Exhibit 99.1

Towers Watson Reports Record Second Quarter Earnings

• Revenues increased 8% over prior year second quarter (11% constant currency)
• EBITDA Margin increased to 22.0%, from 19.4% for the prior year second quarter
• Adjusted Diluted Earnings per Share of $1.73, up 24% over prior year second quarter
• Diluted Earnings per Share of $1.57, up 30% over prior year second quarter
• Increases Expected Fiscal Year 2015 Adjusted EPS Range to $5.90 to $6.00
• Maintains Expected Fiscal Year 2015 Revenues of around $3.6 billion

ARLINGTON, Va.--(BUSINESS WIRE)--February 5, 2015--Towers Watson (NYSE, NASDAQ: TW), a leading global professional services company, today announced financial results for the second quarter of fiscal year 2015, which ended December 31, 2014.

Total revenues were $958 million for the quarter, an increase of 8% (11% constant currency) from $888 million for the second quarter of fiscal 2014. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 11% from the prior-year second quarter.

EBITDA for the second quarter of fiscal 2015 was $211 million, or 22.0% of revenues, versus Adjusted EBITDA of $172 million, or 19.4% of revenues, for the prior-year second quarter.

Income from continuing operations for the second quarter of fiscal 2015 was $110 million, an increase from $90 million from the prior-year second quarter. For the quarter, diluted earnings per share from continuing operations were $1.57, and adjusted diluted earnings per share from continuing operations were $1.73. The tax rate for the quarter for continuing operations was 33%.

“We are very pleased that the strong growth we experienced in the first quarter continued to gain momentum in the second quarter. Bulk lump sum projects and healthcare consulting drove revenue growth in the Benefits segment. Talent and Rewards delivered its strongest quarter in three years, and Exchange Solutions continued to exceed expectations, measured by both the financial results delivered, and with the quality of the annual enrollment process” said John Haley, Towers Watson’s chief executive officer. “We far surpassed participant satisfaction goals for the more than two million employees we enrolled in our health and welfare administration platforms, had the strongest retiree satisfaction ratings in our history, and the feedback from our clients and employees has been extremely positive regarding their enrollment experiences on the active exchange.”

Second Quarter Company Highlights

Benefits

For the quarter, the Benefits segment had revenues of $488 million, an increase of 7% (10% increase constant currency) from $457 million in the prior-year second quarter. Constant currency revenues increased in all lines of business and across all regions. Retirement had high-single digit constant currency revenue growth, due to an increase of bulk lump sum work and an increase in general project activity in the Americas region. Legislative change work helped drive growth in EMEA. Health and Group Benefits had low-double digit constant currency revenue growth driven by new plan management work. Technology and Administration Solutions had constant currency revenue growth in the mid-teens, due to bulk lump sum and increased pension administration projects across all regions. The Benefits segment had a Net Operating Income (“NOI”) margin of 36% in the second quarter of fiscal 2015.

Risk and Financial Services

For the quarter, the Risk and Financial Services segment had revenues of $154 million, a decrease of 4% (1% decrease constant currency) from $161 million in the prior-year second quarter. Risk Consulting and Software had constant currency revenue growth of low-single digits. Investment constant currency revenue decreased by mid-single digits, due to softness in the EMEA region. The Risk and Financial Services segment had an NOI margin of 27% in the second quarter of fiscal 2015.

Talent and Rewards

For the quarter, the Talent and Rewards segment had revenues of $184 million, an increase of 8% (11% increase constant currency) from $170 million in the prior-year second quarter. Constant currency revenues increased in all lines of business and across all regions. Executive Compensation constant currency revenues increased by mid-single digits, due to increased M&A activity in the Americas and EMEA regions. Rewards, Talent and Communication had constant currency revenue growth in the mid-teens, with revenue growth in all regions, primarily driven by seasonal benefit enrollment work in the U.S. and M&A activity in EMEA. Data, Surveys and Technology had low-double digit constant currency revenue growth, due to the timing of survey delivery and strong demand for HR technology projects. The Talent and Rewards segment had an NOI margin of 37% in the second quarter of fiscal 2015. 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 $94 million, an increase of 42% (42% increase constant currency) from $66 million in the prior-year second quarter. Retiree and Access Exchanges revenue increased by mid-50% as a result of a growing client portfolio. Health and Welfare Administration and OneExchange Active, a small and developing business, revenues posted strong growth due to new client work and special projects. The Exchange Solutions segment had an NOI margin of 13% in the second quarter of fiscal 2015. The second half of the fiscal year is seasonally stronger due to the timing of enrollments.

Outlook for Fiscal 2015

This guidance reflects the recent strengthening of the U.S. dollar.

For fiscal 2015, the company continues to expect to report revenues of around $3.6 billion and is increasing expected adjusted diluted earnings per share to the range of $5.90 to $6.00. This guidance assumes an average exchange rate of 1.56 U.S. dollars to the British Pound and 1.20 U.S. dollars to the Euro for fiscal 2015.

For the third quarter of fiscal 2015, the company expects to report revenues in the range of $890 million to $900 million, reflecting constant currency revenue growth in the mid-single digits, and adjusted diluted earnings per share in the range of $1.46 to $1.51.

Conference Call

The company will host a live webcast and conference call to discuss the financial results for the second quarter of fiscal 2015. It will be held on Thursday, February 5, 2015, 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 of the call will also be available through February 6, 2015 at 404-537-3406, conference ID 64578329.

About Towers Watson

Towers Watson is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. With 15,000 associates around the world, the company offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Learn more at towerswatson.com.

Non-U.S. 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 the following non-U.S. GAAP measures: (1) Adjusted EBITDA, (2) Adjusted Diluted Earnings Per Share from continuing operations, (3) Adjusted income from continuing operations and (4) Free Cash Flow. The Company believes these measures are relevant and provide 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 consider Adjusted EBITDA and Adjusted Diluted Earnings Per Share from continuing operations 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 to evaluate and measure awards made under 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. Adjusted Income from continuing operations is used solely for the purpose of calculating Adjusted diluted earnings per share. Free Cash Flow is used to evaluate our core operating performance.

The Company’s non-U.S. GAAP measures and their accompanying definitions are presented as follows:

• Adjusted EBITDA – net income (attributable to common stockholders) adjusted for discontinued operations, net of tax, provision for income taxes, interest, net, depreciation and amortization, transaction and integration expenses, and other non-operating income excluding income from variable interest entity.
• Adjusted diluted earnings per share - Adjusted Income from continuing operations divided by the weighted average shares of common stock, diluted.
• Adjusted income from continuing operations – net income (attributable to common stockholders) adjusted for discontinued operations, net of tax, and adjusted for certain tax-effected merger and acquisition related items of amortization of intangible assets and transaction and integration expenses.
• Free Cash Flow - Cash Flows from Operating Activities less cash used for Fixed Assets and Software for Internal Use, each of which is presented on the GAAP Consolidated Statements of Cash Flows.

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.

Reconciliation of Net income (attributable to common stockholders) to Adjusted EBITDA, Net income (attributable to common stockholders) to Adjusted income from continuing operations, Diluted earnings per share from continuing operations to Adjusted Diluted Earnings Per Share from continuing operations and Free Cash Flow are included in the accompanying tables and supplemental slides 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 risk of translation exposure impacting our results, arising from foreign currency exchange and interest rate fluctuations and volatility; the ability to successfully make suitable acquisitions and divestitures; the risk that the acquisitions of Extend Health and Liazon are not profitable or are not otherwise successfully integrated; our ability to protect client data and our information systems; 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 or OneExchange businesses fail to maintain good relationships with insurance carriers, become dependent upon a limited number of insurance carriers or fail 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, +1 703-258-8033
aida.sukys@towerswatson.com