Insurance broker WTW's profit climbs on strong demand for risk advice
April 24 (Reuters) - Insurance broker WTW WTW.O reported a 23% jump in first-quarter profit on Thursday, helped by robust growth in its risk and broking unit.
Despite fears of an economic downturn affecting consumer confidence, a resilient labor market and wage growth have sustained insurance spending, benefiting brokers whose commissions depend on premiums insurers charge.
The uncertainty sparked by worries of a trade war has also increased demand for risk advice and consulting services that WTW specializes in.
Revenue from the company's risk and broking business climbed 7% to $1.03 billion.
Overall profit rose to $239 million or $2.33 per share, compared with $194 million or $1.83 per share a year earlier.
Its shares have gained 4% so far this year, while rivals Marsh & McLennan MMC.N and Aon AON.O are up 3.1% and 2.7%, respectively.
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