Willis Group Holdings Ltd. said on Wednesday a restructuring charge led its first quarter net income to fall to $166 million or $1.16 a share compared to $169 million or $1.10 a share in the same period in 2007.
Revenue at the insurance broker rose to $795 million from $739 million. It said that its results for the first quarter of 2008 were affected by charges totaling $33 million for severance and other costs.
The company has said it expects total charges in 2008 ranging from $65 million to $85 million, which may save it between $25 million and $35 million in 2009.
Shares of Willis Group Holdings Limited closed up 52 percent to $34.75 in New York Stock Exchange composite trading on Wednesday.