Willis Towers Watson Reports Third Quarter Earnings

  • Reported Revenues increased 2% over pro forma prior year third quarter (5% constant currency increase, 1% organic increase)
  • Diluted Loss per Share was $0.23
  • Adjusted Diluted Earnings per Share were $1.04

ARLINGTON, Va. and LONDON, Nov. 04, 2016 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ:WLTW) (the "Company"), a leading global advisory, broking and solutions company, today announced financial results for the third quarter of 2016, which ended September 30, 2016. On January 4, 2016, the merger of Willis Group Holdings plc (Willis) and Towers Watson & Co. (Towers Watson) was completed. In this release, the Company has presented consolidated financial results for the quarter ended September 30, 2016 and certain pro forma results for the quarter ended September 30, 2015.

Total Revenues were $1.78 billion for the third quarter of 2016, an increase of 2% (5% constant currency increase, 1% organic increase) as compared to Willis and Towers Watson pro forma revenues of $1.75 billion for the same period in the prior year.

Total Revenues were $5.96 billion for the nine months ended September 30, 2016, an increase of 7% (10% constant currency increase, 1% organic increase) as compared to Willis and Towers Watson pro forma revenues of $5.57 billion for the same period in the prior year. Adjusted Revenues, which include $58 million of revenue not recognized due to purchase accounting rules, were $6.02 billion, or an increase of 8% (11% constant currency increase, 2% organic increase), as compared to Willis and Towers Watson pro forma revenues of $5.57 billion for the same period in the prior year.

Net loss attributable to Willis Towers Watson for the third quarter of 2016 was $32 million, a decrease from pro forma net income attributable to Willis and Towers Watson of $209 million for the prior-year third quarter. Net income attributable to Willis Towers Watson for the nine months ended September 30, 2016 was $278 million, a decrease from pro forma net income attributable to Willis and Towers Watson of $568 million for the nine months ended September 30, 2015.

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