WTW has reported a net income of $623m for the fourth quarter of 2023, a 5% increase from the $593m recorded in the same period in 2022.
The company’s revenue for the quarter stood at $2.91bn, up 7% on a reported basis compared with $2.72bn year-on-year (YoY).
WTW’s risk and broking segment contributed significantly with a revenue of $1.07bn, marking a 13% increase YoY on a reported basis.
The corporate risk and broking division experienced organic revenue growth, driven by robust new business acquisition, enhanced client retention and rate increases.
The insurance consulting and technology segment also reported organic revenue growth, attributed to software sales and increased project revenue.
During the three months that ended 31 December 2023, WTW’s health, wealth and career segment posted revenue of $1.79bn, a 4% increase on a reported basis.
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Additional highlights from the quarter include a $196m share repurchase and the establishment of a new team.
This team is tasked with driving growth among large, complex clients across the 12 industry vertical divisions of corporate risk and broking in North America.
For the full year ending 31 December 2023, WTW’s revenue reached $9.48bn, a 7% increase on a reported basis from $8.86bn in 2022.
The net income for the year grew 4% to $1.06n.
Cash flow from the company’s operating activities stood at $1.3bn for 2023.
Looking ahead to 2024, WTW anticipates delivering revenue of $9.9bn based on current and projected market conditions.
WTW CEO Carl Hess said: “Our topline results and healthy pipeline for 2024 reflect the success of our growth initiatives with both new and existing clients. Alongside the strong revenue growth, our progress simplifying and transforming our operations drove efficiencies and margin expansion in the quarter. We also made progress on our commitment to improve cash flow.”