WTW reports financials for Q4 and full-year 2023 | Insurance Business America
CEO describes annual performance as “solid”
Insurance News
By
Terry Gangcuangco
WTW had a “solid” financial performance in 2023, according to chief executive Carl Hess (pictured).
In a release, the broking giant reported the following results for the three months and year ended December 31, 2023:
Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
|---|---|---|---|---|
Revenue | $2.91 billion | $2.72 billion | $9.48 billion | $8.87 billion |
Income from operations | $779 million | $708 million | $1.37 billion | $1.18 billion |
Adjusted operating income | $998 million | $882 million | $2.08 billion | $1.85 billion |
Net income | $623 million | $593 million | $1.06 billion | $1.02 billion |
Adjusted net income | $775 million | $689 million | $1.54 billion | $1.51 billion |
Segment-wise, both risk & broking and health, wealth & career posted increases in revenue and operating income in the fourth quarter.
“WTW closed 2023 with robust momentum, delivering strong organic revenue, margin, and earnings growth in the fourth quarter to cap a solid financial performance for the year,” Hess said. “Our topline results and healthy pipeline for 2024 reflect the success of our growth initiatives with both new and existing clients.
“Alongside the strong revenue growth, our progress simplifying and transforming our operations drove efficiencies and margin expansion in the quarter. We also made progress on our commitment to improve cash flow.
“I applaud my colleagues for their hard work in growing, simplifying, and transforming WTW. I look forward to our working together in 2024 as we aim to achieve our strategic and financial goals and create value for our shareholders.”
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