Willis Towers Watson PLC on Thursday reported second-quarter organic revenue growth of 3% as its top executive said it still expects to report mid-single-digit growth for the whole of 2022 despite the uncertain economic outlook.

Willis reported second-quarter revenue of $2.03 billion, down 3% from $2.09 billion in the prior-year period. Excluding a 4% foreign currency headwind, revenue increased 1%.

Second-quarter net income totaled $114 million, down 39% from $186 million in the same period in 2021, according to the brokerage’s earnings statement released Thursday before the markets opened.

CEO Carl Hess said on an earnings call with analysts that the second-quarter performance was “aligned with our expectations.”

Willis is starting to see top-line benefits from its investment in talent and expects the second half of the year to reflect “accelerated benefits” from new hires, Mr. Hess said. Hiring activity in the second quarter matched that of the first quarter which was the highest since 2019, he said.

Willis is well-positioned to weather macro-economic uncertainty, including both inflation and a potential recession, Mr. Hess said.

“Our portfolio of business is relatively non-cyclical. We estimate 80% of our revenue base is recurring, often built upon nondiscretionary solutions and services,” he said.

Recession exposure in economically sensitive and more discretionary lines of business, primarily in its health, wealth and career segment, is expected to be relatively low, he said.

Willis’ risk and broking segment reported second-quarter revenue of $852 million, down 4% from $885 million in the prior-year period, but up 3% on an organic basis. Book-of-business settlement activity was largely in line with 2021’s second quarter and did not meaningfully affect corporate risk and broking's organic growth rate, Willis said.

Corporate risk and broking saw revenue growth across all regions, driven by new business, with notable strength in mergers and acquisitions, aerospace, natural resources and financial, executive and professional risks, CFO Andrew Krasner said.

International led corporate risk and broking’s growth, driven by construction and natural resources lines, Mr. Krasner said.

Growth in North America and Europe came from both new business and improved client retention due to the expansion of teams in those regions, he said.

Growth in its insurance consulting and technology business stemmed from new software sales and an increase in advisory work.

Willis’ health, wealth and career segment reported revenue of $1.16 billion, down 2% from $1.18 billion in the year-earlier period but up 2% on an organic basis.

Willis said it expects to deliver more than $80 million in cumulative run-rate savings from its transformation program by the end of 2022, up from $30 million previously.