Willis Towers Watson Public Limited Co

Solid Q3 performance & margin momentum (good): WTW delivered 4% organic revenue growth in Q3 2026, +150 bps adjusted operating margin expansion to 21.9%, and +18% adjusted EPS growth to $3.63. Both segments grew and margins expanded; Q3 reflected early benefits from technology investments and strong cost discipline.

Segment outlooks: Health/Wealth resilient, but BD&O timing drag + Career geography risk (mixed/bad): - HWC: 4% organic Q3 growth (Health +6%, Wealth +2%, Career +9%; BD&O -2%). - Q4/HY 2026 guidance update: WTW narrowed HWC full-year organic growth to low–mid single digits (from mid-single digits) mainly due to BD&O implementation delays and Career headwinds. - BD&O specific negative: BD&O now expected ~flat for 2026 (previously low single-digit growth). Reason: large client implementation postponements pushed ~75,000 retirees into next year (individual marketplace ~80% of annual revenue is typically a Q4 event). - Career headwind: Still constrained by Middle East conflict; WTW narrowed Career to low single-digit growth (from low–mid single digits). - Expectations for HWC into Q4: Health and Wealth expected to build momentum; BD&O growth limited by delayed implementations; Career impacted by continued geopolitical constraints.

R&B growth resilience despite softer pricing (good/surprising): R&B grew 5% organic in Q3 (4% excluding book of business settlements & interest income) and 19.8% operating margin (+100 bps). Management expects sequential acceleration in Q4, driven by specialty activity and pipeline/new business/renewals. Also signaled the growth cadence timing (multi-year placements) that can make Q/Q volatility. - Pricing environment challenge acknowledged: Rates softened in most lines; property softest, U.S. casualty the exception (rising in excess layers). Despite that, specialization + analytics/data positioning supported growth.