# EDGAR Filing Document

**Accession Number:** 0001140536
**File Stem:** 0001171843-25-004852
**Filing Date:** 2025-7
**Character Count:** 117231
**Document Hash:** 05d0e069bead7ebe4f56fdef53be3242
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004852.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001171843-25-004852

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIS TOWERS WATSON PLC
- **CENTRAL INDEX KEY:** 0001140536
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16503
- **FILM NUMBER:** 251169111

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WILLIS GROUP LIMITED
- **STREET 2:** 51 LIME STREET
- **CITY:** LONDON ENGLAND
- **STATE:** X0
- **ZIP:** EC3M 7DQ
- **BUSINESS PHONE:** 44-20-3124-6000

**MAIL ADDRESS:**
- **STREET 1:** C/O WILLIS GROUP LIMITED
- **STREET 2:** 51 LIME STREET
- **CITY:** LONDON ENGLAND
- **STATE:** X0
- **ZIP:** EC3M 7DQ

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILLIS GROUP HOLDINGS PLC
- **DATE OF NAME CHANGE:** 20100104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILLIS GROUP HOLDINGS LTD
- **DATE OF NAME CHANGE:** 20010514

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): July 31, 2025**

**Willis Towers Watson Public Limited Company** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Ireland** | **001-16503** | **98-0352587** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

**c/o Willis Group Limited, 51 Lime Street, London, EC3M 7DQ, England**

**(Address, including Zip Code, of Principal Executive Offices)** 

**Registrant's telephone number, including area code: (011) (44)-(20)-3124-6000**

**Not Applicable**

**(Former name or former address, if changed since last report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange on which registered** |
| **Ordinary Shares, nominal value $0.000304635 per share** | **WTW** | **NASDAQ Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On July 31, 2025, Willis Towers Watson Public Limited Company ("WTW") issued a press release announcing its financial results for the period ended June 30, 2025.

A copy of WTW's press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. A reconciliation between certain non-GAAP financial measures and reported financial results is provided as an attachment to the press release.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD.** |

---

WTW also posted to the investor relations section of its website a slide presentation which it may refer to during its conference call to discuss the results. The slide presentation is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

---

| | |
|:---|:---|
| **Item9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits

The following exhibits are furnished herewith:

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [99.1](exh_991.htm) | [Press release, dated July 31, 2025, announcing the financial results for the period ended June 30, 2025, for WTW.](exh_991.htm) |
| [99.2](exh_992.htm) | [Slide Presentation, supplementing the above press release.](exh_992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | **WILLIS TOWERS WATSON** <br> **PUBLIC LIMITED COMPANY** |
| Date: July 31, 2025 | <br> By: <u>/s/ Andrew Krasner</u>________________<br> Name: Andrew Krasner<br> Title: Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**WTW Reports Second Quarter 2025 Earnings**

* **Revenue**<sup>**1**</sup> **of $2.3 billion was flat compared to prior-year quarter due to the sale of TRANZACT**

* **Organic Revenue growth of 5% for the quarter**

* **Diluted Earnings per Share was $3.32 for the quarter, up 144% over prior year**

* **Adjusted Diluted Earnings per Share was $2.86 for the quarter, up 20% over prior year**<sup>**2**</sup>

* **Operating Margin was 16.3% for the quarter, up 690 basis points over prior year**

* **Adjusted Operating Margin was 18.5% for the quarter, up 150 basis points from prior year**

LONDON, July 31, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW) (the "Company"), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2025.

"Our strong second quarter results demonstrate the meaningful progress we've made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth," said Carl Hess, WTW's Chief Executive Officer. "I'm pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I'd like to thank our colleagues for their consistent execution and dedication to delivering for our clients."

**Consolidated Results** 

*As reported, USD millions, except %*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Key Metrics** | **Q2-25** | **Q2-24<sup>2</sup>** | **Y/Y Change** |
| &nbsp;&nbsp;**Revenue<sup>1</sup>** | $2261 | $2265 | Reported (0)% \| CC (1)% \| Organic 5% |
| &nbsp;&nbsp;**Income from Operations** | $368 | $212 | 74% |
| &nbsp;&nbsp;**Operating Margin %** | 16.3% | 9.4% | 690 bps |
| &nbsp;&nbsp;**Adjusted Operating Income** | $419 | $385 | 9% |
| &nbsp;&nbsp;**Adjusted Operating Margin %** | 18.5% | 17.0% | 150 bps |
| &nbsp;&nbsp;**Net Income** | $332 | $142 | 134% |
| &nbsp;&nbsp;**Adjusted Net Income** | $285 | $247 | 15% |
| &nbsp;&nbsp;**Diluted EPS** | $3.32 | $1.36 | 144% |
| &nbsp;&nbsp;**Adjusted Diluted EPS** | $2.86 | $2.39 | 20% |

---

<sup>1</sup> The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.

<sup>2</sup> Refer to "WTW Non-GAAP Measures" below and the Q2-25 Supplemental Slides for recast of historical Non-GAAP measures.

Revenue was $2.26 billion for the second quarter of 2025, which was flat compared to $2.27 billion for the same period in the prior year due to the sale of TRANZACT. Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the second quarter of 2025 was $332 million compared to Net Income of $142 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $470 million, or 20.8% of revenue, an increase of 6%, compared to Adjusted EBITDA of $445 million, or 19.6% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was (6.8)%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 18.0%.

**Cash Flow and Capital Allocation**

Cash flows from operating activities were $326 million for the six months ended June 30, 2025, compared to cash flows from operating activities of $431 million for the same prior-year period. Free cash flow for the six months ended June 30, 2025 and 2024 was $217 million and $305 million, respectively, a decrease of $88 million. The decline was primarily due to increased compensation and cash tax payments as well as the absence of cash inflows from TRANZACT following its sale on December 31, 2024, partly offset by lower Transformation program spending and operational improvements. During the quarter ended June 30, 2025, the Company repurchased 1,614,427 of its outstanding shares for $500 million.

**Second Quarter 2025 Segment Highlights**

**Health, Wealth & Career ("HWC")**

*As reported, USD millions, except %*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Health, Wealth & Career** | **Q2-25** | **Q2-24** | **Y/Y Change** |
| &nbsp;&nbsp;**Total Revenue** | $1180 | $1260 | Reported (6)% \| CC (8)% \| Organic 4% |
| &nbsp;&nbsp;**Operating Income** | $280 | $276 | 1% |
| &nbsp;&nbsp;**Operating Margin %** | 23.8% | 21.9% | 190 bps |

---

The HWC segment had revenue of $1.18 billion in the second quarter of 2025, a decrease of 6% (8% decrease constant currency and organic growth of 4%) from $1.26 billion in the prior year due to the sale of TRANZACT. Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year.

Operating margins in the HWC segment increased 190 basis points from the prior-year second quarter to 23.8%, primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Please refer to the Supplemental Slides for TRANZACT's standalone historical financial results.

**Risk & Broking ("R&B")**

*As reported, USD millions, except %*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Risk & Broking** | **Q2-25** | **Q2-24** | **Y/Y Change** |
| &nbsp;&nbsp;**Total Revenue** | $1047 | $979 | Reported 7% \| CC 6% \| Organic 6% |
| &nbsp;&nbsp;**Operating Income** | $222 | $202 | 10% |
| &nbsp;&nbsp;**Operating Margin %** | 21.2% | 20.6% | 60 bps |

---

The R&B segment had revenue of $1.05 billion in the second quarter of 2025, an increase of 7% (6% increase constant currency and organic) from $979 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty.

Operating margins in the R&B segment increased 60 basis points from the prior-year second quarter to 21.2%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

**Select 2025 Financial Considerations**

Changes to Non-GAAP financial measures:

* All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits

* Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs

* Refer to Supplemental Slides for recast of historical Non-GAAP measures

Business mix:

* TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024

* Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, which will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level

Free cash flow:

* Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024

Capital allocation:

* Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

Foreign exchange:

* Expect a foreign currency tailwind on adjusted diluted earnings per share of approximately $0.05 in 2025 at today's rates

Adjusted operating margin outlook:

* ~100 basis points of average annual margin expansion over next 3 years in R&B

* Incremental annual margin expansion at HWC and enterprise levels

The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under "WTW Non-GAAP Measures" below.

**Conference Call**

The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW's <u>website</u>. Analysts and institutional investors may participate in the conference call's question-and-answer session by registering in advance <u>here</u>. An online replay will be available at <u>investors.wtwco.com</u> shortly after the call concludes.

**About WTW**

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at <u>www.wtwco.com</u>.

**WTW Non-GAAP Measures**

In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW's management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

Within the measures referred to as 'adjusted', we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

* Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.

* Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.

* Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.

* Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.

* Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Our non-GAAP measures and their accompanying definitions are presented as follows:

Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management's judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

**WTW Forward-Looking Statements**

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance ('ESG') practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

**Contact**

**INVESTORS** Claudia De La Hoz \| Claudia.Delahoz@wtwco.com

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WTW**<br>**Supplemental Segment Information**<br>(In millions of U.S. dollars)<br>(Unaudited) |
| **REVENUE** | | | | | | | |
|  |  |  |  | Components of Revenue Change<sup>(i)</sup> | Components of Revenue Change<sup>(i)</sup> | Components of Revenue Change<sup>(i)</sup> | Components of Revenue Change<sup>(i)</sup> |
|  |  |  |  | Less: |  | Less: |  |
|  | Three Months Ended<br> June 30, | Three Months Ended<br> June 30, | As Reported | Currency | Constant Currency | Acquisitions/ | Organic |
|  | 2025 | 2024 | % Change | Impact | Change | Divestitures | Change |
| **Health, Wealth & Career** |  |  |  |  |  |  |  |
| Revenue excluding interest income | $1173 | $1251 | (6)% | 1% | (7)% | (12)% | 4% |
| Interest income | 7 | 9 |  |  |  |  |  |
| **Total** | **1180** | **1260** | **(6)%** | **1%** | **(8)%** | **(12)%** | **4%** |
| **Risk & Broking** |  |  |  |  |  |  |  |
| Revenue excluding interest income | $1024 | $950 | 8% | 1% | 6% | 0% | 6% |
| Interest income | 23 | 29 |  |  |  |  |  |
| **Total** | **1047** | **979** | **7%** | **1%** | **6%** | **0%** | **6%** |
| **Segment Revenue** | $2227 | $2239 | (1)% | 1% | (2)% | (7)% | 5% |
| Corporate, reimbursable expenses and other | 24 | 20 |  |  |  |  |  |
| Interest income | 10 | 6 |  |  |  |  |  |
| **Revenue** | $**2261** | $**2265** | **0%** | **1%** | **(1)%** | **(6)%** | **5%<sup>(ii)</sup>** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Components of Revenue Change<sup>(i)</sup> | Components of Revenue Change<sup>(i)</sup> | Components of Revenue Change<sup>(i)</sup> | Components of Revenue Change<sup>(i)</sup> |
|  | Six Months Ended June 30, | Six Months Ended June 30, | | | | | |
|  | 2025 | 2024 | <br>As Reported% Change | Less:<br>Currency<br>Impact | <br>Constant Currency<br>Change | Less:<br>Acquisitions/<br>Divestitures | <br>Organic<br>Change |
| **Health, Wealth & Career** |  |  |  |  |  |  |  |
| Revenue excluding interest income | $2331 | $2578 | (10)% | 0% | (10)% | (13)% | 3% |
| Interest income | 14 | 18 |  |  |  |  |  |
| **Total** | **2345** | **2596** | **(10)%** | **0%** | **(10)%** | **(13)%** | **3%** |
| **Risk & Broking** |  |  |  |  |  |  |  |
| Revenue excluding interest income | $2029 | $1900 | 7% | 0% | 7% | 0% | 7% |
| Interest income | 45 | 57 |  |  |  |  |  |
| **Total** | **2074** | **1957** | **6%** | **0%** | **6%** | **0%** | **6%** |
| **Segment Revenue** | $4419 | $4553 | (3)% | 0% | (3)% | (7)% | 5% |
| Corporate, reimbursable expenses and other | 45 | 41 |  |  |  |  |  |
| Interest income | 20 | 12 |  |  |  |  |  |
| **Revenue** | $**4484** | $**4606** | **(3)%** | **0%** | **(3)%** | **(7)%** | **5%<sup>(ii)</sup>** |

---

<sup>(i)</sup> Components of revenue change may not add due to rounding. <br> <sup>(ii)</sup> Interest income did not contribute to organic change for the three and six months ended June 30, 2025.

 **BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, |
|  | HWC | HWC | R&B | R&B | Corporate | Corporate | Total | Total |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Book-of-business settlements | $— | $— | $3 | $2 | $— | $— | $3 | $2 |
| Interest income | 7 | 9 | 23 | 29 | 10 | 6 | 40 | 44 |
| Total | $7 | $9 | $26 | $31 | $10 | $6 | $43 | $46 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | HWC | HWC | R&B | R&B | Corporate | Corporate | Total | Total |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Book-of-business settlements | $2 | $— | $3 | $4 | $— | $— | $5 | $4 |
| Interest income | 14 | 18 | 45 | 57 | 20 | 12 | 79 | 87 |
| Total | $16 | $18 | $48 | $61 | $20 | $12 | $84 | $91 |

---

 **SEGMENT OPERATING INCOME<sup>(i)</sup>**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended <br>June 30, | Three Months Ended <br>June 30, |
|  | 2025 | 2024 |
| Health, Wealth & Career | $280 | $276 |
| Risk & Broking | 222 | 202 |
| **Segment Operating Income** | $502 | $478 |

---

---

| | | |
|:---|:---|:---|
|  | Six Months Ended <br>June 30, | Six Months Ended <br>June 30, |
|  | 2025 | 2024 |
| Health, Wealth & Career | $591 | $612 |
| Risk & Broking | 448 | 405 |
| **Segment Operating Income** | $1039 | $1017 |

---

<sup>(i)</sup> Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

 **SEGMENT OPERATING MARGINS**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, |
|  | 2025 | 2024 |
| Health, Wealth & Career | 23.8% | 21.9% |
| Risk & Broking | 21.2% | 20.6% |

---

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Health, Wealth & Career | 25.2% | 23.6% |
| Risk & Broking | 21.6% | 20.7% |

---

 **RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, |
|  | 2025 | 2024 |
| Segment Operating Income | $502 | $478 |
| Amortization | (49) | (60) |
| Restructuring costs |  | (3) |
| Transaction and transformation<sup>(i)</sup> | (2) | (97) |
| Unallocated, net<sup>(ii)</sup> | (83) | (106) |
| &nbsp;&nbsp;Income from Operations | 368 | 212 |
| Interest expense | (64) | (68) |
| Other income, net | 9 | 23 |
| Income from operations before income taxes and interest in earnings of associates | $313 | $167 |

---

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Segment Operating Income | $1039 | $1017 |
| Amortization | (97) | (120) |
| Restructuring costs |  | (21) |
| Transaction and transformation<sup>(i)</sup> | (2) | (222) |
| Unallocated, net<sup>(ii)</sup> | (140) | (162) |
| Income from Operations | 800 | 492 |
| &nbsp;&nbsp;Interest expense | (129) | (132) |
| Other (loss)/income, net | (55) | 49 |
| Income from operations before income taxes and interest in earnings of associates | $616 | $409 |

---

<sup>(i)</sup> In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.

<sup>(ii)</sup> Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

---

| | | |
|:---|:---|:---|
| **WTW**<br>**Reconciliations of Non-GAAP Measures**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) | **WTW**<br>**Reconciliations of Non-GAAP Measures**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) | **WTW**<br>**Reconciliations of Non-GAAP Measures**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) |
| **RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE** | **RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE** | **RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE** |
|  | Three Months Ended June 30, | Three Months Ended June 30, |
|  | 2025 | 2024 |
| **Net income attributable to WTW** | $331 | $141 |
| Adjusted for certain items: |  |  |
| &nbsp;&nbsp;Amortization | 49 | 60 |
| &nbsp;&nbsp;Restructuring costs |  | 3 |
| &nbsp;&nbsp;Transaction and transformation | 2 | 97 |
| &nbsp;&nbsp;Provision for specified litigation matter <sup>(i)</sup> |  | 13 |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | (13) | (21) |
| &nbsp;&nbsp;Tax effect on certain items listed above<sup>(ii)</sup> | (10) | (39) |
| &nbsp;&nbsp;Tax effect of significant adjustments | (74) | (7) |
| **Adjusted Net Income** | $285 | $247 |
| Weighted-average ordinary shares, diluted | 100 | 103 |
| **Diluted Earnings Per Share** | $3.32 | $1.36 |
| Adjusted for certain items:<sup>(iii)</sup> |  |  |
| &nbsp;&nbsp;Amortization | 0.49 | 0.58 |
| &nbsp;&nbsp;Restructuring costs |  | 0.03 |
| &nbsp;&nbsp;Transaction and transformation | 0.02 | 0.94 |
| &nbsp;&nbsp;Provision for specified litigation matter <sup>(i)</sup> |  | 0.13 |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | (0.13) | (0.20) |
| &nbsp;&nbsp;Tax effect on certain items listed above<sup>(ii)</sup> | (0.10) | (0.38) |
| &nbsp;&nbsp;Tax effect of significant adjustments | (0.74) | (0.07) |
| **Adjusted Diluted Earnings Per Share<sup>(iii)</sup>** | $2.86 | $2.39 |

---

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| **Net income attributable to WTW** | $566 | $331 |
| Adjusted for certain items: |  |  |
| &nbsp;&nbsp;Amortization | 97 | 120 |
| &nbsp;&nbsp;Restructuring costs |  | 21 |
| &nbsp;&nbsp;Transaction and transformation | 2 | 222 |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  | 13 |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | 62 | (43) |
| &nbsp;&nbsp;Gain on disposal of operations | (14) |  |
| &nbsp;&nbsp;Tax effect on certain items listed above<sup>(ii)</sup> | (38) | (85) |
| &nbsp;&nbsp;Tax effect of significant adjustments | (74) | (7) |
| **Adjusted Net Income** | $601 | $572 |
| Weighted-average ordinary shares, diluted | 100 | 104 |
| **Diluted Earnings Per Share** | $5.64 | $3.20 |
| Adjusted for certain items:<sup>(iii)</sup> |  |  |
| &nbsp;&nbsp;Amortization | 0.97 | 1.16 |
| &nbsp;&nbsp;Restructuring costs |  | 0.20 |
| &nbsp;&nbsp;Transaction and transformation | 0.02 | 2.14 |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  | 0.13 |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | 0.62 | (0.42) |
| &nbsp;&nbsp;Gain on disposal of operations | (0.14) |  |
| &nbsp;&nbsp;Tax effect on certain items listed above<sup>(ii)</sup> | (0.38) | (0.82) |
| &nbsp;&nbsp;Tax effect of significant adjustments | (0.74) | (0.07) |
| **Adjusted Diluted Earnings Per Share<sup>(iii)</sup>** | $5.99 | $5.53 |

---

<sup>(i)</sup> Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

<sup>(ii)</sup> The tax effect was calculated using an effective tax rate for each item.

<sup>(iii)</sup> Per share values and totals may differ due to rounding.

 **RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, |  |
|  | 2025 |  | 2024 |  |
| **Net Income** | $332 | 14.7% | $142 | 6.3% |
| &nbsp;&nbsp;(Benefit from)/provision for income taxes | (21) |  | 26 |  |
| &nbsp;&nbsp;Interest expense | 64 |  | 68 |  |
| &nbsp;&nbsp;Depreciation | 57 |  | 57 |  |
| &nbsp;&nbsp;Amortization | 49 |  | 60 |  |
| &nbsp;&nbsp;Restructuring costs |  |  | 3 |  |
| &nbsp;&nbsp;Transaction and transformation | 2 |  | 97 |  |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  |  | 13 |  |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | (13) |  | (21) |  |
| **Adjusted EBITDA and Adjusted EBITDA Margin** | $470 | 20.8% | $445 | 19.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |  |
|  | 2025 |  | 2024 |  |
| **Net Income** | $571 | 12.7% | $336 | 7.3% |
| &nbsp;&nbsp;Provision for income taxes | 44 |  | 74 |  |
| &nbsp;&nbsp;Interest expense | 129 |  | 132 |  |
| &nbsp;&nbsp;Depreciation | 111 |  | 116 |  |
| &nbsp;&nbsp;Amortization | 97 |  | 120 |  |
| &nbsp;&nbsp;Restructuring costs |  |  | 21 |  |
| &nbsp;&nbsp;Transaction and transformation | 2 |  | 222 |  |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  |  | 13 |  |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | 62 |  | (43) |  |
| &nbsp;&nbsp;Gain on disposal of operations | (14) |  |  |  |
| **Adjusted EBITDA and Adjusted EBITDA Margin** | $1002 | 22.3% | $991 | 21.5% |

---

<sup>(i)</sup> Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

 **RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, |  |
|  | 2025 |  | 2024 |  |
| **Income from operations and Operating margin** | $368 | 16.3% | $212 | 9.4% |
| Adjusted for certain items: |  |  |  |  |
| &nbsp;&nbsp;Amortization | 49 |  | 60 |  |
| &nbsp;&nbsp;Restructuring costs |  |  | 3 |  |
| &nbsp;&nbsp;Transaction and transformation | 2 |  | 97 |  |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  |  | 13 |  |
| **Adjusted operating income and Adjusted operating income margin** | $419 | 18.5% | $385 | 17.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |  |
|  | 2025 |  | 2024 |  |
| **Income from operations and Operating margin** | $800 | 17.8% | $492 | 10.7% |
| Adjusted for certain items: |  |  |  |  |
| &nbsp;&nbsp;Amortization | 97 |  | 120 |  |
| &nbsp;&nbsp;Restructuring costs |  |  | 21 |  |
| &nbsp;&nbsp;Transaction and transformation | 2 |  | 222 |  |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  |  | 13 |  |
| **Adjusted operating income and Adjusted operating income margin** | $899 | 20.0% | $868 | 18.8% |

---

<sup>(i)</sup> Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

 **RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, |
|  | 2025 | 2024 |
| **Income from operations before income taxes and interest in earnings of associates** | $313 | $167 |
| Adjusted for certain items: |  |  |
| &nbsp;&nbsp;Amortization | 49 | 60 |
| &nbsp;&nbsp;Restructuring costs |  | 3 |
| &nbsp;&nbsp;Transaction and transformation | 2 | 97 |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  | 13 |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | (13) | (21) |
| **Adjusted income before taxes** | $351 | $319 |
| **(Benefit from)/provision for income taxes** | $(21) | $26 |
| &nbsp;&nbsp;Tax effect on certain items listed above<sup>(ii)</sup> | 10 | 39 |
| &nbsp;&nbsp;Tax effect of significant adjustments | 74 | 7 |
| **Adjusted income taxes** | $63 | $72 |
| **U.S. GAAP tax rate** | **(6.8)%** | **15.6%** |
| **Adjusted income tax rate** | **18.0%** | **22.4%** |

---

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| **Income from operations before income taxes and interest in earnings of associates** | $616 | $409 |
| Adjusted for certain items: |  |  |
| &nbsp;&nbsp;Amortization | 97 | 120 |
| &nbsp;&nbsp;Restructuring costs |  | 21 |
| &nbsp;&nbsp;Transaction and transformation | 2 | 222 |
| &nbsp;&nbsp;Provision for specified litigation matter<sup>(i)</sup> |  | 13 |
| &nbsp;&nbsp;Net periodic pension and postretirement benefits | 62 | (43) |
| &nbsp;&nbsp;Gain on disposal of operations | (14) |  |
| **Adjusted income before taxes** | $763 | $742 |
| **Provision for income taxes** | $44 | $74 |
| &nbsp;&nbsp;Tax effect on certain items listed above<sup>(ii)</sup> | 38 | 85 |
| &nbsp;&nbsp;Tax effect of significant adjustments | 74 | 7 |
| **Adjusted income taxes** | $156 | $166 |
| **U.S. GAAP tax rate** | **7.1%** | **18.1%** |
| **Adjusted income tax rate** | **20.5%** | **22.3%** |

---

<sup>(i)</sup> Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

<sup>(ii)</sup> The tax effect was calculated using an effective tax rate for each item.

 **RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| **Cash flows from operating activities** | $326 | $431 |
| Less: Additions to fixed assets and software | (109) | (126) |
| **Free Cash Flow** | $217 | $305 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Income**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Income**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Income**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Income**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Income**<br>(In millions of U.S. dollars, except per share data)<br>(Unaudited) |
|  | Three Months Ended<br> June 30, | Three Months Ended<br> June 30, | Six Months Ended<br> June 30, | Six Months Ended<br> June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenue | $2261 | $2265 | $4484 | $4606 |
| Costs of providing services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 1449 | 1397 | 2773 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 336 | 439 | 701 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 57 | 57 | 111 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 49 | 60 | 97 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs |  | 3 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction and transformation | 2 | 97 | 2 | 222 |
| Total costs of providing services | 1893 | 2053 | 3684 | 4114 |
| Income from operations | 368 | 212 | 800 | 492 |
| Interest expense | (64) | (68) | (129) | (132) |
| Other income/(loss), net | 9 | 23 | (55) | 49 |
| INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | 313 | 167 | 616 | 409 |
| Benefit from/(provision for) income taxes | 21 | (26) | (44) | (74) |
| INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | 334 | 141 | 572 | 335 |
| Interest in earnings of associates, net of tax | (2) | 1 | (1) | 1 |
| NET INCOME | 332 | 142 | 571 | 336 |
| Income attributable to non-controlling interests | (1) | (1) | (5) | (5) |
| NET INCOME ATTRIBUTABLE TO WTW | $331 | $141 | $566 | $331 |
| EARNINGS PER SHARE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $3.34 | $1.37 | $5.68 | $3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | $3.32 | $1.36 | $5.64 | $3.20 |
| Weighted-average ordinary shares, basic | 99 | 103 | 100 | 103 |
| Weighted-average ordinary shares, diluted | 100 | 103 | 100 | 104 |

---

---

| | | |
|:---|:---|:---|
| **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Balance Sheets**<br>(In millions of U.S. dollars, except share data)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Balance Sheets**<br>(In millions of U.S. dollars, except share data)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Balance Sheets**<br>(In millions of U.S. dollars, except share data)<br>(Unaudited) |
|  | June 30, | December 31, |
|  | 2025 | 2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents | $1963 | $1890 |
| Fiduciary assets | 10720 | 9504 |
| Accounts receivable, net | 2364 | 2494 |
| Prepaid and other current assets | 558 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 15605 | 15105 |
| Fixed assets, net | 696 | 661 |
| Goodwill | 8938 | 8799 |
| Other intangible assets, net | 1232 | 1295 |
| Right-of-use assets | 495 | 485 |
| Pension benefits assets | 578 | 530 |
| Other non-current assets | 934 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 12873 | 12576 |
| **TOTAL ASSETS** | $28478 | $27681 |
| **LIABILITIES AND EQUITY** |  |  |
| Fiduciary liabilities | $10720 | $9504 |
| Deferred revenue and accrued expenses | 1726 | 2211 |
| Current debt | 549 |  |
| Current lease liabilities | 124 | 118 |
| Other current liabilities | 752 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 13871 | 12598 |
| Long-term debt | 4762 | 5309 |
| Liability for pension benefits | 550 | 615 |
| Provision for liabilities | 369 | 341 |
| Long-term lease liabilities | 500 | 502 |
| Other non-current liabilities | 246 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 6427 | 7066 |
| **TOTAL LIABILITIES** | 20298 | 19664 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **EQUITY<sup>(i)</sup>** |  |  |
| Additional paid-in capital | 11012 | 10989 |
| (Accumulated deficit)/retained earnings | (206) | 109 |
| Accumulated other comprehensive loss, net of tax | (2706) | (3158) |
| **Total WTW shareholders' equity** | 8100 | 7940 |
| Non-controlling interests | 80 | 77 |
| **Total Equity** | 8180 | 8017 |
| **TOTAL LIABILITIES AND EQUITY** | $28478 | $27681 |

---

<sup>(i)</sup> Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.

---

| | | |
|:---|:---|:---|
| **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Cash Flows**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Cash Flows**<br>(In millions of U.S. dollars)<br>(Unaudited) | **WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY**<br>**Condensed Consolidated Statements of Cash Flows**<br>(In millions of U.S. dollars)<br>(Unaudited) |
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| NET INCOME | $571 | $336 |
| Adjustments to reconcile net income to total net cash from operating activities: |  |  |
| Depreciation | 111 | 116 |
| Amortization | 97 | 120 |
| Non-cash restructuring charges |  | 12 |
| Non-cash lease expense | 47 | 49 |
| Net periodic cost/(benefit) of defined benefit pension plans | 94 | (11) |
| Provision for doubtful receivables from clients | 7 | 10 |
| Benefit from deferred income taxes | (70) | (25) |
| Share-based compensation | 68 | 54 |
| Net gain on disposal of operations | (14) |  |
| Non-cash foreign exchange loss/(gain) | 30 | (12) |
| Other, net | 18 | 22 |
| Changes in operating assets and liabilities, net of effects from purchase of subsidiaries: |  |  |
| Accounts receivable | 225 | 118 |
| Other assets | (99) | (161) |
| Other liabilities | (778) | (242) |
| Provisions | 19 | 45 |
| Net cash from operating activities | 326 | 431 |
| CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES |  |  |
| Additions to fixed assets and software | (109) | (126) |
| Acquisitions of operations, net of cash acquired | (14) | (18) |
| Contributions to investments in associates | (8) |  |
| Net proceeds from sale of operations | 836 |  |
| Net purchases of held-to-maturity securities | (50) |  |
| Net purchases of available-for-sale securities | (43) | (14) |
| Net cash from/(used in) investing activities | 612 | (158) |
| CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES |  |  |
| Senior notes issued |  | 746 |
| Debt issuance costs |  | (9) |
| Repayments of debt | (2) | (652) |
| Repurchase of shares | (700) | (301) |
| Net proceeds from fiduciary funds held for clients | 141 | 783 |
| Payments of deferred and contingent consideration related to acquisitions | (15) |  |
| Cash paid for employee taxes on withholding shares | (43) | (24) |
| Dividends paid | (179) | (176) |
| Acquisitions of and dividends paid to non-controlling interests | (2) | (3) |
| Net cash (used in)/from financing activities | (800) | 364 |
| INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 138 | 637 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 207 | (53) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD <sup>(i)</sup> | 4998 | 3792 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD <sup>(i)</sup> | $5343 | $4376 |

---

<sup>(i)</sup> The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

**SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $1963 | $1247 |
| &nbsp;&nbsp;Fiduciary funds (included in fiduciary assets) | 3380 | 3129 |
| &nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $5343 | $4376 |
| &nbsp;&nbsp;Decrease in cash, cash equivalents and other restricted cash | $(3) | $(154) |
| &nbsp;&nbsp;Increase in fiduciary funds | 141 | 791 |
| &nbsp;&nbsp;Total <sup>(i)</sup> | $138 | $637 |

---

<sup>(i)</sup> Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

## Exhibit 99.2

**EXHIBIT 99.2**

![](exh992_01.jpg)

wtwco.com WTW Earnings Release Supplemental Materials July 31, 2025 2025 Second Quarter Financial Results© 2025 WTW. All rights reserved.

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wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. WTW Non - GAAP Measures In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW's ma nag ement uses to evaluate the business and for financial planning, we present the following non - GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin. The Company believes that those measures are relevant and provide pertinent information widely used by analysts, investors an d o ther interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results. Reconciliations of these measures are included in the accompanying appendix of these earning release supplemental materials. The Company does not reconcile its forward - looking non - GAAP financial measures to the corresponding U.S. GAAP measures, due to v ariability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantit ati ve reconciliation of these forward - looking non - GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to a ddr ess the probable significance of the unavailable information. The Company provides non - GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calcul ati ons and the U.S. GAAP measures may be materially different than the non - GAAP measures. 3

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wtwco.com Helped clients navigate volatility and uncertainty while executing on our strategy and delivering on our commitments Maintained commitment to return capital to shareholders, with share repurchases of $500 million and dividends of $91 million in Q2 2025 Generated Organic revenue growth 1 of 5%, Adjusted Operating Margin 1 expansion of +150 bps and Adjusted Diluted EPS 1 growth of 20% in Q2 2025 Continued to make significant progress on strategic priorities with our specialization strategy, new talent and smart connections contributing to growth© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Key Takeaways Focused on enhancing our efficiency, improving our ability to create operating leverage and drive margin expansion 4 1 Signifies Non - GAAP financial measures. See Appendix I for Non - GAAP reconciliations.

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wtwco.com Key figures© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Q2 2025 GAAP Financial Results Six months ended June 30, Three months ended June 30, $USD million, except EPS and % 2024 2025 2024 2025 $4,606 $4,484 (3)% $2,265 $2,261 0% Revenue % change $492 $800 63% $212 $368 74% Income from Operations % change 10.7% 17.8% 710 bps 9.4% 16.3% 690 bps Operating Margin % change, basis points $336 $571 70% $142 $332 134% Net Income % change $3.20 $5.64 76% $1.36 $3.32 144% Diluted EPS % change $431 $326 (24)% Net Cash From Operating Activities % change 5

![](exh992_06.jpg)

wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Q2 and YTD 2025 Key Figures Total Revenue $USD billions Ad justed O perating Margin 2 % Free Cash Flow 2 $USD billions Adjusted Diluted EPS 2 $USD Including Non - GAAP Financial Results 1 $4.5 $4.6 YTD 2025 YTD 2024 +5% YTD Organic 2 growth 1. See Appendix I for certain 2024 Non - GAAP metrics excluding TRANZACT. 2. Signifies Non - GAAP financial measures. See Appendix I for Non - GAAP reconciliations. See Appendix II for recast of historical Non - GAAP financial measures. $2.3 $2.3 Q2 - 25 Q2 - 24 +5% Q2 Organic 2 growth $5.99 $5.53 YTD 2025 YTD 2024 +8% YTD growth $2.86 $2.39 Q2 - 25 Q2 - 24 +20% Q2 growth YTD 2025 YTD 2024 20.0 % 18.8 % + 120 bps YTD y/y margin Q2 - 25 Q2 - 24 18.5 % 17.0 % +150 bps Q2 y/y margin $217 $305 YTD 2025 YTD 2024 - $88m YTD y/y FCF 6

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wtwco.com Financial Review© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 7

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wtwco.com Q2 2025 Segment Highlights 1 • For the quarter, HWC had organic revenue growth 2 of 4%. – Health had 8% organic revenue growth in all regions driven by double - digit increases outside North America and solid performance in North America. – Wealth generated 3% organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. – Career had 1% organic revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. – BD&O revenue was flat as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year. • Operating income was $280 million in the quarter, an increase of 1% from the prior year. • Operating margin increased 190 bps from the prior year primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Quarterly Segment Performance: Health, Wealth & Career© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. $1,180 $1,260 Q2 - 25 Q2 - 24 3 Revenue ($M) Segment Operating Margin 1 Q2 - 24 Q2 - 25 Organic Revenue Growth 2 9% 8% Health 5% 3% Wealth 4% 1% Career 0% 4 0% Benefits Delivery & Outsourcing (BD&O) 5% 4 4% Health, Wealth & Career 23.8% 21.9% Q2 - 25 Q2 - 24 3 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations . 3 Excluding TRANZACT, HWC Q2 - 24 revenue was $1,118M and HWC Q2 - 24 operating margin was 23.6%. 4 Organic Revenue growth for Q2 - 24 excluding TRANZACT was +7% and +7% for HWC and BD&O, respectively. 8

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wtwco.com Q2 2025 Segment Highlights 1 • For the quarter, R&B had organic revenue growth 2 of 6%. – CRB generated organic revenue growth of 6% driven by higher levels of new business activity and strong client retention globally. – ICT organic revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty. • Operating income of $222 million in the quarter increased by 10%. • Operating margin improved by 60 bps primarily due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations Quarterly Segment Performance: Risk & Broking© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Q2 - 25 Q2 - 24 $1,047 $979 Revenue ($M) Segment Operating Margin 1 Q2 - 24 Q2 - 25 Organic Revenue Growth 2 11% 6% Corporate Risk & Broking (CRB) 0% 0% Insurance Consulting & Technology (ICT) 10% 6% Risk & Broking 21.2% 20.6% Q2 - 25 Q2 - 24 9 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations .

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wtwco.com Maintaining a Flexible Balance Sheet© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Total Debt equals sum of current debt and long - term debt as shown on the Consolidated Balance Sheets. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations. 3 Pro - forma leverage ratio excluding TRANZACT as of December 31, 2024 was 2.2x. Reinforcing our business fundamentals; safeguarding WTW's financial strengths Dec 31, 2024 June 30, 2025 ($ millions) 1,890 1,963 Cash and Cash Equivalents 5,309 5,311 Total Debt 1 8,017 8,180 Total Equity 2.0x 3 2.0x Debt to Adj. EBITDA 2 Trailing 12 - month Disciplined capital management strategy Provides WTW with the financial flexibility to reinvest in our businesses, capitalize on market growth opportunities and support significant value creation for shareholders • Our capital structure provides a solid foundation of business strength and reinforces our ability to capture long - term growth and create value for shareholders • History of effectively managing our leverage with a commitment to maintaining our investment grade credit rating • Committed to a disciplined approach to managing outstanding debt and our leverage profile 10

![](exh992_11.jpg)

wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Executing Against a Balanced Capital Allocation Strategy CASH RETURNED TO SHAREHOLDERS $12.7 B FY2016 to Q2 2025 MEANINGFUL DIVIDEND GROWTH + 7 % Cash dividend growth 9 years CAGR 0.92 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $0.48 $0.53 $0.6 $0.65 $0.71 $0.80 $0.82 $0.84 $0.88 +7% Quarterly cash dividend per share Capital Allocation Priorities • Reinvest in capabilities, businesses, and processes • Invest in innovation, technology, and new business • Return excess cash to shareholders through share repurchases and dividends to create long - term shareholder value • Strengthen balance sheet and liquidity • Business portfolio management • Pursue opportunistic M&A to strengthen capabilities Q2 2025 Highlights • Repurchased $500 million of shares during the quarter • Paid quarterly cash dividends of $91 million, $0.92 per common share 11 Allocating capital to opportunities with the potential for highest return $277 $306 $346 $374 $369 $352 $354 $396 $709 $602 $1,627 $3,530 $1,000 $901 $700 $199 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $595 $986 $908 $479 $346 $2,001 $3,899 $1,352 $1,255 $879 $179 $150 $329 Share repurchases Dividends

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wtwco.com Business Overview© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 12

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wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 13 WTW at a Glance Delivering superior advice, broking and solutions in the areas of people, risk and capital Segments 1 Geographies 1 Rich heritage Servicing clients since 1828 Global and diversified client base • 90% of the Fortune Global 500 • 89% of the U.S. Fortune 1000 • 96% of the FTSE 100 • Significant middle market presence Global reach, local expertise 140+ countries & markets served by 49,000 colleagues 1 Presented as % of full year 2024 revenue, excluding TRANZACT 55% 45% Health, Wealth & Career Risk & Broking 51% 37% 12% North America Europe International

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wtwco.com +3% Organic Segment Overview: Health, Wealth & Career 1,2© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Health, Wealth & Career: World - class portfolio of leading businesses providing advisory and consulting services within human capital, employee benefits and retirement verticals Benefits Delivery & Outsourcing provides medical exchange and outsourcing services to active employees and retirees across the group and individual markets as well as pension outsourcing Health provides advice, broking, solutions and software for employee benefit plans, HR organizations and management teams of our clients Wealth provides advice and management for retirement and investment asset owners using a sophisticated framework for managing risk Career provides compensation advisory services, employee experience software and platforms, and other career - related consulting services to our clients 14 FY24 Revenue and Organic Growth 3 Excluding TRANZACT 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. Segment results pr ior to 2022 were recast to reflect the realignment effective January 1, 2022. 2 All figures are shown excluding TRANZACT. See Appendix III for TRANZACT Standalone Historical Financial Results. 3 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations. HWC Segment Excluding TRANZACT USD millions / % $4,607 $4,545 $4,777 $4,992 26.5% 2021 27.2% 2022 29.6% 2023 31.4% 2024 Total Revenue Operating Margin +2% Organic +4% Organic HWC +5% Organic +9% Organic

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wtwco.com Insurance Consulting and Technology provides advice and technology solutions to the insurance industry to help clients measure and manage risk and capital and improve performance +9% Organic Segment Overview: Risk & Broking 1© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Risk & Broking: Risk advisory and solutions business delivering innovative, integrated solutions tailored to client needs and underpinned by cutting edge data and analytics, technology and experienced risk thinkers Corporate Risk & Broking provides a broad range of risk advice insurance brokerage and consulting services to clients worldwide ranging from small businesses to multinational corporations 15 FY24 Revenue and Organic Growth 2 1 Includes Segment financial measures. See accompanying Earnings Release for Supplemental Segment Information. Segment results pr ior to 2022 were recast to reflect the realignment effective January 1, 2022. 2 Signifies Non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations. +4% Organic R&B Segment USD millions / % $3,564 $3,460 $3,735 $4,038 23.4% 2021 21.2% 2022 21.8% 2023 23.7% 2024 Total Revenue Operating Margin

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wtwco.com Focused on Creating Long - Term Value for Shareholders© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Our successful rebuild and transformation has strengthened WTW's position and results 16 Accelerating performance through innovation and expansion in attractive markets 1 Enhancing efficiency to deliver continued adjusted operating margin expansion and FCF improvement Optimizing portfolio to elevate financial performance and strategic position Generating attractive shareholder returns through balanced capital allocation strategy 2 4 3

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wtwco.com Strategy & Outlook© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 17

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wtwco.com wtwco.com 18 WTW Strategic & Financial Framework Accelerate Performance We will build on recent momentum to drive performance in our businesses Strategic Priorities Enhance Efficiency We will focus on enhancing operational efficiency to sustain margin and FCF improvement Optimize Portfolio We will invest strategically to optimize our portfolio and pursue scaled and high - growth broking businesses Financial Outlook Mid - single digit organic growth 1 plus opportunistic inorganic growth Revenue Growth Continued annual margin expansion , driven by improved efficiency and business mix Adjusted Operating Margin Annual growth driven by margin expansion and disciplined capital management Adjusted EPS Improve FCF margin and grow FCF by evolving business mix, expanding operating margin and managing working capital Free Cash Flow© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Signifies forward - looking Non - GAAP financial measures. See WTW Non - GAAP measures on page 3 for more.

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wtwco.com wtwco.com WTW Organic Growth Profile 19 Segment Growth Profiles 1 Risk & Broking: MSD to HSD CRB: MSD - to - HSD ICT: MSD - to - HSD Health, Wealth & Career: MSD Health: HSD Wealth: LSD Career: MSD BD&O: MSD 1 "HSD" High - Single Digits; "MSD" Mid - Single Digits; "LSD" Low - Single Digits 2 Signifies Non - GAAP financial measure. See WTW Non - GAAP measures on page 3 for more and Appendix I for Non - GAAP reconciliations. 3 Outlook is intended to reflect improved performance over time and is not intended to be a precise graph Sustainable long - term, mid - single digit organic growth 2© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 2024 Revenue Outlook 3 $9.9 B 2 MSD Long - term Organic Revenue Growth Outlook

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wtwco.com wtwco.com 20 Enhancing efficiency is a priority across the company Adjusted Operating Margin Outlook • Leveraging benefits from Transformation program to drive continued efficiencies and operating leverage, coupled with WE DO efforts to further streamline processes • Offshoring and right shoring initiatives will expand margins • Investing in automation and AI to support productivity • ~100 bps of average annual operating margin 1 expansion over the next 3 years in R&B • Continue to build on HWC's strong margin expansion track record Committed to driving continued annual margin expansion through efficiency and operating leverage WTW Adjusted Operating Margin % +23.9% 1 2024 Margin Outlook 2 Annual expansion© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 1 Signifies non - GAAP financial measure. See Appendix I for Non - GAAP reconciliations. 2 Outlook is intended to reflect improved performance over time and is not intended to be a precise graph.

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wtwco.com wtwco.com 21 Free Cash Flow Outlook Evolving business mix Operating margin expansion Working capital management 1 Signifies Non - GAAP financial measures. See Appendix I for Non - GAAP reconciliations. See Appendix II for recast of historical Non - GAAP financial measures. 2 Outlook and expected forward looking result is intended to reflect improved performance over time and is not intended to be a pr ecise graph© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Delivering improvement through three pillars WTW Free Cash Flow Margin +12.8% 2024 FCF Margin 1 FCF Margin Outlook 2 Continual Improvement

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wtwco.com wtwco.com Rebalancing capital allocation strategy to reflect successful transformation and continued pursuit of a higher growth portfolio and margin expansion 22 Capital Allocation Strategy - Driving Growth, Margin and Returns Ongoing organic investments in talent, technology, and new products to drive sustainable growth and capture margin expansion opportunities Disciplined approach to M&A aligned with strategic priorities: strengthening core businesses and accelerating financial performance Share repurchases remain a central component of the capital allocation strategy Maintain appropriate financial flexibility Share repurchases Create value by returning capital to shareholders Quarterly dividends Reflects strong free cash flow generation Debt / leverage management Long - term leverage target of 2.0x to 2.5x Organic & inorganic investment Talent, Innovation, M&A© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation.

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wtwco.com wtwco.com 23 Select 2025 Financial Considerations© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Changes to Non - GAAP Financial Measures 1 All reported non - GAAP metrics will exclude non - cash net periodic pension and post retirement benefits Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs Business Mix TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024 Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, which will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level Free Cash Flow Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024 Capital Allocation Expect share repurchases of ~$1.5B, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities Foreign Exchange Expect a foreign currency tailwind on adjusted diluted earnings per share of approximately $0.05 in 2025 at today's rates Adjusted Operating Margin Outlook ~100 basis points of average annual margin expansion over next 3 years in R&B Incremental annual margin expansion at HWC and enterprise levels 1 See Appendix II for recast of historical Non - GAAP financial measures

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wtwco.com Appendix I: Reconciliation of Non - GAAP Measures and certain 2024 Non - GAAP Metrics excluding TRANZACT© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 24

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wtwco.com Constant Currency and Organic Revenue Change QTD© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 25 (i) Components of revenue change may not add due to rounding. (ii) Interest income did not contribute to organic change for the three months ended June 30, 2025 Less: Less: As Reported Currency Constant Currency Acquisitions/ Organic 2025 2024 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue excluding interest income 1,173$1,251$(6)% 1% (7)% (12)% 4% Interest income 7 9 Total 1,180 1,260 (6)% 1% (8)% (12)% 4% Risk & Broking Revenue excluding interest income 1,024$950$8% 1% 6% 0% 6% Interest income 23 29 Total 1,047 979 7% 1% 6% 0% 6% Segment Revenue 2,227$2,239$(1)% 1% (2)% (7)% 5% Corporate, reimbursable expenses and other 24 20 Interest income 10 6 Revenue 2,261$2,265$0% 1% (1)% (6)% 5% (ii) Components of Revenue Change (i) June 30, Three Months Ended

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wtwco.com Constant Currency and Organic Revenue Change YTD© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 26 (i) Components of revenue change may not add due to rounding. (ii) Interest income did not contribute to organic change for the six months ended June 30, 2025 Less: Less: As Reported Currency Constant Currency Acquisitions/ Organic 2025 2024 % Change Impact Change Divestitures Change Health, Wealth & Career Revenue excluding interest income 2,331$2,578$(10)% 0% (10)% (13)% 3% Interest income 14 18 Total 2,345 2,596 (10)% 0% (10)% (13)% 3% Risk & Broking Revenue excluding interest income 2,029$1,900$7% 0% 7% 0% 7% Interest income 45 57 Total 2,074 1,957 6% 0% 6% 0% 6% Segment Revenue 4,419$4,553$(3)% 0% (3)% (7)% 5% Corporate, reimbursable expenses and other 45 41 Interest income 20 12 Revenue 4,484$4,606$(3)% 0% (3)% (7)% 5% (ii) June 30, Components of Revenue Change (i) Six Months Ended

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wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Adjusted Op Income and Margin, Adj. EBITDA and Margin QTD As reported, USD millions except % 27 (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a cli ent over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is u nli kely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this m atter from adjusted results makes results more comparable from period to period and more representative of our core business ope rations. 2025 2024 Income from operations and Operating margin 368$16.3% 212$9.4% Adjusted for certain items: Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Adjusted operating income and Adjusted operating income margin 419$18.5% 385$17.0% 2025 2024 Net Income 332$14.7% 142$6.3% (Benefit from)/provision for income taxes (21) 26 Interest expense 64 68 Depreciation 57 57 Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits (13) (21) Adjusted EBITDA and Adjusted EBITDA Margin 470$20.8% 445$19.6% Three Months Ended June 30, Three Months Ended June 30,

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wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. Adjusted Op Income and Margin, Adj. EBITDA and Margin YTD As reported, USD millions except % 28 (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a cli ent over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is u nli kely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this m atter from adjusted results makes results more comparable from period to period and more representative of our core business ope rations. 2025 2024 Income from operations and Operating margin 800$17.8% 492$10.7% Adjusted for certain items: Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Adjusted operating income and Adjusted operating income margin 899$20.0% 868$18.8% 2025 2024 Net Income 571$12.7% 336$7.3% Provision for income taxes 44 74 Interest expense 129 132 Depreciation 111 116 Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits 62 (43) Gain on disposal of operations (14) — Adjusted EBITDA and Adjusted EBITDA Margin 1,002$22.3% 991$21.5% Six Months Ended June 30, Six Months Ended June 30,

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wtwco.com Adjusted Net Income and Adjusted Diluted EPS QTD© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 29 (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a cli ent over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is u nli kely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excludin g this matter from adjusted results makes results more comparable from period to period and more representative of our core b usi ness operations. (ii) The tax effect was calculated using an effective tax rate for each item. (iii) Per share values and totals may differ due to rounding. 2025 2024 Net income attributable to WTW 331$141$ Adjusted for certain items: Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits (13) (21) Tax effect on certain items listed above (ii) (10) (39) Tax effect of significant adjustments (74) (7) Adjusted Net Income 285$247$ Weighted-average ordinary shares, diluted 100 103 Diluted Earnings Per Share 3.32$1.36$ Adjusted for certain items: (iii) Amortization 0.49 0.58 Restructuring costs — 0.03 Transaction and transformation 0.02 0.94 Provision for specified litigation matter (i) — 0.13 Net periodic pension and postretirement benefits (0.13) (0.20) Tax effect on certain items listed above (ii) (0.10) (0.38) Tax effect of significant adjustments (0.74) (0.07) Adjusted Diluted Earnings Per Share (iii) 2.86$2.39$ Three Months Ended June 30,

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wtwco.com Adjusted Net Income and Adjusted Diluted EPS YTD© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. As reported, USD millions except % 30 (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a cli ent over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is u nli kely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excludin g this matter from adjusted results makes results more comparable from period to period and more representative of our core b usi ness operations. (ii) The tax effect was calculated using an effective tax rate for each item. (iii) Per share values and totals may differ due to rounding. 2025 2024 Net income attributable to WTW 566$331$ Adjusted for certain items: Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits 62 (43) Gain on disposal of operations (14) — Tax effect on certain items listed above (ii) (38) (85) Tax effect of significant adjustments (74) (7) Adjusted Net Income 601$572$ Weighted-average ordinary shares, diluted 100 104 Diluted Earnings Per Share 5.64$3.20$ Adjusted for certain items: (iii) Amortization 0.97 1.16 Restructuring costs — 0.20 Transaction and transformation 0.02 2.14 Provision for specified litigation matter (i) — 0.13 Net periodic pension and postretirement benefits 0.62 (0.42) Gain on disposal of operations (0.14) — Tax effect on certain items listed above (ii) (0.38) (0.82) Tax effect of significant adjustments (0.74) (0.07) Adjusted Diluted Earnings Per Share (iii) 5.99$5.53$ Six Months Ended June 30,

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wtwco.com Adjusted Income Before Taxes & Adjusted Income Tax Rate QTD As reported, USD millions except %© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 31 (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a cli ent over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is u nli kely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excludin g this matter from adjusted results makes results more comparable from period to period and more representative of our core b usi ness operations. (ii) The tax effect was calculated using an effective tax rate for each item. 2025 2024 Income from operations before income taxes and interest in earnings of associates 313$167$ Adjusted for certain items: Amortization 49 60 Restructuring costs — 3 Transaction and transformation 2 97 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits (13) (21) Adjusted income before taxes 351$319$(Benefit from)/Provision for income taxes (21)$26$ Tax effect on certain items listed above (ii) 10$39$ Tax effect of significant adjustments 74 7 Adjusted income taxes 63$72$ U.S. GAAP tax rate -6.8% 15.6% Adjusted income tax rate 18.0% 22.4% Three Months Ended June 30,

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wtwco.com Adjusted Income Before Taxes & Adjusted Income Tax Rate YTD and Free Cash Flow As reported, USD millions except %© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 32 (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a cli ent over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is u nli kely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excludin g this matter from adjusted results makes results more comparable from period to period and more representative of our core b usi ness operations. (ii) The tax effect was calculated using an effective tax rate for each item. 2025 2024 Income from operations before income taxes and interest in earnings of associates 616$409$ Adjusted for certain items: Amortization 97 120 Restructuring costs — 21 Transaction and transformation 2 222 Provision for specified litigation matter (i) — 13 Net periodic pension and postretirement benefits 62 (43) Gain on disposal of operations (14) — Adjusted income before taxes 763$742$ Provision for income taxes 44$74$ Tax effect on certain items listed above (ii) 38 85 Tax effect of significant adjustments 74 7 Adjusted income taxes 156$166$ U.S. GAAP tax rate 7.1% 18.1% Adjusted income tax rate 20.5% 22.3% 2025 2024 Cash flows from operating activities 326$431$ Less: Additions to fixed assets and software (109) (126) Free Cash Flow 217$305$ Six Months Ended June 30, Six Months Ended June 30,

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wtwco.com Certain 2024 Non - GAAP Metrics Excluding TRANZACT As reported, USD millions except EPS and %© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 33 1. See Appendix II for recast of historical Non - GAAP financial measures 2. See Appendix III for TRANZACT Standalone Historical Financial Results. 2024 Historical Recast 1 2024 TRANZACT Financials 2 2024 excluding TRANZACT Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Total revenue 2,341$2,265$2,289$3,035$9,930$184$142$137$322$785$2,157$2,123$2,152$2,713$9,145$ Adjusted operating income 483 385 414 1,096 2,378 33 12 0 103 148 450 373 414 993 2,230 Adjusted operating margin 20.6% 17.0% 18.1% 36.1% 23.9% 17.8% 8.6% 0.0% 32.1% 18.9% 20.8% 17.5% 19.2% 36.6% 24.4% Adjusted EPS 3.13$2.39$2.77$7.97$16.29$0.24$0.09$0.00$0.80$1.14$2.89$2.30$2.77$7.17$15.15$ Free Cash Flow (YTD Basis) (36)$305$724$1,267$1,267$56$63$40$(15)$(15)$(92)$242$684$1,282$1,282$ Free Cash Flow Margin 12.8% (1.9%) 14.0%

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wtwco.com Appendix II: Recast of Historical Non - GAAP Measures© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 34

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wtwco.com Historical Recast - Adjusted EBITDA and Margin© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 35 (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client ove r 1 5 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere . We believe excluding this matter from adjusted results makes results more comparable from period to period and more represe nta tive of our core business operations. $USD Millions except % Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Net Income/(Loss) 125$114$192$593$1,024$206$96$139$623$1,064$194$142$(1,672)$1,248$(88)$(Income)/loss from discontinued operations, net of tax (11) 46 (8) 13 40 — — — — — — — — — — Provision for/(benefit from) income taxes 43 19 1 131 194 50 24 25 116 215 48 26 (322) 440 192 Interest expense 49 51 54 54 208 54 57 61 63 235 64 68 65 66 263 Impairment 81 — — — 81 — — — — — — — 1,042 — 1,042 Depreciation 66 65 60 64 255 60 64 60 58 242 59 57 60 54 230 Amortization 85 83 71 73 312 71 70 62 60 263 60 60 56 50 226 Restructuring costs 6 56 9 28 99 3 10 17 38 68 18 3 8 32 61 Transaction and transformation 20 38 50 73 181 59 93 113 121 386 125 97 74 113 409 Provision for specified litigation matter (i) — — — — — — — — — — — 13 — — 13 Net periodic pension and postretirement benefits (71) (69) (64) (68) (272) (28) (25) (29) (27) (109) (22) (21) (22) 1 (64) Loss/(gain) on disposal of operations 54 (22) (21) (18) (7) — (3) (41) 1 (43) — — 1,190 (853) 337 Adjusted EBITDA 447$381$344$943$2,115$475$386$407$1,053$2,321$546$445$479$1,151$2,621$ Net income margin 5.8% 5.6% 9.8% 21.8% 11.5% 9.2% 4.4% 6.4% 21.4% 11.2% 8.3% 6.3% (73.0)% 41.1% (0.9)% Adjusted EBITDA margin 20.7% 18.8% 17.6% 34.6% 23.9% 21.2% 17.9% 18.8% 36.1% 24.5% 23.3% 19.6% 20.9% 37.9% 26.4% 20242022 2023

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wtwco.com Historical Recast - Adjusted Net Income and Adjusted Diluted EPS© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 36 2024 2023 2022 Full Year Q4 Q3 Q2 Q1 Full Year Q4 Q3 Q2 Q1 Full Year Q4 Q3 Q2 Q1 $USD Millions $(98) $1,246 $(1,675) $141 $190 $1,055 $622 $136 $94 $203 $1,009 $588 $190 $109 $122 NET INCOME/(LOSS) ATTRIBUTABLE TO WTW Adjusted for certain items: — — — — — — — — — — 40 13 (8) 46 (11) (Income)/loss from discontinued operations, net of tax 1,042 — 1,042 — — — — — — — 81 — — — 81 Impairment 226 50 56 60 60 263 60 62 70 71 312 73 71 83 85 Amortization 61 32 8 3 18 68 38 17 10 3 99 28 9 56 6 Restructuring costs 409 113 74 97 125 386 121 113 93 59 181 73 50 38 20 Transaction and transformation 13 — — 13 — — — — — — — — — — — Provision for specified litigation matter (i) (64) 1 (22) (21) (22) (109) (27) (29) (25) (28) (272) (68) (64) (69) (71) Net periodic pension and postretirement benefit credits 337 (853) 1,190 — — (43) 1 (41) (3) — (7) (18) (21) (22) 54 Loss/(gain) on disposal of operations (254) 222 (391) (39) (46) (168) (60) (44) (37) (27) (122) (56) (8) (33) (25) Tax effect on certain items listed above (ii) (7) — — (7) — 2 — — (2) 4 (20) 4 (24) — — Tax effect of significant adjustments $1,665 $811 $282 $247 $325 $1,454 $755 $214 $200 $285 $1,301 $637 $195 $208 $261 Adjusted net income 102 102 102 103 104 106 104 105 107 108 112 109 111 112 118 Weighted - average ordinary shares — diluted (iii) $(0.96) $12.25 $(16.44) $1.36 $1.83 $9.95 $5.97 $1.29 $0.88 $1.88 $8.98 $5.40 $1.72 $0.97 $1.03 Diluted earnings/(loss) per share (iii) Adjusted for certain items (iv) : — — — — — — — — — — 0.36 0.12 (0.07) 0.41 (0.09) (Income)/loss from discontinued operations, net of tax 10.20 — 10.23 — — — — — — — 0.72 — — — 0.68 Impairment 2.21 0.49 0.55 0.58 0.58 2.48 0.58 0.59 0.65 0.66 2.78 0.67 0.64 0.74 0.72 Amortization 0.60 0.31 0.08 0.03 0.17 0.64 0.36 0.16 0.09 0.03 0.88 0.26 0.08 0.50 0.05 Restructuring costs 4.00 1.11 0.73 0.94 1.21 3.64 1.16 1.07 0.87 0.55 1.61 0.67 0.45 0.34 0.17 Transaction and transformation 0.13 — — 0.13 — — — — — — — — — — — Provision for specified litigation matter (i) (0.63) 0.01 (0.22) (0.20) (0.21) (1.03) (0.26) (0.28) (0.23) (0.26) (2.42) (0.63) (0.58) (0.61) (0.60) Net periodic pension and postretirement benefits 3.30 (8.39) 11.68 — — (0.41) 0.01 (0.39) (0.03) — (0.06) (0.17) (0.19) (0.20) 0.46 Loss/(gain) on disposal of operations (2.49) 2.18 (3.84) (0.38) (0.44) (1.58) (0.58) (0.42) (0.35) (0.25) (1.09) (0.51) (0.07) (0.29) (0.21) Tax effect on certain items listed above (ii) (0.07) — — (0.07) — 0.02 — — (0.02) 0.04 (0.18) 0.04 (0.22) — — Tax effect of significant adjustments $16.29 $7.97 $2.77 $2.39 $3.13 $13.71 $7.25 $2.03 $1.87 $2.65 $11.57 $5.85 $1.76 $1.85 $2.21 Adjusted diluted earnings per share (iv) (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client ove r 1 5 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more r epresentative of our core business operations. (ii) The tax effect was calculated using an effective tax rate for each item. (iii) When there is net loss attributable to WTW for the period, basic and diluted shares and earnings per share are the same value . (iv) Per share values and totals may differ due to rounding.

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wtwco.com Historical Recast - Adjusted Income Tax Rate© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 37 (i) Represents a provision related to litigation arising out of a structured insurance program originally placed for a client ove r 1 5 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. We believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations. (ii) The tax effect was calculated using an effective tax rate for each item. 2024 2023 2022 Full Year Q4 Q3 Q2 Q1 Full Year Q4 Q3 Q2 Q1 Full Year Q4 Q3 Q2 Q1 $USD Millions except % $104 $1,688 $(1,994) $168 $242 $1,279 $739 $164 $120 $256 $1,258 $737 $185 $179 $157 Income/(Loss) from continuing operations before income taxes Adjusted for certain items: 1,042 — 1,042 — — — — — — — 81 — — — 81 Impairment 226 50 56 60 60 263 60 62 70 71 312 73 71 83 85 Amortization 61 32 8 3 18 68 38 17 10 3 99 28 9 56 6 Restructuring costs 409 113 74 97 125 386 121 113 93 59 181 73 50 38 20 Transaction and transformation 13 — — 13 — — — — — — — — — — — Provision for specified litigation matter (i) (64) 1 (22) (21) (22) (109) (27) (29) (25) (28) (272) (68) (64) (69) (71) Net periodic pension and postretirement benefits 337 (853) 1,190 — — (43) 1 (41) (3) — (7) (18) (21) (22) 54 Loss/(gain) on disposal of operations $2,128 $1,031 $354 $320 $423 $1,844 $932 $286 $265 $361 $1,652 $825 $230 $265 $332 Adjusted income before taxes $192 $440 $(322) $26 $48 $215 $116 $25 $24 $50 $194 $131 $1 $19 $43 Provision for/(benefit from) income taxes 254 (222) 391 39 46 168 60 44 37 27 122 56 8 33 25 Tax effect on certain items listed above (ii) 7 — — 7 — (2) — — 2 (4) 20 (4) 24 — — Tax effect of significant adjustments $453 $218 $69 $72 $94 $381 $176 $69 $63 $73 $336 $183 $33 $52 $68 Adjusted income taxes 184.7% 26.0% 16.1% 15.6% 19.9% 16.8% 15.7% 15.5% 19.8% 19.5% 15.4% 17.7% 0.7% 10.5% 27.5% U.S. GAAP tax rate 21.3% 21.2% 19.4% 22.4% 22.3% 20.6% 18.9% 24.2% 23.5% 20.1% 20.3% 22.1% 14.7% 19.5% 20.5% Adjusted income tax rate

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wtwco.com Historical Recast – Free Cash Flow© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 38 2024 2023 2022 Year Ended December 31 Nine Months Ended September 30 Six Months Ended June 30 Three Months Ended March 31 Year Ended December 31 Nine Months Ended September 30 Six Months Ended June 30 Three Months Ended March 31 Year Ended December 31 Nine Months Ended September 30 Six Months Ended June 30 Three Months Ended March 31 $USD Millions except % $1,512 $913 $431 $24 $1,345 $823 $430 $134 $812 $437 $258 $21 Cash flows from operating activities (136) (106) (70) (33) (153) (116) (80) (42) (138) (100) (60) (31) Less: Additions to fixed assets and software for internal use (109) (83) (56) (27) (89) (66) (41) (19) (66) (50) (33) (15) Less: Capitalized software costs $1,267 $724 $305 $(36) $1,103 $641 $309 $73 $608 $287 $165 $(25) Free Cash Flow $9,930 $9,483 $8,866 Revenue 12.8% 11.6% 6.9% Free Cash Flow Margin

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wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 39 Appendix III: TRANZACT Standalone Historical Financial Results

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wtwco.com TRANZACT Standalone Historical Financial Results© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. 40 Seasonality The seasonal nature of TRANZACT's operations creates significant fluctuations in quarterly operating results. Historically, quarterly financial results have been recorded as follows: 23% 24% 22% 18% 20% 8% 18% 22% 41% 34% 70% Revenue Expenses 0% Income Q4 Q3 Q2 Q1 Revenue, Expenses and Income As a % of full year 2024 Full Year $USD million, except % 2022 2023 2024 $742 $805 $785 Revenue $146 $149 $148 Adjusted Operating Income 19.6% 18.5% 18.9% Adjusted Operating Margin $156 $160 $159 Adjusted EBITDA ~($100) ~($20) ~($15) Free Cash Flow

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wtwco.com© 2025 WTW. All rights reserved. See "WTW Forward - Looking Statements" above for information about forward - looking statements and cautionary language, including how actual results may differ materially from those in the slide presentation. About WTW At WTW (NASDAQ: WTW), we provide data - driven, insight - led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success — and provide perspective that moves you. Learn more at www.wtwco.com . 41