UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ___________ Commission File Number: 001-16503 WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY (Exact name of registrant as specified in its charter) Ireland (J ...

Financial Data and Key Metrics Changes - The company reported an 8% organic revenue growth in Q1 2023, indicating sustained momentum and focus on strategic priorities [6][8] - Adjusted diluted earnings per share increased by 7% year-over-year to $2.84, with adjusted operating margin expanding by 140 basis points to 18.6% [7][26] - Free cash flow improved significantly to $92 million in Q1 2023, compared to negative $10 million in the prior year [43][44] Business Line Data and Key Metrics Changes - The Health, Wealth, and Career segment saw a 6% revenue growth, with health revenue increasing by 8% due to project work in North America and strong international growth [28] - Wealth grew by 4%, driven by retirement work in Europe and North America, while Career also experienced 4% growth from increased demand for advisory services [30] - Risk and Broking revenue increased by 10% on an organic basis, with strong performance across all regions and lines of business [31][32] Market Data and Key Metrics Changes - The commercial insurance pricing survey indicated an aggregate increase of just below 5%, with the largest increases in commercial auto and commercial property [24] - North America showed strong new business performance, while Europe also had solid growth across various product lines [34] Company Strategy and Development Direction - The company is focused on its "grow, simplify, and transform" initiatives to enhance client experience and operational efficiency [14][19] - Strategic partnerships, such as with Zurich and Sapiens, are aimed at leveraging data and technology to improve service delivery [16][18] - The transformation program is expected to generate $100 million in incremental run rate savings this year, contributing to long-term organic growth and margin expansion [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for services despite economic uncertainties, highlighting the relevance of their offerings in current market conditions [90][92] - The company remains committed to improving free cash flow margins and achieving long-term financial targets, although recent assessments indicate that full realization of opportunities may extend beyond 2024 [12][66] Other Important Information - The adjusted tax rate for Q1 2023 was 20.5%, down from 21.1% in the prior year, primarily due to favorable discrete items [41] - The company paid $87 million in dividends and repurchased approximately 432,000 shares for $104 million during the quarter [43] Q&A Session Summary Question: Organic growth and operating margin compression - Management noted that while there is some rate pressure, they are pleased with revenue acceleration and expect continued contributions from recent hires [52][53] Question: Free cash flow guidance and stock buyback - Management indicated that share repurchase remains a priority, balancing it with other investments, and they are confident in their ability to continue repurchasing shares [61] Question: Pension income and its impact on guidance - Management acknowledged that pension income dynamics are influenced by external factors, and they will provide further guidance on 2024 expectations later in the year [68][71] Question: Margin improvement expectations - Management expects continued margin improvement over time, although it may be choppy quarter-to-quarter due to various factors [74] Question: Health, Wealth, and Career segment performance - Management highlighted strong demand for services in the Career segment, particularly in executive compensation, which remains resilient despite economic conditions [100][101]

Revenue Segmentation - The company generated 60% of its revenue from the Health, Wealth & Career segment and 40% from the Risk & Broking segment for the year ended December 31, 2022[20]. - The Health, Wealth & Career segment generated 60% of total revenue, while the Risk & Broking segment accounted for 40% for the years ended December 31, 2022, 2021, and 2020[20]. - A significant portion of revenue in the Health & Benefits business comes from recurring work, with contracts typically being annual or multi-year[25]. - The Retirement business has high client retention rates, with a significant portion of revenue derived from recurring work and multi-year contracts[28]. - The Benefits Delivery & Administration business generates recurring revenue from commissions and long-term service contracts, typically ranging from three to five years[37]. - The company’s Investments business provides discretionary investment management solutions, with the majority of revenue driven by retainer contracts[31]. Client Base and Market Presence - Approximately 93% of the FTSE 100, 89% of the Fortune 1000, and 90% of the Fortune Global 500 companies are clients of the company[18]. - The company operates in over 140 countries, providing services across various industries, with no single customer accounting for more than 10% of consolidated revenue[18]. - The company operates in attractive markets with a diversified platform across geographies, industries, segments, and lines of business[65]. - The Risk & Broking segment provides a broad range of risk advice and insurance brokerage services to clients worldwide, from small businesses to multinational corporations[42]. Employee and Talent Management - The total number of employees as of December 31, 2022, is approximately 46,600, with 24,000 in Health, Wealth & Career, 14,000 in Risk & Broking, and 8,600 in Corporate and Other[69]. - Hires increased by 34% over 2021, totaling over 9,700, with approximately 2,400 open positions at year-end[72]. - Voluntary turnover excluding seasonal employees stabilized at 15.2% in 2022, consistent with 2021, while pre-COVID-19 attrition averaged around 12.0%[69]. - The company’s ability to attract and retain qualified personnel is crucial for its operational success and future prospects[78]. - The company launched WTW Work Styles in 2022, offering office-based, hybrid, and remote working solutions to attract and retain talent[77]. Strategic Priorities and Growth - The company aims to grow at or above market in priority areas, focusing on core opportunities with the highest growth and return[68]. - The company’s strategic priorities include grow, simplify, and transform, aiming to accelerate revenue, margin improvement, and earnings growth[66]. - The company emphasizes strategic planning and innovation, with Anne Pullum playing a key role in determining the company's strategy[113]. Technology and Operational Efficiency - The company emphasizes the importance of technology and integrated service delivery to enhance client experience and operational efficiency[24]. - The company leverages technology to enhance client experiences and improve operational efficiency, aiming to transform operations for better savings and client satisfaction[68]. - The company is committed to enhancing its operational efficiency and market presence through strategic leadership and governance[116]. Diversity and Inclusion - The company has a commitment to Inclusion and Diversity, focusing on increasing female representation and overall diversity in leadership levels[70]. - The board composition will be 40% female after the 2023 Annual General Meeting, maintaining representation from the LGBT+ and Black communities[74]. - The board's composition is currently 44% female, with plans for further diversity enhancements in 2023[73][74]. - The company has a strong focus on diversity and inclusion, with Imran Qureshi chairing the North American Inclusion & Diversity Council[114]. Competition and Market Challenges - The company faces intense competition from firms like Accenture, Aon, and Marsh & McLennan, impacting its market share[79]. - The insurance consulting market is experiencing pressures from clients retaining more risk and relying on self-insurance mechanisms[80]. - The company competes in the HR consulting and risk management sectors against firms like Mercer and Aon, with strong competition from both large and specialized firms[82]. - The global workforce remains competitive, with a focus on attracting and retaining top talent amid ongoing market challenges[63]. Regulatory Compliance - Regulatory compliance is critical, with activities subject to oversight by various authorities, including the SEC and FCA[88][93]. - The company is subject to various financial crime laws and regulations, which could result in disciplinary actions if not adhered to[101]. - Non-compliance with regulatory requirements can lead to disciplinary actions, fines, and reputational damage, affecting the company's financial standing[102]. - The company is awaiting approval from the FCA for its Brexit broking solution, which will increase regulatory supervision and requirements[96]. - The European Union's Insurance Distribution Directive mandates compliance for insurance intermediaries, affecting operations across member states[97].

Financial Data and Key Metrics Changes - In Q4 2022, the company achieved 5% organic growth, bringing the full year organic growth to 4%, aligning with mid-single digit forecasts for 2022 [9][29] - Adjusted diluted earnings per share for Q4 were $6.33, a 12% increase year-over-year, while for the full year, it was $13.41, representing a 16% growth [10][29] - The company generated free cash flow of $674 million for 2022, a decrease from $1.9 billion in 2021, primarily due to a $1 billion termination fee received in the prior year [43] Business Line Data and Key Metrics Changes - The Health, Wealth, and Career (HWC) segment saw 5% organic revenue growth in Q4, with health revenue flat but growing 6% when excluding prior year book gains [30][31] - Wealth grew 5% in Q4, driven by project work and new clients, while Career experienced 9% growth due to demand for talent and compensation products [32][33] - Risk and Broking revenue increased 5% on an organic basis, with Corporate Risk & Broking (CRB) organic revenue growing 3% [36][37] Market Data and Key Metrics Changes - The company noted strong demand for specialist work and products due to the current economic environment, including inflation and rising interest rates [20][21] - Increased interest in pension risk transfer projects was highlighted, with a significant rise in clients exploring alternatives due to improved funding levels [22] Company Strategy and Development Direction - The company is focused on accelerating growth, driving operating leverage, and prioritizing cash generation in 2023 [20][26] - A transformation program is expected to deliver approximately $100 million in incremental annualized savings by the end of 2023, contributing to margin expansion [41][46] - The organizational structure was refined by consolidating Asia and Australasia operations into one Asia-Pacific region to enhance resource sharing and client service [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit organic revenue growth in 2023, supported by a robust pipeline and client demand for solutions [25][62] - The company acknowledged the complexities of the current economic environment but believes it positions them well to assist clients in navigating risks [20][21] - Management emphasized the importance of talent acquisition, having hired over 9,700 colleagues in 2022, which is expected to drive revenue growth [17][18] Other Important Information - The company returned $369 million in dividends and repurchased 15.7 million shares for $3.5 billion in 2022, maintaining a disciplined capital allocation strategy [45] - The adjusted tax rate for Q4 was 22.2%, compared to 21.1% in the prior year, reflecting geographic profit distribution [44] Q&A Session Summary Question: Impact of book gains and fiduciary investment income on revenue and margins - Management noted that fiduciary income provided a tailwind of $24 million for Q4 and $43 million for the full year, while headwinds from gain on sale activities were $65 million for Q4 and $63 million for the full year [50][51] Question: Free cash flow targets and improvements - Management acknowledged challenges in free cash flow due to various headwinds but remains committed to achieving a cumulative three-year target of $4.3 billion to $5.3 billion [52][53] Question: Adjusted operating margin and impact of new hires - Management indicated that new hires positively impacted margins, with expectations for further contributions as these employees become more productive [56][58] Question: Organic revenue guidance and performance expectations - Management expressed confidence in achieving mid-single-digit growth in 2023, supported by strong client demand and a robust pipeline [62] Question: Medicare Advantage sales and growth prospects - Management highlighted strong growth prospects in the Medicare Advantage sector, driven by increasing enrollment and favorable market conditions [92]

WTW Earnings Release Supplemental Materials February 9, 2023 2022 Fourth Quarter and Full Year Financial Results wtwco.com © 2023 WTW. All rights reserved. WTW Forward-Looking Statements This document contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assum ...

Financial Data and Key Metrics Changes - The company reported organic revenue growth of 6% in Q3 2022, an acceleration from previous quarters, driven by investments in talent and technology [8][33] - Adjusted diluted earnings per share reached $2.20, reflecting a 27% increase year-over-year, with adjusted operating margin expanding by 110 basis points to 14.5% [9][33] - Free cash flow for the first nine months of 2022 was $337 million, a decrease from $1.8 billion in the prior year, primarily due to the absence of a $1 billion termination fee received in the previous year [50] Business Line Data and Key Metrics Changes - The Health, Wealth and Career (HWC) segment saw a revenue growth of 4%, with Health growing by 6% due to increased demand in North America and legislative changes [34][35] - Wealth grew by 3%, driven by regulatory and project work in Europe, while Career increased by 6% due to strong demand for talent and compensation products [36][37] - Risk and Broking revenue increased by 6% on an organic basis, with Corporate Risk and Broking (CRB) also growing by 6%, supported by new business and improved client retention [41][42] Market Data and Key Metrics Changes - The company noted that commercial insurance rates were rising, with an aggregated increase of just below 6% across various lines, particularly in cyber and professional liability [31] - The geopolitical and macroeconomic environment remains challenging, with inflation impacting client needs for risk management solutions [25][26] Company Strategy and Development Direction - The company is focused on a transformation strategy aimed at growth, simplification, and operational efficiency, with cumulative annualized savings exceeding initial targets [12][19] - There is an emphasis on innovation and new product development, including tools for risk management and analytics, to meet evolving client needs [16][17] - The company is exploring inorganic growth opportunities through acquisitions, particularly in favorable market conditions [19][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term organic growth and margin expansion despite macroeconomic challenges, citing strong client demand for risk management solutions [20][28] - The divestiture of Russian operations is expected to impact long-term guidance, but management remains committed to delivering mid-single-digit organic revenue growth [21][23] - The ongoing geopolitical risks and inflation are seen as opportunities for the company to provide valuable solutions to clients [25][26] Other Important Information - The company raised its guidance for cumulative run rate transformation savings from over $80 million to approximately $110 million by the end of 2022 [12][48] - The adjusted tax rate for Q3 was 16.8%, down from 23.2% in the prior year, primarily due to lower U.S. fee expenses [51] Q&A Session Summary Question: Concerns about revenue performance and fiscal 2024 targets - Management acknowledged macroeconomic challenges but expressed confidence in achieving growth targets due to strategic initiatives and hiring [58][59] Question: Clarification on margin and free cash flow estimates - Management explained that the margin reduction is primarily due to the impact of the Russian divestiture and timing of transformation savings [62][63] Question: Update on staffing and pricing dynamics - Management noted strong hiring activity and retention efforts, with organic revenue growth driven by pricing and new business [98][99] Question: Insights on M&A opportunities - Management indicated a disciplined approach to capital allocation, looking for attractive M&A opportunities as market conditions become favorable [90][92]

wtwco.com WTW Earnings Release Supplemental Materials October 27, 2022 Third Quarter Financial Results © 2022 WTW. All rights reserved. WTW Forward-Looking Statements This document contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of ...

Financial Data and Key Metrics Changes - In Q2 2022, the company achieved organic revenue growth of 3% and adjusted diluted earnings per share of $2.32, reflecting a 9% increase year-over-year [8][28] - Adjusted operating income was $314 million, representing 15.5% of revenue, an increase of 30 basis points from the previous year [28][41] - Free cash flow for the first half of 2022 was $198 million, a decrease of $89 million from $287 million in the prior year [45] Business Line Data and Key Metrics Changes - The Health, Wealth and Career (HWC) segment saw 2% organic revenue growth, with Health growing by 8% and Wealth declining by 7% due to prior year performance fees [29][30][31] - Career segment revenue increased by 5%, driven by strong demand for advisory work and data products [32] - Risk and Broking revenue grew by 3% on an organic basis, with Corporate Risk & Broking (CRB) revenue also increasing by 3% [36] Market Data and Key Metrics Changes - The company noted that approximately 80% of its revenue base is recurring, which is less sensitive to economic downturns [19][20] - The company experienced growth across all regions in the CRB segment, particularly in M&A, Aerospace, and Natural Resources [37] Company Strategy and Development Direction - The company is focused on a transformation program aimed at achieving over $300 million in annual cost savings by the end of 2024, raising its guidance from an original target of $30 million [11][12] - The strategic focus includes scaling global lines of business and launching new products in high-growth markets such as ESG analytics and climate risk [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties, citing a resilient business model and diversified portfolio [19][26] - The company expects to see significant benefits from talent investments in the second half of the year, with hiring in sales and client management roles doubling compared to the previous year [17][70] Other Important Information - The company completed $471 million in share repurchases in Q2 2022, bringing the total for the year to $2.7 billion [9][46] - The company raised its share repurchase authorization by $1 billion to $6.5 billion, with approximately $2.1 billion remaining [47] Q&A Session Summary Question: Revenue targets and economic headwinds - Management acknowledged the challenges posed by foreign exchange and economic conditions but expressed confidence in achieving the $10 billion revenue target by 2024 due to a resilient business portfolio [52][54] Question: Hiring details and workforce growth - Management confirmed that hiring activity matched the highest levels since 2019, with a net positive increase in headcount, particularly in front office and sales roles [57][58] Question: Impact of book gains on margins - Management clarified that excluding the impact of book gains and performance fees, margins would have expanded significantly [63] Question: Outlook for second half revenue growth - Management expects revenue growth to accelerate in the second half of the year due to new hires, with some additional book gains anticipated [70][72] Question: Free cash flow and growth expectations - Management noted that the decrease in free cash flow was primarily due to the divestiture of the Willis Re business and additional tax payments [89] Question: Medicare Advantage market opportunities - Management highlighted the growth potential in the Medicare Advantage market, with expectations for increased enrollment [95] Question: Cost savings and transformation program - Management discussed the increase in cost savings targets, attributing it to real estate optimization and other operational efficiencies [123][125]

wtwco.com WTW Earnings Release Supplemental Materials July 28, 2022 Second Quarter Financial Results © 2022 WTW. All rights reserved. WTW Forward-Looking Statements This document contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ___________ Commission File Number: 001-16503 WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY (Exact name of registrant as specified in its charter) Ireland (Ju ...