Willis Towers Watson PLC CEO John Haley on Thursday signaled during a first-quarter earnings call with analysts that the broker will not be following in Aon PLC’s footsteps and imposing salary cuts on staff amid the economic fallout from COVID-19.

Mr. Haley’s comments came as Willis Towers Watson withdrew its profit guidance for full-year 2020 due to COVID-19 uncertainty as it reported 7% growth in first-quarter revenue and 4% organic revenue growth.

The company, which is being acquired by Aon in a deal expected to close in the first half of next year, is paring discretionary spending “down to the bone,” but hoping to avoid taking stricter measures, Mr. Haley said during the earnings call.

Aon announced earlier this week it is imposing a 20% salary cut on about 70% of staff due to the COVID-19 crisis.

A double-digit revenue decline for the rest of the year due to COVID-19 is “not impossible, but an extreme scenario,” Mr. Haley said.

The economic fallout from the pandemic did not have a “material adverse impact” to first-quarter financial results, he said.

However, Willis Towers Watson did see some effects on its business in Asia, for example in its corporate risk and broking unit where growth in international business, typically the highest, fell to the lowest among regions.

More than 90% of Willis Towers Watson’s 45,000 employees are currently working remotely, and as stay-at-home orders are eased the firm won’t be returning to the same ways of working, Mr. Haley said.

“Some of the things we’re doing with virtual meetings and work from home will become a feature of what we do,” Mr. Haley said.

Willis Towers Watson reported revenue of $2.47 billion in the first quarter, compared with $2.31 billion in the prior-year period.

“Against this extremely challenging backdrop we reported a solid first quarter,” Mr. Haley said.

Corporate risk and broking, its second-largest business unit, reported first-quarter revenue of $739 million, up 2.5% over the prior-year period.

Organic revenue growth for the unit was 4%, Mr. Haley said.

North America’s first-quarter revenue grew by 11%, with growth driven by the gain on a book of business sale alongside new business wins, he said.

Western Europe contributed 5% revenue growth driven by strong renewals and improved facultative business, while Great Britain and international’s first-quarter revenue declined 3% and 2%, respectively.

These results were negatively impacted by a change in the remuneration model for certain lines of business, Mr. Haley said. Absent this change, Great Britain revenue increased by 6% and international’s revenue grew by 1%, primarily from new business with strong performance across most lines.

Willis Towers Watson’s investment, risk and reinsurance unit reported revenue of $615 million for the first quarter, up 4.4% from the prior-year period, and an increase of 5% on an organic basis.

Reinsurance, with growth of 7%, continued to lead the segment’s growth through a combination of net new business and favorable renewals, Mr. Haley said.

Wholesale business was up 12% on an organic revenue basis, mainly due to new business wins.

Willis Towers Watson is looking to conserve cash in the current environment, implementing a series of cost and efficiency strategies including hiring and travel freezes, reducing its discretionary spending, and curtailing some of its capital expenditures, Mike Burwell, chief financial officer, said during the call.

“We continue to monitor the situation and will take appropriate proactive measures to further reduce cash outflow and preserve adequate liquidity if demand for our solutions or services deteriorates,” Mr. Burwell said.

More insurance and risk management news on the coronavirus crisis here.