Willis Towers Watson says its first quarter was not materially affected by the coronavirus pandemic but it’s withdrawing full-year earnings guidance as future developments remain difficult to predict.

“We expect that the impact of COVID-19 on general economic activity could negatively impact our revenue and operating results for the remainder of 2020,” the company said.

March quarter net profit rose to $US305 million ($475 million) from $US287 million ($447 million) a year earlier. Revenue increased 7% to $US2.47 billion ($3.85 billion).

North America led the corporate risk and broking segment, followed by Western Europe, primarily with new business generation and strong renewals.

The segment’s revenue increased 2% to $US739 million ($1.2 billion).

Investment, risk and reinsurance revenues rose 4% to $US615 million ($958 million), with all lines of business contributing to the growth, on an organic basis.