswire/ -- Willis Corroon Group plc (ADRs traded on the NYSE, ticker WCG) has announced its results for the first quarter of 1992.
 Highlights are as follows:
 1992 1992 1991 Change
 US$(A) Pounds Stg.
 $288.1m Brokerage and fee revenue 165.6m 146.5m 13 pct.
 $ 73.3m Profit before tax 42.1m 44.0m -4 pct.
 $ .117 Earnings per share 6.7p 7.1p -6 pct.
 (A) For convenience, sterling figures have been translated into U.S. dollars at the period-end rate of 1 pound - $1.74.
 Roger Elliott, executive chairman, and Richard Miller, chief executive, issued the following statement in announcing the results:
 "The development of the group, largely described in the Annual Report, has brought many new operations into the group family, especially in the last three months of 1991 and the first quarter of 1992. These investments, which affect the comparison of the group's results with those of the first quarter a year ago, are already making important additions to the breadth and quality of our service to clients.
 "The brokerage and fee revenues of the principal broking and consulting businesses of the group have grown by 13 percent in the first quarter of 1992 compared with the equivalent period a year ago. Many of the group's new operations have started to contribute to this growth, which has also stemmed in part from the significant increases in premiums for many classes of risk being required by insurers outside the United States. The volume of business handled has also been encouraging. Willis Faber & Dumas, the group's principal reinsurance and specialist broking unit, had a good quarter.
 "The increase in our brokerage and fee revenue on an underlying basis was 3 percent. This excludes the benefit of the new operations, as well as the effects of exchange rate movements and other factors distorting comparison with last year. On the same basis, the increase in expenses continued at the 4 percent average rate held throughout 1991.
 "Sterling interest rates during the first quarter were on average some 19 percent lower than they were a year earlier, and those for dollars some 37 percent lower. This has had a major impact on the group's investment income, which has also been affected by the reduction of cash balances as a result of our investments.
 "Comparison of the results of our underwriting activities with those for 1991 is complicated by the inclusion last year of the U.K. operations, which have subsequently been discontinued. The net retained premium income of the North American companies fell slightly, but increased investment income and lower operating expenses and claims produced a 44 percent increase in profit.
 "The exploitation of information technology remains a key part of the group's development. Direct electronic mail facilities are already linking the new members of our global retail office network. The combination of electronic mail facilities and the ability now to offer business and process claims in the London market through such technology opens up exciting opportunities for business growth and expense reduction.
 "The last major link in our European network for handling the direct risk management and insurance needs of clients was put in place at the end of April, with our investment in 20 percent of the share capital of C. Wuppesahl & Co. Assekuranzmakler, one of the oldest and largest brokers in Germany. We now have 65 offices in 17 countries in Europe, and are pleased with the development of working relationships.
 "Since the end of the quarter we have acquired Reinsurance Alternatives Inc., the leading U.S. reinsurance intermediary in life, accident and health business. This is a further step in our development of G.L. Hodson & Son, Inc.
 "Conditions for our U.K. operations have improved, with some signs of a recovery in the general economic environment as well as the determination of insurers to obtain premiums more closely linked to risk and underwriting results. There is no evidence of such an improvement emerging in the United States. As the year progresses, some of the factors affecting the comparison of our 1992 results with those for 1991 will ameliorate, while the contribution both of new operations and of rating changes will gather strength. We believe that the Group's results do already, and will further, justify the confidence we feel in our strategy and in the steps we are taking to implement it."
 WILLIS CORROON GROUP plc
 GROUP PROFIT AND LOSS ACCOUNT
 for the three months ended March 31, 1992
 1992 1992 1991
 US$m(B) Pounds Stg.(m)
 304.7 Turnover 175.1 163.7
 22.8 Interest and investment income 13.1 18.4
 327.5 Operating revenues 188.2 182.1
 (247.0) Operating expenses (142.0) (126.5)
 (11.0) Underwriting claims (6.3) (12.6)
 69.5 Operating profits 39.9 43.0
 5.9 Share of profit of associated
 undertakings 3.4 2.5
 (2.1) Interest payable (1.2) (1.5)
 73.3 Profit on ordinary activities
 before taxation 42.1 44.0
 (25.6) Tax on profit on ordinary
 activities (14.7) (15.3)
 47.7 Profit on ordinary activities
 after taxation 27.4 28.7
 (0.0) Minority interests (0.0) (0.2)
 47.7 Profit for the period 27.4 28.5
 11.7 cents Earnings per share 6.7p 7.1p
 5.7 cents Dividend per share 3.3p 3.3p
 Average number of shares in
 issue (millions) 410 403
 (B) The results for the three months ended March 31, 1992 have been translated into US dollars at the period end rate of 1 pound - US$1.74. No adjustments have been made to restate the results to comply with US generally accepted accounting principles.
 Notes
 (1) Segmental Analysis
 1992 Three Months Ended
 March 31
 1992 1991
 US$m Pounds Stg.(m)
 Operating Revenues
 305.5 Broking Activities 175.6 161.3
 22.0 Underwriting activities 12.6 20.8
 327.5 188.2 182.1
 Operating Profit
 63.6 Broking activities 36.5 42.5
 5.9 Underwriting activities 3.4 0.5
 69.5 39.9 43.0
 (2) Dividend Per Share
 The Directors have declared a second interim dividend of
 3.3 pence per share, which will be paid on July 1, 1992 to
 shareholders registered at the close of business on June 12,
 1992.
 Shareholders are to be given the opportunity of electing to
 receive fully paid new ordinary shares of the Company instead
 of cash in respect of all or part of the second interim
 dividend to be paid on July 1, 1992. The documentation to
 enable shareholders to make such an election will be sent with
 the interim report on May 22, 1992.
 Holders of the Company's American Depositary Receipts
 (ADRs) will receive the dividend after it has been converted
 into US dollars by the Depositary, Morgan Guaranty Trust
 Company of New York. Payments to ADR holders whose residence
 (for tax purposes) is in the United States will include a
 refund of the associated UK tax credit in respect of the
 dividend. The payment will be subject to UK withholding tax
 (currently equal to 15 percent of the gross dividend) and will
 be sent to ADR holders by the Depositary on July 8, 1992.
 The opportunity to take new ordinary shares instead of the
 cash dividend cannot be made available to ADR holders. The
 Company is introducing a dividend reinvestment plan, details of
 which will be sent to all ADR holders by the Depositary with
 the interim report.
 (3) Accounting Presentation
 The results for the three months ended March 31, 1992,
 which are unaudited and do not comprise full accounts, have
 been prepared on the basis of the accounting policies set out
 in the 1991 Annual Report.
 Statutory accounts for the year ended Dec. 31, 1991, upon
 which the auditors have given an unqualified report, will be
 delivered to the Registrar of Companies following the Annual
 General Meeting.
 -0- 5/20/92
 /CONTACT: Peter Stevens, 011-44-71-481-7045, Michael Sabanos, 212-363-4100, or Mary Fairchild, 615-872-3044, all of Willis Corroon Group plc/
 (WCG) CO: Willis Corroon Group plc; Willis Corroon Corporation ST: Tennessee IN: INS SU: ERN


CM -- CH001 -- 2217 05/20/92 09:39 EDT
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