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Willis Towers Watson Revenue Bitches Up As It Seems After Merger Future



Willis Towers Watson PLC reported 2.8% growth in 2018 fourth quarter sales, as it largely completed the integration of its entities following the merger that created the company in 2016.

Going forward, the company will focus more on cross selling opportunities between the former Willis Group Holdings PLC brokerage business and the former Towers Watson & Co. consulting business, said Willis Towers Watson's top executive in a conference call discussing the results Wednesday.

In addition, Willis Towers Watson will look to make more acquisitions of all sizes in the future, he said.

Willis Towers Watson reported a $ 2.1 billion revenue in the fourth quarter of 201

8, except for the impact of new Financial Accounting Standards Board accounting rules that affect when certain revenue is recognized in financial income. Like other major brokerage firms, Willis Towers Watson adopted the new rules in the first quarter of 2018 and has provided revenue that excludes the change to provide a better comparison with 2017 results, in addition to providing figures reflecting the new rules. 19659002] Business risk and broker, the largest unit, reported sales of $ 812 million for the fourth quarter of 2018, an increase of 2.4% over the previous year. The organic growth in the quarter – which excludes the effect of exchange rate fluctuations, acquisitions and the change in revenues – was 5% according to the income statement. Net income for the fourth quarter was $ 169 million, down 31% from the same period in 2017, including one-off federal tax changes.

Willis Towers Watson reported net sales of $ 8.50 billion for the full year, a 5% increase over 2017 in both actual and organic growth, and the insurance broker segment reported $ 2.90 billion in revenue, an increase of 5.4% and organic growth of 4%. Net income for 2018 amounted to $ 775 million, an increase of 36.4% over the previous year.

The fourth quarter of 2018 also marked the end of the integration of Willis and Towers Watson's $ 18 billion merger, CEO John Haley said the conference call.

Future prospects, the company will seek out excess opportunities between the consulting and insurance brokers, he said.

Already "entering the market with our integrated proposal has led us to penetrate specifically the market for corporate risks and brokers, in companies that we have traditionally not worked for. Only in the fourth quarter we had in the November / December time frame a couple of big organizations that we won the CRB work for … and it could not have happened without CRB and some other parts of the organization collaborated, "Mr. Haley said.

In addition, Willis Towers Watson will make sure to acquire, he says. "Historically, both Willis and Towers Watson were active in looking at acquisitions and growing in this way … we feel that we are in a really good business location right now and we can go back to our historical look at acquisitions."

Future acquisitions are likely to include companies that provide additional skills and capacity, "but we would be open to lots of different sizes," says Haley.


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