WILLIS TOWERS WATSON Business Summary

WTW (Willis Towers Watson PLC) operates a dual-engine business model that generates revenue through advisory fees, transaction-based brokerage commissions, and software licensing. The company is structured into two primary segments: Health, Wealth & Career (HWC), which accounts for approximately 60% of revenue by providing actuarial services, employee benefits management, and investment consulting; and Risk & Broking (R&B), which focuses on corporate risk management and insurance placement. WTW leverages its Insurance Consulting & Technology (ICT) unit to provide proprietary risk-modeling software, further diversifying its income beyond traditional brokerage. In the global competitive landscape, WTW maintains its position as one of the "Big Three" alongside Marsh McLennan, Aon, and Arthur J. Gallagher & Co. While smaller in market capitalization than its primary rivals, WTW has successfully carved out a niche as a high-complexity specialist, particularly in fintech and life sciences, bolstered by its 2026 strategic pivot toward AI-driven advisory and the integration of the tech-native broker Newfront. WTW’s lineage traces back to the 1828 founding of Henry Willis & Company and the 1878 establishment of R. Watson & Sons, the world’s oldest actuarial firm. The modern entity is led by CEO Carl Hess, a 30-year veteran of the firm with a background in investment and risk reinsurance, and CFO Andrew Krasner, who previously served as the company’s global treasurer and head of M&A. The technology division is directed by Eric Latalladi, the Global Head of Technology, who joined in 2024 from MetLife where he served as CTO and CISO. The leadership team also includes Lucy Clarke as President of Risk & Broking and Julie Gebauer as President of Health, Wealth & Career. The company’s governance is overseen by Non-Executive Chair Paul Reilly, the former CEO of Raymond James, who assumed the role in May 2025. WTW is primarily owned by major institutional investors, including The Vanguard Group, BlackRock, and Dodge & Cox, reflecting a stable, high-conviction shareholder base.