Results season continues and it is WTW’s turn to reveal how it fared in 2021.
The recently rebranded broking giant has just published its financial results for last year, including those in the final quarter, and chief executive Carl Hess is already looking ahead.
“The fourth quarter marked the end of a solid fiscal year at WTW,” stated the CEO. “For the year, we delivered revenue growth and meaningful margin expansion. While the results are in line with our expectations, they do not fully reflect the near- and long-term potential of the company.
“Looking ahead to 2022, we remain committed to doing the work that’s needed to strengthen performance. Our hiring levels have increased, and we expect that the impacts of previous colleague departures will subside helping us to deliver long-term organic growth and margin expansion in line with our Investor Day expectations.”
Here are the numbers, in terms of revenue, for the periods ended December 31:
|
Segment |
Q4 2021 revenue |
Q4 2020 revenue |
FY 2021 revenue |
FY 2020 revenue |
|
Human capital & benefits |
US$884 million |
US$865 million |
US$3.45 billion |
US$3.28 billion |
|
Corporate risk & broking |
US$882 million |
US$888 million |
US$3.18 billion |
US$2.98 billion |
|
Investment, risk & reinsurance |
US$199 million |
US$205 million |
US$814 million |
US$921 million |
|
Benefits delivery & administration |
US$729 million |
US$693 million |
US$1.5 billion |
US$1.36 billion |
|
Total |
US$2.71 billion |
US$2.67 billion |
US$9 billion |
US$8.62 billion |
Net income attributable to WTW in the fourth quarter stood at US$2.4 billion – a 405% surge from the US$476 million posted in the same three-month span in 2020. For the full year, net income attributable to WTW rose 324% from 2020’s US$996 million to US$4.2 billion in 2021.
Meanwhile Hess added: “Our new global leadership team has been working diligently on our new path forward as we look to execute on our strategic priorities. We are squarely focussed on delivering on our targets, and I am confident that the actions we are taking will create value for our clients, colleagues, and shareholders.”
