WTW releases earnings report for Q3 2023

WTW releases earnings report for Q3 2023 | Insurance Business Asia

Insurance News

Chief executive cites value of brokerage’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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