WTW tops Street consensus as demand for its services solidifies
Oct 26 (Reuters) - Insurance broker Willis Towers Watson beat analysts' estimate for third-quarter profit on Thursday, helped by higher demand for its broking and consulting services.
As fears of recession have mostly subsided, companies have restarted spending on employee benefit plans encompassing health, retirement and investment management.
This, in turn, has boosted Willis' primary business that caters to employers' human resources operations.
The company's revenue for the quarter rose 11% to $2.17 billion. The jump was led by a 10% surge in revenue from its largest segment — health, wealth and career.
Improved client retention and rate increases, along with resilient demand for the firm's insurance consulting services, contributed to a 12% rise in its risk and broking business.
Willis continues to expect 2023 organic revenue growth to be in mid-single digits percentage.
It posted adjusted profit of $2.24 per share for the three months ended Sept. 30, compared with analysts' average estimate of $2.05 per share, according to LSEG data.
(Reporting by Sri Hari N S in Bengaluru; Editing by Shilpi Majumdar)
