WTW CEO Carl Hess says a more challenging global market “created near-term headwinds to organic growth” in the first quarter as revenue rose only 3% to $US2.4 billion ($3.6 billion) – at the “low end of our plan”.

Elevated geopolitical risk, economic uncertainty, market volatility and rapid technological change “created both opportunities and challenges for our business”, he adds.

“We saw short-term headwinds as conditions in the Middle East caused clients in the region to postpone advisory projects.

“Unfavorable market movements and uncertainty also weighed in on economically sensitive businesses and led some clients to pause more discretionary spending and delay some decisions.”

Income from operations rose 4% from a year earlier to $US448 million ($672 million).

In the risk and broking business, revenue was $US1.1 billion ($1.65 billion) and operating income $US252 million ($378 million), up 12%.

In WTW’s health, wealth and career operations, revenue was $US1.27 billion ($1.91 billion) and operating income increased 11% to $US346 million ($519 million), with a strong performance across international markets driven by new business and renewals.

Benefits delivery and outsourcing revenue dipped as clients deferred discretionary work amid political uncertainty.