Second-quarter net income at broker WTW was down 16%, compared to the same period a year ago, to $96 million.
Revenue at WTW was up 6% to $2.16 billion, with organic growth up 7%.
WTW Chief Executive Office Carl Hess said the organic growth shows that the company’s “strategic initiatives continue to gain traction in the marketplace, highlighting the value of our investments in talent and technology,”
“However, headwinds from prior-year book sales, inflationary conditions and the costs of our investments negatively impacted our margins and earnings this quarter,” Hess added.
WTW said it expects mid-single digit organic growth for 2023.
Revenue within WTW’s Risk & Broking segment was up 6% to $900 million in Q2, with 6% organic growth “across all geographies, primarily driven by new business, improved retention and strong contributions from our global lines of business,” WTW said.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
One Weather Firm Warns New England Could See Big Hurricane This Season 
Meta Used AI to Target Workers With Medical Conditions for Layoffs, Lawsuit Claims 
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
India’s Largest Nuclear Power Plant Hit by Data Breach 
