Willis Towers Watson Public Limited Co

Q3 performance (headline): strong growth + margin expansion - Delivered 4% organic revenue growth, +150 bps adjusted operating margin expansion, and +18% adjusted EPS growth. - Adjusted operating margin: 21.9% (Q3), with 150 bps expansion YoY. - Adjusted EPS: $3.63 (+18% YoY). - Cash / capital returns: Repurchased $220m in Q3; $970m year-to-date, essentially hitting the $1bn full-year buyback guidance direction. Dividends: $89m in the quarter.

Segment outlooks: growth holding up, but timing & specific headwinds shift the mix - Health, Wealth & Career (HWC): +4% organic in Q3; margin 29.5% (+90 bps). - Health: +6% organic; employers focused on cost control (management of healthcare cost inflation). - Wealth: +2% organic; driven by retirement activity, de-risking, and new wins; growth expected at high end of low-single digits. - Career: +9% organic in Q3, but outlook narrowed to low single-digit growth for full-year due to: - Ongoing Middle East conflict headwind - Survey timing unwind (timing benefited Q3; not expected to repeat in Q4). - BD&O (benefits outsourcing): -2% organic in Q3; now flat for 2026 (was expected low-single-digit growth) because large clients postponed individual marketplace implementations from Q4 2026 into next year. - Net HWC full-year guide: low to mid-single digit growth (down from prior “mid-single digit”) due to BD&O implementation delays + Career dynamics; still expects HWC margin expansion.

Risk & Broking (R&B): specialization offsets softer insurance pricing - R&B: +5% organic in Q3 (4% ex book-of-business settlements + interest income). - Segment margin 19.8% (+100 bps); and management highlights that Q3 is typically the lowest margin quarter, with Q4 highest—supports delivery of the full-year margin target. - CRB: +5% organic (with North America double-digit growth; international high single digits). - Pricing environment: continued rate softening, especially property; U.S. casualty is an exception with rates rising in excess layers due to loss-cost inflation. - ICT (Insurance Consulting & Technology): +2% organic; consulting is weak as clients defer discretionary work → low single-digit full-year ICT growth expected. - Q4 expectation: organic growth accelerates sequentially, supporting full-year mid-single digit organic growth and about +100 bps margin expansion.