WTW unveils earnings for Q1

WTW unveils earnings for Q1

WTW unveils earnings for Q1 | Insurance Business Canada

Insurance News

WTW unveils earnings for Q1

Chief executive cites “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.”

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

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