Willis Towers Watson, the global advisory, broking and solutions company has reported net income of $206 million for the first quarter of the year, an increase of 65 per cent year-over-year.

Diluted earnings per share were $1.88, up 83 per cent over the prior year.

Adjusted diluted earnings per share were $2.84, up seven per cent.

Revenue was $2.24 billion, an increase of four per cent compared with $2.16 billion for the same period in 2022.

Excluding a three per cent foreign currency headwind, revenue increased by seven per cent.

On an organic basis, revenue increased eight per cent.

Operating margin was 12.7 per cent for the quarter, up 440 basis points over the prior year.

Adjusted operating margin was 18.6 per cent, up 140 basis points.

“The first quarter was a solid start to the year for WTW,” said Carl Hess, WTW’s chief executive officer.

“Our investments in talent and technology, along with the momentum in our business, helped us achieve excellent revenue increases on both a reported and an organic basis.

“Our top-line revenue growth, together with our expense discipline, the successful execution of our transformation efforts and initiatives to simplify our company drove operating margin expansion over the prior year.

“We are proving ourselves to be resilient in a complex risk and economic environment.”

WTW said book-of-business settlements and interest income, included in revenue and income, created a tailwind to all measures of profit, which was offset by the headwind from the sanction-driven divestiture of its highly profitable Russian business.

Willis provides insurance broking services in casualty, property, financial lines, and healthcare and also manages captive insurance companies.