For the second quarter of 2025, insurance broking group Arthur J. Gallagher & Co. has reported total revenue before reimbursement of $3.17 billion, compared to $2.73 billion in Q2’24, as the core brokerage and risk management segments combined to deliver 16% revenue growth, including organic revenue growth of 5.4%.
Of the total revenue, the company’s brokerage unit added $2.79 billion this quarter, compared to $2.4 billion in Q2’24, while the risk management arm contributed $391.9 million compared to $358.6 million in Q2’24.
For H1’25, the company’s revenues before reimbursement amount to $6.87 billion compared to $5.95 billion in H1’24. Of this, the company’s brokerage arm reported revenue of $6.1 billion, compared to $5.24 billion in H1’24 and $765 million comes from the risk management segment, compared to $711 million in H1’24.
Net earnings across the company in Q2’25 totalled $366.2 million compared with $285.4 million in Q2’24. Of this, the brokerage arm added $508.4 million compared to $332.8 million in Q2’24, while the risk management arm added $42.6 million in Q2’25 compared to $47.8 million in last year’s comparable quarter.
For H1’25, net earnings across the company grew to $1.08 billion compared to $898.1 million in H1’24, driven by the brokerage arm adding $1.32 billion in this half compared to $985.4 million in H1’24, with the risk management arm adding $83.7 million compared to $87.1 million in H1’24.
The operating expense for Q2’25 is $71.3 million compared to $67 million in Q2’24. For H1’25, the operating expense was $715.3 million compared to $677.3 million in H1’24.
The firm closed nine acquisitions in Q2’25 compared to 12 in Q2’24, with annualised revenues of $290.8 million compared to $72 million in Q2’24. In H1’25, the company closed 19 acquisitions with annualised revenues of $353 million, compared to 24 acquisitions with a revenue of $141 million in H1’24.
J. Patrick Gallagher, Jr., Chairman and CEO, commented, “We had a great second quarter. Our core brokerage and risk management segments combined to deliver 16% revenue growth, including organic revenue growth of 5.4%. Our second quarter net earnings margin increased 343 basis points to 17.3%, our adjusted EBITDAC margin increased 307 basis points to 34.5%, and adjusted EBITDAC grew year over year by 26%, the 21st consecutive quarter of double-digit growth.
“We also completed 9 new mergers in the quarter with approximately $290 million of estimated annualised revenue. We are making excellent progress on the pending AssuredPartners acquisition and believe we are on track to close here in the third quarter of 2025.
He continued, “Overall, the global P/C insurance market remains rational with competition across property lines, and continued caution within casualty insurance products. Accordingly, we continue to see differences between property and casualty renewal premium changes, with property declining 7% and casualty increasing 8%. Our daily revenue indications and claim counts within Gallagher Bassett are not indicating a meaningful change in our customers’ business activity.
“Our talented teams remain focused on what they do best, providing our clients the best insurance and risk management advice by leveraging our niche experts and data-driven insights. We remain well-positioned for the remainder of 2025 and beyond.”
