Willis Towers Watson (WTW) has reported a net income of $139m (£114.53m) in Q3 2023, a slump of 28% compared with $192m in the same quarter a year ago.

During the period under review, diluted earnings per share (EPS) fell by 25% to $1.29 from $1.72 a year ago.

Revenue for the quarter ending 30 September 2023 was $2.16bn, an increase of 11% year-on-year (YoY).

Revenue climbed by 9% on an organic basis and when the effects of foreign exchange were taken out, the company said.

WTW’s risk and broking business reported revenue of $855m between July and September, a 12% increase from $765m in the previous year.

The company attributed corporate risk and broking’s revenue growth to strong new business, increased client retention and rate increases.

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By GlobalData

Software sales and improved project revenue drove organic revenue growth for insurance consulting and technology, WTW said.

Meanwhile, the health, wealth and career business recorded revenue of $1.28bn in Q3, a 10% increase from $1.16bn a year ago.

WTW CEO Carl Hess said: “Our strong revenue growth in the third quarter reflects the value of our global model and the increasing impact of our ongoing investments in talent and technology. We continued to execute against our strategy and posted solid margins through growth, simplification and transformation, as well as greater cost discipline.

“Looking ahead, the continued strong demand for our differentiated services, the traction of our transformation programme and expense control initiatives and the resilience of our business gives us confidence in our ability to deliver on our commitments for the year and to drive profitable growth.”

Last week, WTW appointed Rob Powell as the new global chief claims officer.

Powell will join WTW in early 2024 and report to the company’s global head of risk and broking Adam Garrard.