Insurance Business Willis Towers Watson reports 44% profit surge

Willis Towers Watson reports 44% profit surge Willis Towers Watson has reported strong earnings for the first quarter of 2017 as the brokerage giant continues to integrate operations a year after its merger was completed.

The company said its net income for January to March was US$352 million, a 43.7% increase from US$245 million for the same period last year. Net income attributable to the firm soared by 44.5% from US$238 million to US$344 million.

Total revenues were US$2.3 billion for the quarter, up by 4% from last year’s US$2.2 billion, Willis Towers Watson said. It noted that the first quarter is “seasonally strong” due to the renewal periods for some lines of business.

By segment, the firm’s corporate risk and broking business had commissions and fees of US$650 million and total revenues of US$655 million. France and Southern Europe delivered strong growth while Great Britain and North America grew and declined slightly, respectively.

Meanwhile, the investment, risk and reinsurance segment had commissions and fees of US$502 million and total revenues of US$507 million.

Willis Towers Watson CEO John Haley said he was “very pleased” with the first quarter results.

“As planned, our integration efforts remain on-going, and I expect that we will continue to navigate challenges over the next two years,” he said.

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