Financial Analysis

Note 13 Commitments and Contingencies Indemnification Agreements WTW has various agreements with third parties pursuant to which it may be obligated to indemnify the other party to the agreement with respect to certain matters. Generally, these indemnification provisions are included in contracts arising in the normal course of business and in connection with the purchase and sale of certain businesses. It is not possible to predict the maximum potential amount of future payments that may become due under these indemnification agreements because of the conditional nature of the Companys obligations, the limited history of prior indemnification claims, and the unique facts of each particular agreement and each indemnification provision therein (even where such indemnification provisions are subject to a maximum liability limit). As of June 30, 2026, we have not incurred a material loss with respect to the indemnification of such third parties. In addition, as of June 30, 2026, we do not believe that any potential liability that may arise from such indemnity obligations is probable or will be material. Legal Proceedings In the ordinary course of business, the Company is subject to various actual and potential claims, lawsuits and other proceedings. Some of the claims, lawsuits and other proceedings seek damages in amounts which could, if assessed, be significant. The Company also receives subpoenas in the ordinary course of business and, from time to time, receives requests for …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 9 Debt Current debt consists of the following: June 30, 2026 December 31, 2025 4.400 % senior notes due 2026 $ $ 550 4.650 % senior notes due 2027 749 $ 749 $ 550 Long-term debt consists of the following: June 30, 2026 December 31, 2025 Revolving $ 1.5 billion credit facility $ $ Delayed draw term loan 774 4.650 % senior notes due 2027 748 4.500 % senior notes due 2028 599 598 2.950 % senior notes due 2029 725 725 4.550 % senior notes due 2031 693 695 5.350 % senior notes due 2033 744 743 5.150 % senior notes due 2036 297 298 6.125 % senior notes due 2043 272 272 5.050 % senior notes due 2048 396 396 3.875 % senior notes due 2049 543 543 5.900 % senior notes due 2054 738 738 $ 5,781 $ 5,756 Delayed draw term loan On January 7, 2026, the Company, together with Trinity Acquisition plc and Willis North America Inc. as borrowers (the Borrowers), entered into a $ 775 million delayed draw term loan (the DDTL). Drawings against the DDTL may be used (i) to finance a portion of the Newfront acquisition (see Note 3 Acquisitions); (ii) to refinance certain outstanding indebtedness of the Company and its subsidiaries, and (iii) for working capital, capital expenditures, permitted acquisitions and general corporate purposes. Amounts outstanding under the DDTL shall bear interest, at the Borrowers option, at a rate equal to (i) the term secured overnight financing rate plus an applicable margin of 0.625 % to 1.250 % (based upon the Companys guaranteed senior-unsecured long-term debt r …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present revenue by service offering and segment, as well as reconciliations to total revenue for the three and six months ended June 30, 2026 and 2025. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts. Three Months Ended June 30, HWC R&B Corporate (i) Total 2026 2025 2026 2025 2026 2025 2026 2025 Broking $ 161 $ 150 $ 946 $ 846 $ $ $ 1,107 $ 996 Consulting 745 704 109 99 1 854 804 Outsourced administration 288 240 16 17 304 257 Other 68 78 66 57 134 135 Total revenue by service offering 1,262 1,172 1,137 1,019 1 2,399 2,192 Reimbursable expenses and other (i) 22 18 4 3 3 2 29 23 Total revenue from customer contracts $ 1,284 $ 1,190 $ 1,141 $ 1,022 $ 3 $ 3 $ 2,428 $ 2,215 Interest and other income 8 8 27 28 3 10 38 46 Total revenue $ 1,292 $ 1,198 $ 1,168 $ 1,050 $ 6 $ 13 $ 2,466 $ 2,261 Six Months Ended June 30, HWC R&B Corporate (i) Total 2026 2025 2026 2025 2026 2025 2026 2025 Broking $ 345 $ 296 $ 1,795 $ 1,636 $ $ $ 2,140 $ 1,932 Consulting 1,476 1,383 237 218 2 1 1,715 1,602 Outsourced administration 566 508 36 38 602 546 Other 131 141 152 130 283 271 Total revenue by service offering 2,518 2,328 2,220 2,022 2 1 4,740 4,351 Reimbursable expenses and other (i) 41 35 7 6 3 3 51 44 Total revenue from customer contracts $ 2,559 $ 2,363 $ 2,227 $ 2,028 $ 5 $ 4 $ 4,791 $ 4,395 Interest and other income 17 17 60 52 10 20 87 89 Total revenue $ 2,576 $ 2,380 $ 2,287 $ 2,080 $ …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 17 Share-based Compensation The compensation cost that has been recognized for the Companys share-based compensation plans for the three and six months ended June 30, 2026 was $ 67 million and $ 109 million , respectively, and $ 31 million and $ 68 million for the three and six months ended June 30, 2025, respectively. Of these amounts, the portion recognized within transaction and integration expenses on the condensed consolidated statements of comprehensive income was $ 35 million and $ 44 million for the three and six months ended June 30, 2026, respectively, and was no t material for the three and six months ended June 30, 2025. During the six months ended June 30, 2026, a total of 672,000 shares were issued: 225,000 shares (consisting entirely of RSA grants) related to our acquisition of Newfront; and 447,000 shares issued under employee stock compensation plans representing: o 11 ,000 shares issued under non-qualified plans; o 110,000 shares issued under our Employee Share Purchase Plan; and o a net 326,000 shares consisting of 526,000 vested RSUs of which 200,000 were not issued due to net settlements and retirement eligibility provisions. Additionally, during the six months ended June 30, 2026, 1,112,000 RSUs were granted, including 187,000 RSUs as a result of the Newfront acquisition. See Note 3 Acquisitions for more information. …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 10 Fair Value Measurements and Investments The Company has categorized its assets and liabilities that are measured at fair value on a recurring and non-recurring basis into a three-level fair value hierarchy, based on the reliability of the inputs used to determine fair value as follows: Level 1: refers to fair values determined based on quoted market prices in active markets for identical assets; Level 2: refers to fair values estimated using observable market-based inputs or unobservable inputs that are corroborated by market data; and Level 3: includes fair values estimated using unobservable inputs that are not corroborated by market data. The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments: Mutual funds and exchange-traded funds are classified as Level 1 because we use quoted market prices in active markets in determining the fair value of these securities. Debt securities are classified as Level 1 financial instruments as they are based on quoted market prices in active markets. Commingled funds are not leveled within the fair value hierarchy as the funds are valued at the net value of shares held as reported by the manager of the funds. These funds are not exchange-traded. Hedge funds are not leveled within the fair value hierarchy as the fair values for these investments are estimated based on the net asset values derived from the latest audited financial statements or most recent capit …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 7 Goodwill and Other Intangible Assets The components of goodwill are outlined below for the six months ended June 30, 2026: HWC R&B Total Balance at December 31, 2025: Goodwill, gross $ 7,317 $ 2,894 $ 10,211 Accumulated impairment losses ( 911 ) ( 362 ) ( 1,273 ) Goodwill, net - December 31, 2025 6,406 2,532 8,938 Goodwill acquired 474 346 820 Foreign exchange ( 10 ) ( 13 ) ( 23 ) Balance at June 30, 2026: Goodwill, gross 7,781 3,227 11,008 Accumulated impairment losses ( 911 ) ( 362 ) ( 1,273 ) Goodwill, net - June 30, 2026 $ 6,870 $ 2,865 $ 9,735 Other Intangible Assets The following table reflects changes in the net carrying amounts of the components of finite-lived intangible assets for the six months ended June 30, 2026: Client relationships Software Trademark and trade name Other Total Balance at December 31, 2025: Intangible assets, gross $ 3,239 $ 750 $ 1,041 $ 29 $ 5,059 Accumulated amortization ( 2,710 ) ( 749 ) ( 430 ) ( 29 ) ( 3,918 ) Intangible assets, net - December 31, 2025 529 1 611 1,141 Intangible assets acquired 271 104 4 30 409 Amortization ( 77 ) ( 5 ) ( 21 ) ( 103 ) Foreign exchange ( 2 ) ( 1 ) ( 3 ) Balance at June 30, 2026: Intangible assets, gross 3,487 849 1,045 59 5,440 Accumulated amortization ( 2,766 ) ( 750 ) ( 451 ) ( 29 ) ( 3,996 ) Intangible assets, net - June 30, 2026 $ 721 $ 99 $ 594 $ 30 $ 1,444 The weighted-average remaining life of amortizable intangible assets at June 30, 2026 was 10.8 years. The table below reflects the futur …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note 6 Income Taxes Provision for income taxes for the three months ended June 30, 2026 was $ 57 million compared to a benefit from income taxes of $ 21 million for the three months ended June 30, 2025. Provision for income taxes was $ 127 million and $ 44 million for the six months ended June 30, 2026 and 2025, respectively. The effective tax rat es were 19.8 % and 19.1 % for the three and six months ended June 30, 2026, respectively, and ( 6.8 )% and 7.1 % for the three and six months ended June 30, 2025, respectively. These effective tax rates are calculated using extended values from our condensed consolidated statements of comprehensive income and are therefore more precise tax rates than can be calculated from rounded values. The prior-year effective tax rates were lower primarily due to favorable discrete items including an adjustment to the tax provision associated with the earnout received from the sale of our Willis Re business, and changes in measurement for existing uncertain tax positions. The Company recognizes deferred tax balances related to the undistributed earnings of subsidiaries when it expects that it will recover those undistributed earnings in a taxable manner, such as through receipt of dividends or sale of the investments. Historically, the Company has not provided taxes on cumulative earnings of its subsidiaries that have been reinvested indefinitely. As a result of its plans to restructure or distribute accumulated earnings of certain foreign opera …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expense , which is intended to provide transparency about the components of expenses included in the income statement. This ASU requires public companies to disclose additional information about certain expenses in the notes to the financial statements on a quarterly and annual basis, including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. The ASU requires a new tabular disclosure format that centralizes expense information and additional qualitative disclosure. The guidance does not change the existing income statement presentation. The annual requirements for this ASU become effective with the Company's Annual Report on Form 10-K for the year ended December 31, 2027, and for its interim periods beginning on January 1, 2028. Early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company currently does not plan to early-adopt this ASU and is assessing the expected impact on its condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which is intended to clarify and modernize the a …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 11 Retirement Benefits Defined Benefit Plans WTW sponsors both qualified and non-qualified defined benefit pension plans throughout the world. The majority of our plan assets and obligations are in the U.S. and the U.K. We have also included disclosures related to defined benefit plans in certain other countries, including Canada, France, Germany, Switzerland and Ireland. Together, these disclosed funded and unfunded plans represent 98 % of WTWs pension obligations and are disclosed herein. Components of Net Periodic Benefit Cost/(Credit) for Defined Benefit Pension Plans The following tables set forth the components of net periodic benefit cost/(credit) for the Companys defined benefit pension plans for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 U.S. U.K. Other U.S. U.K. Other Service cost $ 8 $ 2 $ 3 $ 10 $ 2 $ 4 Interest cost 42 30 7 32 31 7 Expected return on plan assets ( 63 ) ( 48 ) ( 12 ) ( 51 ) ( 45 ) ( 12 ) Settlements 2 Amortization of net loss 18 16 7 16 Amortization of prior service credit 1 ( 1 ) Net periodic benefit cost/(credit) $ 5 $ 1 $ $ ( 2 ) $ 3 $ ( 1 ) Six Months Ended June 30, 2026 2025 U.S. U.K. Other U.S. U.K. Other Service cost $ 17 $ 3 $ 6 $ 20 $ 3 $ 7 Interest cost 83 60 14 68 60 13 Expected return on plan assets ( 126 ) ( 95 ) ( 24 ) ( 106 ) ( 87 ) ( 22 ) Settlements 5 82 3 Amortization of net loss 36 32 16 31 Amortization of prior service credit 2 ( 2 ) Net periodic benefit cost/(credit) $ 10 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Note 4 Revenue Disaggregation of Revenue The Company reports revenue by segment in Note 5 Segment Information. The following tables present revenue by service offering and segment, as well as reconciliations to total revenue for the three and six months ended June 30, 2026 and 2025. Along with reimbursable expenses and other, total revenue by service offering represents our revenue from customer contracts. Three Months Ended June 30, HWC R&B Corporate (i) Total 2026 2025 2026 2025 2026 2025 2026 2025 Broking $ 161 $ 150 $ 946 $ 846 $ $ $ 1,107 $ 996 Consulting 745 704 109 99 1 854 804 Outsourced administration 288 240 16 17 304 257 Other 68 78 66 57 134 135 Total revenue by service offering 1,262 1,172 1,137 1,019 1 2,399 2,192 Reimbursable expenses and other (i) 22 18 4 3 3 2 29 23 Total revenue from customer contracts $ 1,284 $ 1,190 $ 1,141 $ 1,022 $ 3 $ 3 $ 2,428 $ 2,215 Interest and other income 8 8 27 28 3 10 38 46 Total revenue $ 1,292 $ 1,198 $ 1,168 $ 1,050 $ 6 $ 13 $ 2,466 $ 2,261 Six Months Ended June 30, HWC R&B Corporate (i) Total 2026 2025 2026 2025 2026 2025 2026 2025 Broking $ 345 $ 296 $ 1,795 $ 1,636 $ $ $ 2,140 $ 1,932 Consulting 1,476 1,383 237 218 2 1 1,715 1,602 Outsourced administration 566 508 36 38 602 546 Other 131 141 152 130 283 271 Total revenue by service offering 2,518 2,328 2,220 2,022 2 1 4,740 4,351 Reimbursable expenses and other (i) 41 35 7 6 3 3 51 44 Total revenue from customer contracts $ 2,559 $ 2,363 $ 2,227 $ 2,028 $ 5 $ 4 $ 4 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 5 Segment Information WTW has two reportable operating segments or business areas: Health, Wealth & Career (HWC); and Risk & Broking (R&B). WTWs chief operating decision maker (CODM) is its chief executive officer . We determined that the operational data used by the CODM is at the segment level. Management bases strategic goals and decisions for these segments on the data presented below which is used to assess the adequacy of strategic decisions and the methods of achieving these strategies and related financial results. Management evaluates the performance of its segments and allocates resources to them based on net segment operating income performance and prospects on a pre-tax basis. Under the segment structure and for internal and segment reporting, WTW segment revenue includes commissions and fees, interest and other income. U.S. GAAP revenue also includes amounts that were directly incurred on behalf of our clients and reimbursed by them (reimbursable expenses), which are not included in segment revenue. There is no significant segment revenue derived from transactions between the segments. The Company has not presented any individual significant expense categories due to the following factors: The CODMs review focuses on segment operating income results in total, rather than on individual expenses to arrive at segment operating income. The CODM uses segment operating income to make decisions and allocate resources. The CODM does not regularly review …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 20 Subsequent Event On July 28, 2026, the Board of Directors of WTW approved and authorized management to execute Propel, an artificial intelligence (AI) acceleration plan (the Plan). The Plan is a two-year program to embed AI and automation across the enterprise. Supported by the Company's ongoing investments in AI, data and technology, including the acquisition of Newfront, the Plan is expected to enhance client service and create additional opportunities for growth as well as streamline core operating processes. The Company expects to generate approximately $ 400 million in annual cost savings and, after reinvesting approximately $ 50 million to support growth initiatives, to deliver $ 350 million in net annual cost savings by the end of 2028. Approximately $ 625 million of cash costs are expected to be incurred as well as approximately $ 25 million in non-cash charges through the end of 2028 in connection with the Plan, consisting principally of process automation and organizational transition costs, including process and organizational design costs, severance and separation-related costs and temporary retention costs, as well as costs associated with implementing AI systems and related technologies, including technology implementation, integration and certain contractor and vendor contract termination costs. An immaterial portion of these costs is expected to be capitalized. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing