WTW announces results for Q1
WTW announces results for Q1 | Insurance Business New Zealand
Insurance News
WTW announces results for Q1
Chief executive calls period a “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.
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