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Willis Towers Watson P.L.C. reported revenue of $2.29 billion in the first quarter of 2018, off 1.0% from $2.32 billion in the year-ago quarter but up 10.0% to $2.58 billion on an underlying basis, the broker said in its earnings statement Monday.
Like several other large brokerages, Willis Towers Watson adjusted its 2017 figures to reflect new accounting rules from the Financial Accounting Standards Board that affect when certain revenues are recognized in financial results.
Net income was off 37.2% to $221 million from $352 in the year-ago quarter, however income was up 27% on an underlying basis without the effects of the accounting change, the statement said.
Revenue in the brokers corporate risk and broking segment was $758 million, up 12.8% from $672 million a year ago but was up 10.1% on an underlying basis, the statement said.
Organic growth was 5%, and the company has experienced growth in all regions and segments this quarter, according to John Haley, Willis Towers Watson’s chief executive officer, speaking on the company’s earnings call Monday morning.
The international region led growth at 6% while North America and Great Britain each saw 4% growth and western Europe 3%, Mr. Haley said, adding that most regions have experienced revenue growth for five consecutive quarters.
In the company’s commercial risk and broking business, organic revenue growth was 6% compared with 3% in the year-ago quarter, Mr. Haley said.
International business led growth at 9% with North America and Great Britain at 7% each. Growth in North America was driven by better than expected new business and a retention rate of 95%, up 3% from first-quarter 2017, Mr. Haley said on the call.
Underwriting results for reinsurers deteriorated in 2017, but shareholders capital and alternative capital grew, according to report released Monday by Willis Towers Watson P.L.C.