Willis Towers Watson hit by 32% slide in Q2 profit

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Willis Towers Watson, the world’s number three insurance brokerage that will catapult Aon Plc from second to top spot when their mega merger concludes next year, has released the company’s latest earnings report.

According to the Irish-domiciled and London-headquartered group, net income attributable to Willis Towers Watson for the April-June period was US$94 million (around SG$128.7 million). The amount is 32% lower than the US$138 million (around SG$189 million) posted in the second quarter of 2019.

It was noted that the attributable net income and diluted earnings per share for Q2 included pre-tax US$14 million of transaction and integration expenses mostly related to the pending business combination with Aon.

Revenue in the second quarter grew 3% to US$2.11 billion.

“Pleased” with the quarterly numbers, nonetheless, is Willis Towers Watson chief executive John Haley, who said their strong execution and focus during this challenging time helped the firm deliver “another quarter of solid financial performance.”

Haley went on to state: “We demonstrated the resilience of our overall business and diversified portfolio of offerings through continued revenue and earnings growth, robust free cash flow enhancement, and a strengthened balance sheet.

“I would like to thank all the Willis Towers Watson colleagues for the outstanding commitment they have shown in the most difficult of circumstances. 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.”  

Meanwhile net income attributable to Willis Towers Watson for the first half stood at US$399 million. This represents a 6% decline from last year’s US$425 million.

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