Willis Holdings Group Ltd reported its latest earnings last night reporting it made a first quarter profit more than six times larger than it made in the same period last year.The global insurance broker posted a net income of $225 million or $1.28 per share for the first quarter of 2012, compared with $35 million or 20 cents per share in the first quarter of 2011. Earnings per share of $1.32 beat analysts’ expectations of $1.26.Net income for the first quarter was impacted by a $13 million charge for write-off of uncollectable accounts receivable together with associated legal fees related to previously disclosed fraudulent activity in a stand-alone North American business.Reported net income in the first quarter of 2011 was impacted by a $97 million charge related to the 2011 operational review, $171 million make-whole amounts related to the repurchase and redemption of senior notes and write-offs of unamortised debt issuance costs, and a $4 million gain on disposal of operations.Reported fees and commissions in the North America segment declined by three percent compared to the first quarter of 2011 while organic commission and fees declined by two percent. Organic commission and fee growth was negatively impacted by the continued weakness in the Loan Protector business.The International segment reported one percent growth in fees and commission and the Global segment, which comprises of Reinsurance and Global Specialties, reported four percent growth in commissions and fees. Organic growth was led by reinsurance which grew high single-digits driven by new business growth and an improvement in the rate environment.“Across Willis Group, we generated two percent organic growth in the quarter with only minimal rate tailwind,” said Joe Plumeri, Chairman and chief executive officer, Willis Group Holdings. “Growth at Willis this quarter was led by the Global segment, which continues to do very well. The International segment reported strong results despite uneven economic conditions in many of the larger markets in which we operate. And the North America segment also provided positive organic growth, excluding the results from our Loan Protector unit, helped by retention that is returning to normal levels,” Plumeri added.Total reported revenues for the first quarter were up one percent over last year to $1.01 billion.In February 2012 the company announced its intention to buy back up to $100 million of its common stock during 2012.During the first quarter 2012, Willis repurchased 600,000 shares for approximately $21 million.