Willis Group Holdings made a profit of $117 million during the third quarter, helped by rising commissions and fees.

The Willis Capital, Wholesale and Reinsurance segment of the business, which includes Willis Re Bermuda, achieved an 8.8 per cent jump in organic commissions and fees year-on-year. This growth was primarily driven by new business at Willis Capital Markets and Advisory and low single-digit growth at its global Willis Re operations.

The global risk advisory and insurance and reinsurance brokerage firm reported underlying net income of $25 million, or 14 cents per share, up 55.6 per cent from the same period in 2014.

“We had another quarter of successful execution and solid performance, generating mid-single digit organic growth and expanding positive spread between organic commissions and fee growth and organic expense growth to 230 basis points,” said Dominic Casserley, Willis Group chief executive officer.

“This was the fourth consecutive quarter of year-over-year improvement in operating margin on both an underlying and organic basis, demonstrating that our initiatives, including the Operational Improvement Program, are gaining traction.

“Despite the continued uncertain global economic and insurance market outlook, our strategy and execution have allowed us to generate consistently positive results.”

Mr Casserley added: “We believe we remain on course to achieve mid-single digit organic growth and stronger underlying revenue growth this year. Given our continued success in re-engineering costs and improving margins, we remain confident that we will deliver at least 200 basis points of positive spread between organic commission and fees and expense growth.

“Willis is in very good shape, and we look forward to the successful completion of the Gras Savoye acquisition and proposed Willis Towers Watson merger, which we believe will accelerate our strategy and create further value for all shareholders.”

Willis Capital, Wholesale and Reinsurance achieved commissions and fees of $183 million, compared with $144 million for the same three months last year. Underlying commissions and fees grew 32.6 per cent, while acquisitions and disposals were reported at 23.8 per cent, leaving organic commissions and fees growth at 8.8 per cent.