WTW Reports Fourth Quarter and Full Year 2023 Financials | Insurance business America
CEO describes annual performance as “solid”
Insurance News
By Terry Gangcuangco
According to CEO Carl Hess (pictured), WTW had a “solid” financial performance in 2023.
In a press release, the brokerage giant reported the following results for the three months and year ended December 31, 2023:
|
Metric |
Q4 2023 |
Q4 2022 |
Fiscal year 2023 |
Fiscal year 2022 |
|---|---|---|---|---|
|
revenue |
$2.91 billion |
$2.72 billion |
$9.48 billion |
$8.87 billion |
|
Income from operations |
$779 million |
708 million dollars |
$1.37 billion |
$1.18 billion |
|
Adjusted operating result |
$998 million |
$882 million |
$2.08 billion |
$1.85 billion |
|
Net income |
623 million dollars |
$593 million |
$1.06 billion |
$1.02 billion |
|
Adjusted Net Income |
775 million dollars |
$689 million |
$1.54 billion |
$1.51 billion |
In terms of segments, both Risk & Broking and Health, Wealth & Career recorded increases in sales and operating profit in the fourth quarter.
“WTW closed 2023 with robust momentum, delivering strong organic sales, margin and profit growth in the fourth quarter to round out a solid financial performance for the year,” Hess said. “Our revenue results and healthy pipeline for 2024 reflect the success of our growth initiatives with both new and existing customers.
“In addition to strong revenue growth, our progress in simplifying and transforming our operations resulted in efficiencies and margin increases in the quarter. We have also made progress in our commitment to improving cash flow.
“I applaud my colleagues for their hard work in expanding, simplifying and transforming WTW. I look forward to working together in 2024 as we achieve our strategic and financial goals and create value for our shareholders.”
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2024-02-07 06:31:57
www.insurancebusinessmag.com
