Willis Towers Watson enjoys solid revenue growth in 2019
Broker Willis Towers Watson enjoyed strong growth in 2019 as it recorded organic revenue growth of 6 percent for the fourth quarter and 5 percent for the full year. Its reinsurance and wholesale segment growth was driven by net new business growth and favorable renewal factors.
Year end results for the company showed 6 percent overall growth with revenue standing at $9.04 billion, compared to $8.51 billion for the same period in the prior year. For the fourth quarter 2019, the company posted revenue increase of 13 percent to $2.69 billion, compared to $2.37 billion in Q4 2018.
Net income attributable to Willis Towers Watson for the year ended December 31, 2019 was $1.04 billion, a 50 percent increase from $695 million for the same period in the prior year. For Q4 2019, the net income was $544 million, an increase of 44 percent from $378 million for the prior-year fourth quarter.
On an organic basis, all lines of business contributed to the growth. Reinsurance and wholesale growth was driven by net new business growth and favorable renewal factors while insurance consulting and technology revenue grew from strong technology sales, the company said.
"For the year, Willis Towers Watson generated 5 percent organic revenue growth, which was broad-based across all our businesses and 6 percent growth overall. In addition to our continued progress on the operational front, we successfully completed the acquisition of TRANZACT which helped significantly strengthen Willis Towers Watson’s overall growth profile as total revenue increased 13% in the fourth quarter versus prior year”, said John Haley, Willis Towers Watson’s chief executive officer.
“As we look ahead to fiscal year 2020, we remain focused on executing our strategy and confident in our ability to continue delivering significant value for our clients, colleagues and shareholders,” Haley added.
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