Willis Towers Watson (WTW) FY2025 results: revenue $9.7 billion, down 2.2% on the year

WTW is an advisory and insurance broking firm. It states plainly that it is not an insurance company and does not underwrite risk for its own account: it advises companies on managing risk, then places their insurance with carriers, and separately consults on employee benefits, pensions, pay and investment. It has roughly 47,000 colleagues serving more than 140 countries and markets.

Where the money comes from

Most revenue is either commission on broking or a fee for consulting. Commission levels follow premium levels: WTW does not determine the premium the client pays, and its commission is generally a percentage of that premium, so fluctuations in the premiums charged by carriers can have a direct and potentially material impact on its own results. The filing calls the market soft at the time of filing, meaning premium rates are declining, which puts downward pressure on commission revenue. Consulting fees behave differently, spread across several businesses that the filing says generally hold steady through uncertainty, with health and benefits and administration described as counter cyclical in the early part of a significant economic change.

Clients range from multinationals to middle-market companies, and the filing puts the coverage at roughly 93 percent of the FTSE 100, 89 percent of the Fortune 1000 and 92 percent of the Fortune Global 500. No single client was more than 10 percent of consolidated revenue in 2025, 2024 or 2023. Insurance is placed with about 2,500 carriers, none of them a meaningful concentration of the premiums placed.

Two segments

Health, Wealth & Career was 55 percent of revenue in 2025, against 59 percent in 2024 and 60 percent in 2023. Risk & Broking was 45 percent, against 41 percent and 40 percent.

Health, Wealth & Career

Four areas. Health and Benefits does strategy and design consulting, plan management, broking and administration across medical, dental, disability, life and voluntary benefits, for clients from the small and mid-market up to multinationals, and in more than 160 countries. It also runs collective purchasing schemes, for pharmacy and stop-loss cover, that let employers buy on better terms than they could alone.

Wealth splits into Retirement and Investments. Retirement supplies actuarial work, plan design and administration for pension and retirement savings plans, and for clients that want to outsource some or all of their pension plan management it offers broking plus an integrated service combining discretionary investment management, administration and core actuarial services. Investments advises and runs money for defined benefit and defined contribution schemes, insurers, endowments, foundations and private wealth clients, from a single asset class through to whole-plan management with liability hedging, and includes a pooled employer plan and master trust offering branded LifeSight. Both are long-term relationships, mostly on retainer or multi-year contracts, which the filing links to the heavily regulated nature of pension plans.

Career covers executive compensation and broad-based reward: advising management and boards on base pay, annual bonuses, long-term incentives and other benefits, and on how work is organised and what skills a job needs.

Benefits Delivery & Outsourcing runs Individual Marketplace, which connects consumers with insurance carriers in the private individual and Medicare markets and administers tax-advantaged medical spending accounts, and Global Outsourcing. Its revenue is seasonal, weighted to the fourth quarter because that is when annual enrolment happens.

Risk & Broking

Corporate Risk & Broking places more than $34 billion of premiums into the insurance markets each year, across four geographical areas: North America, Great Britain, Western Europe and International. Its lines are property and casualty, affinity, risk and analytics, and a set of specialty global lines. Affinity arranges insurance that client partners then offer to their own customers, employees or members. The specialty lines include aerospace, which covers airlines, aircraft manufacturers, air cargo handlers and other aviation companies and, through a dedicated team, the space industry; construction, serving contractors, project owners, public entities and financiers; global markets direct and facultative; and natural resources, covering oil, gas and chemicals, mining and metals, power and utilities, and renewable energy.

The second business in the segment, Insurance Consulting and Technology, sells advice and technology solutions to the insurance industry itself.

From WTW's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.