For the quarter, diluted earnings per share were $0.72 and adjusted diluted earnings per share were $1.80. Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. In the second quarter, TRANZACT generated revenue of $87 million. On an organic basis, most lines of business contributed to the growth. See insights on Willis Towers Watson including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Copies are available online at https://www.sec.gov or Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate.
Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.These non-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. Adjusted operating income was $296 million, or 14.0% of revenue, a decrease of 60 basis points compared to the second quarter of the prior year. Quarterly Results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, transaction and integration expenses, gains and losses on disposal of operations, the tax effects of internal reorganizations, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes.
Modest revenue growth in the Investment businesses resulted from client wins. We are prioritizing the safety and wellbeing of our colleagues. These statements include, but are not limited to, such things as our outlook, the impact of the COVID-19 pandemic on our business, our pending business combination with Aon plc, future capital expenditures, ongoing working capital efforts, future share repurchases, growth in revenue, the impact of changes to tax laws on our financial results, existing and evolving business strategies and acquisitions and dispositions, demand for our services and competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, our ability to successfully manage ongoing organizational and technology changes, including investments in improving systems and processes, and plans and references to future successes, including our future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts.
The HCB segment had an operating margin of 20.9%, as compared to 21.1% for the prior-year second quarter.The Corporate Risk & Broking (CRB) segment had revenue of $701 million, an increase of 2% (4% increase constant currency and 4% increase organic) from $690 million in the prior-year second quarter. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.05 billion. Some of our discretionary, project-based businesses saw a reduction in demand, and potential negative impacts on our revenue and operating results may lag behind the developments thus far related to the COVID-19 pandemic. [])) The U.S. GAAP tax rate for the quarter was 42.2%, and the adjusted income tax rate for the quarter used in calculating adjusted diluted earnings per share was 22.2%.Income from operations for the first half of 2020 was $523 million, or 11.4% of revenue, a decrease of 90 basis points compared to the first half of the prior year. For the first half of 2020, diluted earnings per share were $3.07 and adjusted diluted earnings per share were $5.14. Willis Towers Watson P.L.C.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. It will be held on Thursday, July 30, 2020, beginning at 9:30 a.m. Eastern Time, and can be accessed via the Internet at Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. During the second quarter of 2020, the COVID-19 pandemic had a negative impact on revenue growth, particularly in our businesses that are discretionary in nature, but otherwise it generally had no material impact on our overall results.
