Willis Group Holdings Plc posted a higher quarterly profit as lower expenses helped the insurance-broker offset a slight decline in commissions and fees.The company’s net income from continuing operations for the second quarter rose to $107 million, or 61 cents per share, from $84 million, or 48 cents per share, a year earlier, the company announced on Thursday.Total revenue fell 2.2 percent to $842 million due to lower commissions and fees and lower investment income..On Friday, Citigroup upgraded Willis shares from a neutral to a buy rating. The company’s New York-listed shares rose sharply, climbing $1.46, or 4.25 percent, to $35.85.Total expenses decreased 5.9 percent year over year to $663 million, primarily due to a decline in salaries and benefits and lower operating expense.Adjusted operating income was $174 million, down six percent year over year. Operating margin contracted 80 basis points to 20.7 percent.The cash and cash equivalent balance at quarter end stood at $407 million, down 6.4 percent from the end of last year. Long-term debt increased 1.8 percent to $2.4 billion from 2011 end.Willis spent $37 million to buyback 1.04 million shares in the quarter. The company expects to repurchase shares worth almost $100 million in 2012.The company’s board authorised a dividend of 27 cents to the shareholders of record at September 28, payable on October 15.