Re/insurance broker Willis Towers Watson has announced second quarter net income of $186 million, up from the $102 million reported in the prior year period
Revenue was $2.29 billion, an increase of 8% from the $2.11 billion reported a year ago.
Adjusted operating income was $409 million, or 17.9% of revenue, an increase also up from last year’s Q2.
The Corporate Risk & Broking (CRB) segment had revenue of $788 million, an increase of 12% from $701 million in the prior-year second quarter.
North America benefited from gains in connection with settlements and book-of-business sales in the quarter.
The Investment, Risk & Reinsurance (IRR) segment had revenue of $400 million, down 3% from $413 million in the prior-year second quarter.
On an organic basis, most lines of business contributed to the growth. Reinsurance growth was driven by new business wins and favourable renewal factors.
WTW’s IRR segment also secured $133 million in net income for the quarter, up from $119 million in the prior year quarter.
“We delivered very strong quarterly financial results, and I am proud of our results for the first half of 2021,” said John Haley, Willis Towers Watson’s Chief Executive Officer.
“In the second quarter we delivered broad-based revenue growth, continued margin expansion, and had significant earnings per share growth. I am encouraged by our growth momentum and the improving macroeconomic outlook.
“Our financial results reflect our talented colleague base, their perseverance, the strength of our client relationships and our compelling value proposition. We are focused on moving forward independently, with confidence in our ability to continue delivering significant value for all of our stakeholders.
“We are well-positioned to compete vigorously and independently across our businesses around the world and will continue to innovate and adapt to address evolving client needs