Willis Group Holdings PLC posted a 6.3 percent increase in revenues for the fourth quarter of 2012 to $871 million, the company reported Tuesday night.However, the London-based broker also reported a net loss of $804 million for the quarter compared with a net income of $24 million in the fourth quarter of 2011.The company attributes the loss to charges from a writedown on its North American business and changes to its cash retention awards programme.“Additionally, during the quarter, the company set up a valuation allowance against its deferred tax asset. These items, collectively, had a notable negative impact on reported results,” the report said.“Excluding those items, all of which have no impact on the expected cash profile of the company, the company’s fourth quarter 2012 adjusted earnings per share were flat versus the prior year quarter as higher commissions and fees were offset by higher salary and benefits expense and taxes.”For the full year, revenues were essentially unchanged at $3.48 billion, while the company reported a net loss of $446 million for fiscal 2012, compared with net income of $204 million in 2011.The company’s earnings report also noted that Joe Plumeri’s 12 year tenure as CEO officially ended with the quarter and the appointment of Dominic Casserley in that role. Mr Casserley recognised what a difficult fourth quarter this was for Willis.“In the fourth quarter, Willis undertook a series of steps to pave the way forward for our company and our shareholders,” Mr Casserley said.“Those actions are reflected in our reported results.“With these actions behind us, and a quarter that resulted in significantly improved revenue growth in our segments, particularly the turnaround in Willis North America, we are encouraged by what lies ahead.”“We are laying a strong foundation at Willis, defined by the service we offer our clients and the manner in which we run our business, exemplified by the $524 million of cast flow we generated in 2012, an improvement of $85 million over the previous year,” he added.Willis, one of the world’s largest insurance brokers, has reported unsteady revenue from commissions and fees in recent quarters.It has also been weighed down sporadically by heavy one-time charges.In the latest quarter, the company recorded a $492 million goodwill impairment charge related to its North America business.The company reported salaries and benefits also jumped 90 percent to $967 million, reflecting a change in the company’s cash retention awards policy that led to the payment of accrued bonuses.Commissions and fees rose 7 percent in the fourth quarter.They rose 4.7 percent in North America, including the impact of revenue that was improperly recorded and reversed in 2011.Commissions and fees increased 11 percent in the global segment, which includes the reinsurance and global specialities unit, and were up 6.4 percent in the company’s international business.