UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 1, 2015
_____________________

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
_____________________
Ireland
001-16503
98-0352587
(State or other jurisdiction or incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
 
 
 
 
 
 
 
 

c/o Willis Group Limited,
51 Lime Street, London, EC3M 7DQ, England and Wales
(Address, including Zip Code, of Principal Executive Offices)

(011) 44-20-3124-6000
(Registrant's telephone number, including area code)


Not Applicable
(Former name or former address, if changed since last report)
_____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 
 
 
 
 





Item 8.01 - Changes to segmental presentation

As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014, effective from January 1, 2015 the Company has changed the way it manages and reports operating results, resulting in a change in the Company’s reporting units from three reporting units, formerly known as Willis Global, Willis North America and Willis International, into four reporting units: Willis Capital, Wholesale and Reinsurance; Willis North America; Willis International; and Willis Great Britain ("Willis GB"). For informational purposes only, to assist in understanding these changes the following summarizes the impact of the changes on selected financial data for 2012, 2013 and 2014. The changes will be incorporated in full within the financial statements reported in the Quarterly Report on Form 10-Q to be filed on or about May 8, 2015.

The changes to the reporting units are as follows:
•
Willis International and Willis North America will remain largely unchanged except for certain specialty teams formerly included in Global which will be included in the geographic regions in which they are located.
•
Willis Capital, Wholesale and Reinsurance will include Willis Re, Willis Capital Markets & Advisory and the Company's wholesale business. In addition, it will also include a new unit called Willis Portfolio and Underwriting Services which includes all of the Company's activities that provide these services.
•
Willis GB includes the Company's UK retail business, facultative business and London Specialty business.

The impact of the changes to the selected financial data described above, retrospectively applied to 2012, 2013 and 2014 is disclosed in Exhibit 99.1.

Item 9.01 - Financial Statements and Exhibits

99.1
Impact of the changes to Consolidated Statement of Operations, segmental operating income and adjusted operating income





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
WILLIS GROUP HOLDINGS PLC
(REGISTRANT)
 
 
By:
 
/s/ JOHN GREENE
 
 
John Greene
 
 
Group Chief Financial Officer
 
 
(Principal Financial and Accounting Officer)
Dated: April 1, 2015







Exhibit 99.1

The following is the impact of the above unaudited changes retrospectively applied to the 2012, 2013 and 2014 segmental commissions and fees, total revenue, operating income (loss), organic commission and fee growth and operating margin disclosures:

As reported
 
2012
 
2013
 
2014
 
 
FY
 
Q1
 
Q2
 
Q3
 
Q4
 
FY
 
Q1
 
Q2
 
Q3
 
Q4
 
FY
 
 
(millions, except percentages)
Commissions and fees
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis Global
 
$
1,303

 
$
427

 
$
350

 
$
289

 
$
292

 
$
1,358

 
$
442

 
$
368

 
$
290

 
$
286

 
$
1,386

Willis North America
 
1,281

 
355

 
327

 
322

 
345

 
1,349

 
369

 
340

 
328

 
328

 
1,365

Willis International
 
874

 
264

 
208

 
180

 
274

 
926

 
279

 
222

 
190

 
325

 
1,016

     Total commissions and fees
 
$
3,458

 
$
1,046

 
$
885

 
$
791

 
$
911

 
$
3,633

 
$
1,090

 
$
930

 
$
808

 
$
939

 
$
3,767

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis Global
 
$
1,310

 
$
428

 
$
352

 
$
291

 
$
293

 
$
1,364

 
$
446

 
$
371

 
$
293

 
$
300

 
$
1,410

Willis North America
 
1,288

 
357

 
329

 
322

 
350

 
1,358

 
370

 
341

 
328

 
331

 
1,370

Willis International
 
882

 
266

 
209

 
182

 
276

 
933

 
281

 
223

 
191

 
327

 
1,022

     Total revenues
 
$
3,480

 
$
1,051

 
$
890

 
$
795

 
$
919

 
$
3,655

 
$
1,097

 
$
935

 
$
812

 
$
958

 
$
3,802

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis Global
 
$
400

 
$
187

 
$
108

 
$
47

 
$
34

 
$
376

 
$
181

 
$
108

 
$
28

 
$
35

 
$
352

Willis North America
 
252

 
82

 
55

 
46

 
66

 
249

 
96

 
64

 
49

 
64

 
273

Willis International
 
167

 
78

 
26

 
(7
)
 
81

 
178

 
84

 
23

 
(7
)
 
97

 
197

Corporate & other
 
(1,044
)
 
(66
)
 
(22
)
 
(16
)
 
(36
)
 
(140
)
 
(35
)
 
(47
)
 
(36
)
 
(57
)
 
(175
)
     Total operating (loss) income
 
$
(225
)
 
$
281

 
$
167

 
$
70

 
$
145

 
$
663

 
$
326

 
$
148

 
$
34

 
$
139

 
$
647

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Organic commission and fee growth
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis Global
 
4.7
 %
 
 
 
 
 
 
 
 
 
4.3
%
 
2.0
%
 
3.4
%
 
(0.4
)%
 
(0.3
)%
 
1.4
%
Willis North America
 
(0.4
)%
 
 
 
 
 
 
 
 
 
4.8
%
 
4.7
%
 
4.8
%
 
3.4
 %
 
(2.1
)%
 
2.8
%
Willis International
 
6.3
 %
 
 
 
 
 
 
 
 
 
5.8
%
 
7.2
%
 
5.6
%
 
6.3
 %
 
15.9
 %
 
9.0
%
     Total organic commission and fee growth
 
3.1
 %
 
 
 
 
 
 
 
 
 
4.9
%
 
4.2
%
 
4.5
%
 
2.5
 %
 
3.6
 %
 
3.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis Global
 
30.5
 %
 
43.7
%
 
30.7
%
 
16.2
 %
 
11.6
%
 
27.6
%
 
40.6
%
 
29.1
%
 
9.6
 %
 
11.7
 %
 
25.0
%
Willis North America
 
19.6
 %
 
23.0
%
 
16.7
%
 
14.3
 %
 
18.9
%
 
18.3
%
 
25.9
%
 
18.8
%
 
14.9
 %
 
19.3
 %
 
19.9
%
Willis International
 
18.9
 %
 
29.3
%
 
12.4
%
 
(3.8
)%
 
29.3
%
 
19.1
%
 
29.9
%
 
10.3
%
 
(3.7
)%
 
29.7
 %
 
19.3
%
     Total operating margin
 
(6.5
)%
 
26.7
%
 
18.8
%
 
8.8
 %
 
15.8
%
 
18.1
%
 
29.7
%
 
15.8
%
 
4.2
 %
 
14.5
 %
 
17.0
%



Exhibit 99.1

Reclassifications
 
2012
 
2013
 
2014
 
 
FY
 
Q1
 
Q2
 
Q3
 
Q4
 
FY
 
Q1
 
Q2
 
Q3
 
Q4
 
FY
 
 
(millions, except percentages)
Commissions and fees
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB (formerly Willis Global)
 
$
(674
)
 
$
(271
)
 
$
(181
)
 
$
(135
)
 
$
(106
)
 
$
(693
)
 
$
(292
)
 
$
(181
)
 
$
(142
)
 
$
(109
)
 
$
(724
)
Willis Capital, Wholesale and Reinsurance
 
691

 
283

 
187

 
139

 
107

 
716

 
303

 
192

 
144

 
110

 
749

Willis North America
 
(37
)
 
(16
)
 
(11
)
 
(9
)
 
(9
)
 
(45
)
 
(15
)
 
(17
)
 
(7
)
 
(8
)
 
(47
)
Willis International
 
20

 
4

 
5

 
5

 
8

 
22

 
4

 
6

 
5

 
7

 
22

     Total commissions and fees
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB (formerly Willis Global)
 
$
(681
)
 
$
(272
)
 
$
(182
)
 
$
(137
)
 
$
(107
)
 
$
(698
)
 
$
(293
)
 
$
(181
)
 
$
(144
)
 
$
(123
)
 
$
(741
)
Willis Capital, Wholesale and Reinsurance
 
698

 
284

 
188

 
140

 
109

 
721

 
304

 
193

 
145

 
124

 
766

Willis North America
 
(37
)
 
(16
)
 
(11
)
 
(8
)
 
(10
)
 
(45
)
 
(15
)
 
(18
)
 
(6
)
 
(8
)
 
(47
)
Willis International
 
20

 
4

 
5

 
5

 
8

 
22

 
4

 
6

 
5

 
7

 
22

     Total revenues
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB (formerly Willis Global)
 
$
(197
)
 
$
(150
)
 
$
(58
)
 
$
(14
)
 
$
26

 
$
(196
)
 
$
(159
)
 
$
(51
)
 
$
(7
)
 
$
13

 
$
(204
)
Willis Capital, Wholesale and Reinsurance
 
221

 
162

 
65

 
16

 
(22
)
 
221

 
168

 
63

 
9

 
(16
)
 
224

Willis North America
 
(31
)
 
(15
)
 
(10
)
 
(8
)
 
(11
)
 
(44
)
 
(13
)
 
(17
)
 
(4
)
 
(7
)
 
(41
)
Willis International
 
1

 
—

 
1

 
—

 
2

 
3

 
—

 
—

 
(3
)
 
1

 
(2
)
Corporate & other
 
6

 
3

 
2

 
6

 
5

 
16

 
4

 
5

 
5

 
9

 
23

     Total operating income
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Organic commission and fee growth
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB (formerly Willis Global)
 
(2.1
)%
 
 
 
 
 
 
 
 
 
(1.3
)%
 
(8.3
)%
 
3.5
 %
 
(4.7
)%
 
(1.9
)%
 
(2.9
)%
Willis Capital, Wholesale and Reinsurance
 
4.7
 %
 
 
 
 
 
 
 
 
 
6.5
 %
 
6.3
 %
 
2.7
 %
 
3.6
 %
 
2.8
 %
 
4.3
 %
Willis North America
 
0.8
 %
 
 
 
 
 
 
 
 
 
(0.1
)%
 
0.7
 %
 
(1.6
)%
 
0.8
 %
 
0.3
 %
 
(0.1
)%
Willis International
 
0.1
 %
 
 
 
 
 
 
 
 
 
(0.4
)%
 
—
 %
 
0.5
 %
 
(0.7
)%
 
(0.9
)%
 
(0.2
)%
     Total organic commission and fee growth
 
—
 %
 
 
 
 
 
 
 
 
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB (formerly Willis Global)
 
1.8
 %
 
(20.0
)%
 
(1.3
)%
 
5.2
 %
 
20.7
 %
 
(0.6
)%
 
(26.2
)%
 
0.9
 %
 
4.5
 %
 
15.4
 %
 
(2.9
)%
Willis Capital, Wholesale and Reinsurance
 
31.7
 %
 
57.0
 %
 
34.6
 %
 
11.4
 %
 
(20.2
)%
 
30.7
 %
 
55.3
 %
 
32.6
 %
 
6.2
 %
 
(12.9
)%
 
29.2
 %
Willis North America
 
(1.9
)%
 
(3.4
)%
 
(2.5
)%
 
(2.2
)%
 
(2.7
)%
 
(2.7
)%
 
(2.5
)%
 
(4.2
)%
 
(0.9
)%
 
(1.7
)%
 
(2.4
)%
Willis International
 
(0.3
)%
 
(0.4
)%
 
0.2
 %
 
0.1
 %
 
(0.1
)%
 
(0.1
)%
 
(0.4
)%
 
(0.3
)%
 
(1.4
)%
 
(0.4
)%
 
(0.6
)%
     Total operating margin
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %
 
—
 %


Exhibit 99.1

As reclassified
 
2012
 
2013
 
2014
 
 
FY
 
Q1
 
Q2
 
Q3
 
Q4
 
FY
 
Q1
 
Q2
 
Q3
 
Q4
 
FY
 
 
(millions, except percentages)
Commissions and fees
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB
 
$
629

 
$
156

 
$
169

 
$
154

 
$
186

 
$
665

 
$
150

 
$
187

 
$
148

 
$
177

 
$
662

Willis Capital, Wholesale and Reinsurance
 
691

 
283

 
187

 
139

 
107

 
716

 
303

 
192

 
144

 
110

 
749

Willis North America
 
1,244

 
339

 
316

 
313

 
336

 
1,304

 
354

 
323

 
321

 
320

 
1,318

Willis International
 
894

 
268

 
213

 
185

 
282

 
948

 
283

 
228

 
195

 
332

 
1,038

     Total commissions and fees
 
$
3,458

 
$
1,046

 
$
885

 
$
791

 
$
911

 
$
3,633

 
$
1,090

 
$
930

 
$
808

 
$
939

 
$
3,767

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB
 
$
629

 
$
156

 
$
170

 
$
154

 
$
186

 
$
666

 
$
153

 
$
190

 
$
149

 
$
177

 
$
669

Willis Capital, Wholesale and Reinsurance
 
698

 
284

 
188

 
140

 
109

 
721

 
304

 
193

 
145

 
124

 
766

Willis North America
 
1,251

 
341

 
318

 
314

 
340

 
1,313

 
355

 
323

 
322

 
323

 
1,323

Willis International
 
902

 
270

 
214

 
187

 
284

 
955

 
285

 
229

 
196

 
334

 
1,044

     Total revenues
 
$
3,480

 
$
1,051

 
$
890

 
$
795

 
$
919

 
$
3,655

 
$
1,097

 
$
935

 
$
812

 
$
958

 
$
3,802

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB
 
$
203

 
$
37

 
$
50

 
$
33

 
$
60

 
$
180

 
$
22

 
$
57

 
$
21

 
$
48

 
$
148

Willis Capital, Wholesale and Reinsurance
 
221

 
162

 
65

 
16

 
(22
)
 
221

 
168

 
63

 
9

 
(16
)
 
224

Willis North America
 
221

 
67

 
45

 
38

 
55

 
205

 
83

 
47

 
45

 
57

 
232

Willis International
 
168

 
78

 
27

 
(7
)
 
83

 
181

 
84

 
23

 
(10
)
 
98

 
195

Corporate & other
 
(1,038
)
 
(63
)
 
(20
)
 
(10
)
 
(31
)
 
(124
)
 
(31
)
 
(42
)
 
(31
)
 
(48
)
 
(152
)
     Total operating (loss) income
 
$
(225
)
 
$
281

 
$
167

 
$
70

 
$
145

 
$
663

 
$
326

 
$
148

 
$
34

 
$
139

 
$
647

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Organic commission and fee growth
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB
 
2.6
 %
 
 
 
 
 
 
 
 
 
3.0
%
 
(6.3
)%
 
6.9
%
 
(5.1
)%
 
(2.2
)%
 
(1.5
)%
Willis Capital, Wholesale and Reinsurance
 
4.7
 %
 
 
 
 
 
 
 
 
 
6.5
%
 
6.3
 %
 
2.7
%
 
3.6
 %
 
2.8
 %
 
4.3
 %
Willis North America
 
0.4
 %
 
 
 
 
 
 
 
 
 
4.7
%
 
5.4
 %
 
3.2
%
 
4.2
 %
 
(1.8
)%
 
2.7
 %
Willis International
 
6.4
 %
 
 
 
 
 
 
 
 
 
5.4
%
 
7.2
 %
 
6.1
%
 
5.6
 %
 
15.0
 %
 
8.8
 %
     Total organic commission and fee growth
 
3.1
 %
 
 
 
 
 
 
 
 
 
4.9
%
 
4.2
 %
 
4.5
%
 
2.5
 %
 
3.6
 %
 
3.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Willis GB
 
32.3
 %
 
23.7
%
 
29.4
%
 
21.4
 %
 
32.3
 %
 
27.0
%
 
14.4
 %
 
30.0
%
 
14.1
 %
 
27.1
 %
 
22.1
 %
Willis Capital, Wholesale and Reinsurance
 
31.7
 %
 
57.0
%
 
34.6
%
 
11.4
 %
 
(20.2
)%
 
30.7
%
 
55.3
 %
 
32.6
%
 
6.2
 %
 
(12.9
)%
 
29.2
 %
Willis North America
 
17.7
 %
 
19.6
%
 
14.2
%
 
12.1
 %
 
16.2
 %
 
15.6
%
 
23.4
 %
 
14.6
%
 
14.0
 %
 
17.6
 %
 
17.5
 %
Willis International
 
18.6
 %
 
28.9
%
 
12.6
%
 
(3.7
)%
 
29.2
 %
 
19.0
%
 
29.5
 %
 
10.0
%
 
(5.1
)%
 
29.3
 %
 
18.7
 %
     Total operating margin
 
(6.5
)%
 
26.7
%
 
18.8
%
 
8.8
 %
 
15.8
 %
 
18.1
%
 
29.7
 %
 
15.8
%
 
4.2
 %
 
14.5
 %
 
17.0
 %