WTW reports Q1 earnings
WTW reports Q1 earnings | Insurance Business Canada
Insurance News
WTW reports Q1 earnings
CEO says 2024 off to a solid start despite slide in net income
Insurance News
By
Terry Gangcuangco
WTW has published its earnings report for the first quarter of 2024.
Here’s how the broking giant fared in the period:
Metric
Q1 2024
Q1 2023
Revenue
US$2.34 billion
US$2.24 billion
Income from operations
US$280 million
US$285 million
Adjusted operating income
US$483 million
US$418 million
Net income
US$194 million
US$206 million
Adjusted net income
US$341 million
US$306 million
WTW’s HWC (health, wealth & career) segment saw a 4% increase in revenue in the first quarter, from US$1.29 billion to US$1.34 billion. The segment’s operating income grew 9% to US$336 million.
Risk & broking, meanwhile, posted an 8% climb in revenue to US$978 million. Operating income from the segment was up 13% to US$203 million.
Commenting on the Q1 financial results, WTW chief executive Carl Hess (pictured) said: “We started 2024 with solid first quarter results that, together with our robust pipeline and continued progress transforming our businesses, position us well to achieve our goals for the year.
“Our successful strategic execution and strong demand for our industry-leading solutions drove healthy organic growth, with solid margins and earnings per share. We also maintained our disciplined approach to capital allocation, with US$101 million of share repurchases during the quarter.
“Looking ahead, we are confident in our ability to deliver on our commitments, backed by our focus on strategic growth initiatives and operating efficiency.”
For the full year, WTW expects to deliver at least US$9.9 billion in revenue.
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