Willis Towers Watson (WTW) reported a revenue of $9.708 billion for the year ended December 31, 2025, a decrease of 2% compared to the $9.930 billion reported in the previous year. This decline was primarily attributed to the sale of the TRANZACT business. However, the company's organic revenue grew by 5%, driven by strong performances in both the Health, Wealth & Career (HWC) and Risk & Broking (R&B) segments. Net income attributable to WTW was $1.605 billion, a significant increase from the net loss of $98 million in 2024. Diluted earnings per share stood at $16.26, compared to a loss of $0.96 per share in the prior year.
The HWC segment reported revenue of $5.254 billion, a 9% decrease compared to $5.777 billion in 2024. Adjusting for currency impacts and divestitures, organic revenue growth for HWC was 4%. This growth was driven by Health, which delivered organic revenue growth in all regions, led by double-digit increases across International, and Wealth, which generated organic revenue growth from higher levels of Retirement work globally, alongside growth in its Investments business. The R&B segment's revenue was $4.334 billion, a 7% increase from $4.038 billion in 2024. Organic revenue growth for R&B was 6%, driven by Corporate Risk & Broking, which had organic revenue growth largely driven by the success of its global specialties model, and Insurance Consulting and Technology, which had modest organic revenue growth driven primarily by the Technology practice.
WTW's strategic focus remains on extending its strengths to deliver sustainable growth and profitability through three key objectives: accelerating performance, enhancing efficiency, and optimizing its portfolio. The company is managing its portfolio through inorganic and organic investment in areas of strength, such as corporate risk and broking, health and benefits, and wealth, as well as divesting businesses that are no longer a strategic fit. In line with this strategy, WTW completed offerings of $700 million aggregate principal amount of 4.550% senior notes due 2031 and $300 million aggregate principal amount of 5.150% senior notes due 2036. The net proceeds from the 2025 senior notes offering, after deducting underwriter discounts and commissions and estimated offering expenses, were $989 million and were used to pay the consideration for the Newfront acquisition, which was completed on January 27, 2026, and related fees, costs and expenses.
Key operational developments include a colleague headcount of approximately 46,900 as of December 31, 2025, with 23,100 in HWC, 16,800 in R&B, and 7,000 in Corporate and Other. Geographically, North America accounted for 12,300 colleagues, Europe for 15,300, and International for 19,300. The company's voluntary turnover rate remained within the target range at 9.8%, compared to 10.1% in 2024. Hiring exceeded 6,700, a decrease of 4% as compared to 2024. The company's focus for 2026 will be to increase its global investment in talent across sales and client-facing colleagues.
Looking ahead, WTW aims to grow revenue, improve margins, and increase free cash flow, EBITDA, and earnings. The company's strategy is underpinned by its values of client focus, teamwork, integrity, respect, and excellence, which guide how it runs its business and serves its clients. The company is committed to making WTW a destination employer for top talent, with a focus on attraction and retention, development and promotion, and culture and brand.
About WILLIS TOWERS WATSON PLC
WTW is a global advisory, broking, and solutions company specializing in risk management, employee benefits, retirement, investments, and human capital services. It serves large multinational corporations, insurance companies, and government agencies across diverse industries worldwide. WTW offers data-driven consulting, insurance brokerage, and technology solutions to optimize organizational resilience, talent management, and capital deployment, leveraging a broad platform of integrated services and local expertise.
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