Here are 1-2 analogies to describe Willis Towers Watson (WTW):

• Think of it as a specialized Deloitte or Accenture, focusing on corporate employee benefits, retirement, and business insurance solutions.

• Imagine a blend of a management consulting firm (like Accenture) and a large corporate insurance broker.

• Human Capital & Benefits Consulting: Advising organizations on employee benefits, compensation, talent management, and HR strategy to optimize workforce performance and cost-efficiency.
• Risk & Broking: Providing corporate clients with insurance brokerage services and comprehensive risk management solutions across various industries.
• Investment Consulting: Offering institutional investors expert advice on investment strategy, asset allocation, and manager selection to help achieve financial objectives.
• Reinsurance Broking: Facilitating the placement of reinsurance coverage for insurance companies to manage and transfer their underwriting risks.

Willis Towers Watson (symbol: WTW) primarily sells its services to other companies, making it a business-to-business (B2B) enterprise.

Due to the nature of its business—providing global advisory, broking, and solutions—and client confidentiality agreements, Willis Towers Watson does not publicly disclose the names of its specific major customer companies. Its client base is highly diversified globally, comprising thousands of organizations across numerous industries.

Instead of specific company names, WTW's major customers can be categorized by the types of organizations they serve:

• Large and Mid-Sized Corporations Across Diverse Industries: This category encompasses a vast array of companies globally, including those in technology, manufacturing, retail, financial services, healthcare, energy, consumer goods, and more. These clients engage WTW for services related to human capital (e.g., employee benefits design and administration, talent management, executive compensation, HR technology), enterprise risk management, and property & casualty insurance broking.
• Insurance Carriers and Reinsurers: Willis Towers Watson provides specialized consulting, actuarial, and broking services directly to companies within the insurance sector. This includes assisting them with product development, risk and capital management, M&A advisory, and operational efficiency improvements.
• Governmental and Quasi-Governmental Entities: Public sector bodies, including various levels of government and related organizations, are also significant clients. They utilize WTW's expertise for their pension plans, employee benefits, human capital strategies, and risk advisory needs.

Carl Hess, Chief Executive Officer

Carl Hess has served as Chief Executive Officer of Willis Towers Watson since January 1, 2022. He joined the firm in 1989, then known as Watson Wyatt, and has held numerous leadership positions across business segments and geographies. These roles include head of the Investment, Risk and Reinsurance segment, leader of the North American and Americas geographies, global head of the Investments business, and a consultant in the Retirement business. Prior to becoming CEO, he served as President from August 2021. He was also the Managing Director of Towers Watson's Investment business from January 2010 to February 2014. Mr. Hess is a Fellow of the Society of Actuaries and the Conference of Consulting Actuaries and a Chartered Enterprise Risk Analyst. He holds a Bachelor of Arts in logic from Yale University.

Andrew Krasner, Chief Financial Officer, Co-head of Corporate Development

Andrew Krasner was appointed Chief Financial Officer of Willis Towers Watson in September 2021. He also serves as Co-head of Corporate Development. Previously, he held roles within Willis Towers Watson as Global Treasurer and Head of Mergers and Acquisitions, and Senior Vice President of Willis Towers Watson Securities. In 2021, Mr. Krasner briefly served as Chief Financial Officer for AssuredPartners, Inc., a privately held company, before returning to Willis Towers Watson. Prior to his tenure at Willis Towers Watson, which began in 2009, he held various financial roles at PricewaterhouseCoopers, Deutsche Bank, and Bank of America Merrill Lynch. Mr. Krasner earned a B.S. and M.B.A. from Cornell University.

Kristy Banas, Chief Human Resources Officer, Marketing and Communication

Kristy Banas is the Chief Human Resources Officer, Marketing and Communication at WTW. Before joining WTW in 2011, she held human resources leadership roles with XL Group (now Axa XL). She holds a Bachelor of Science summa cum laude in business management from Fairfield University and has pursued graduate studies at Cornell's School of Industrial and Labor Relations and the University of Connecticut. Ms. Banas began her career in accounting before transitioning to human resources in 2001.

Lucy Clarke, President – Risk & Broking

Lucy Clarke is the President of Risk & Broking at WTW. She joined WTW in 2024, bringing more than 25 years of industry experience. Prior to WTW, Ms. Clarke was the president of Marsh Specialty and Global Placement from 2019 to 2023. She also spent 17 years at JLT Group, where her leadership roles included CEO of JLT Global Specialty, the insurance and risk arm of the group. Ms. Clarke holds a bachelor's degree in English and economics from Vanderbilt University and serves as deputy president of the Insurance Institute of London.

Alexis Faber, Chief Operating Officer

Alexis Faber is the Chief Operating Officer at WTW. She has held various leadership positions within the company since joining in 2003, including Global Head of FINEX, Regional Head of Corporate Risk & Broking in North America, and Head of Broking for North America. She holds a bachelor's degree in economics from Lafayette College and an MBA from The Wharton School of the University of Pennsylvania.

The rapid advancement and adoption of artificial intelligence and automation technologies are emerging as a significant threat. These technologies can automate and streamline many analytical, advisory, and transactional processes currently performed by Willis Towers Watson, potentially leading to increased competition from tech-first players offering lower-cost solutions, reduced demand for traditional human-intensive consulting, and clients insourcing more functions through AI-powered tools.

Willis Towers Watson (WTW) operates across several key segments, with significant addressable markets for its main products and services globally.

For its **Human Capital and Benefits** segment, which includes HR consulting, health and benefits consulting, and retirement solutions, the market sizes are substantial:

• The global human resources consulting services market was valued at approximately USD 73.75 billion in 2024 and is expected to reach USD 104.02 billion by 2029. Another estimate places the global HR consulting market at USD 44.56 billion in 2025, projected to grow to USD 68.18 billion by 2035.
• The global benefits consulting service market reached approximately USD 45 billion in 2023 and is projected to grow to USD 74 billion by 2032. In North America, this market was about USD 20 billion in 2023 and is projected to reach around USD 34 billion by 2032.
• The global actuarial services market, a component of retirement solutions, was valued at USD 24.75 billion in 2025 and is expected to reach USD 38.69 billion by 2035. The U.S. segment of the actuarial services market is expected to double its value from USD 15.7–$22.5 billion in 2024 to USD 30 billion by 2030.

Within its **Corporate Risk and Broking** segment, which encompasses risk management and insurance brokerage services:

• The worldwide insurance broking market generated approximately USD 180 billion in fees and commissions during 2024. Another source indicates the global insurance brokerage market size was valued at USD 287.40 billion in 2023 and is projected to reach USD 524.80 billion by 2030. North America dominated the global insurance brokerage market in 2023, accounting for 30.50% of the global revenue.
• Specific segments of the global insurance broking market in 2024 include Commercial property and casualty retail broking at USD 83.3 billion, and Reinsurance broking at USD 8.3 billion.

For **Investment, Risk, and Reinsurance (IRR)**, which includes investment advisory services:

• The global investment advisory service market size was approximately USD 80 billion in 2023 and is projected to reach USD 160 billion by 2032. North America holds the largest market share in this sector, with a market size of approximately USD 30 billion in 2023.
• The broader global financial advisory services market, which includes investment advisory, was valued at USD 85.1 billion in 2022 and is projected to grow to USD 146.8 billion by 2032. North America accounted for 40% of the revenue share in the financial advisory services industry in 2022.

1. Consistent Organic Growth in Key Segments: Willis Towers Watson anticipates continued organic revenue growth, particularly in its Health, Wealth & Career (HWC) and Risk & Broking (R&B) segments. The Health segment is projected to achieve high-single-digit growth, while Risk & Broking is expected to deliver mid-to-high single-digit organic growth. This sustained momentum across its primary business lines is a fundamental driver.
2. Strategic Investments in Technology and Talent: The company is making strategic investments in technology and talent, enhancing its digital capabilities, and fostering innovation to strengthen its competitive position. This includes investments in artificial intelligence (AI) and broking, which are expected to accelerate performance.
3. Expansion in Attractive Markets and Specialization Strategy: WTW aims to accelerate performance through innovation and expansion into attractive markets. A key part of this strategy involves expanding existing specialty lines into new geographies, gaining market share in areas like Risk and Broking and the Individual Marketplace, and enhancing capabilities in fast-growing sectors such as health insurance, cyber, and climate solutions.
4. Growth in Project-Based Work and New Business: Revenue growth is expected to be fueled by an increase in project-based work and robust new business generation. This is particularly evident in the Risk & Broking segment, driven by new business activities and project-based placements within global specialty businesses. The Health, Wealth & Career segment also benefits from increased project work and brokerage income.
5. Re-entry into the Treaty Reinsurance Broking Market: WTW's return to the treaty reinsurance broking market through a joint venture with Bain Capital is a significant strategic move. This initiative is designed to elevate the company's financial performance and strategic position by combining WTW's global network and expertise with Bain Capital's industry experience.

Share Repurchases

• Willis Towers Watson repurchased approximately $600 million of its outstanding shares during the third quarter of 2025.
• The company expects to execute approximately $1.5 billion in share repurchases for the full year 2025.
• In September 2025, the Board of Directors approved an increase of $1.5 billion to the existing share repurchase authority, bringing the total authorized for future repurchases to approximately $1.7 billion (including approximately $200 million remaining from a prior authorization).

Share Issuance

• In May 2025, shareholders granted the Board authority to issue shares under Irish law, up to approximately 20% of the company's issued ordinary share capital.

Outbound Investments

• Willis Towers Watson is strategically focusing on mergers and acquisitions (M&A) as part of its growth phase, seeking to acquire additional capabilities and evaluating opportunities in the middle-market segment.
• Recent acquisitions include AIMUW (December 2023), Aerosure (December 2021), Leaderim (August 2021), and Jobable (February 2021), though specific financial details were undisclosed.
• As part of portfolio optimization, the company completed the divestiture of TRANZACT in the fourth quarter of 2024.

Capital Expenditures

• The company makes strategic investments in technology, global booking platforms, and digital automation to enhance operating leverage and efficiencies.
• Investments are focused on improving systems and processes and modernizing IT to support differentiated solutions and scalable innovation.