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Global insurance broker Arthur J. Gallagher & Co. has reported net earnings of $314.1 million for Q3 of 2024, up 12% from the same period of last year, while total revenues increased 13% to $2.77 billion.
Gallagher’s EBITDAC also improved to $691 million in Q3 of 2024, up from $606.1 million in Q3 of 2023.
In the firm’s brokerage segment, revenues before reimbursements increased to in Q3 of 2024, while net earnings hit $383 million, up from $339 million in the same period of last year.
EBITDAC in this segment also increased in Q3 of 2024, reaching $691.5 million.
Meanwhile, Gallagher’s risk management division also performed well in Q3 of 2024, with revenues before reimbursements of $369.7 million and net earnings of $44.6 million, both improvements over last year.
At the same time, Gallagher’s reinsurance wholesale and specialty businesses saw overall organic growth of 8% in Q3 of 2024.
However, the firm’s corporate business fell to a net loss of $113.5 million in Q3 of 2024, slightly offsetting the strong figures in the brokerage and risk management segments.
Gallagher’s total revenues before reimbursements for the first nine months of 2024 now stand at $8.7 billion, up from the same period of 2023, while net earnings for the first nine months are $1.2 billion.
J. Patrick Gallagher, Jr., Chairman, President and CEO, of A. J. Gallagher & Co, commented, “Our excellent financial performance continued during the third quarter!
“For our combined brokerage and risk management segments, total revenues increased 13%, organic revenues increased 6%, we completed four new mergers, grew net earnings 12%, delivered 123 basis points of adjusted EBITDAC margin expansion, and most importantly, our bedrock culture is thriving.
“Through the first nine months of the year, revenues have increased 16%, organic growth is 8%, net earnings have increased 19% and adjusted EPS is up 17%.”
He continued, “Global third quarter renewal premiums increases were little changed from our September IR day update a few weeks ago. The recent U.S. Hurricanes have not yet had a significant impact on insurance pricing in October, but are adding some complexity to January 1st property reinsurance renewals.
“Client exposure changes, including mid-term policy endorsements, continue to be positive, and new arising claim counts are growing; both indicating solid economic activity across our clients’ businesses.”
He concluded, “Our thoughts are with those impacted by the recent storms and floods, including our own Gallagher colleagues. Our professionals are hard at work helping clients sort through their coverages, file claims and ultimately get losses paid.
“Looking ahead, we are very well positioned. Our net new business is up from prior year, renewal premiums continue to increase and our M&A pipeline is robust. The opportunities ahead of us are immense and I am very excited about our long-term prospects!”
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