WTW announces financials for Q4 and full-year 2023

WTW announces financials for Q4 and full-year 2023 | Insurance Business New Zealand

Insurance News

WTW announces financials for Q4 and full-year 2023

Chief executive considers annual performance “solid”

Insurance News

By
Terry Gangcuangco

WTW had a “solid” financial performance in 2023, according to chief executive Carl Hess (pictured).

In a release, the broking giant reported the following results for the three months and year ended December 31, 2023:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Revenue

US$2.91 billion

US$2.72 billion

US$9.48 billion

US$8.87 billion

Income from operations

US$779 million

US$708 million

US$1.37 billion

US$1.18 billion

Adjusted operating income

US$998 million

US$882 million

US$2.08 billion

US$1.85 billion

Net income

US$623 million

US$593 million

US$1.06 billion

US$1.02 billion

Adjusted net income

US$775 million

US$689 million

US$1.54 billion

US$1.51 billion

Segment-wise, both risk & broking and health, wealth & career posted increases in revenue and operating income in the fourth quarter.

“WTW closed 2023 with robust momentum, delivering strong organic revenue, margin, and earnings growth in the fourth quarter to cap a solid financial performance for the year,” Hess said. “Our topline results and healthy pipeline for 2024 reflect the success of our growth initiatives with both new and existing clients.

“Alongside the strong revenue growth, our progress simplifying and transforming our operations drove efficiencies and margin expansion in the quarter. We also made progress on our commitment to improve cash flow.

“I applaud my colleagues for their hard work in growing, simplifying, and transforming WTW. I look forward to our working together in 2024 as we aim to achieve our strategic and financial goals and create value for our shareholders.”

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