Willis Towers Watson says it is on track to achieve full-year financial targets after a first quarter result in line with its expectations.

Net income fell to $US125 million ($177 million) in the quarter from $US736 million ($1 billion) in the previous corresponding period, while adjusted operating income rose to $US371 million ($525 million) from $US338 million ($478 million).

Total revenue eased 3% to $US2.16 billion ($3.06 billion), while on an organic basis it increased 2%.

WTW CEO Carl Hess says the group during the quarter had launched innovative new products, hired at its fastest rate since 2019, simplified its reporting structure and made headway on transforming its cost structure.

“The first quarter marked a solid start to the year for WTW with results that were in line with expectations and reflect improved momentum in our business,” he said.

The company reorganised its business into two segments, effective from the start of January, with one comprising Health, Wealth and Career and the other Risk and Broking.

Risk and Broking revenue fell to $US891 million ($1.3 billion) from $US924 million ($1.31 billion), while operating income eased to $US192 million ($272 million) from $US203 million ($287 million).

Operating margins in the segment decreased 30 basis points from the prior-year to 21.6%, mainly reflecting a headwind from book-of-business sales recorded in the comparable period.

For the full year, WTW targets include mid-single digit organic revenue growth and adjusted operating margin expansion, while savings are also expected from the transformation program.