WTW reports Q1 financials

WTW reports Q1 financials | Insurance Business America

Insurance News

WTW reports Q1 financials

Chief executive says year 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

$2.34 billion

$2.24 billion

Income from operations

$280 million

$285 million

Adjusted operating income

$483 million

$418 million

Net income

$194 million

$206 million

Adjusted net income

$341 million

$306 million

WTW’s HWC (health, wealth & career) segment saw a 4% increase in revenue in the first quarter, from $1.29 billion to $1.34 billion. The segment’s operating income grew 9% to $336 million.

Risk & broking, meanwhile, posted an 8% climb in revenue to $978 million. Operating income from the segment was up 13% to $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 $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 $9.9 billion in revenue.

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