Willis Towers Watson Public Limited Company (WTW)

WTW reported third-quarter 2026 revenue of $2.46 billion on 29 October, up 8 percent from a year earlier 1. Organic revenue, which leaves out currency moves and companies bought or sold, grew 4 percent 1.

Net income was $309 million against $306 million a year earlier, and adjusted diluted earnings per share was $3.63 against $3.07 1. Operating margin, the share of revenue left as operating profit, slipped 90 basis points to 17.4 percent 1. The adjusted margin, which sets aside items such as deal costs, rose 150 basis points to 21.9 percent 1.

Insurance Business reported that Newfront, the US broker bought in January, explains almost all of the gap between reported and organic growth 5. WTW expects Newfront to add about $250 million of revenue in 2026 after the purchase closed 1.

Risk & Broking, the insurance placement side, grew 5 percent organically in the quarter after 2 percent in the first quarter, Insurance Business reported 5. The first quarter had left WTW at the bottom of the listed brokers on group growth 5.

Two things stay open 12. One is whether Propel, the AI plan the board approved in July, delivers its savings 1. The other is whether the pending reinsurance purchase by the Willis Re venture closes in the fourth quarter 2.

The present company came from the merger of Willis Group Holdings and Towers Watson & Co., completed on 4 January 2016 3. Its ordinary shares have traded on Nasdaq under WTW since 10 January 2022 3.

In August 2021 it agreed to sell Willis Re, its treaty-reinsurance business, to Gallagher for $3.25 billion in upfront cash plus an earnout of up to $750 million 3. The sale was completed on 1 December 2021 3. The $750 million earnout was received in the first half of 2025 3.

Effective 31 December 2024 it sold TRANZACT, its direct-to-consumer insurance distribution business, for $632 million in cash 3. TRANZACT had revenue of $785 million in 2024 3. The sale brought a pre-tax loss on disposal of $1.1 billion and a $1.0 billion goodwill impairment charge 3.

Net income attributable to WTW was a loss of $98 million in 2024 and a profit of $1,605 million in 2025 3.

Revenue for 2025 was $9.7 billion against $9.9 billion in 2024, a fall of 2 percent as reported 3. The decrease came mainly from the TRANZACT sale, and organic growth was 5 percent 3.

Health, Wealth & Career revenue fell from $5.8 billion to $5.3 billion in 2025, while Risk & Broking rose from $4.0 billion to $4.3 billion 3. Corporate Risk & Broking grew on the success of its global specialties model, with new business and strong client retention 3.

In December 2025 it agreed to buy Newfront for $1.3 billion in up-front and contingent payments, and Cushon, a workplace pensions company, for £150 million plus contingent payments 3. Newfront was completed on 27 January 2026 7. Cushon was completed on 30 April 2026 2.

In the second quarter of 2026, revenue rose 9 percent to $2.47 billion, and organic growth was 5 percent after 3 percent in the first quarter, Insurance Business reported 6. On 30 September 2026 the company bought the remaining interest in its Al-Futtaim Willis broking venture in the United Arab Emirates for $58 million in cash 2.

Health, Wealth & Career

This segment advises employers on health benefits, pensions and investments, pay and careers, and runs benefits administration 3. It was 55 percent of revenue in 2025 3. In the third quarter it had revenue of $1.35 billion, up 7 percent, with an operating margin of 29.5 percent 1.

Health consults on and brokers group benefits in more than 160 countries 3. Wealth covers Retirement, plus Investments, which includes pooled pension plans under the LifeSight brand 3. Career sells pay data and survey products, and Benefits Delivery & Outsourcing runs an individual Medicare marketplace and plan administration 3.

The 10-K names Mercer and Aon as the largest rivals in pension consulting, and Aon, Mercer, Automatic Data Processing and Fidelity in insurance exchanges 3.

Risk & Broking

This segment places insurance for companies, from small firms to multinationals, and sells advice and software to insurers 3. It was 45 percent of 2025 revenue 3. In the third quarter it had revenue of $1.09 billion, up 8 percent, and an operating margin of 19.8 percent 1.

Corporate Risk & Broking places more than $34 billion of premiums a year and has specialty lines such as aerospace, construction, marine and cyber cover 3. Insurance Consulting and Technology sells software and advice to insurers 3. Rivals named include Aon, Gallagher, Marsh McLennan and Brown & Brown 3.

People, places and problems

WTW has about 47,000 colleagues serving more than 140 countries and markets 3. Carl Hess has been chief executive since 1 January 2022 3. Lucy Clarke has led Risk & Broking since 22 July 2024 3.

On 3 November 2026 it named Steven Alcock to succeed Joseph Kurpis as principal accounting officer, effective 1 April 2027 4. Its principal offices are in the United States and the United Kingdom, in owned or leased space 3.

The 10-Q says the company does not expect its lawsuits and claims to have a material adverse effect on its financial condition 2. It is a broker, not an insurer, and does not underwrite risk for its own account 3.

The umbrella, in words

The main brand is WTW 3. Newfront, a San Francisco broker, now sits inside the company, with its Business Insurance part in Risk & Broking and its Total Rewards part in Health, Wealth & Career 7. Cushon, bought, runs inside Benefits Delivery & Outsourcing 2.

The company has a minority interest in Willis Re, a reinsurance venture with Bain Capital, and an option to take a controlling interest later 2. Exhibit 21.1 lists subsidiaries country by country and omits those that are not significant 8.

Dodge & Cox, an investment manager, reported a holding in the ordinary shares in a Schedule 13G/A, a tie of investing, not control 9.

The company expects its Propel AI plan, approved by the board on 28 July 2026, to run through 31 December 2028 1. It expects to spend about $625 million in cash to reach about $400 million in run-rate savings 1. After reinvesting about $50 million, it expects about $350 million in net savings and an adjusted operating margin of about 30 percent in 2028 1.

Through 30 September 2026 Propel had cost $14 million in restructuring and $7 million in program expenses, and had achieved $18 million of annual run-rate savings 1.

For 2026 the company expects organic revenue growth in the mid-single digits and share repurchases above $1.0 billion 1. It expects the Willis Re venture to weigh on adjusted earnings per share by about $0.30 1.

Willis Re signed on 18 August 2026 to buy the US reinsurance business of BMS Group, which the company expects to close in the fourth quarter of 2026 2. The company is obliged to fund up to about $102 million to Willis Re for it 2.

Steven Alcock takes over as principal accounting officer on 1 April 2027 4.