Exhibit 99.1

Towers Watson Reports Strong Second Quarter Earnings

• Revenue increased 8% over prior year (8% constant currency)
• Diluted EPS of $1.15, an increase of 25% over prior year
• Adjusted Diluted EPS of $1.48, an increase of 10% over prior year

NEW YORK--(BUSINESS WIRE)--February 7, 2013--Towers Watson (NYSE, NASDAQ: TW), a leading global professional services company, today announced financial results for the second quarter of fiscal year 2013, which ended December 31, 2012.

Total revenues were $946 million for the quarter, an increase of 8% (8% constant currency) from $880 million for the second quarter of fiscal 2012. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 6% from the prior-year second quarter. The ERP deployment related receivables and reserve issues normalized this quarter for all Segments and accounted for about one percentage point of total company revenue growth.

Adjusted EBITDA for the second quarter of fiscal 2013 was $178 million, or 18.9% of revenues, versus $172 million, or 19.5% of revenues, for the prior-year second quarter. Adjusted EBITDA excludes transaction and integration expenses and non-cash stock-based compensation arising from merger and acquisition activity.

Net income attributable to controlling interests for the second quarter of fiscal 2013 was $82 million, an increase from $67 million for the prior-year second quarter. For the quarter, diluted earnings per share were $1.15 and adjusted diluted earnings per share were $1.48. Adjusted diluted earnings per share exclude transaction and integration costs, non-cash stock-based compensation arising from merger and acquisition activity, amortization of merger and acquisition accounting intangible assets and non-recurring other income. The tax rate for the quarter was 31%.

“I’m very pleased with the second quarter results. We normalized the receivable and reserve issues, completed a very successful enrollment season in Exchange Solutions and saw strong growth in many of our lines of business. I’m particularly excited about the growth we saw in the Benefits segment,” said John Haley, chief executive officer. “Not only are we well positioned to achieve our long-term growth objectives in our consulting and services businesses, but I’m also very excited about the future of Exchange Solutions. It’s been an exciting week for Exchange Solutions. We launched OneExchange, the industry’s first health benefits solution that leverages both private and public health insurance exchanges to help employers transform how they deliver health coverage for their active workers and retirees. We also announced a strategic alliance with Fidelity to provide retiring participants who are coming off company sponsored health plan coverage access to resources and support to get quality coverage. We are thrilled to be working with Fidelity, one of the world’s largest providers of financial services.”

Second Quarter Company Highlights

Benefits

For the quarter, the Benefits segment had revenues of $519 million, an increase of 9% (10% increase constant currency) from $476 million in the prior-year second quarter. Retirement, Technology and Administration Solutions and International all had double digit constant currency revenue growth this quarter. In the Americas region, Retirement had constant currency revenue growth in the teens, driven by “Bulk Lump Sum” projects, the work on payouts that relate to client pension de-risking efforts. Health and Group Benefits had high-single digit constant currency revenue growth this quarter. The Benefits segment had a Net Operating Income (“NOI”) margin of 36% in the second quarter of fiscal 2013.

Risk and Financial Services

For the quarter, the Risk and Financial Services segment had revenues of $208 million, an increase of 1% (1% increase constant currency) from $205 million in the prior-year second quarter. Investment Consulting had low-double digit constant currency revenue growth in all regions. Risk Consulting and Software and Brokerage both had single digit percentage constant currency revenue declines. The Risk and Financial Services segment had an NOI margin of 22% in the second quarter of fiscal 2013.

Talent and Rewards

For the quarter, the Talent and Rewards segment had revenues of $176 million, an increase of 4% (5% increase constant currency) from $169 million in the prior-year second quarter. Executive Compensation led the segment with constant currency revenue growth in the mid-teens, driven by regulation and governance activity in EMEA. Rewards, Talent and Communication constant currency revenues increased by mid-single digits. Data, Surveys and Technology constant currency revenues declined by low-single digits. The Talent and Rewards segment had an NOI margin of 34% in the second quarter of fiscal 2013. The first half of the year typically has stronger margins due to the seasonality of the business.

Exchange Solutions

Exchange Solutions’ economic model drives very different seasonality of financial results than our general consulting and brokerage business and impacts year over year comparisons. The Exchange Solutions business incurs significant costs in the first half of the fiscal year to enroll new members, while commission revenues are recognized over the annual policy period. Most policies have an effective date of January 1. Exchange Solutions decreased the company’s diluted earnings per share by $0.18 and adjusted diluted earnings per share by $0.12, including the interest charges associated with financing the Extend Health acquisition.

For the quarter, the Exchange Solutions segment had revenues of $16 million, net of deferral revenue required by purchase accounting rules. For the quarter, on a proforma basis, excluding the impact of the $5 million deferred revenue write-off from the acquired balance sheet required by purchase accounting rules, revenues grew by 33%. The Exchange Solutions segment had a net operating loss of $10 million and an NOI margin of (64%) for the quarter. The second half of the fiscal year is seasonally stronger due to the timing of enrollments.

Outlook for Fiscal 2013

For fiscal 2013, the company expects to report revenues in the range of $3.60 billion to $3.65 billion, reflecting constant currency revenue growth in the range of 6% to 7%, and adjusted diluted earnings per share in the range of $5.28 to $5.38. This guidance assumes an average exchange rate of 1.60 U.S. dollars to the British Pound and 1.30 U.S. dollars to the Euro for fiscal 2013.

For the third quarter of fiscal 2013, the company expects to report revenues in the range of $940 million to $960 million, reflecting constant currency revenue growth in the range of 4% to 6%, 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 2013. It will be held on Thursday, February 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 30322967.

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 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 company’s core operating results, we present (1) Adjusted EBITDA, (2) Adjusted Net Income Attributable to Controlling Interests, and (3) Adjusted Diluted Earnings Per Share (which are all non-U.S. GAAP measures), to eliminate the effect of acquisition-related expenses from the financial results of our operations. The company’s management uses these measures to evaluate the performance of the business and for financial planning. The company defines Adjusted EBITDA as net income before non-controlling interests adjusted for provision for income taxes, interest, depreciation and amortization, transaction and integration expenses, merger related stock-based compensation and other non-operating income. We use Adjusted Net Income Attributable to Controlling Interests (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 measures widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating results.

Since the merger in January 2010, we have incurred significant acquisition-related expenses related to the transaction and integration activities necessary to combine Watson Wyatt and Towers Perrin. These acquisition-related expenses include transaction and integration costs, severance costs, non-cash charges for amortization of intangible assets, and stock-based compensation costs from the issuance of merger-related restricted shares. 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 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 to evaluate and measure performance under our performance-based compensation plans.

Reconciliations of net income before non-controlling interests to Adjusted EBITDA and Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share are included in the accompanying tables to today’s press release.

Each of these non-U.S. GAAP measures is 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.

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: the risk that anticipated cost savings and any other synergies from the merger of Towers Perrin and Watson Wyatt may not be fully realized or may take longer to realize than expected; the ability to successfully make and integrate profitable acquisitions; 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 newly-acquired Extend Health 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, particularly in the executive compensation business, given recent Securities and Exchange Commission (SEC) and other regulatory actions; 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