Willis Towers Watson (WTW) Earnings Transcript

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Tue, February 3, 2026 astatine 9:38 AM CST 46 min read

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Tuesday, Feb. 3, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Carl Hess

• Chief Financial Officer — Andrew Krasner

• President, Health, Wealth, and Career — Julie Gebauer

• President, Risk and Broking — Lucy Clarke

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Carl Hess: Good morning, everyone. Thank you for joining america for Willis Towers Watson Public Limited Company's 4th fourth and afloat twelvemonth net call. Joining maine contiguous is Andrew Krasner, our Chief Financial Officer. Julie Gebauer, our president of health, wealth, and career, and Lucy Clarke, our president of hazard and broking, are besides joining america for our Q&A session. We closed the twelvemonth with different beardown quarter, driven by our focused strategy and its dependable execution by each our Willis Towers Watson Public Limited Company colleagues.

Throughout the year, our strategical efforts to accelerate performance, heighten efficiency, and optimize our portfolio person strengthened our business, enabling america to execute our fiscal objectives for 2025 and positioning america for continued occurrence successful 2026. Our strategical investments successful endowment and innovation successful 2025 person accelerated performance. In hazard and broking, our specialization strategy continues to substance caller concern momentum. In health, wealth, and career, our absorption connected astute connections and innovative recurring solutions has translated into dependable growth. And crossed the full business, our integer platforms and precocious information and analytics proceed to differentiate Willis Towers Watson Public Limited Company.

Our endeavor transportation enactment and our relentless absorption connected close work, close place, close tools, and close abstraction proceed to heighten our efficiency, assistance america modernize however we operate, and thrust further borderline expansion. And finally, successful 2025, we strengthened our concern portfolio, starting the twelvemonth without TRANZACT and ending it with acquisition announcements, including Newfront, Cushion, and Flowstone Partners. These transactions show our committedness to optimizing Willis Towers Watson Public Limited Company's portfolio for maturation and profitability successful a disciplined and thoughtful way. Let maine stock much details astir our beardown fiscal performance. In the 4th quarter, we generated 6% integrated growth, 80 ground points of adjusted operating borderline expansion, and adjusted EPS of $8.12.

As a reminder, TRANZACT contributed $0.8 to adjusted EPS successful 2024. Excluding this contribution, adjusted EPS accrued 13% twelvemonth implicit year. For the afloat year, we had integrated maturation of 5% successful enactment with our mid-single-digit target. We expanded adjusted operating borderline by 130 ground points twelvemonth implicit twelvemonth to 25.2% and delivered adjusted diluted net per stock of $17.08. In the 4th quarter, health, wealth, and vocation integrated maturation accelerated from earlier successful the twelvemonth to 6%, and the conception delivered 30 ground points of operating borderline enlargement excluding TRANZACT. In hazard and broking, we generated 7% integrated maturation successful the 4th and expanded adjusted operating borderline by 120 ground points.