UPDATE 2-Higher revenue boosts Willis Group 1st-qtr profit

* Willis posts higher net profit

* Adj earnings beat Wall Street view

* Shares unchanged after the report (Adds earnings details, Reuters Estimates, share activity)

NEW YORK, April 29 (Reuters) - Willis Group Holdings Ltd (WSH.N), the world's third largest insurance broker, said on Wednesday its net income rose 15 percent in the first quarter, on strong commission and fee income.

Willis, which is domiciled in Bermuda and has large operations in New York and London, said net income was $201 million, compared with $166 million, in the year-earlier quarter.

On a per share basis, the profit was equal to $1.16, the same as in the year-ago period when there were fewer shares outstanding.

Adjusted earnings per share from continuing operations of $1.16 beat analysts' expectations of $1.10 according to Reuters Estimates.

Commission and fee income for the insurance broker, which helps corporate risk managers secure a wide range of insurance coverage, was nearly 19 percent higher at $915 million.

Willis shares rose 7.7 percent to close at $25.99 on the New York Stock Exchange, and were unchanged after the report. The stock has fallen by nearly a third from a 52-week high of $37.34 set on May 14, according to Reuters data. (Reporting by Lilla Zuill; Editing by Richard Chang)