Insurance broking group WTW achieved 5% organic revenue growth to $2.3 billion for the third quarter of 2025, flat year-on-year as a result of the sale of TRANZACT, while net income improved significantly to $306 million compared with a loss of $1.7 billion in the third quarter of 2024.
In the firm’s Risk & Broking segment, total revenue increased 6% on an organic basis to more than $1 billion, as operating income rose 11% to $189 million with an operating margin of 18.8%.
The firm reports that Corporate Risk & Broking’s (CRB) organic revenue growth was mostly driven by new business and revenue recognised from project-based placements within the global specialty businesses. This offset the negative impact of insurance rate headwinds. Insurance Consulting and Technology (ICT) revenue was flat for the third quarter of 2025 as “clients continued to manage spend more cautiously amid ongoing economic uncertainty.”
In the broker’s Health, Wealth & Career segment, organic revenue growth was 4% to $1.3 billion, with operating income of $361 million, an increase of 10% on the prior year quarter, with an improved operating margin of 28.6%.
WTW highlights organic revenue growth in Health from all regions, partially offset by prior-year book-of-business settlement activity. In Wealth, growth was driven by strong levels of Retirement work in both Great Britain and North America, and also growth in the firm’s Investments business. The growth in Career revenue reflects strong demand for advisory project work in Europe, says WTW.
Carl Hess, WTW’s Chief Executive Officer, commented: “WTW’s market-leading solutions and focused execution on our strategy drove another quarter of strong results. In the third quarter, we delivered a solid revenue performance, alongside strong operating margin expansion and earnings per share growth.
“As we enter the fourth quarter, our sustained momentum and continued traction in the market give us confidence in our ability to reach our full year financial goals, despite macro uncertainty. I’d like to thank our colleagues for their hard work, commitment to our clients and support of one another.”
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