Arthur J. Gallagher's quarterly profit rises on higher fees, commissions
AJG•CEO comments and adjusted net income
"In an increasingly complex risk environment, client demand for our advice, analytics, market access, specialty expertise and claims advocacy remains robust," CEO J Patrick Gallagher Jr. said in a statement.
Adjusted net income rose to $734 million, or $2.84 per share, in three months ended June 30, from $604 million, or $2.30 per share, a year earlier.
Brokerage commissions and fees increase
- Insurance brokerages act as intermediaries between insurers and customers, helping clients choose policies that best suit their coverage needs.
- Commissions in brokerage segment surged 35% over the year earlier to $2.44 billion during the quarter, while fees jumped 27.5%.
Quarterly profit rises on stronger insurance demand
July 30 (Reuters) - Arthur J. Gallagher AJG.N posted a rise in second-quarter profit on Thursday, driven by higher fees and commissions as strong demand for insurance supported client spending.
Insurance demand stayed strong as companies and individuals sought coverage against losses from natural catastrophes, cyber threats, conflicts and other unexpected events.
