Willis Q2 profit drops on restructuring, integration costs
Broker Willis Towers Watson said Aug. 3 that its net income dropped in the second quarter of 2017 as integration expenses and restructuring costs weighed on results.
For the second quarter of 2017, net income attributable to Willis Towers Watson was $33 million, a decrease from $72 million in the prior-year second quarter. The result includes pre-tax $63 million of integration expenses and $27 million of restructuring costs, the company noted.
“I’m pleased with the continued progress in the second quarter and the results for the first half of 2017,” said John Haley, Willis Towers Watson’s CEO. “We continue to build momentum across our portfolio of businesses while work continues on our integration efforts.”
We still have work to do to attain our full potential, but the commitment and excitement I see across the Company gives me great confidence in the power of a truly integrated Willis Towers Watson.”
Commissions and fees were $1.93 billion in the second quarter, an increase of 2 percent as compared to the same period in the prior year. Total revenues were $1.95 billion for the quarter, flat as compared to the same period in the prior year.
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