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WTW expects ongoing virus impact

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Willis Towers Watson (WTW) says the coronavirus pandemic will cause it pain for the rest of the year at least.

“We continue to expect that the COVID-19 pandemic will negatively impact our revenue and operating results for the remainder of 2020, and potentially beyond,” it said last week as it released its second-quarter results.

Net income for the second quarter was $US102 million ($142.78 million), a decrease from $US149 million ($208.57 million) the previous corresponding period. Revenue was $US2.11 billion ($2.95 billion), up from $US2.05 billion ($2.87 billion).

“I am pleased with our second quarter results,” CEO John Haley said.

“Our strong execution and our focus during this challenging environment helped us deliver another quarter of solid financial performance.

“We are confident the actions we are taking in this challenging environment will enhance our agility and allow us to generate long-term value for all of our stakeholders.”

As has reported, WTW is set to merge with Aon to create the world’s largest insurance broker.