A $4.3bn business sale to Blackstone fuels Aon’s M&A appetite
13-02-2017
Profits halve at Willis in first year after merger
09-02-2017
istocksdaily / istockphoto.com
A year on from the merger between Willis and Towers Watson and the broker is still working on its reorganisation whilst Aon is looking for M&A opportunities to deploy its growing cash holdings, executives suggested at separate brokers’ conference calls about their 2016 results.
However, commissions and fees in the investment, risk & reinsurance segment declined 9 percent in the fourth quarter to $260 million. The decline was driven by reinsurance in the international region and the portfolio underwriting services.
Performance was better in the exchange solutions segment, which saw commissions and fees jump 21 percent year-on-year in the fourth quarter to $174 million, driven by a 34 percent boost from retiree and access exchanges revenues.
Willis managed to overachieve its 2016 merger related cost savings guidance of $20 million, instead reaching almost $40 million in cost savings, Haley says. “We feel very confident in meeting our 2018 cost savings objectives of $100 to $125 million.”
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WillisTowers Watson, Aon, US, North America, Results, Broker, M&A
