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Willis Towers Watson Public Limited Company (NASDAQ: WTW) is a leading global advisory, broking, and solutions company that helps clients worldwide turn risk into a pathway for growth. Established in 1828, Willis Towers Watson (WTW) employs approximately 48,000 people and operates in more than 140 countries. The company provides data-driven, insight-led solutions in the areas of people, risk, and capital, aiming to enhance organizational resilience, optimize benefits, and maximize performance.
WTW’s operations are divided into two main business segments: Health, Wealth, and Career (HWC), and Risk and Broking (R&B). The HWC segment includes consulting services related to health, retirement, and talent management. Recent achievements in this segment include a 4% revenue increase in Q1 2024, driven by the expansion of the Global Benefits Management client portfolio and organic growth in the Wealth and Career services.
The R&B segment focuses on risk management and insurance broking. In Q1 2024, this segment saw an 8% revenue increase due to strong client retention and new business activities. Notable projects include the launch of innovative tools like the WTW Risk IQ API and the Workers’ Compensation Diagnostic Tool, which enhance data analysis and risk mitigation strategies.
WTW’s financial performance remains robust, with Q1 2024 revenue at $2.34 billion, a 4% year-over-year increase. Despite a 6% decline in net income to $194 million, the company reported a 13% increase in adjusted EBITDA to $568 million, reflecting strong margins and strategic execution.
Recent partnerships and projects underscore WTW’s commitment to innovation and client-centric solutions. These include a collaboration with Riskonnect to streamline risk and claims data analysis, and the launch of the CyXS facility to address escalating cyber risks.
For more information, visit WTW’s official website.
WTW reported strong Q3 2024 results with revenue increasing 6% to $2.3 billion. While the company recorded a diluted loss per share of $16.44 due to non-cash losses related to TRANZACT sale, adjusted diluted EPS grew 31% to $2.93. The Health, Wealth & Career segment revenue rose 4% to $1.33 billion, while Risk & Broking segment revenue increased 10% to $940 million. Operating margin was -33.5%, but adjusted operating margin improved 190 basis points to 18.1%. Cash flows from operating activities reached $913 million for the nine months ended September 30, 2024. The company maintains its full-year 2024 guidance targeting revenue of $9.9 billion or greater.
WTW (NASDAQ: WTW) has announced the expansion of its Corporate Risk & Broking business in Japan with a new insurance brokerage service through WTW Broker Japan Co., . The service will provide insurance solutions to commercial clients and wholesale facultative reinsurance placement services to partner brokers in Japan. The new retail brokerage operation, led by Tetsuro Nakazawa as Representative Director and COO, will employ over 10 brokers and risk advisors by early next year. The expansion focuses on specialty segments for large corporates and Japanese companies with overseas interests, including Natural Resources, Marine, Construction, Aviation, Crisis Management, and reinsurance business.
WTW (NASDAQ: WTW) has appointed Ashley Hart as Cyber Leader for Private Equity and Transactional Solutions in North America. Hart, who previously served as West Zone Region cyber insurance leader at Marsh, returns to WTW to strengthen the company's position in providing specialized cyber risk transfer solutions to private equity clients. Her role will focus on delivering guidance and counsel to private equity clients across North America, particularly addressing increased cybercrime losses across portfolio companies. Hart brings significant experience in cyber insurance and claims advocacy, holding both a B.A. from Richard Stockton University and a J.D. from New York Law School.
WTW (NASDAQ: WTW) has secured an insurance broker license in the Kingdom of Saudi Arabia (K.S.A.) and appointed Talal Omar Bahafi as Head of Insurance Broking for WTW Saudi Arabia. Bahafi, former CEO of Chubb Arabia Insurance Company and ex-Marsh McLennan executive, brings extensive experience in strategic growth and market development. This expansion aligns with WTW's global growth strategy and Saudi Arabia's Vision 2030 objectives, strengthening the company's international network and capabilities to serve clients in the region.
According to WTW's 2024 Pay Effectiveness and Design Survey, only about half of global employers effectively deliver on core pay program objectives, despite pay being the primary factor in employee attraction and retention. The survey reveals that 48% of employees cite pay as the main driver for attraction and retention, and 56% would consider another job offer for better pay.
The study highlights that fewer than one in four employers effectively communicate how employee pay is determined, while 58% report salary compression as an issue. Among companies updating their compensation philosophy, 69% cite enhanced attraction/retention as the primary reason, followed by improved employee experience at 51%.
According to WTW's Thinking Ahead Institute, total assets under management (AUM) of the world's 500 largest asset managers reached $128.0 trillion at the end of 2023, marking a 12.5% annual growth. This represents a significant recovery from the $18 trillion drop in 2022. Passive investment strategies now account for 33.7% of AUM among the largest firms, while core equity and fixed income comprise 77.3% of total AUM.
North America experienced the largest growth in AUM with a 15.0% increase, now accounting for 60.8% of the total AUM. BlackRock remains the world's largest asset manager with AUM above $10 trillion, followed by Vanguard Group at nearly $8.6 trillion. The research also highlights notable risers in the rankings, including Charles Schwab Investment and Geode Capital Management.
WTW (Nasdaq: WTW) has launched the Structured Auto Buffer London Excess (StABLE) facility, an innovative risk financing solution for fleet management. This new offering provides a dedicated structured Auto Liability solution that rewards organizations for effective risk management practices and favorable loss performance.
The StABLE facility allows clients to share in both the risk and reward of their fleet operations. It offers potential premium returns if losses remain below a predetermined threshold, with an option to commute the policy for additional returns. If losses exceed the threshold, additional premiums are capped, ensuring a balanced risk-sharing approach.
Key features include:
- Tailored terms and conditions
- Adjustments to premium structures supporting cash flow
- Options for policy reinstatement if limits are exhausted
- Multi-year structure for greater budget transparency
- Clearly defined limits on potential losses
The facility is primarily targeted at owners, lessors, and brokers of large or heavy fleets across various sectors, including delivery, construction, waste management, and public transport.
WTW (NASDAQ: WTW), a global advisory, broking, and solutions company, has announced it will release its third quarter financial results on Thursday, October 31, 2024, before the market opens. The company will host a conference call at 9:00 a.m. Eastern Time on the same day to discuss the results. The call will include a question-and-answer session for which participants need to register separately. A live broadcast of the conference call will be available on WTW's website, and an online replay will be accessible shortly after the call concludes at www.wtwco.com.
WTW's latest Insurance Marketplace Realities report indicates stability in commercial insurance rates across North America. Jon Drummond, Head of Broking, North America at WTW, notes that the industry has taken micro-actions in response to emerging trends. New capital in reinsurance and retail markets has increased competition for premium market share, except in umbrella and excess liability.
The report highlights soft market conditions for financial lines due to increased capacity. The Cyber market projects flat to mid-single digit rate decreases for most renewals. Umbrella & Excess liability has seen significant disruption, with rising loss costs pushing renewal rates past high single digits. Despite facing evolutionary changes, the market is expected to deliver relatively stable renewal conditions across most lines as the year ends.
WTW's latest Insurance Marketplace Realities report indicates stability in commercial insurance rates across North America for 2024. Key findings include:
- New capital in reinsurance and retail markets has increased competition, except in umbrella and excess liability.
- Capacity remains a driving force for soft market conditions in financial lines.
- The Cyber market projects flat to mid-single digit rate decreases for most renewals.
- Umbrella & Excess liability faces disruption due to rising loss costs, with renewal rates pushing past high single-digit.
The report predicts relatively stable renewal conditions across most lines, barring major disruptions like hurricanes. Key price predictions for 2024 include variations in Property, Casualty, Executive risks, and Political risk categories.
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