Willis Group Holdings' fourth quarter results revealed that net income of US$118m for the three months ending 31 December 2003, was the same figure as for the comparable period in 2002.
Net income for 2003 almost doubled, reaching $414m compared with income of $210m during 2002, said Willis.
Operating income for the fourth quarter was slightly down on the 2002 figures, reaching $192m, compared with $197m for the comparable period the year before.
Operating income for the year, however, showed a 48% increase when compared with 2002, reaching $620m said Willis.
The company also said it had reduced its total long-term debt to $370m, a 35% reduction when compared with the 2002 figure of $567m. During the fourth quarter, Willis said it repaid the outstanding $78m bank term loan and cancelled the facility, putting in its place a $450m bank credit facility and a $150m line of credit.
Willis chairman and chief executive, Joe Plumeri, said: "Willis is in great shape. This is our sixteenth consecutive quarter of record earnings; we raised the dividend again and refinanced our debt on investment grade terms - all within six years of the 1998-leveraged buy-out."
He added: "We are confident in the outlook for future growth at Willis, and reaffirm our long-term goal to grow adjusted net income per diluted share by 15% or better each year."
