- Revenue: USD 6,349 million (+3.4%), from the following segments:
- Human Capital & Benefits: USD 2,433 million (+1.8%)
- Corporate Risk & Broking: USD 2,069 million (+1.6%)
- Investment, Risk & Reinsurance: USD 1,323 million (+3.7%)
- Benefits Delivery & Administration: USD 440 million (+19.6%)
- Net income: USD 522 million (+8.2%)
- Net income attributable to WTW: USD 500 million (+57.7%)
For the nine months ended September 30, 2019, WTW revenue was USD 6.35 billion, an increase of 3% (6% increase constant currency and 5% increase organic) as compared to USD 6.14 billion for the same period in the prior year.
Adjusted EBITDA for the nine months ended September 30, 2019 was USD 1.4 billion, or 21.6% of revenue, an increase from adjusted EBITDA of USD 1.3 billion, or 20.6% of revenue.
The net income attributable to WTW for the nine months ended September 30, 2019, was USD 500 million, a 58% increase from USD 317 million for the same period in the prior year. Diluted earnings per share were USD 3.84, and adjusted diluted earnings per share were USD 6.06 for the nine months ended September 30, 2019. Net income attributable to Willis Towers Watson and diluted earnings per share for the nine months ended September 30, 2019 included pre-tax USD 12 million of transaction and integration expenses related to the TRANZACT acquisition. For the nine months ended September 30, 2019, the U.S. GAAP tax rate was 19.3%, and the adjusted income tax rate used in calculating adjusted diluted earnings per share was 21.0%.
For the nine months ended September 30, 2019, operating income margin improved by 460 basis points compared to the same period in the prior year. Adjusted operating income margin improved by 150 basis points to 16.1% from 14.6% for the nine months ended September 30, 2019.
Cash flows from operating activities for the nine months ended September 30, 2019 was USD 620 million compared to USD 716 million for the prior year. Free cash flow for the nine months ended September 30, 2019 and 2018 was USD 445 million and USD 507 million, respectively. During the nine months ended September 30, 2019, the Company repurchased approximately USD 147 million of Willis Towers Watson stock.
"I am pleased with our third quarter results. We delivered another solid quarter of financial results with strong total and organic revenue growth and continued margin expansion. The strength and consistency of our performance reflects our commitment to client service - as well as the continued successful execution of our growth strategy. We believe we will have a strong finish to the year and remain confident in our ability to continue delivering profitable growth and generating long-term value for all of our stakeholders."
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