Willis Towers Watson Public Limited Company (WTW): Business Model Canvas [Dec-2025 Updated]

You're looking at how Willis Towers Watson Public Limited Company (WTW) managed to drive that strong Q3 2025 performance, hitting $2.29 billion in revenue with 5% organic growth. Honestly, mapping out the nine blocks of their Business Model Canvas shows exactly how their integrated approach-from complex risk broking to deep actuarial consulting-is working as a margin-expansion machine. I've spent two decades dissecting firms like this, and what you see below cuts through the noise to show you their key partnerships, the power of their proprietary tech, and where their big costs lie. Dive in to see the exact structure behind their strategy, which is heavily reliant on high-touch, long-term advisory relationships with C-suite execs.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Key Partnerships

You're looking at the strategic alliances that underpin Willis Towers Watson Public Limited Company (WTW)'s advisory and broking power as of late 2025. These aren't just handshake deals; they are calculated moves to secure market access, technology, and specialized capital. Honestly, the partnership strategy is about augmenting core strengths while minimizing the capital drag of building everything internally.

Reinsurance Joint Venture with Bain Capital

The move to re-enter the treaty reinsurance broking market is a significant one, structured as a joint venture with Bain Capital LP. WTW confirmed its intention to hold a minority stake in this new entity, which is designed to combine WTW's global network and expertise with Bain Capital's experience in scaling insurance businesses. This structure was chosen, in part, because it minimizes execution risk for WTW and allows the venture to operate with what WTW described as an attractive margin profile. This re-entry follows the 2021 divestiture of certain reinsurance broking parts of the business, including Willis Re, to Arthur J. Gallagher & Co. for $3.25 billion. As of Q1 2025, the venture was still in the startup phase, focused on building infrastructure and hiring talent, but the overall confidence in its long-term contribution to growth remains high.

Here's a quick look at the context surrounding this strategic re-entry:

• WTW confirmed the JV intention in December 2024.
• The new company leverages WTW's brand and analytical capabilities.
• The structure may allow WTW to buy out Bain Capital once the business reaches maturity.

FlowStone Partners Acquisition

To enhance access to private equity, Willis Towers Watson Public Limited Company announced the acquisition of FlowStone Partners, LLC, on December 1, 2025. FlowStone Partners specializes in private equity secondaries, which is key for offering innovative, high-quality access to private equity for individual wealth investors, while also boosting WTW's institutional client offerings. The deal is expected to close by early 2026, pending shareholder and trustee board approvals. To be fair, the financial terms of this transaction were not disclosed in the initial announcement. This acquisition directly supports the Wealth segment, which, looking at Q3 2025 results, saw revenue that was flat compared to the prior year, making strategic enhancements like this critical for future differentiation.

The integration aims to pair FlowStone's expertise with WTW's global scale:

Acquisition Target Focus	WTW Capability Enhanced	Expected Closing Timeline
Private Equity Secondaries	Private Markets Investment Solutions	Early 2026

Strategic Technology Vendors for Platform Development

Technology partnerships are central to maintaining pricing strength against digitization pressures. A major development in late 2025 was the launch of Radar Fusion in December, a cloud-native underwriting solution for commercial lines. This platform integrates data analytics and real-time insights to streamline workflows for underwriters. At the time of this launch, Willis Towers Watson Public Limited Company was cited with a market valuation of $30.5 billion and a P/E ratio of 14.8, showing the scale at which these technology enhancements are being deployed. Also, in September 2025, WTW partnered with Compa to deliver combined real-time offer data and global pay benchmarks, helping compensation teams navigate market volatility.

These technology-focused alliances help WTW maintain its competitive edge, especially as its Adjusted Operating Margin expanded by 230 basis points to 20.4% in Q3 2025.

• Compa: Partnership for real-time pay data and global benchmarks (Sept 2025).
• Radar Fusion: Cloud-native solution launched for commercial underwriting (Dec 2025).
• Affirmation of quarterly dividend at $0.92 per share signals financial stability supporting these tech investments.

Global Network of Insurance Carriers and Reinsurers

The core broking business relies on an extensive global network of insurance carriers and reinsurers for effective risk placement. While the exact count of these carrier relationships isn't always public, the scale is implied by the segment performance. The Corporate Risk & Broking (CRB) segment, for instance, achieved organic revenue growth of 6% in Q3 2025, driven by new business and strong client retention, which speaks directly to the strength and reach of this underlying network. This network is the engine that allows WTW to place risk effectively across global markets.

The scale of the network supports key segment performance metrics:

Segment	Q3 2025 Organic Growth	Implied Network Activity
Risk & Broking (R&B)	6%	High volume of risk placement activity
Corporate Risk & Broking (CRB)	6%	Strong new business capture

Finance: draft integration plan for FlowStone by end of January 2026.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Key Activities

You're looking at the core engine of Willis Towers Watson Public Limited Company (WTW) as of late 2025. These are the essential things the company must do well to generate revenue and meet its financial targets. It's a mix of high-touch consulting and scalable technology deployment.

Delivering complex risk and broking services globally

This activity centers on the Risk & Broking (R&B) segment, which includes Corporate Risk & Broking (CRB) and Insurance Consulting and Technology (ICT). The global reach is significant, with Willis Towers Watson Public Limited Company (WTW) serving clients across 140 countries. The focus here is on winning new business and retaining existing clients for complex risk placement and advisory.

The performance in the latter half of 2025 shows solid execution in this area. For instance, in the third quarter of 2025, the R&B segment delivered 6% organic revenue growth. This growth, coupled with efficiency gains, helped push the R&B operating margin to 18.8% in Q3 2025. To be fair, the Insurance Consulting and Technology (ICT) part of R&B saw flat revenue in Q3 2025 as clients managed spend cautiously.

Here's a quick look at how the core service segments performed in Q3 2025:

Segment	Q3 2025 Revenue (USD millions)	Organic Growth	Adjusted Operating Margin %
Risk & Broking (R&B)	$1,010	6%	18.8%
Health, Wealth & Career (HWC)	$1,260	4%	28.6%

The HWC segment, which houses the actuarial, retirement, and investment consulting, also showed resilience, posting 4% organic growth in Q3 2025 on revenues of $1.26 billion.

Providing actuarial, retirement, and investment consulting

This is the Health, Wealth, and Career (HWC) business line. You see strong performance driven by specific areas within this segment. For example, in Q3 2025, the Wealth business generated organic revenue growth from robust Retirement work in Great Britain and North America, alongside growth in the Investments business from new products and client wins. The operating margin for HWC in Q3 2025 reached 28.6%.

The Health business within HWC saw organic revenue growth across all regions, supported by solid client retention and new business. Career had modest growth, with advisory work tempered by some postponements due to economic uncertainty.

Developing and deploying proprietary risk and analytics software like Radar Fusion

This is where Willis Towers Watson Public Limited Company (WTW) translates expertise into scalable technology. A major recent deployment is Radar Fusion, a cloud-native commercial underwriting platform launched in early December 2025.

Radar Fusion is designed to:

• Automate simple risks using triage, routing, and prioritization algorithms.
• Consolidate internal and external data sources.
• Give underwriters real-time analytics and pricing insights.
• Enhance, not replace, underwriter expertise.

The initial focus for this platform is the U.S. commercial markets, with plans to expand to additional regions soon. This kind of technology investment supports the company's medium-term goal of achieving 100 basis points of annual average adjusted operating margin expansion in R&B.

Executing the multi-year 'Transformation' program for efficiency

The multi-year 'Transformation' program, which management noted was largely completed by the end of 2024, is still yielding financial benefits in 2025 through cost abatement and efficiency gains. You can see the impact clearly in the cash flow figures.

For the nine months ended September 30, 2025, free cash flow was $838 million, an increase of $114 million compared to the prior-year period. This increase was directly attributed to operating margin expansion and the abatement of remaining Transformation program cash outflows. In Q2 2025, lower Transformation program spending partially offset the decline in free cash flow. The company expects the remaining transformation cash costs to continue to abate through the fourth quarter of 2025. This focus on efficiency is key to the company's guidance for ongoing free cash flow margin expansion.

Finance: draft 13-week cash view by Friday.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Key Resources

You're looking at the core assets that let Willis Towers Watson Public Limited Company (WTW) operate and compete. These aren't just things they own; they are the deep expertise and the systems that generate their revenue.

Deep intellectual capital and proprietary data/analytics models

The value here is in the insights derived from years of data processing. For instance, the 2025 Benefit Trends Survey shows a clear shift in client behavior regarding data use.

• 20% of clients are now actively adopting sophisticated risk analytics to stress-test and forecast future costs as of 2025.
• This adoption rate is up from only 7% in 2023.
• High-cost claimants (HCCs) are a significant factor, representing up to 35% of healthcare costs for employers.
• Healthcare costs for employers are projected to increase by 10.2% in 2025.

The technology, like the Radar suite, is designed to harness this data for smarter decisions across pricing, underwriting, and claims. Still, the talent pool is a constraint; 67% of industry respondents cited a shortage of skilled professionals as a major barrier to advanced analytics adoption.

Global workforce of highly specialized consultants and brokers

The sheer scale of the human capital is a major resource, deployed across a wide geographic footprint. This is the engine behind the advisory and broking services.

Here's a look at the scale of the workforce and the financial output tied to it, based on the latest available full-year data:

Metric	Value	Date/Period
Total Employees	48,900	December 31, 2024
Geographic Reach	140 countries and markets	2025
Revenue Per Employee (FY 2024)	$18.05M	FY 2024
Revenue Per Employee (Partial 2025)	$17,830,909	2025 YTD

Proprietary technology platforms (e.g., Radar suite, global broking platform)

These platforms are the delivery mechanism for the intellectual capital. They integrate the data models into actionable tools for clients.

• The Radar suite is used to provide smarter insights across pricing, underwriting, and claims.
• Proprietary WTW loss data is integrated into innovative models, such as the one for hull and machinery risk.
• Benefits Insights is a governance, oversight, and collaboration tool offering real-time information and data analytics to teams at the country, regional, and global headquarters level.

Strong balance sheet supporting $1.5 billion in 2025 share repurchases

A solid financial footing allows WTW to return capital to shareholders while maintaining operational flexibility. The commitment to buybacks for 2025 is a clear signal of capital management strategy.

Here's the breakdown of the capital allocation activity supporting this resource base:

Financial Metric	Amount	Period/Context
Planned Share Repurchases	$1.5 billion	Full Year 2025 Target
Shares Repurchased	$600 million	Q3 2025
Shares Repurchased	$500 million	Q2 2025
Shares Repurchased (Implied)	Approximately $200 million	Q1 2025
Total Assets	$27.44B	December 2024
Cash and Equivalent	$1.9B	December 2024
Free Cash Flow	$838 million	Nine Months Ended September 30, 2025

The company is definitely executing on its plan, having already deployed over a billion dollars through the third quarter.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Value Propositions

You're looking at how Willis Towers Watson Public Limited Company (WTW) delivers tangible value to its clients right now, late in 2025. It's about knitting together complex areas-people, risk, and capital-so your organization doesn't have to juggle separate consultants for each problem.

Integrated solutions across people, risk, and capital management

The value here is in the combined expertise, which you can see reflected in the segment performance. For instance, in the third quarter of 2025, the Risk and Broking (R&B) segment showed a solid 6% organic revenue increase, while the Health, Wealth, and Career (HWC) segment delivered 4% organic growth. This shows the breadth of demand for their integrated advice, even with macro uncertainty.

The focus on high-margin advisory services is key to their strategy, especially after shedding lower-margin units. Consider the reinsurance joint venture with Bain Capital; this move is positioned to unlock a new revenue stream where margins are projected to exceed 30%. That's the capital management side feeding the advisory engine.

Here's a snapshot of how the core business units are performing, showing where the integrated value is being realized:

Segment	Q3 2025 Organic Revenue Growth	Q2 2025 Operating Margin
Risk & Broking (R&B)	6%	21.2%
Health, Wealth & Career (HWC)	4%	23.8% (Post-divestiture)

Margin expansion for clients through healthcare cost management

For your benefits team, the value proposition is helping them manage the relentless pressure of rising healthcare expenses. You know costs are climbing; WTW data shows U.S. employers expected a 7.7% increase in healthcare costs for 2025, which is higher than the 6.9% seen in 2024. Honestly, that's a tough number to absorb.

Instead of just shifting that burden, WTW helps clients implement programs that actually cut total costs. You see this in their survey data where 52% of employers intend to roll out programs to reduce total costs, and 51% plan to use better plan designs to steer workers to lower-cost, higher-quality providers. They are using their deep data-like the $18 billion in medical and pharmacy-paid claims they analyzed for 2024-to drive these results.

The focus areas for cost containment are very specific, which shows where their consulting effort is concentrated:

• Obesity and diabetes management: 40% focus area for employers.
• Cancer and oncology programs: 34% focus area.
• Cardiovascular health initiatives: 28% focus area.
• Women's health programs: 27% focus area.

Plus, a significant 73% of employers plan to carve out pharmacy benefits over the next few years, a complex task Willis Towers Watson Public Limited Company helps navigate.

Access to specialized global insurance markets and capacity

When you need capacity for a complex risk, you need access, and Willis Towers Watson Public Limited Company provides that bridge to specialized markets. Think about the scale of the pension de-risking market they advise on; that requires deep relationships with global insurers.

Their direct involvement in these large transfers demonstrates this market access clearly. In 2024 alone, they led 29 bulk annuity, superfund, or longevity swap transactions. These deals spanned a massive range, from under £1 million up to £5 billion in liabilities transferred. That's real capacity management.

Pension de-risking and strategic asset allocation for institutional investors

For institutional investors, especially those managing defined benefit (DB) plans, the value is in de-risking strategies that secure member benefits while optimizing capital. The UK market activity they forecast for 2025 is staggering, showing the scale of the opportunity they help clients capture.

They project the UK DB pensions de-risking market will hit £70 billion in transactions for 2025, up from nearly £60 billion in 2024. This is broken down into two major components where their advice is critical:

Transaction Type	2025 Projected Value (UK)
Bulk Annuity Transactions	£50 billion
Longevity Swaps	£20 billion

This strategic allocation advice extends to how schemes manage remaining risk; for example, many well-funded schemes are using longevity swaps as part of their process, even if they decide to run-on for longer to access surplus. You see the firm's operational efficiency reflected in their own results, too; cash flows from operating activities for the first nine months of 2025 reached $1.0 billion, supporting their ability to execute these large-scale advisory mandates.

Finance: draft the Q4 2025 capital allocation plan based on the $600 million share repurchase in Q3 by Wednesday.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Customer Relationships

You're looking at how Willis Towers Watson Public Limited Company (WTW) keeps its major clients locked in, which is really about deep, personal advice backed by scale. This isn't just transactional work; it's about being a trusted partner at the highest levels of an organization.

High-touch, long-term advisory relationships with C-suite executives

The core relationship model for Willis Towers Watson Public Limited Company is definitely high-touch, especially when dealing with the C-suite. They operate across 140 countries and markets, which means the advice needs to be globally consistent but locally relevant. Global turbulence in 2025, for example, actually increased demand for their health benefits advice, showing that in uncertain times, executives lean on established advisors for critical areas like managing healthcare costs. Still, geopolitical uncertainty caused some clients in North America to delay discretionary advisory work until they had more clarity on the macroeconomic outlook. The focus remains on providing perspective that moves you, helping leaders sharpen strategy and enhance organizational resilience.

• Client retention is a key metric, particularly in the Corporate Risk & Broking (CRB) segment.
• Consulting fees increased in Q1 2025 due to projects focused on cost management and legislative change.
• The CEO, Carl Hess, emphasizes accelerating performance through innovation and expansion in attractive markets.

Dedicated client service teams for large, recurring contracts

For the big, ongoing work, Willis Towers Watson Public Limited Company relies on dedicated teams. This structure supports the large, multi-year contracts, especially in the technology space where software products support advanced analytics for insurance clients. The Risk and Broking (R&B) segment, which includes Corporate Risk & Broking (CRB), shows the scale of this relationship focus. You can see the revenue split from Q3 2025, which gives you a sense of where the deep, recurring service revenue is generated:

Segment	Q3 2025 Revenue (USD)	Q3 Organic Growth
Health, Wealth & Career (HWC)	$1.26 billion	4%
Risk & Broking (R&B) Total	$1.01 billion	6%
Corporate Risk & Broking (CRB) within R&B	Data not separately itemized for CRB only in this report	6%

The total revenue for the trailing twelve months ending September 30, 2025, was $9.807 billion, showing the massive base these dedicated teams support. The company also announced a $1.50 billion stock buyback authorization in September 2025, which management often signals as confidence in the underlying business value derived from these relationships.

Digital self-service tools for benefits administration and data access

It isn't all face-to-face, though. Willis Towers Watson Public Limited Company is actively pushing digital adoption to support benefits administration. As of April 2025, a significant 46% of multinational company headquarters were prioritizing expanding the use of employee-facing technology, including AI, to improve benefits navigation. This suggests a growing segment of the customer relationship is managed through scalable digital platforms, even as the consulting side remains high-touch. This digital push supports broader goals, with 79% of companies focusing on promoting benefits and raising employee awareness through these channels. You'll defintely see this trend continue as they integrate technology closer to their consulting offerings.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Channels

You're looking at how Willis Towers Watson Public Limited Company (WTW) gets its services-risk advisory, broking, and HR/pensions consulting-into the hands of clients. It's a multi-pronged approach, blending traditional face-to-face expertise with modern digital tools, all while strategically leaning on established names.

The foundation of their reach remains the direct sales force and global network of offices. This is how they deliver complex, high-touch services like corporate risk and broking, and deep actuarial consulting. While the exact headcount of the sales force isn't public for late 2025, we know the scale of the organization they support. As of 2024, Willis Towers Watson Public Limited Company (WTW) employed about 48,900 people worldwide. This massive human capital base is deployed across their physical footprint to service clients directly. For instance, their head office is at the Willis Building in London, United Kingdom, and they maintain key locations such as Willis North America Inc. in the United States and Willis Korea Limited in South Korea. This physical presence is crucial for relationship-driven business lines.

Here's a quick look at the financial scale underpinning these channels as of late 2025:

Metric	Value (Latest Available)	Period/Context
Trailing Twelve Months (TTM) Revenue	$9.81 Billion USD	Ending September 30, 2025
Q3 2025 Revenue	$2.29 billion	Quarterly
Total Employees (2024)	48,900	Year-end 2024
Revenue per Employee (2024 Est.)	$200,552	Based on 2024 Revenue and Employee Count

Next, Willis Towers Watson Public Limited Company (WTW) heavily utilizes proprietary digital platforms for risk modeling and HR technology. This is where they aim to scale expertise and drive efficiency. You see this in their ongoing rollout of the global broking platform, designed to connect brokers seamlessly. Also notable is the continued investment in analytics-led products like Radar Fusion, which reinforces their push into AI-enabled insurance workflows. These platforms are key to differentiating their services, especially as automation spreads across the industry.

The digital channel focus is evident in their segment performance:

• The Corporate Risk & Broking (CRB) segment showed momentum driven by investments in technology.
• The Health, Wealth and Career (HWC) segment saw organic revenue growth partly from growth in their Investments business via product launches.
• The company is actively working to ensure broader adoption of its digital platforms as a central catalyst for growth.

Finally, a significant channel strategy refinement for 2025 involves the reintroduction of legacy brands for market recognition. The company recognized that many clients and carriers continued to refer to them by their older names following the 2016 combination. So, as part of their 2025 strategy, they refined their go-to-market approach to more strongly incorporate Willis or Towers Watson, while still keeping a strong connection to the overarching WTW brand for financial reporting. This is a direct play on established market equity.

The brand refinement strategy includes:

• Incorporating legacy names in go-to-market efforts starting in 2025.
• Capitalizing on existing name recognition in the marketplace.
• Using this refined branding to execute on growth strategies.

Finance: draft the Q4 2025 channel spend allocation review by next Tuesday.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Customer Segments

You're looking at the core client groups Willis Towers Watson Public Limited Company (WTW) serves, which directly map to their major reporting segments. Honestly, the split shows a clear focus on human capital solutions, though risk broking remains substantial.

Large multinational corporations requiring complex risk and HR solutions are primarily served through the Health, Wealth, and Career (HWC) segment and the Corporate Risk & Broking (CRB) part of Risk & Broking (R&B). The HWC segment generated revenue of \$1.26 billion in the third quarter of 2025, with organic revenue growth of 5% for the quarter. For the second quarter of 2025, the broader R&B segment achieved a 6% growth rate.

Institutional investors (pension funds, endowments) seeking wealth and investment advice fall under the Wealth part of the HWC segment. This group drove organic revenue growth from strong levels of Retirement work in Great Britain and North America, alongside growth in the Investments business from new products and client wins in the third quarter of 2025. The overall HWC segment saw a 4% organic revenue growth in the second quarter of 2025.

Insurance companies utilizing the Insurance Consulting and Technology (ICT) business are a key part of the R&B segment. ICT saw growth in the first quarter of 2025 fueled by its Consulting and Technology practices. The R&B segment revenue in the third quarter of 2025 was \$1.01 billion.

Mid-market companies served by Corporate Risk & Broking (CRB) are a specific focus within the broking arm. Carriers are focusing on the middle market, and alternative strategies like parametrics and facilities are becoming more prevalent in this space for property coverage as of the 2025 Spring Update. The CRB part of the business achieved organic revenue growth in the first quarter of 2025 driven by increased new business activity and strong global client retention.

Here's a quick look at the segment revenue performance for the third quarter of 2025:

Business Segment	Q3 2025 Revenue (USD millions)	Q3 2025 Organic Growth
Health, Wealth & Career (HWC)	1,260	5% (Reported)
Risk & Broking (R&B)	1,010	6%
Total Reported Revenue	2,288	5%

The broader client base distribution, based on the most recent segment revenue breakdown available, looks like this:

• Human resources, employee benefits, talent management and finance: 58.9%
• Risk management and insurance: 40.8%
• Other: 0.3%

The company is actively managing capital across these client-serving units, having repurchased 1,848,098 of its outstanding shares for \$600 million during the third quarter of 2025. Free cash flow for the nine months ended September 30, 2025, was \$838 million.

Key drivers for client engagement across these segments include:

• Double-digit growth in the health business in Q4 2024.
• Strong software sales in Technology within ICT in Q4 2024.
• Increased project work and brokerage income in the Health business in Q4 2024.
• Growth in the LifeSight solution within Investments.

The geographic concentration of the customer base is also important:

• The United States accounts for 52.8% of revenue distribution.
• The United Kingdom accounts for 18.2% of revenue distribution.
• Other regions account for 28.4%.

Finance: draft 13-week cash view by Friday.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Cost Structure

You're looking at the core expenses WTW faces to keep its global advisory, broking, and solutions engine running through late 2025. Honestly, for a firm this size, the cost structure is dominated by people and the tech that supports them.

High personnel and compensation costs remain the single largest component. You saw the data from WTW's own Salary Budget Planning Report; employers are projecting salary budget increases to rise by 3.9% in 2025, which is high by historical standards where 3% was the pre-pandemic norm. For the first six months of 2025, the line item for Salaries and benefits hit \$2,773 million.

The Technology and data platform development/maintenance expenses are embedded within the broader operating costs, but the focus on digital capabilities is clear from the margin expansion efforts. While a specific technology spend number isn't isolated, we see the impact of past programs and ongoing investment in the overall expense profile. The firm is committed to achieving an annual operating margin expansion target of 100 basis points for the full year 2025, which requires disciplined cost management against these necessary investments.

You're definitely seeing the tail end of the residual cash outflows from the concluded 'Transformation' program. The program finished in 2024, but cash payments lingered into 2025. For the nine months ending September 30, 2025, free cash flow improved by \$114 million year-over-year, specifically driven by the abatement of remaining Transformation program cash costs. Looking at the Q2 2025 income statement, the line item for Transaction and transformation costs was just \$2 million, down significantly from \$222 million in Q2 2024.

General and administrative expenses to support global operations are captured in the broader operating expense figures. For the twelve months ending September 30, 2025, Willis Towers Watson Public reported total operating expenses of \$7.688B, which represented a 17.37% decline year-over-year. Other operating expenses, which would capture much of the G&A, were \$336 million for the second quarter of 2025. Here's a quick look at the key expense components we can pull for recent periods:

Expense Category/Metric	Period	Amount (USD Millions)
Salaries and benefits	Six Months Ended June 30, 2025	\$2,773
Other operating expenses	Three Months Ended June 30, 2025	\$336
Transaction and transformation costs	Three Months Ended June 30, 2025	\$2
Total Operating Expenses (Twelve Months)	Twelve Months Ended September 30, 2025	\$7,688

The overall trend shows cost discipline, especially as the major transformation spending winds down. Still, the underlying cost of talent remains high, reflected in the 3.9% projected salary increase for the year.

You should track how the \$1.5 billion planned share repurchases for 2025 might influence capital allocation decisions versus reinvestment in technology or G&A infrastructure, as that's a major use of cash that offsets other cost pressures.

• Expected 2025 Salary Budget Increase: 3.9%
• 2024 Median Salary Increase (for context): 4.1%
• Total Operating Expenses Decline (Y/Y): 17.37% (as of 9/30/25 TTM)
• Share Repurchases Planned for 2025: Approximately \$1.5 billion

Finance: draft 13-week cash view by Friday.

Willis Towers Watson Public Limited Company (WTW) - Canvas Business Model: Revenue Streams

You're looking at how Willis Towers Watson Public Limited Company (WTW) actually brings in the money as of late 2025. It's not just one thing; it's a mix of big-ticket advisory work and more stable, ongoing service fees. Honestly, the structure shows a clear split between risk/broking and people/benefits consulting.

The latest hard numbers we have are from the third quarter of 2025. For that quarter, total reported revenue was $2.29 billion, which came with 5% organic growth. That growth is what management points to as proof the strategy is working, even with macro uncertainty hanging around.

Here's the quick math on how the two main segments contributed to that Q3 2025 top line:

Revenue Stream Category	Q3 2025 Revenue (USD millions)	Approximate % of Total Revenue (Based on Q3 2025)
Risk & Broking (R&B)	$1,010	44.14%
Health, Wealth & Career (HWC)	$1,260	55.07%

The first major component is the fees and commissions from Risk & Broking (R&B) services. This segment is a significant earner, which the outline correctly pegged at approximately 46% of total revenue, which aligns closely with the $1.01 billion reported for Q3 2025. This revenue is driven by Corporate Risk & Broking (CRB) new business and project-based placements in global specialty businesses, offsetting insurance rate headwinds.

The second pillar is the Health, Wealth & Career (HWC) segment, which brought in $1.26 billion in Q3 2025. This stream is where you find the consulting and advisory fees. Within HWC, the Health business showed strong organic growth of 7% in the quarter, driven by healthcare inflation and new global benefits management appointments.

You should also note the nature of the HWC revenue stream, as it's key to stability. A vast majority of the HWC business is recurring. Specifically, you see this in the recurring revenue from benefits and pension administration outsourcing. For example, Benefits Delivery & Outsourcing revenue grew from increased project and core administration work in Q1 2025.

To break down the revenue drivers within the segments more granularly, consider this:

• Risk & Broking (R&B) organic growth in Q3 2025 was 6%.
• HWC organic growth in Q3 2025 was 4%.
• Wealth generated organic growth from strong Retirement work in Great Britain and North America.
• The Health sub-segment saw growth from solid client retention and geographic expansion.
• Career had modest growth, tempered by some project postponements.

The company is focused on maintaining this momentum. Management remains on track to deliver mid-single-digit growth and margin expansion for HWC in 2025. Finance: draft 13-week cash view by Friday.