4th May 2022
"We had a fantastic start to 2022!" said J. Patrick Gallagher, Jr., chairman, president and ceo. "Our core brokerage and risk management segments combined to post 30% growth in revenue, including more than 10% organic revenue growth and $380m of acquired rollover revenues. Our bottom line results were equally as strong with net earnings growth of 28%, adjusted EBITDAC growth of 34% and adjusted EBITDAC margin expansion of 55 basis points.
During the quarter, we completed 5 new tuck-in mergers with approximately $32m of annualized revenue, and we were recognized by the Ethisphere Institute as one of the World's Most Ethical Companies for the 11th year in a row!
Overall, first quarter rate and exposure increases were broad-based, driven by firm global P/C rates across nearly all geographies and lines of business, and our clients' continued growth. First quarter 2022 global P/C renewal premium increases of 8% were consistent with fourth quarter levels adjusting for line of coverage seasonality. Additionally, the extremely tight labor market is favourably impacting our benefits and HR consulting business, resulting in more project work and higher covered lives as well as contributing to increased new arising claims for our risk management business.
Looking ahead, we see robust demand for our services continuing as clients look to manage their risk and human capital challenges. Our team has the expertise, the service capabilities, and the desire to help clients and prospects navigate the current environment."
Gallagher Trends(391 articles)