Exhibit 99.1

Towers Watson Reports Strong First Quarter Earnings

• Adjusted Diluted EPS of $1.51, an increase of 34% over prior year
• Diluted EPS of $1.24, an increase of 51% over prior year
• Continuing Operations Revenue increased 2% over prior year (3% constant currency)
• Continuing Operations Adjusted Diluted EPS of $1.43, an increase of 39% over prior year
• Continuing Operations Diluted EPS of $1.21, an increase of 68% over prior year

NEW YORK--(BUSINESS WIRE)--November 7, 2013--Towers Watson (NYSE, NASDAQ: TW), a leading global professional services company, today announced financial results for the first quarter of fiscal year 2014, which ended September 30, 2013.

As announced on September 20, 2013, we entered into an agreement to sell our Brokerage business. This transaction closed on November 6, 2013. Beginning with this quarter the Brokerage business has been classified as a discontinued operation and therefore is no longer reported in our continuing operations results for the current or prior period. Had the Brokerage business not been classified as discontinued operations, revenue would have been $851 million.

Total revenues were $810 million for the quarter, an increase of 2% (3% constant currency) from $793 million for the first quarter of fiscal 2013. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 3% from the prior-year first quarter

EBITDA for the first quarter of fiscal 2014 was $146 million, or 18.0% of revenues, versus Adjusted EBITDA of $139 million, or 17.5% of revenues, for the prior-year first quarter.

Net income for the first quarter of fiscal 2014 was $88 million, an increase from $59 million for the prior-year first quarter. For the quarter, diluted earnings per share were $1.24 and adjusted diluted earnings per share were $1.51. Adjusted diluted earnings per share increased 34% from the prior-year first quarter.

Income from continuing operations for the first quarter of fiscal 2014 was $86 million, an increase from $52 million for the prior-year first quarter. For the quarter, diluted earnings per share from continuing operations were $1.21 and adjusted diluted earnings per share from continuing operations were $1.43. Adjusted diluted earnings per share, from continuing operations increased 39% from the prior-year first quarter. The tax rate for the quarter for continuing operations was 15%.

“We are very pleased with the first quarter results and the framework developed for future growth. It’s exciting to see the team work displayed by our associates from across multiple lines of business over the past year, and in particular, this past quarter in coordinating consulting efforts related to the Affordable Care Act (ACA) and preparing for the annual 2014 enrollment period. Our associates not only worked together to provide a seamless 'one stop' exchange for all populations of an organization, but they worked closely with our preferred carriers to develop high performance healthcare plans to launch OneExchange,” said John Haley, chief executive officer. “We’re honored that more than 300 companies have put their trust in Towers Watson to help them transition into this new and evolving healthcare marketplace. We’re confident that we can create value for our clients and their employees moving forward.”

First Quarter Company Highlights

Benefits

For the quarter, the Benefits segment had revenues of $457 million, flat as compared to prior year first quarter (flat constant currency). Retirement had a low single digit constant currency revenue decline primarily due to the strong growth delivered in the first quarter of fiscal year 2013 as a result of the bulk lump sum work. Health and Group Benefits had low single digit constant currency revenue growth driven by new client work and product revenue. Consulting resources continue to be redirected to the enrollment and sale efforts for the active employee exchange, which is part of the OneExchange offering. Technology and Administration Solutions constant currency revenue grew by mid-single digits due to new client work in both EMEA and the Americas. The Americas also benefited from the ACA legislative regulations requiring Marketplace notices to be delivered by October 1, 2013. The Benefits segment had a Net Operating Income (“NOI”) margin of 30% in the first quarter of fiscal 2014.

Risk and Financial Services

For the quarter, the Risk and Financial Services segment (excluding the Brokerage line of business) had revenues of $142 million, a decrease of 5% (4% decrease constant currency) from $150 million in the prior-year first quarter. Investment constant currency revenues increased by low double digits and experienced growth in all regions. Performance fees also helped drive revenue growth in EMEA. Risk Consulting and Software constant currency revenue declined primarily due to a drop in project demand in EMEA, as well as general softening in Asia Pacific. The Risk and Financial Services segment (excluding the Brokerage line of business) had an NOI margin of 16% in the first quarter of fiscal 2014.

Talent and Rewards

For the quarter, the Talent and Rewards segment had revenues of $154 million, an increase of 10% (11% increase constant currency) from $140 million in the prior-year first quarter. Executive Compensation constant currency revenue increased by high single digits and was led by the Americas as sales efforts were refocused to new industry sectors. Rewards, Talent and Communication had high single digit constant currency revenue growth due to communications related to the ACA and a large restructuring project. Data, Surveys and Technology had double digit constant currency revenue growth. Demand for employee engagement surveys and technology projects are driving growth. The Talent and Rewards segment had an NOI margin of 29% in the first quarter of fiscal 2014. The first half of the fiscal year typically has stronger margins due to the seasonality of the business.

Exchange Solutions

For the quarter, the Exchange Solutions segment had revenues of $35 million, an increase of 154% (154% increase constant currency) from $14 million in the prior-year first quarter. The Exchange Solutions segment had an NOI margin of 18% in the first quarter of fiscal 2014. The second half of the fiscal year is seasonally stronger due to the timing of enrollments.

Outlook for Fiscal 2014

For fiscal 2014, the company expects to report revenues in the range of $3.53 billion and adjusted diluted earnings per share in the range of $5.75 to $5.82. This guidance assumes an average exchange rate of 1.58 U.S. dollars to the British Pound and 1.35 U.S. dollars to the Euro for fiscal 2014.

For the second quarter of fiscal 2014, the company expects to report revenues in the range of $900 million to $910 million, reflecting constant currency revenue about flat, and adjusted diluted earnings per share in the range of $1.30 to $1.35.

Conference Call

The company will host a live webcast and conference call to discuss the financial results for the first quarter of fiscal 2014. It will be held on Thursday, November 7, 2013, beginning at 9:00 a.m. Eastern Time, and can be accessed via the Internet at www.towerswatson.com. The replay of the call will be available shortly after the live call for a period of three months. A telephonic replay will also be available for two weeks after the call by dialing 617-801-6888 and using confirmation number 80879673.

About Towers Watson

Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has more than 14,000 associates around the world and is located on the web at www.towerswatson.com.

Use of Non-GAAP Measures

In order to assist readers of our financial statements in understanding the core operating results that the Company's management uses to evaluate the business and for financial planning, we present (1) Adjusted EBITDA, (2) Adjusted Income and (3) Adjusted Diluted Earnings Per Share (which are all non-U.S. GAAP measures). We use Adjusted EBITDA and Adjusted Diluted Earnings Per Share to eliminate the effect of acquisition-related expenses from the financial results of our operations. We use Adjusted Income (the numerator) for the purpose of calculating Adjusted Diluted Earnings Per Share. The Company believes that Adjusted EBITDA and Adjusted Diluted Earnings Per Share are relevant and useful information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating results.

We incurred significant acquisition-related expenses related to our merger and integration activities necessary to combine Watson Wyatt and Towers Perrin from the Merger in January 2010 through fiscal year 2013. These acquisition-related expenses included transaction and integration costs, severance costs, non-cash charges for amortization of intangible assets and merger-related stock-based compensation costs from the issuance of merger-related restricted shares. Acquisition-related gains include a gain resulting from the fair value adjustment to our investment in Fifth Quadrant upon the purchase of a controlling interest. Included in our acquisition-related transaction and integration costs were integration consultant fees and legal, accounting, marketing and information technology integration expenses.

Although our merger and integration activities have been completed, we will continue to provide these adjusted measures as we incur a significant amount of amortization from acquired intangibles. We expect that this amortization will continue over the estimated useful lives of the related intangibles.

We consider Adjusted EBITDA and Adjusted Diluted Earnings Per Share to be important financial measures, which we use to internally evaluate and assess our core operations, and benchmark our operating results against our competitors. We use Adjusted EBITDA and Adjusted Diluted EPS to evaluate and measure our performance-based compensation plans. Adjusted EBITDA and Adjusted Diluted Earnings Per Share are important in illustrating what our operating results would have been had we not incurred these acquisition-related expenses.

We define Adjusted EBITDA as income from continuing operations adjusted for provision for income taxes, interest, net, depreciation and amortization, transaction and integration expenses, acquisition related non-cash stock-based compensation, change in accounting method for pension, and other non-operating income. We define Adjusted Diluted Earnings Per Share as diluted earnings per share from continuing operations adjusted for transaction and integration expenses, acquisition non-cash stock-based compensation, amortization of merger and acquisition accounting intangible assets, a change in accounting method for pension and other merger related items. These non-U.S. 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-U.S. GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our financial statements.

Reconciliations of Income from Continuing Operations to Adjusted EBITDA; Income from Continuing Operations to Adjusted Income from Continuing Operations; Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share; and Diluted Earnings Per Share from Continuing Operations to Adjusted Diluted Earnings Per Share from Continuing Operations are included in the accompanying tables to today’s press release.

Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may”, “will”, “would”, “expect”, “anticipate”, “believe”, “estimate”, “plan”, “intend”, “continue”, or similar words, expressions or the negative of such terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of Towers Watson's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.

The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: a decline in client demand (for example, resulting from the reduced use of defined benefit plans); the risk of a disclosure breach of company or client data; the ability to successfully make suitable acquisitions and divestitures; the risk that the acquisition of Extend Health is not profitable or is not otherwise successfully integrated; the ability to successfully address issues surrounding the number of company shares that will become freely tradable on January 1, 2014; the risk that potential changes in federal and state health care regulations, or future interpretation of existing regulations, may have a material adverse impact on our business; the risk that our Exchange Solutions business fails to maintain good relationships with insurance carriers, becomes dependent upon a limited number of insurance carriers or fails to develop new insurance carrier relationships; the risk that changes and developments in the health insurance system in the United States could harm our business; our ability to respond to rapid technological changes; the ability to recruit and retain qualified employees and to retain client relationships; and the risk that a significant or prolonged economic downturn could have a material adverse effect on Towers Watson's business, financial condition and results of operations. Additional risks and factors are identified under “Risk Factors” in Towers Watson’s most recent Annual Report on Form 10-K filed with the SEC.

You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. Towers Watson does not undertake an obligation to update any of the forward-looking information included in this document, whether as a result of new information, future events, changed expectations or otherwise.

CONTACT:
Towers Watson
Investor Contact
Aida Sukys, 703-258-8033
Aida.Sukys@towerswatson.com