Willis Towers Watson report $2.2bn of revenues
Willis Towers Watson, the global advisory, broking and solutions company, which has offices in Bermuda, has reported first-quarter revenues of $2.2 billion.
That total is an increase of 11 per cent compared to Willis and Towers Watson pro forma revenues of $2 billion for the same period in 2015.
The merger of Willis Group Holdings and Towers Watson & Co was completed on January 4.
The company has presented consolidated financial results and legacy segment results for the first quarter ended March 31, 2016 for Willis and Towers Watson.
Adjusted revenues, which include $32 million of revenue not recognised due to purchase accounting rules, were $2.3 billion, or an increase of 13 per cent.
Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortisation, for the first quarter of 2016 was $671 million, or 29.6 per cent of adjusted revenues, versus pro forma adjusted EBITDA of $579 million, or 28.8% of revenues, for the prior-year first quarter.
Net income attributable to Willis Towers Watson for the first quarter was $238 million, a decrease from pro forma net income attributable to Willis Towers Watson of $251 million, year-on-year.
Diluted earnings per share were $1.75, and adjusted diluted earnings per share were $3.41.
“I'm very pleased with how our colleagues have come together and laid the ground work for future success,” said John Haley, Willis Towers Watson's chief executive officer.
“It's been gratifying to see the high level of engagement across all parts of the company, with a strong focus on how best to serve our clients. This gives me enormous confidence that we will make Willis Towers Watson a truly unique and successful organisation through the value we bring to our clients, our colleagues and our shareholders.”
For the quarter, the Willis Capital, Wholesale and Reinsurance segment had commissions and fees of $331 million, an increase of 12 per cent (from $296 million in the same quarter in 2015. The segment's double-digit reported growth was largely driven by recently-acquired Miller Insurance Services, which added $49 million of revenue in the quarter, while the organic decline was primarily related to the departure of a team of associates in the fine arts, jewellery and specie business as well as the timing of certain business.
The Willis Capital, Wholesale and Reinsurance segment had a reported operating margin of 46 per cent in the first quarter.