Willis Towers Watson losses widen in Q3
Broker Willis Towers Watson reported an attributable net loss of $54 million for the third quarter of 2017 after a net loss of $32 million in the same period a year ago.
The results include pre-tax $74 million of transaction and integration expenses and $31 million of restructuring costs, the company said in a Nov. 2 statement.
Total revenues were $1.85 billion for the third quarter, an increase as compared to $1.78 billion recorded in the same period of 2016.
Commissions and fees were up 4 percent year on year at $1.83 billion.
CEO John Haley commented: “I’m very pleased with the third quarter results and perhaps more important, with what they represent: the commitment of our leadership and colleagues to providing outstanding service to our clients, which in turn is allowing us to build a company and develop business strategies for the long-term as envisioned by the merger objectives. Their focus and determination are paying off.”
Willis Group Holdings and Towers Watson completed a $17 billion merger deal on Jan. 4, 2016.
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