Arthur J Gallagher posts bullish 2019 results boosted by rate hikes globally
Arthur J Gallagher posted a strong set of 2019 results boosted by rate hikes and economic growth globally in a year when the company also completed 49 acquisitions with estimated annualised revenue of $468 million.
Its brokerage and risk management segments comresults, bined in 2019 to post total revenue growth of 14 percent, of which 5.6 percent was organic revenue growth.
The brokerage segment reported GAAP revenues for 2019 of $4.9 billion, up 15 percent on last year’s figure of $4.2 billion. Brokerage adjusted non-GAAP organic revenues were $4.3 billion, up 5.8 percent from $4 billion in 2018.
Its net earnings for 2019 were $717 million, a 25 percent increase on the $573 million it posted in 2018.
“Our 2019 momentum should continue in 2020,” said J. Patrick Gallagher, Jr., chairman, president and CEO. “Almost without exception, property & casualty rates around the world are firm and continue to trend higher in most lines and geographies. Our clients' businesses are growing. Unemployment is at historically low levels nearly everywhere.
“This is an environment where our professionals combine their creativity and knowledge with our vast capabilities to help clients manage risk and attract and retain talent. Further, our unique culture, guided by The Gallagher Way, continues to encourage colleagues worldwide to seek excellence for themselves, their clients, carrier partners and one another. I am extremely pleased with our 2019 performance and excited about our future."
