WTW announces earnings for Q1

WTW announces earnings for Q1 | Insurance Business Canada

Insurance News

WTW announces earnings for Q1

CEO points to “solid start”

Insurance News

By
Terry Gangcuangco

It’s the turn of insurance broking giant WTW to outline how it fared in the first quarter of 2023.

Here are WTW’s consolidated results in the period:

Metric

Q1 2023

Q1 2022

Revenue

US$2.24 billion

US$2.16 billion

Income from operations

US$285 million

US$179 million

Adjusted operating income

US$418 million

US$371 million

Net income

US$206 million

US$125 million

Adjusted net income

US$306 million

US$315 million

According to WTW, its health, wealth & career segment contributed US$1.29 billion in revenue, while US$904 million came from the risk & broking segment. Both figures were higher compared to their 2022 counterparts.

Commenting on the numbers, chief executive Carl Hess said: “The first quarter was a solid start to the year for WTW. Our investments in talent and technology, along with the momentum in our business, helped us achieve excellent revenue increases on both a reported and an organic basis.

“Our top-line revenue growth, together with our expense discipline, the successful execution of our transformation efforts, and initiatives to simplify our company drove operating margin expansion over the prior year. We are proving ourselves to be resilient in a complex risk and economic environment.”

Based on current and anticipated market conditions, WTW is expecting to deliver mid-single digit organic revenue growth for the full year.