Business Context and Reporting Period
Company: Willis Group Holdings Public Limited Company (Willis Towers Watson PLC)
Filing Type: Form 8-K (Current Report)
Date of Report: April 1, 2015
Event: Changes to segmental presentation effective January 1, 2015.
Key Financial Metrics
This filing does not report current period revenue, profit, cash flow, margins, debt, or liquidity figures. It serves to announce a restructuring of reporting units. Retrospective financial data for 2012, 2013, and 2014 reflecting these changes is referenced in Exhibit 99.1 but is not detailed in the text of this report.
Material Changes Versus Prior Period
The Company has reorganized its operating results from three reporting units to four effective January 1, 2015:
- Previous Structure: Willis Global, Willis North America, and Willis International.
- New Structure:
- Willis Capital, Wholesale and Reinsurance: Includes Willis Re, Willis Capital Markets & Advisory, wholesale business, and a new unit called Willis Portfolio and Underwriting Services.
- Willis North America: Remains largely unchanged, now including certain specialty teams formerly in Global.
- Willis International: Remains largely unchanged, now including certain specialty teams formerly in Global.
- Willis Great Britain (Willis GB): New unit comprising UK retail business, facultative business, and London Specialty business.
Guidance, Outlook, and Management Commentary
Management Commentary: The change in reporting units reflects how the Company manages and reports operating results. The changes will be fully incorporated into the financial statements in the Quarterly Report on Form 10-Q to be filed on or about May 8, 2015.
Risks and Contingencies: No specific risks or contingencies are disclosed in this filing.
Unusual Items: None reported.
Important Facts for Investor Verification
- Verify the retrospective financial impact of the segment changes in Exhibit 99.1 of this filing.
- Monitor the upcoming Form 10-Q (expected May 8, 2015) for the first full application of the new four-segment reporting structure.
- Note that the filing is signed by John Greene, Group Chief Financial Officer.