WTW has reported 3% organic growth in risk and broking revenues for 2022 boosted by a 5% rise in the final quarter of the year.
At the start of the month global competitor Aon posted 4% organic growth in commercial risk solutions business for Q4 and a 6% organic revenue uplift for the full year.
WTW’s risk and broking revenue totalled $8.75bn (£7.24bn) for the year and $952m for the quarter. Both results were lower than 2021 figures due to the impact of exchange rate movements but ahead on a constant current basis.
Operating income also dropped year-on-year from $835m in 2021 to $734m.
The international giant did not provide a breakdown for UK business.
Overall
For the company overall revenue dropped 1% to $8.87bn despite organic revenue growth of 5% for the quarter and 4% for the year.
Net income fell 76% in 2022 to $1.02bn. However the 2021 result included now discontinued operations – such as the reinsurance business sold to Gallagher – and the receipt of $1bn from Aon when the merger talks collapsed.
Adjusted net income rose 1% to $1.51bn.
Momentum
WTW CEO Carl Hess said: “The fourth quarter was a solid finish to a strong year for WTW.”
Adding: “We enter 2023 with momentum and remain focused on executing on our grow, simplify and transform strategic priorities, accelerating cash flow conversion and achieving our long-term goals.”
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