WTW publishes financial results for Q3 2023
WTW publishes financial results for Q3 2023 | Insurance Business Australia
Insurance News
WTW publishes financial results for Q3 2023
Chief executive cites value of company’s global model
Insurance News
By
Terry Gangcuangco
Results season continues with the turn of WTW to outline its performance in the third quarter of 2023.
In a release, the broking giant reported the following numbers for the three months ended September 30:
Metric
Q3 2023
Q3 2022
Revenue
US$2.17 billion
US$1.95 billion
Income from operations
US$159 million
US$154 million
Adjusted operating income
US$351 million
US$284 million
Net income
US$139 million
US$192 million
Adjusted net income
US$236 million
US$243 million
Broken down into segments, WTW’s health, wealth & career business posted a 29% increase in operating income to US$305 million.
The risk & broking segment, meanwhile, generated an operating income worth US$134 million, representing a 28% jump from the same quarter in 2022. In particular, corporate R&B enjoyed strong new business, improved client retention, and rate increases in Q3 of this year.
Commenting on the financial results, WTW chief executive Carl Hess said: “Our strong revenue growth in the third quarter reflects the value of our global model and the increasing impact of our ongoing investments in talent and technology. We continued to execute against our strategy and posted solid margins through growth, simplification, and transformation, as well as greater cost discipline.
“Looking ahead, the continued strong demand for our differentiated services, the traction of our transformation programme and expense control initiatives, and the resilience of our business give us confidence in our ability to deliver on our commitments for the year and to drive profitable growth.”
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