Tech and talent investments pay off, WTW starts 2023 with robust growth

Global broker  WTW enjoyed impressive organic revenue growth and 65% higher profits in the first quarter of the year, owing to its investments in technology and talent, despite a challenging economic and risk environment.

WTW achieved 8% organic growth in Q1 2023. The total revenue increased 4% to $2.24 billion from $2.16 billion for the same period in the prior year. Excluding a 3% foreign currency headwind, revenue increased 7%.

The net profit for the quarter rose 65% to $206 million, compared with $125 million in the prior-year first quarter.

The company's Risk and Broking (R&B) segment reported a revenue of $904 million in the first quarter, an increase of 1% (5% increase constant currency and 10% increase organic) from $891 million in the prior year.

WTW noted that on an organic basis, Corporate Risk & Broking generated excellent organic revenue growth across all geographies, primarily driven by new business and increased retention in our global lines of business, most notably in aerospace, financial solutions and natural resources.

WTW recently announced a strategic collaboration to help further improve the insurance placement experience with Zurich.

Carl Hess, WTW’s chief executive officer, said: “The first quarter was a solid start to the year for WTW. Our investments in talent and technology, along with the momentum in our business, helped us achieve excellent revenue increases on both a reported and an organic basis.

“Our top-line revenue growth, together with our expense discipline, the successful execution of our transformation efforts and initiatives to simplify our company drove operating margin expansion over the prior year. We are proving ourselves to be resilient in a complex risk and economic environment.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.