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Willis Towers Watson P.L.C. on Thursday reported total 2017 fourth-quarter revenue of $2.08 billion, an increase of 7.8% from the same quarter a year ago.
The brokerage reported fourth-quarter net income of $253 million, up 70.9% from the fourth quarter of 2016.
Willis Towers Watson’s corporate risk and broking segment reported fourth-quarter revenue of $777 million, up 10.1% from the prior-year quarter. The human capital and benefits segment reported revenue of $772 million, up 5.6%, while the investment, risk and reinsurance segment reported $305 million in revenue, up 5.5%.
During a conference call with analysts, CEO John Haley said 2017 was “an eventful year.”
“We completed a number of organizational changes and corporate initiatives during the year,” Mr. Haley said, “and we made great headway in advancing our innovation efforts.”
Mr. Haley said the broker accomplished a key priority of finalizing the restructuring of the corporate risk and broking business with the specific objective of achieving revenue growth in North America by the third quarter of 2017. And he noted the recent addition of CFO Michael J. Burwell, who came on board in October, succeeding Roger Millay, who retired.
“Mike has certainly hit the ground running,” Mr. Haley said, “and I couldn’t be more pleased with the transition.”
Mr. Haley also took time to praise Alice Underwood, global leader, insurance consulting and technology, and Mary O’Connor, head of client, industry and business development, who were both honorees for Business Insurance’s 2017 Women to Watch award.
For all of 2017, total revenue was $8.2 billion, an increase of 4% over 2016. Net income for the year was $592 million, up 35.2% over the prior year.
Aon P.L.C. went on the litigation warpath against its main brokerage rivals over a short period in 2017.