Willis Towers Watson PLC Thursday reported second-quarter revenue of $2.27 billion, up 5% from the year-earlier period.
WTW saw 6% organic revenue growth for the quarter, while net income increased 48% to $142 million.
Speaking on a Thursday morning call with analysts, WTW CEO Karl Hess said the broker expects mid-single-digit organic growth for the remainder of the year.
In WTW’s Risk & Broking segment, revenue increased 9% to $979 as the unit saw 10% organic growth. Within the segment, Corporate Risk & Broking had organic growth of 11%, according to Mr. Hess.
The Health, Wealth & Career segment had organic growth of 5% as revenue increased 4% to $1.26 billion.
WTW maintained its outlook of 2024 revenue coming in at $9.9 billion or higher.
CFO Andrew Krasner said on the call that WTW sees “a stabilizing and softening market in some of our largest lines of business, such as property, caused by increasing supply of capacity from insurers.”
Mr. Krasner said the market for financial lines continues to soften, albeit with slower rate reductions in the second quarter, with cyber the exception, “where the market is softening faster,” he said.
Specialty lines are mixed, while casualty markets “remain challenged for primary risks, especially those with North America exposures,” he said.
