Global re/insurance broker Willis Towers Watson saw organic revenue hit 4% in the first quarter, while also announcing its decision to withdraw 2020 guidance over ongoing coronavirus fears.
It was ultimately decided that WTW should reassess at a future date when it has a clearer understanding of the depth, duration, and geographic reach of the pandemic.
Overall, WTW secured a robust set of first quarter results, including $305 million in net income, an increase of 6% from the prior year quarter, and $2.47 billion in total revenue.
Income from operations for the first quarter was $360 million, or 14.6% of revenue.
Operating income was $525 million, or 21.3% of revenue, flat compared to the first quarter of the prior year.
“Willis Towers Watson executed well in the first quarter while navigating the unprecedented challenges brought on by the COVID-19 pandemic,” said John Haley, Willis Towers Watson’s chief executive officer.
“I would like to personally acknowledge and thank our colleagues for remaining steadfast in supporting our clients and each other through a very challenging environment.
“We are dealing with extraordinary times, but I am pleased to say our resilience, experience and business continuity plans have enabled us to operate at a high level globally, and we believe we remain well-positioned to manage through this difficult period, while continuing to serve our clients, engage our colleagues and deliver value for our shareholders.”
The Investment, Risk & Reinsurance segment had revenue of $615 million, an increase of 4% from $589 million in the prior-year first quarter.
On an organic basis, all lines of business contributed to the growth.
Reinsurance and Wholesale growth was driven by new business wins and favorable renewal factors while Insurance Consulting and Technology revenue grew from strong technology sales.
