Willis Towers Watson PLC on Thursday reported first-quarter organic revenue growth of 2% as its top executives said events in Ukraine are likely to dampen the short-term moderation in pricing growth.

Willis reported total revenue of $2.16 billion, down 3% from $2.23 billion in the year-earlier period. Excluding a 2% impact due to foreign currency fluctuations, revenue increased 1%.

First-quarter net income totaled $125 million, down 83% from $736 million in the year-earlier period.

CEO Carl Hess said on an earnings call with analysts that the first quarter marked a “solid start to the year,” with results that were in line with expectations.

“We continue to build momentum and believe our progress has us on track to reach our financial goals for 2022 and to become a $10B+ company by 2024,” Mr. Hess said. Willis expects to deliver mid-single-digit revenue growth this year, he said.

Hiring in the quarter was at its highest level since 2019, Mr. Hess said.

Willis incurred a non-cash loss on disposal of $57 million and a non-cash impairment charge of $81 million related to its decision to transfer ownership of its Russian operations to the businesses’ local management.

Its Russian operations comprised approximately 1% of consolidated revenue for 2021 and were primarily within its risk and broking segment, CFO Andrew Krasner said on the call.

Lost profits from Russia operations will create “modest margin headwinds” for the company in 2022 and beyond, Mr. Krasner said.

“The first quarter saw dramatic macroeconomic and geopolitical changes that required us to navigate rapid and significant shifts in our markets that we expect will continue to evolve throughout the year,” he said.

Monetary policy and inflationary forces are expected to result in remeasured asset values and exposures ultimately translating into premium growth, Mr. Krasner said.

Willis’ risk and broking segment reported first-quarter revenue of $891 million, down 4% from the prior-year period, and flat on an organic basis.

Growth in its insurance consulting and technology business was offset by a revenue decline in corporate risk and broking due to the lingering impact of book-of-business sales recorded in the prior year.

Following its failed merger with Aon PLC, Willis sold its reinsurance business to Arthur J. Gallagher & Co. The sale of its London-based unit Miller Insurance Services LLP was also completed in 2021.

Excluding the book-of-business sales, corporate risk and broking saw a modest revenue increase, mainly from new business in North America in the financial, executive and professional (FINEX) and mergers and acquisition lines, Mr. Hess said.

Willis’ health, wealth and career segment reported revenue of $1.24 billion, up 1% from $1.23 billion in the year-earlier period, and up 2% on an organic basis.

Willis recorded restructuring charges of $11 million and capital expenditures of $3 million in the quarter, and has realized $36 million in savings since its restructuring program was announced last year.

Some $2.3 billion in share repurchases were completed in the quarter, achieving the $4 billion near-term share buyback target set at its investor day last September.