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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