Exhibit 99.1

Towers Watson Reports Strong First Quarter Earnings

• Revenue increased 8% over prior year first quarter (7% constant currency)
• EBITDA Margin increased to 19.5%, from 18.0% for the prior year first quarter
• Adjusted Diluted Earnings per Share of $1.32
• Diluted Earnings per Share of $1.16

ARLINGTON, Va.--(BUSINESS WIRE)--November 5, 2014--Towers Watson (NYSE, NASDAQ: TW), a leading global professional services company, today announced financial results for the first quarter of fiscal year 2015, which ended September 30, 2014.

The information contained in this press release reflects the expansion of the Exchange Solutions Segment which took effect as of July 1, 2014. Please refer to our 8-K filed on September 16, 2014 for information on the recast of our fiscal year 2014 segment results.

Total revenues were $878 million for the quarter, an increase of 8% (7% constant currency) from $810 million for the first quarter of fiscal 2014. On an organic basis, which excludes the impact of changes in foreign currency exchange rates, acquisitions and divestitures, revenues increased 7% from the prior-year first quarter.

EBITDA for the first quarter of fiscal 2015 was $171 million, or 19.5% of revenues, versus Adjusted EBITDA of $146 million, or 18.0% of revenues, for the prior-year first quarter.

Income from continuing operations for the first quarter of fiscal 2015 was $82 million, a decrease from $86 million for the prior-year first quarter. For the quarter, diluted earnings per share from continuing operations were $1.16 and adjusted diluted earnings per share from continuing operations were $1.32. The tax rate for the quarter for continuing operations was 35%. As a reminder, the tax rate in the first quarter of the prior fiscal year was 15% due to the impact of favorable tax settlements.

“We are very pleased with the first quarter results, especially with the strong results delivered by the Benefits and Exchange Solutions segments. Bulk lump sum, healthcare consulting and pension administration drove revenue growth in the Benefits segment. A strong off-cycle enrollment period and the excellent work delivered by the health and welfare administration group drove growth in Exchange Solutions,” said John Haley, chief executive officer. “There was also a significant item of note this past quarter. Towers Watson’s One Exchange was selected to be the retiree medical exchange provider for the Ohio Public Employee Retirement System (OPERS) Medicare Connector, effective January 2016. We are very excited by this announcement and look forward to the opportunity to serve OPERS’ retirees.”

First Quarter Company Highlights

Benefits

For the quarter, the Benefits segment had revenues of $466 million, an increase of 8% (7% increase constant currency) from $431 million in the prior-year first quarter. Retirement had mid-single digit constant currency revenue growth, primarily due to an increase of bulk lump sum work in the Americas region. Health and Group Benefits had mid-single digit constant currency revenue growth driven by new client work. Technology and Administration Solutions constant currency revenue grew by low double digits due to bulk lump sum and increased project activity across all regions. The Benefits segment had a Net Operating Income (“NOI”) margin of 33% in the first quarter of fiscal 2015.

Risk and Financial Services

For the quarter, the Risk and Financial Services segment had revenues of $148 million, an increase of 4% (1% increase constant currency) from $142 million in the prior-year first quarter. Risk Consulting and Software had constant currency revenue growth of mid-single digits due to support of software sales and project work. Investment constant currency revenues decreased by mid-single digits, reflecting strong comparables from the first quarter of fiscal year 2014. The Risk and Financial Services segment had an NOI margin of 24% in the first quarter of fiscal 2015.

Talent and Rewards

For the quarter, the Talent and Rewards segment had revenues of $153 million, flat as compared to prior year first quarter (flat constant currency). Executive Compensation constant currency revenue increased by low double digits with revenue growth in all regions. Rewards, Talent and Communication constant currency revenue had a low single digit decline due to deferred OneExchange revenue related projects. As planned, Data, Surveys and Technology had a mid-single digit constant currency revenue decline due to the timing of survey delivery. The Talent and Rewards segment had an NOI margin of 24% in the first 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 $86 million, an increase of 41% (41% increase constant currency) from $61 million in the prior-year first quarter. Our Retiree and Access Exchanges revenue increased around 50%. Health and Welfare Administration revenues grew by mid-teens. Active Exchanges revenues grew around $4 million. As a reminder, Active Exchange revenues were first recognized with the acquisition of Liazon in November 2013. The Exchange Solutions segment had an NOI margin of 16% in the first quarter of fiscal 2015. The second half of the fiscal year is seasonally stronger due to the timing of enrollments.

Outlook for Fiscal 2015

For fiscal 2015, the company expects to report revenues of around $3.6 billion and adjusted diluted earnings per share in the range of $5.85 to $5.97. This guidance assumes an average exchange rate of 1.62 U.S. dollars to the British Pound and 1.28 U.S. dollars to the Euro for fiscal 2015.

For the second quarter of fiscal 2015, the company expects to report revenues in the range of $910 million to $930 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 first quarter of fiscal 2015. It will be held on Wednesday, November 5, 2014, 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 68008534.

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.

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 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 (attributable to common stockholders) 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 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 (attributable to common stockholders) 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, stock-based compensation, and other non-operating income excluding income from variable interest entity.
• Adjusted Diluted Earnings Per Share from continuing operations – diluted earnings per share from continuing operations adjusted for discontinued operations, net of tax, and adjusted for certain tax effected merger and acquisition related items of transaction and integration expenses, non-cash stock-based compensation, and amortization of intangible assets.
• Adjusted income from continuing operations (attributable to common stockholders) – 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 transaction and integration expenses, non-cash stock-based compensation, and amortization of intangible assets.
• Free Cash Flow - Cash Flows from Operating Activities less cash flows 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 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 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