NEW YORK (Bloomberg) — Willis Group Holdings Ltd., the world's third-largest insurance broker, posted a 46 percent drop in profit, cut its earnings forecast for this year and said goals for 2009 and 2010 are being reviewed.

Net income for the third quarter fell to $36 million, or 25 cents a share, from $67 million, or 46 cents, a year earlier, the London-based company said in a statement distributed by Business Wire last night. Profit excluding some items was 32 cents a share, missing the 39-cents-a-share average estimate of 10 analysts surveyed by Bloomberg.