Global insurance broker WTW achieved an 8%, or 3% on an organic basis rise in revenue in the first quarter of 2026 to more than $2.4 billion, as income from operations jumped 4% year-on-year to $448 million in a solid quarter for the company.
Excluding the impact of foreign currency, revenue increased 4%, as the operating margin fell to 18.6% in Q1’26 from 19.4% a year earlier. Adjusted operating income rose 12% to $537 million, compared with $480 million in Q1’25.
Group-wide, net income increased 27% year-on-year to $303 million, and adjusted net income rose 13% to $357 million.
In the firm’s Risk & Broking business, total revenue increased 9%, or 2% on an organic basis to more than $1.1 billion, driven by organic revenue growth driven by new business activity and strong client retention globally in Corporate Risk & Broking, and organic revenue growth primarily from strong software sales in the Technology practice within the Insurance Consulting and Technology arm.
The Risk & Broking unit’s operating income rose 12% to $252 million in Q1’26, while the operating margin rose by 60bps to 22.6% primarily as a result of the impact of foreign exchange.
In WTW’s Health, Wealth & Career operations, total revenue increased 9%, or 3% on an organic basis to almost $1.27 billion. The Health business recorded a strong performance across international markets driven by new business wins and renewals, while the Wealth arm saw organic revenue growth supported by higher levels of retirement work across all regions, as well as growth in the Investments business.
This was somewhat offset by a decrease in Career organic revenue, with WTW noting that clients deferred discretionary work amid geopolitical uncertainty in the Middle East. Additionally, organic revenue within Benefits Delivery & Outsourcing fell modestly in the quarter.
The Health, Wealth & Career segment’s operating income increased 11% year-on-year to $346 million, with an operating margin increase of 60 bps to 27.3%, driven by improved operating leverage and expense discipline.
Carl Hess, WTW’s Chief Executive Officer, commented: “WTW delivered first quarter results that demonstrate our strong operating discipline and continued progress of our strategy. Our ongoing focus on enhancing efficiency drove margin expansion and significant EPS growth, despite a more challenging global market that created near-term headwinds to organic growth. Our investments in talent, AI and innovation to accelerate performance continue driving client value, and we remain confident in delivering our full-year commitments.”
