Willis CEO ‘proud’ of results as it enjoys solid organic growth and profits
“I am proud of the company’s financial results for the third quarter and year to date,” said Willis Towers Watson’s John Haley (pictured) as he announced the firm's results for one last time as its chief executive officer before handing over the reins to CEO-in-waiting Carl Hess on January 1, 2022.
Despite having a year like no other that saw the breakdown of its $30 billion merger deal with Aon, the re/insurance broker reported solid revenue growth and profits in both the latest quarter and full nine months of 2021, driven by an organic growth of 10 percent in its Investment, Risk & Reinsurance (IRR) segment and 6 percent in Corporate Risk & Broking segment.
WTW’s total revenue increased 4 percent to $2 billion with constant currency growth of 3 percent and organic growth of 7 percent in the third quarter of this year, compared with $1.90 billion for the same period in the prior year.
For the nine months ended September 30, 2021, revenue was $6.29 billion, an increase of 6 percent (3 percent increase constant currency and 6 percent increase organic), compared with $5.95 billion for the same period in the prior year.
The net profit attributable to Willis Towers Watson for the third quarter of 2021 was $903 million, an increase of whopping 646 percent from $121 million for the prior-year third quarter.
For the first nine months, net profit was $1.8 billion, an increase of 250 percent from $520 million for the same period in the prior year.
Haley said: “Our third quarter results are highlighted by solid revenue growth, continued margin expansion, and strong adjusted EPS growth.
“During the third quarter, Willis Towers Watson continued to evolve our leadership, structure and portfolio of businesses. We introduced our new Global Leadership Team (GLT) and our grow, simplify, and transform strategy.
“We have significant core strengths which we believe will help guide our strategy that is designed to generate value for all our stakeholders, external and internal, going forward.”
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