EX-99.1

EX-99.1 2 wtw-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

The following tables present WTW’s Segment Revenue, Operating Income and Operating Margin ($ in millions; unaudited).


	2021															2020															2019
	Q1			Q2			Q3			Q4			Full Year			Q1			Q2			Q3			Q4			Full Year			Q1			Q2			Q3			Q4			Full Year
HWC: Revenue	$	1,233		$	1,179		$	1,168		$	1,688		$	5,268		$	1,143		$	1,039		$	1,088		$	1,625		$	4,895		$	1,024		$	987		$	1,048		$	1,527		$	4,586
Operating Income		242			218			241			645			1,346			214			168			216			638			1,236			189			161			209			590			1,149
Operating Margin %		19.6	%		18.6	%		20.6	%		38.2	%		25.6	%		18.7	%		16.2	%		19.7	%		39.2	%		25.2	%		18.5	%		16.4	%		20.0	%		38.6	%		25.0	%

R&B: Revenue	$	924		$	885		$	787		$	968		$	3,564		$	840		$	781		$	724		$	971		$	3,316		$	825		$	771		$	724		$	962		$	3,282
Operating Income		203			204			138			290			835			161			152			94			307			714			157			120			91			282			650
Operating Margin %		21.9	%		23.1	%		17.5	%		30.1	%		23.4	%		19.2	%		19.4	%		13.1	%		31.6	%		21.6	%		19.1	%		15.5	%		12.5	%		29.3	%		19.8	%

Total Segment Revenue	$	2,157		$	2,064		$	1,955		$	2,656		$	8,832		$	1,983		$	1,820		$	1,812		$	2,596		$	8,211		$	1,849		$	1,758		$	1,772		$	2,489		$	7,868
Total Segment Operating Income	$	445		$	422		$	379		$	935		$	2,181		$	375		$	320		$	310		$	945		$	1,950		$	346		$	281		$	300		$	872		$	1,799


	2021															2020															2019
	Q1			Q2			Q3			Q4			Full Year			Q1			Q2			Q3			Q4			Full Year			Q1			Q2			Q3			Q4			Full Year
Revenue:
Total segment revenue	$	2,157		$	2,064		$	1,955		$	2,656		$	8,832		$	1,983		$	1,820		$	1,812		$	2,596		$	8,211		$	1,849		$	1,758		$	1,772		$	2,489		$	7,868
Divested businesses		51			9			8			38			106			105			85			79			55			324			108			88			86			91			373
Reimbursable expenses and other		20			18			10			12			60			34			22			6			18			80			33			28			29			39			129
Revenue	$	2,228		$	2,091		$	1,973		$	2,706		$	8,998		$	2,122		$	1,927		$	1,897		$	2,669		$	8,615		$	1,990		$	1,874		$	1,887		$	2,619		$	8,370

Total segment operating income	$	445		$	422		$	379		$	935		$	2,181		$	375		$	320		$	310		$	945		$	1,950		$	346		$	281		$	300		$	872		$	1,799
Divested businesses		(10	)		(19	)		(20	)		25			(24	)		10			(2	)		(11	)		(10	)		(13	)		4			(1	)		1			1			5
Amortization		(103	)		(97	)		(85	)		(84	)		(369	)		(120	)		(119	)		(108	)		(114	)		(461	)		(126	)		(123	)		(118	)		(121	)		(488	)
Restructuring costs		—			—			—			(26	)		(26	)		—			—			—			(24	)		(24	)		—			—			—			—			—
Transaction and integration, net		(24	)		(51	)		952			(71	)		806			(9	)		(14	)		(42	)		(45	)		(110	)		(6	)		—			(6	)		(1	)		(13	)
Provision for significant litigation		—			—			—			—			—			—			—			(15	)		(50	)		(65	)		—			—			—			—			—
Unallocated, net		(97	)		(85	)		(95	)		(89	)		(366	)		(116	)		(111	)		(68	)		(123	)		(418	)		(68	)		(56	)		(72	)		(53	)		(249	)
Income from operations		211			170			1,131			690			2,202			140			74			66			579			859			150			101			105			698			1,054
Interest expense		(59	)		(52	)		(50	)		(50	)		(211	)		(61	)		(62	)		(61	)		(60	)		(244	)		(54	)		(56	)		(62	)		(62	)		(234	)
Other income, net		438			74			105			84			701			89			76			156			75			396			55			66			55			50			226
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$	590		$	192		$	1,186		$	724		$	2,692		$	168		$	88		$	161		$	594		$	1,011		$	151		$	111		$	98		$	686		$	1,046

The following tables present WTW’s historical organic revenue growth (unaudited) as if the segments as they operate today existed at such time. Components of revenue change may not add due to rounding.


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended March 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2021		2020		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,233	$	1,143	8%	3%	5%	—%	5%
Risk & Broking		924		840	10%	5%	5%	—%	5%
Total Segments		2,157		1,983	9%	4%	5%	—%	5%
Divested Businesses and Other		71		139
Total Revenue	$	2,228	$	2,122	5%	4%	1%	(2)%	4%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended June 30,				Reported	Currency	Currency	Acquisitions/	Organic
	2021		2020		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,179	$	1,039	13%	4%	9%	—%	9%
Risk & Broking		885		781	13%	5%	8%	—%	9%
Total Segments		2,064		1,820	13%	4%	9%	—%	9%
Divested Businesses and Other		27		107
Total Revenue	$	2,091	$	1,927	9%	5%	4%	(4)%	8%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended September 30,				Reported	Currency	Currency	Acquisitions/	Organic
	2021		2020		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,168	$	1,088	7%	1%	6%	—%	6%
Risk & Broking		787		724	9%	1%	7%	—%	7%
Total Segments		1,955		1,812	8%	1%	7%	—%	7%
Divested Businesses and Other		18		85
Total Revenue	$	1,973	$	1,897	4%	1%	3%	(4)%	7%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended December 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2021		2020		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,688	$	1,625	4%	—%	4%	—%	4%
Risk & Broking		968		971	—%	(1)%	1%	—%	1%
Total Segments		2,656		2,596	2%	(1)%	3%	—%	3%
Divested Businesses and Other		50		73
Total Revenue	$	2,706	$	2,669	1%	(1)%	2%	(2)%	4%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Years Ended December 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2021		2020		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	5,268	$	4,895	8%	2%	6%	—%	6%
Risk & Broking		3,564		3,316	7%	2%	5%	—%	5%
Total Segments		8,832		8,211	8%	2%	6%	—%	6%
Divested Businesses and Other		166		404
Total Revenue (i)	$	8,998	$	8,615	4%	2%	2%	(3)%	6%

______________

(i) WTW's operations in Russia are primarily within our Risk & Broking segment and comprised approximately 1% of consolidated WTW revenue for 2021.


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended March 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2020		2019		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,143	$	1,024	12%	(1)%	13%	9%	4%
Risk & Broking		840		825	2%	(2)%	4%	—%	4%
Total Segments		1,983		1,849	7%	(2)%	9%	5%	4%
Divested Businesses and Other		139		141
Total Revenue	$	2,122	$	1,990	7%	(2)%	8%	5%	4%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended June 30,				Reported	Currency	Currency	Acquisitions/	Organic
	2020		2019		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,039	$	987	5%	(2)%	7%	9%	(2)%
Risk & Broking		781		771	1%	(2)%	4%	—%	3%
Total Segments		1,820		1,758	4%	(2)%	5%	5%	—%
Divested Businesses and Other		107		116
Total Revenue	$	1,927	$	1,874	3%	(2)%	5%	5%	—%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended September 30,				Reported	Currency	Currency	Acquisitions/	Organic
	2020		2019		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,088	$	1,048	4%	1%	3%	3%	—%
Risk & Broking		724		724	—%	—%	—%	—%	(1)%
Total Segments		1,812		1,772	2%	1%	2%	2%	(1)%
Divested Businesses and Other		85		115
Total Revenue	$	1,897	$	1,887	1%	1%	—%	1%	(2)%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended December 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2020		2019		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,625	$	1,527	6%	1%	5%	—%	5%
Risk & Broking		971		962	1%	2%	(1)%	—%	(2)%
Total Segments		2,596		2,489	4%	2%	3%	—%	3%
Divested Businesses and Other		73		130
Total Revenue	$	2,669	$	2,619	2%	2%	—%	(1)%	2%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Years Ended December 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2020		2019		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	4,895	$	4,586	7%	—%	7%	5%	2%
Risk & Broking		3,316		3,282	1%	—%	1%	—%	1%
Total Segments		8,211		7,868	4%	—%	5%	3%	2%
Divested Businesses and Other		404		502
Total Revenue	$	8,615	$	8,370	3%	—%	3%	2%	1%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended March 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2019		2018		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,024	$	1,020	—%	(3)%	4%	—%	4%
Risk & Broking		825		836	(1)%	(5)%	3%	—%	4%
Total Segments		1,849		1,856	—%	(4)%	4%	—%	4%
Divested Businesses and Other		141		131
Total Revenue	$	1,990	$	1,987	—%	(4)%	4%	—%	4%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended June 30,				Reported	Currency	Currency	Acquisitions/	Organic
	2019		2018		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	987	$	962	3%	(2)%	5%	—%	5%
Risk & Broking		771		754	2%	(3)%	5%	—%	6%
Total Segments		1,758		1,716	2%	(3)%	5%	—%	5%
Divested Businesses and Other		116		115
Total Revenue	$	1,874	$	1,831	2%	(3)%	5%	—%	5%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended September 30,				Reported	Currency	Currency	Acquisitions/	Organic
	2019		2018		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,048	$	972	8%	(2)%	10%	5%	4%
Risk & Broking		724		694	4%	(2)%	7%	—%	7%
Total Segments		1,772		1,666	6%	(2)%	8%	3%	5%
Divested Businesses and Other		115		92
Total Revenue	$	1,887	$	1,758	7%	(2)%	9%	3%	6%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Three Months Ended December 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2019		2018		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	1,527	$	1,291	18%	(1)%	19%	15%	4%
Risk & Broking		962		894	8%	(1)%	9%	—%	9%
Total Segments		2,489		2,185	14%	(1)%	15%	9%	6%
Divested Businesses and Other		130		127
Total Revenue	$	2,619	$	2,312	13%	(1)%	14%	9%	6%


						Components of Revenue Change
					As	Less:	Constant	Less:
	Years Ended December 31,				Reported	Currency	Currency	Acquisitions/	Organic
	2019		2018		Change	Impact	Change	Divestitures	Change
	($ in millions)
Health, Wealth & Career	$	4,586	$	4,245	8%	(2)%	10%	6%	4%
Risk & Broking		3,282		3,178	3%	(3)%	6%	—%	6%
Total Segments		7,868		7,423	6%	(2)%	8%	3%	5%
Divested Businesses and Other		502		465
Total Revenue	$	8,370	$	7,888	6%	(3)%	9%	3%	5%