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Willis Towers Watson unveils Q3 2021 results

By 28/10/2021No Comments

Meanwhile, WTW’s income from operations for Q3 2021 was $1.1 billion, up from $66 million in Q3 2020 and its adjusted operating income rose 120 basis points compared to last year to $264 million. Net income attributable to WTW in Q3 2021 was $903 million, up 646% from $121 million in Q3 2020. For the nine months ended September 30, 2021, income from operations stood at $1.5 billion, up from $280 million in the same period last year.

Adjusted operating income was $920 million, or 14.6% of revenue, an increase of 210 basis points compared to the same period in the prior year. Net income attributable to WTW for the nine months ended September 30, 2021, was $1.8 billion, an increase of 250% from $520 million for the same period in the prior year.

Net income, which includes discontinued operations, for the third quarter of 2021 was $907 million, an increase from net income of $122 million, for the prior-year third quarter. Adjusted EBITDA for the third quarter of 2021 was $415 million, an increase from adjusted EBITDA of $375 million. Net income, which includes discontinued operations for the nine months ended September 30, 2021 was $1.8 billion, up from $537 million for the same period last year. Adjusted EBITDA for the nine months ended September 30, 2021 was $1.4 billion, up from adjusted EBITDA of $1.2 billion last year.

Segment highlights

WTW’s corporate risk & broking (CRB) segment saw revenue of $697 million, up 7% from $649 million in the prior-year third quarter. On an organic basis, North America led the segment primarily from new business across M&A, FINEX, construction and aerospace. Revenue in International, Great Britain and Western Europe also increased with new business generation and strong renewals across several insurance lines, most notably, in FINEX and retail. The CRB segment had an operating margin of 16.3%, as compared to 12.5% for the prior-year third quarter.

WTW’s investment, risk & reinsurance (IRR) arm had revenue of $172 million, a decrease of 22% from $220 million in Q3 2020. The IRR segment had an operating margin of 12.9%, as compared to 9.3% for the prior-year third quarter. Its human capital & benefits (HCB) segment saw revenue of $852 million, an increase of 7% from $796 million in the prior-year third quarter. The HCB arm had an operating margin of 28.4%, as compared to 26.3% for Q3 2020.

Commenting on the results, John Haley, Willis Towers Watson’s chief executive officer said he was proud of the year to date. He noted that the Q3 2021 results are highlighted by solid revenue growth, continued margin expansion, and strong adjusted EPS growth.

“During the third quarter, Willis Towers Watson continued to evolve our leadership, structure and portfolio of businesses,” he said. “We introduced our new Global Leadership Team (GLT) and our grow, simplify, and transform strategy. We have significant core strengths which we believe will help guide our strategy that is designed to generate value for all our stakeholders, external and internal, going forward.”

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