Broking profits soar at Gallagher in 2017

Arthur J. Gallagher has revealed an 18% jump in profits to $415.9m [£292.3m] from its broking division in 2017.

The global consolidator reported that broking revenue rose by 9% to $3.83bn (2016: $3.53bn).

Likewise the figures for the final three months of the year also showed significant increases.

Profit came in at $97.8m for the quarter (Q4 2016: $79.1m) as revenue totalled $1bn (Q4 2016: $886m).

For the company as a whole including the risk management and corporate segments the full year revenue was up from $5.59bn in 2016 to $6.16bn and profit was ahead too at $463.1m (2016: $414.4m).

Gallagher did not provide a breakdown for UK business.

Mergers
J. Patrick Gallagher, Jr., chairman, president and CEO commented: “We had a fantastic quarter to close out the year. For both the quarter and the full year, we delivered excellent revenue growth and margin expansion, completed high quality tuck-in mergers and grew earnings per share.

“We are well positioned for 2018. The insurance market is stable or improving in most geographies, we are providing valued insurance advice and delivering superior claim outcomes, our integration efforts are complete, our M&A pipeline is full and our most valuable asset, our unique Gallagher sales and service culture, is stronger than ever.”

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