Willis Towers Watson PLC Files 2023 Annual Report on Form 10-K

TL;DR

<b>Willis Towers Watson PLC has filed its 2023 10-K annual report, detailing its financial performance and business operations.</b>

AI Summary

WILLIS TOWERS WATSON PLC (WTW) filed a Annual Report (10-K) with the SEC on February 22, 2024. The filing is a 10-K annual report for Willis Towers Watson PLC for the fiscal year ending December 31, 2023. The company's principal business address is in London, England. Willis Towers Watson PLC was formerly known as Willis Group Holdings PLC. The filing references various financial and operational segments including Broking, Divested Businesses, and Health, Wealth & Career. Key dates mentioned include periods within 2021, 2022, and 2023, relating to financial reporting and specific business initiatives.

Why It Matters

For investors and stakeholders tracking WILLIS TOWERS WATSON PLC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Willis Towers Watson's financial health, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed segment information and financial data within the report are essential for understanding the company's revenue streams, operational efficiency, and market positioning within the insurance brokerage and services industry.

Risk Assessment

Risk Level: — WILLIS TOWERS WATSON PLC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. However, the complexity of financial services and global operations introduces inherent risks that are detailed within the report, warranting a medium risk assessment.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the insurance and risk management sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Date the report was filed)

Key Players & Entities

• Willis Towers Watson PLC (company) — Filer of the 10-K report
• Willis Group Holdings PLC (company) — Former name of Willis Towers Watson PLC
• London (location) — City of the company's business address
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-22 (date) — Filing date of the report

FAQ

Industry Context

Willis Towers Watson PLC operates in the insurance agents, brokers, and services industry (SIC code 6411), a sector focused on risk management, insurance placement, and employee benefits consulting.

Regulatory Implications

As a publicly traded company, Willis Towers Watson PLC is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the company's financial statements for revenue trends and profitability.
2. Review the business segments to understand growth drivers and diversification.
3. Examine the risk factors section for potential headwinds and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual disclosure. Specific comparisons to the prior year's filing (e.g., 2022 10-K) would require access to that document's content.

Key Financial Figures

• $0.000304635 — stered Ordinary Shares, nominal value $0.000304635 per share WTW NASDAQ Global Select

Filing Documents

• wtw-20231231.htm (10-K) — 7252KB
• wtw-ex10_31.htm (EX-10.31) — 198KB
• wtw-ex21_1.htm (EX-21.1) — 381KB
• wtw-ex23_1.htm (EX-23.1) — 4KB
• wtw-ex31_1.htm (EX-31.1) — 15KB
• wtw-ex31_2.htm (EX-31.2) — 15KB
• wtw-ex32_1.htm (EX-32.1) — 8KB
• wtw-ex32_2.htm (EX-32.2) — 8KB
• wtw-ex97_1.htm (EX-97.1) — 61KB
• img113106161_0.jpg (GRAPHIC) — 19KB
• img113106161_1.jpg (GRAPHIC) — 204KB
• 0000950170-24-018575.txt (&nbsp;) — 34662KB
• wtw-20231231.xsd (EX-101.SCH) — 3257KB
• wtw-20231231_htm.xml (XML) — 9139KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 16 Item 1B Unresolved Staff Comments 40 Item 1C Cybersecurity 40 Item 2

Properties

Properties 41 Item 3

Legal Proceedings

Legal Proceedings 41 Item 4 Mine Safety Disclosures 41 PART II. Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6 [RESERVED] 45 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 70 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 123 Item 9A

Controls and Procedures

Controls and Procedures 123 Item 9B Other Information 125 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 126 PART III. Item 10 Directors, Executive Officers and Corporate Governance 127 Item 11

Executive Compensation

Executive Compensation 127 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 127 Item 13 Certain Relationships and Related Transactions, and Director Independence 127 Item 14 Principal Accounting Fees and Services 127 PART IV. Item 15 Exhibits and Financial Statement Schedules 128 Item 16 Form 10-K Summary 134

Signatures

Signatures 135 Certain De finitions The following definitions apply throughout this Annual Report on Form 10-K unless the context requires otherwise: We', Us', Company', WTW', Willis Towers Watson', Our', or Willis Towers Watson plc' Willis Towers Watson Public Limited Company, a company organized under the laws of Ireland, and its subsidiaries shares' The ordinary shares of Willis Towers Watson Public Limited Company, nominal value $0.000304635 per share Legacy Willis' or Willis' Willis Group Holdings Public Limited Company and its subsidiaries, predecessor to WTW, prior to the Merger Legacy Towers Watson' or Towers Watson' Towers Watson & Co. and its subsidiaries Merger' Merger of Willis Group Holdings Public Limited Company and Towers Watson & Co. pursuant to the Agreement and Plan of Merger, dated June 29, 2015, as amended on November 19, 2015, and completed on January 4, 2016 Miller' Miller Insurance Services LLP and its subsidiaries TRANZACT' CD&R TZ Holdings, Inc. and its subsidiaries, doing business as TRANZACT U.S.' United States U.K.' United Kingdom Brexit' The United Kingdom's exit from the European Union, which occurred on January 31, 2020. E.U.' European Union or European Union 27 (the number of member countries following the United Kingdom's exit) U.S. GAAP' United States Generally Accepted Accounting Principles FASB' Financial Accounting Standards Board ASC' Accounting Standards Codification ASU' Accounting Standards Update SEC' United States Securities and Exchange Commission EBITDA' Earnings before Interest, Taxes, Depreciation and Amortization 1 Disclaimer Regarding For ward-looking Statements We have included in this document forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking

BUSINESS

ITEM 1. BUSINESS The Company WTW is a leading global advisory, broking and solutions company that provides data-driven, insight-led solutions in the areas of people, risk and capital. Utilizing the global view and local expertise of our 48,000 colleagues serving more than 140 countries and markets, we help organizations sharpen strategies, enhance resilience, motivate workforces and maximize performance. We design and deliver solutions that manage risk, optimize benefits, cultivate talent and expand the power of capital to protect and strengthen institutions and individuals. Working closely with our clients, we uncover opportunities for sustainable success. Our clients operate on a global and local scale in a multitude of businesses and industries throughout the world and generally range in size from large, major multinational corporations to middle-market domestic and international companies. Our clients include many of the world's leading corporations, including approximately 95% of the FTSE 100, 89% of the Fortune 1000, and 91% of the Fortune Global 500 companies. We also advise the majority of the world's leading insurance companies. We work with major corporations, emerging growth companies, governmental agencies and not-for-profit institutions in a wide variety of industries, with many of our client relationships spanning decades. None of the Company's customers individually represented more than 10% of its consolidated revenue for each of the years ended December 31, 2023, 2022 and 2021. We place insurance with more than 2,500 insurance carriers, none of which individually accounted for a significant concentration of the total premiums we placed on behalf of our clients in 2023, 2022 or 2021. Available Information The Company files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains annual, quarterly and current reports, proxy statements and other information that issu