Willis Towers Watson PLC on Thursday reported third-quarter revenue of $1.97 billion, up 7% on an organic basis, as the brokerage’s top executives said the worst of the recent business disruption is behind it.

Staff departures to rivals while its proposed merger with Aon PLC was still being pursued have peaked, but growth in Willis’ corporate risk and broking business will be compressed through the first half of 2022, the brokerage’s senior executives said on an earnings call with analysts.

Aon terminated its $30 billion agreement to acquire Willis on July 26 in the face of regulatory scrutiny.

Willis’ third-quarter revenue growth was “solid,” CEO John Haley said on his final earnings call with analysts ahead of his retirement at year’s end.

Staff departures were most pronounced in corporate risk and broking in the second and third quarters of this year and caused the segment’s organic revenue growth to “trail industry-expected averages so far in 2021,” Mr. Haley said.

In the third quarter Willis focused on “stemming attrition and hiring talent,” he said. The corporate risk and broking business is down about 100 employees, or just under 1% on a net basis, compared with the third quarter of last year.

New business results have remained “strong” for corporate risk and broking and Willis is getting “back on the front foot” with respect to hiring which exceeded departures for the segment in the quarter, Carl Hess, president and incoming CEO, said on the call.

Net income for the third quarter was $903 million, an increase of 646%, Willis said in its earnings statement.

Willis said its results benefited from the $1 billion termination fee it received from Aon after the merger deal collapsed during the third quarter.

Willis’ corporate risk and broking segment reported third-quarter revenue of $697 million, an increase of 7% from the prior-year third quarter, and up 6% on an organic basis.

North America revenue was up 12% on an organic basis in the third quarter, driven by new business, particularly in mergers and acquisitions; financial, executive and professional risks; construction; and aerospace lines.

International and Great Britain revenue increased 4% and 2%, respectively, primarily driven by growth in the retail and financial, executive and professional risk insurance lines.

Revenue for Western Europe was up nominally as growth in Poland and Sweden was largely offset by the departure of senior staff, which pressured the business in certain geographies, Mr. Haley said.

In Willis’ other operating segments, benefits delivery and administration reported revenue of $242 million, up 7%; human capital and benefits grew 7% to $852 million; and investment, risk and reinsurance revenue declined 22% to $172 million.

Willis is “well-positioned” to execute on its long-term goals outlined in the brokerage’s recent investor day presentation, Chief Financial Officer Andrew Krasner said during the call. Willis has said it intends to deliver $300 million in cost cuts, a 25% margin expansion by 2024, and $4 billion in share repurchases, among other goals.

Mr. Hess said moving forward Willis will turn its real estate portfolio into “collaboration space” rather than a “come to the office space.”

The proposed sale of Willis’ reinsurance business is “progressing as we thought it would,” Mr. Hess said. Subject to required regulatory approvals, the deal is expected to close no later than the first quarter of 2022, he said.