Insurance broker WTW reported fourth quarter revenue of $2.94 billion, a decrease of 3% compared to $3.04 billion for the same period in the prior year due to the sale of TRANZACT.
Q4 2025 organic revenue growth was 6%, while the FY 2025 saw 5% organic growth, compared with 5% for both Q4 and FY 2024.
Net Income for the fourth quarter of 2025 was $736 million compared to $1.25 billion in the prior-year fourth quarter, a decrease of 41%.
WTW reported FY revenue of $9.71 billion, a decrease of 2% compared to $9.93 billion for the prior year as a result of the sale of TRANZACT.
Net Income for the year ended December 31, 2025 was $1.61 billion, compared to a net loss of $88 million in the prior year. (The 2024 loss was due to more than $1.0 billion in impairment charges connected to the sale of its direct-to-consumer insurance distribution business, TRANZACT – a deal that was completed in January 2025 and first announced in October 2024.)
Carl Hess, WTW’s chief executive officer, described WTW’s Q4 and FY financial results as “strong,” which he said are being boosted by the company’s specialization strategy.
Risk & Broking
The company’s Risk & Broking (R&B) segment had Q4 revenue of $1.25 billion, an increase of 10% from $1.14 billion in the prior year, with Q4 organic growth of 7%. R&B’s Q4 operating income rose 8% to $383 million from $354 million during Q4 2023.
“In Risk & Broking, our specialization strategy continues to fuel new business momentum,” said Hess during an analysts’ call on Feb. 3 to discuss results. The R&B segment comprises Corporate Risk & Broking (CRB) and the company’s Insurance Consulting and Technology (ICT) business.
Corporate Risk & Broking (CRB) had organic revenue growth of 8%, driven by higher levels of new business activity and strong client retention, said WTW in its financial report.
ICT’s organic revenue growth for the quarter dropped by 1% versus Q4 2024 when ICT delivered 11% growth, which WTW said reflected “clients’ continued caution in managing expenses amid ongoing economic uncertainty.” Full year growth was 1% compared to 4% last year
“The 8% organic growth in our Corporate Risk & Broking business marks the 12th consecutive quarter that the business has recorded high single-digit growth … despite a more challenging pricing environment,” Hess said.
“I’m particularly pleased with the strong results in our CRB North America business, which grew by high single digits, driven by increased M&A activity and new business across several specialty lines, including construction and surety,” he added.
“As evidenced by our fourth quarter performance and new business wins, we saw attractive returns on our investments in talent and innovation in 2025, and we’ll continue to prioritize investment opportunities that further accelerate our performance,” Hess said.
Lucy Clarke, president of Risk & Broking. said CRB generated significant new business in every global market from construction and surety to credit, marine and natural resources.
“Our specialization strategy continues to resonate, positioning us to help clients manage persistent trade and geopolitical volatility, while disciplined investments in revenue-producing talent continues to support sustainable organic growth,” Clarke said during the analysts’ call. “We are well positioned for the current environment and are confident we can continue to deliver mid- to high single-digit organic growth in R&B during 2026.”
WTW also confirmed it was taking advantage of the business provided by digital infrastructure and data center construction, similar to the CEOs of other brokers such as Aon and Marsh. (See related story: Data Center Boom Offers Organic Growth Opportunities for Brokers Like Aon, Marsh).
Hess cited WTW’s “strong and growing presence in the digital infrastructure space, where we’re proud to support 5 of the 10 largest data center developers globally.”
“We recently added one of those five in a competitive RFP [request for proposal] process for their master builders’ risk placement,” he said. “The client chose us for the breadth and depth of our expertise in construction, energy, technology and other specialties as well as our global capabilities in connectivity.”
He attributed this client win to WTW’s specialization strategy which “underpins our ability to support clients across the full data center life cycle from planning to operation.”
“We have a track record of supporting the largest developers with our industry-leading analytics,” Hess continued. “This, along with our deep subject matter expertise across cyber, contracts, environmental and property risks, allows us to deliver comprehensive risk management solutions for every aspect of data center development and operation.”
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