WTW reported FY2023 business worth USD 9.5 billion

21 February 2024 — Andrei VICTOR
Global broker WTW reported FY2023 revenue worth USD 9.48 billion, an increase of 7% as compared to USD 8.87 billion for the prior year. For the year 2024, the company expects to deliver revenue of USD 9.9 billion or greater.

Net Income for the year was USD 1.1 billion, an increase of 4% y-o-y. Adjusted EBITDA for 2023 was USD 2.4 billion, or 25.6% of revenue, an increase of USD 43 million, compared to Adjusted EBITDA of USD 2.4 billion, or 26.9% of revenue, in 2022.

Revenue was USD 2.91 billion for the fourth quarter of 2023, an increase of 7% as compared to USD 2.72 billion for the same period in the prior year. Net Income for the fourth quarter of 2023 was USD 623 million, an increase of 5% compared to Net Income of USD 593 million in the prior-year fourth quarter. Adjusted EBITDA for the fourth quarter was USD 1.1 billion, or 37.1% of revenue, an increase of 7%, compared to Adjusted EBITDA of USD 1.0 billion, or 37.1% of revenue, in the prior-year fourth quarter.

By Divisions, during Q4 2023, Health, Wealth & Career generated revenue of USD 1.80 billion from USD 1.72 billion in the prior year, while Q4 2023 Operating Income totaled USD 729 million (vs. USD 672 million). At the same time, Risk & Broking Division had revenue of USD 1.08 billion in the fourth quarter of 2023, an increase of 13% from USD 952 million in the prior year, while the Operating Income was USD 354 million (vs. USD 269 million).

“WTW closed 2023 with robust momentum, delivering strong organic revenue, margin, and earnings growth in the fourth quarter to cap a solid financial performance for the year,” said Carl Hess, WTW’s chief executive officer.

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