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Benefits and human capital consulting make up the largest segment of Willis Towers Watson P.L.C.'s business, followed by corporate insurance broking, according to the firm's latest filing with the U.S. Securities and Exchange Commission.
In its first financial breakdown of its new business segments since the January merger that created the brokerage and consulting firm, Willis Towers Watson provided pro forma revenues for four main business units.
Starting in the second quarter, Willis Towers Watson reduced its number of reporting business segments from eight to four: human capital and benefits, corporate risk and broking, investment, risk and reinsurance, and exchange solutions.
The human capital and benefits segment reported first quarter 2016 revenue of $955 million, while corporate risk and broking reported $645 million.
Investment, risk and reinsurance, which includes traditional reinsurance and ILS products, posted $479 million in the first quarter, and exchange solutions reported $163 million.
See chart for total recast segment revenue for 2015:
Under the new structure, Willis Towers Watson segment revenue includes commissions, fees and consulting revenue, interest and other income. The segment revenue includes revenue deferred at the time of the merger of Willis Group Holdings P.L.C. and Towers Watson and Co., and eliminated due to purchase accounting, which would have otherwise been recognized had the merger not occurred.
Willis Towers Watson P.L.C. on Friday reported its first earnings since merging with Towers Watson & Co., saying its revenue rose 11.0% during the first quarter of this year.