Willis Group Holdings was unable to reproduce its fine profits of $89 million for the third quarter 2006, dropping $22 million to $67 million this year.

Net income was 46 cents per diluted share in the third quarter 2007 compared to 56 cents for the same period last year.

Last year’s results were boosted by a $91 million net of tax gain on the sale of the company’s London headquarters but included significant expenditure on 2006 Shaping our Future initiatives.

Excluding those items, net income was $67 million for the quarter ended September 30, compared with $57 million a year ago.

Chairman and CEO Joe Plumeri said: “Our results this quarter once again illustrate the continued execution of our Shaping our Future strategy for profitable growth.”