Profits halve at Willis in first year after merger

Willis Towers Watson, a broker and advisory firm, reported an attributable net income of $312 million for 2016, down from $640 million in the previous year.

The merger of Willis Group Holdings and Towers Watson & Co. was completed on Jan. 4, 2016.

Total Revenues were up 5 percent at $7.9 billion in 2016 compared to its pro forma revenues in 2015.

Commissions and fees were up in 2016 at $7.75 billion compared to $7.34 billion in the previous year.

“As we celebrate the first anniversary of Willis Towers Watson, I want to thank all of our colleagues for their support, enthusiasm and client focus,” said John Haley, Willis Towers Watson’s CEO.

“I’m very pleased with the progress we’ve made against our 2016 costs, tax and revenue synergy goals. I’m confident that our integrated talent and risk offerings, combined with the strong leadership team, including the recent changes made in CRB and IRR, have enhanced our go to market strategies, which will help us to achieve our 2018 merger objectives.”

For 2017, the company expects constant currency revenue growth between 2 percent and 3 percent and adjusted diluted earnings per share in the range of $8.40 to $8.55.

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