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Willis Towers Watson: Is the 100 bps R&B Margin Jump the Start of a Powerful Multi-Year Expansion Cycle?

Willis Towers Watson Public Limited Company (WTW) reported its third-quarter 2025 earnings, showcasing a combination of steady growth and specific challenges. The firm recorded an organic revenue growth of 5%, a noteworthy adjusted operating margin expansion of 230 basis points, and an adjusted EPS increase of 11% to $3.07 compared to the previous year. These results indicated solid strategic execution, despite a volatile global economic landscape marked by uncertainties in trade, inflation, and geopolitical tensions. On a segment level, Health, Wealth & Career (HWC) achieved a 4% organic revenue growth, expanding further to 5% when excluding book of business settlement activities and interest income. This performance was driven by diversified and recurring revenue streams alongside disciplined cost management. The segment also benefited from a growing demand for solutions to manage healthcare costs, pension plan derisking, and regulatory compliance, notwithstanding some economic sensitivity components affecting its discretionary business.