WILLIS TOWERS WATSON PLC (WTW)

WTW is a leading global advisory, broking and solutions company that provides data-driven, insight-led solutions in the areas of people, risk and capital. With approximately 47,000 colleagues serving more than 140 countries and markets, it helps organizations sharpen strategies, enhance resilience, motivate workforces and maximize performance. Its services help clients identify and control risk, optimize benefits, cultivate talent and use capital. WTW is not an insurance company and does not underwrite insurable risks for its own account. Instead, it acts as an intermediary between clients and insurance carriers, advising on risk management needs and negotiating and placing insurance through its global distribution network.

The company manages its business through two reportable segments. Health, Wealth & Career (55% of 2025 revenue, down from 59% in 2024 and 60% in 2023) is the larger segment. It provides advice, broking, solutions and technology for employee benefit plans, institutional investors, compensation and career programs, and the overall employee experience. It addresses four key areas: Health, Wealth, Career, and Benefits Delivery & Outsourcing. Risk & Broking (45% of 2025 revenue, up from 41% and 40%) covers risk control and insurance broking services. Its risk services include strategic risk consulting, actuarial analysis, due diligence, on-site health and safety and property loss control consulting, hazard modeling, climate risk quantification, and crisis and contingency planning such as security audits and product tampering plans. WTW also operates a private Medicare marketplace in the U.S. and an active employee marketplace to help clients cap and control healthcare benefit costs. Most revenue comes from commissions or brokerage fees and from consulting fees. Commissions are generally a percentage of premiums set by carriers, so changes in premium levels can materially affect results. Consulting fees come from a variety of complementary businesses that tend to stay steady in uncertain times, while health and benefits and administration businesses can be counter-cyclical early in a major economic change.

Clients range from large multinational corporations to middle-market domestic and international companies, along with emerging growth companies, governmental agencies and not-for-profit institutions across many industries. Many relationships span decades. WTW serves approximately 93% of the FTSE 100, 89% of the Fortune 1000 and 92% of the Fortune Global 500, and advises the majority of the world's leading insurance companies. No single client exceeded 10% of consolidated revenue in 2025, 2024 or 2023.

On the supply side, WTW places insurance with approximately 2,500 carriers, none of which accounted for a significant concentration of premiums placed in 2025, 2024 or 2023. Its strategy of a unified "One WTW" approach rests on three objectives: accelerating performance, enhancing efficiency through the WTW Enterprise Delivery Organization (WE DO), and optimizing the portfolio through investment in corporate risk and broking, health and benefits and wealth, and divestiture of businesses that no longer fit. The company's U.S. address is Brookfield Place, 200 Liberty Street, New York, and the filing refers to it as Willis Towers Watson Public Limited Company.