Willis Group Holdings boosted its profits by almost $50 million for the second quarter of 2009 in the face of tough economic conditions.

Reported net income from continuing operations for the quarter ended June 30, 2009 was $87 million or 52 cents per share, compared with $39 million or 27 cents per share, in the same period a year ago.

Reported net income for the second quarters of 2009 and 2008 was affected by a number of issues, including the acquisition of Hilb Rogal & Hobbs Company (HRH) and second quarter 2008 expense review charges for severance and other costs totalling $62 million pre-tax.

Excluding certain items, adjusted earnings per diluted share from continuing operations were 52 cents in the second quarter compared with 59 cents in the second quarter of 2008.

In addition, a gain was recognised in this year's second quarter on the curtailment of the US pension plan in the amount of $12 million pre-tax four cents per share.

Foreign currency movements had no impact on earnings in the second quarter of 2009.

Total reported revenues for the quarter ended June 30, 2009 were $784 million compared with $661 million for the same period last year, an increase of 19 percent.

This increase was mainly down to the HRH acquisition, while the effect of foreign currency movements decreased reported revenues by seven percent.

"Willis' strength lies in its business diversity," said Joe Plumeri, chairman and CEO of Willis. "We continue to see excellent results from our international and global segments, and this is bolstering our overall performance in the face of difficult economic conditions, particularly in the US, UK and Ireland.

"The HRH integration continues to go better than expected, with synergies tracking ahead of schedule. We continue to run our company with discipline and foresight, implementing strict cost controls, right sizing for the current environment, and investing in areas that will drive current and future growth."

Organic growth in commissions and fees was one percent in the second quarter of 2009 compared with the second quarter of 2008, reflecting net new business won of four percent offset by a negative three percent impact from declining premium rates and other market factors.