WTW reports results for Q4 and full-year 2023

WTW reports results for Q4 and full-year 2023

WTW reports results for Q4 and full-year 2023 | Insurance Business Asia

Insurance News

WTW reports results for Q4 and full-year 2023

CEO calls 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.

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“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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