3rd August 2022
"We had an excellent second quarter!" said J. Patrick Gallagher, Jr., chairman, president and ceo. "Our core brokerage and risk management segments combined to post 22% growth in revenue, including nearly 11% organic revenue growth and approximately $240m of acquired rollover revenues; net earnings growth was 35%; adjusted EBITDAC growth was 23%; and adjusted EPS growth was 19%. Also during the quarter, we completed 9 new tuck-in mergers with approximately $53m of annualized revenue.
Overall,second quarter 2022 global P/C renewal premium increases of 10.5% were above first quarter 2022 and fourth quarter 2021 levels. Nearly all lines of coverages saw renewal premium increases equal to or higher than first quarter, with professional liability the lone exception. Additionally, second quarter mid-term policy endorsements, audits and cancellations continue to trend more favourable than a year ago. Combined with a strong labour market, which is favourably impacting our human resource and benefits consulting business and our claims management operations, we are not seeing meaningful signs of an economic slowdown.
Most importantly, our bedrock client sales and service culture, guided by The Gallagher Way, is stronger than ever across the world. I am extremely pleased with our second quarter and first half performance and excited about our future!"
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