WTW confirms Q1 numbers

It’s the turn of broking giant WTW to reveal how it performed in the first quarter of 2022, and the group believes it remains on track to reach its financial targets for the year despite an 83% decline in net income.

In the three months ended March 31, WTW’s total revenue amounted to US$2.16 billion, a 3% drop from the US$2.23 billion posted in Q1 2021. Net income, however, fell significantly from last year’s US$736 million to US$125 million this time around.

In terms of segment operating income, which excludes certain costs, here’s how WTW fared in the quarter:

WTW realigned its offerings into the two segments on January 01. Previously, the company’s operations were divided into human capital and benefits; corporate risk and broking; investment, risk & reinsurance; and benefits delivery and administration.

Commenting on the numbers, WTW chief executive Carl Hess stated: “The first quarter marked a solid start to the year for WTW with results that were in line with expectations and reflect improved momentum in our business.

“During the quarter, we continued to make significant progress across our strategic priorities. We launched innovative new products, hired at our fastest rate since 2019, simplified our reporting structure, and made headway on transforming our cost structure.”

Hess added that WTW has executed on its capital allocation strategy, repurchasing US$4.1 billion in shares and reaching the firm’s target for the year ahead of schedule.

“Going forward,” continued the CEO, “we believe we are well-positioned for success, with our industry-leading solutions and teams helping our clients address their most pressing needs in a volatile economic environment. We believe we remain on track to achieve our 2022 financial targets and are confident in our ability to deliver on our long-term goals for the benefit of all our stakeholders.”