In March 2022, WTW announced its intention to transfer ownership of its Russian subsidiary to local management, who will operate independently in the Russian market. WTW deconsolidated its Russian entities during the quarter. Upon deconsolidating, WTW recorded a non-cash loss on disposal of USD 57 million, and a non-cash impairment charge of USD 81 million related to our Russian business. "Our non-GAAP measures were adjusted for both the loss on disposal and the impairment charge. WTW's operations in Russia were primarily within our Risk & Broking segment and comprised approximately 1% of consolidated WTW revenue for 2021".
Effective January 1, 2022, the WTW realigned its activity to two business segments: Health, Wealth & Career ("HWC") and Risk & Broking ("R&B") and three geographies: Europe, International and North America.
During the Quarter, the HWC segment posted revenue of USD 1.24 billion, an increase of 1% vs. Q1 2021 (USD 1.23 billion). At the same time, operating income increased to USD 257 million from USD 242 million.
The R&B segment reported revenue of USD 891 million, a decrease of 4% from USD 924 million in the prior-year first quarter. Operating income was USD 192 million from USD 203 million in Q1 2021.
"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," said Carl HESS, WTW's chief executive officer.
"During the quarter, we continued to make significant progress across our strategic priorities. We launched innovative new products, hired at our fastest rate since 2019, simplified our reporting structure, and made headway on transforming our cost structure. As of today, we have executed on our capital allocation strategy, having repurchased USD 4.1 billion in shares and reaching our 2022 target ahead of schedule. Going forward, we believe we are well-positioned for success, with our industry-leading solutions and teams helping our clients address their most pressing needs in a volatile economic environment. We believe we remain on track to achieve our 2022 financial targets and are confident in our ability to deliver on our long-term goals for the benefit of all our stakeholders."
948 views
