Willis Towers Watson (WTW) Q1 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Call Participants:

Carl Hess - Chief Executive Officer

Andrew Krasner - Chief Financial Officer

C. Gregory Peters - Raymond James - Analyst

Paul Newsome - Piper Sandler - Analyst

Elyse Greenspan - Wells Fargo - Analyst

Andrew Kligerman - Credit Suisse - Analyst

Michael Zaremski - BMO - Analyst

David Motemaden - Evercore ISI - Analyst

Mark Marcon - Baird - Analyst

Yaron Kinar - Jefferies - Analyst

Charlie Lederer - Citi - Analyst

Meyer Shields - Keefe, Bruyette, & Woods - Analyst

Mark Hughes - Truist Securities - Analyst

Operator

Good morning. Welcome to the WTW First Quarter 2023 Earnings Conference Call. Please refer to wtwco.com for the press release and supplemental information that was issued earlier today. Today’s call is being recorded and will be available for the next three months on WTW’s website.

Some of the comments in today’s call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law.

For more details discussed of these and other risk factors investors should review the forward-looking statements section in the earnings press release issued this morning, as well as other disclosures in the most recent Form 10-K and in other Willis Towers Watson SEC filings.

During the call, certain non-GAAP financial measures may be discussed. For reconciliations of the non-GAAP measures as well as other information regarding these measures, please refer to the most recent earnings release and other materials in the Investor Relations section of the company’s website.

I’ll now turn the call over to Carl Hess, WTW's Chief Executive Officer. Please go ahead.

Carl Hess

Good morning, everyone. Thank you for joining us for WTW’s first quarter 2023 earnings call. Joining me today is Andrew Krasner, our Chief Financial Officer. Our first quarter results were great start for the year.

The strong 8% organic revenue growth we delivered in the first quarter demonstrated our sustained momentum and intense focus as we continue to execute on our strategic priorities.

We're particularly encouraged by the growing impact we're seeing from our recent investments in talent and technology, which has strengthened the value we're able to provide our clients and yielded improved retention and new business growth.