Willis Towers Watson Public Limited Company (WTW) reports developments across its advisory, broking and solutions businesses in people, risk and capital. News commonly covers earnings from Health, Wealth & Career and Risk & Broking, insurance brokerage and risk consulting activity, employee benefits, workplace pensions, benefits delivery and outsourcing, and insurance consulting technology.
Company updates also include product launches such as transactional-risk insurance, catastrophe and reputational-risk research, AI and technology adoption, acquisition integration in brokerage and workplace savings, leadership appointments, share repurchase plans and client or brand partnerships.
WTW has initiated a new financial project aimed at bolstering the resilience of vulnerable fishing communities in Fiji and Papua New Guinea against climate change impacts. This initiative, titled Financial Tools for Small-scale Fishers in Melanesia, developed in collaboration with WWF, will create financial products that provide faster payouts to support these communities. The project is funded by the GEF’s Special Climate Change Fund, addressing the lack of climate risk protection beyond existing insurance policies.
WTW reported a 3% decrease in total revenue for Q1 2022 at $2.16 billion, despite organic growth of 2%. Diluted EPS fell 82% year-over-year to $1.03, while adjusted EPS rose 22% to $2.66. Income from operations declined to $179 million with an operating margin of 8.3%, down 120 bps. Significant share buybacks of $4.1 billion were executed. Enhanced hiring rate and focus on strategic initiatives are noted, with plans for mid-single digit organic revenue growth for 2022.
WTW (NASDAQ: WTW) announced the appointment of Michael Chang as Head of Corporate Risk and Broking (CRB) North America, effective later in 2022. He replaces Mike Liss, who will retire in mid-2023. Michael Chang brings over two decades of experience from Sompo International and Chubb, emphasizing industry specialization and a data-driven approach. Adam Garrard, Head of CRB, highlighted Chang’s global perspective and strong client connections as vital to WTW's strategy. Mike Liss's leadership over 16 years cultivated a strong business presence with 3,000 colleagues across North America.
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WTW (NASDAQ: WTW) has appointed Mike McKinley as the new Global Head of Tax, effective May 9. This move is part of a broader strategy to enhance the Finance function, coinciding with WTW's strategic priorities to grow, simplify, and transform operations. McKinley, previously with Marsh McLennan, brings over 25 years of experience in the industry. His leadership is expected to provide valuable insights and a fresh perspective, further driving WTW's mission of data-driven solutions across 140 countries.
WTW (NASDAQ: WTW) has been recognized for the 11th consecutive year in the IAOP's 2022 Global Outsourcing 100 list, highlighting its excellence as an outsourcing provider. WTW achieved top scores in Innovation and received accolades for Customer References, Corporate Social Responsibility, and Sustained Excellence. The recognition reflects WTW's commitment to delivering efficient solutions and exceptional employee experiences, with more than 140 countries serviced. This acknowledgment reinforces the company's focus on innovation and client success amidst evolving market demands.
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WTW has chosen Capital Rx as its innovative pharmacy benefits management (PBM) partner, aiming to provide clients with improved flexibility, transparency, and competitive drug pricing. This decision follows employers' frustrations over rising prescription drug costs. Capital Rx's model emphasizes transparency in drug pricing and offers significant financial value through its Clearinghouse Model®, designed to enhance cost visibility. Capital Rx's technology facilitates savings and increased efficiency for employers participating in the Rx Collaborative.
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WTW (NASDAQ: WTW) has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the acquisition of the remaining 51% shares in Willis Towers Watson India Insurance Brokers Private Limited, effective April 11, 2022. This acquisition enhances WTW's portfolio in the Indian market, where it currently employs over 4,000 people. Vivek Nath has been appointed as WTW’s Head of India, succeeding Rohit Jain, to lead business growth and operational strategies in this key market.