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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 502 |
|
|
| 465 |
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
| $ | 8,370 |
|
| $ | 7,888 |
|
| 6% |
| (3)% |
| 9% |
| 3% |
| 5% |