WTW grows broking revenue
Willis Towers Watson’s corporate risk and broking business grew fourth-quarter revenue to $US777 million ($993 million), rising from $US706 million ($902 million) in the corresponding period of 2016.
Full-year revenue from the business increased to $US2.65 billion ($3.4 billion) from $US2.55 billion ($3.3 billion).
The corporate risk and broking division enjoyed strong growth in all regions, with Brazil leading the way in Latin America, and Europe dominated by Iberia, France and Italy.
The investment, risk and reinsurance arm’s fourth-quarter revenue improved to $US305 million ($390 million) from $US289 million ($369 million). For the full year, the figure was stable at $US1.53 billion ($1.96 billion).
Willis Towers Watson recorded a one-time tax benefit of $US204 million ($261 million) related to recent US tax cuts. Group-wide revenue for the December quarter increased to $US2.1 billion ($2.68 billion) from $US1.9 billion ($2.43 billion), taking the full-year figure up to $US8.2 billion ($10.48 billion) from $US7.9 billion ($10.1 billion).
Net profit for the fourth quarter was $US245 million ($313 million), up from $US142 million ($181 million), and full-year net profit improved to $US568 million ($726 million) from $US420 million ($537 million).