Willis Towers Watson grows Q2 organic revenue by 3%
Willis Towers Watson (WTW) has reported a 3 percent year on year growth in organic revenue in the second quarter of 2018, excluding the effect of a new accounting standard.
As of Jan. 1, 2018, WTW adopted Accounting Standards Codification 606 (ASC 606), which had a material impact to the timing, amounts and classifications of certain results and balances.
Excluding the accounting impact of the new standard, net income increased 117 percent year on year to $89 million in the second quarter. Adjusted net income increased 26 percent year on year to $249 million.
In the corporate risk & broking (CRB) segment revenue increased 4 percent year on year to $669 million, driven by growth globally across most geographies. The growth was particular pronounced in the International and North America regions, attributable to new business.
The CRB segment had an operating margin of 13 percent compared to 16 percent for the prior-year second quarter due to the decrease in Great Britain revenue and segment wide investments.
Without the impact of ASC 606, for 2018, the company continues to expect constant currency revenue growth of around 3 percent, and 4 percent on an organic basis.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Arch CEO bullish on mortgage insurance
Enstar Q2 profit plummets
CNO Financial reinsures legacy portfolio with Wilton Re
RSA H1 underwriting profit down 23%
