Global insurance broking group WTW has reported flat revenue of $2.3 billion for the second quarter of 2025 with solid organic revenue growth in both Health, Wealth & Career and Risk & Broking, and a 134% year-on-year rise in net income to $332 million.
Group-wide, organic revenue growth was 5% in Q2 2025, and WTW explains that it was flat year-on-year as a result of the sale of TRANZACT.
Income from operations increased 74% year-on-year to $368 million from $212 million, as the operating margin improved to 16.3% in Q2’25 from 9.4% in Q2’24.
Within the company’s Risk & Broking segment, total revenue increased to $1.1 billion in Q2’25 from $979 million a year earlier, reflecting organic revenue growth of 6%.
At the same time, operating income rose to $222 million from $202 million, and the Risk & Broking operating margin moved from 20.6% to 21.2%.
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“Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty,” said WTW.
In Health, Wealth & Career, organic revenue growth of 4% occurred in Q2’25, with the unit recording revenue of $1.2 billion, so relatively flat year-on-year.
The segments operating income increased slightly year-on-year to $280 million from $276 million, as the operating margin improved to 23.8% from 21.9%.
“Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year,” said WTW.
On the company’s reinsurance joint venture with Bain Capital, WTW has noted that it is expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, although this will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level.
Carl Hess, WTW’s Chief Executive Officer, commented on the results: “Our strong second quarter results demonstrate the meaningful progress we’ve made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth.
“I’m pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I’d like to thank our colleagues for their consistent execution and dedication to delivering for our clients.”
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