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The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

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Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

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One of the largest insurance brokers in the world, the firm offers brokerage and risk management services to various clients.

This year's Fortune 500 marks the 66th running of the list.

F500 2020-429-Arthur J Gallagher

A Rolling Meadows, Ill.-based insurance brokerage, Arthur J. Gallagher has 33,300 employees.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Arthur J. Gallagher &amp; Co. is a global insurance brokerage, risk management, and consulting firm. The company provides customized property and casualty insurance, risk management, and consulting services to a wide range of clients worldwide. Founded in 1927, the company operates in 130 countries and territories.

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Q4 2024

Arthur J. Gallagher (AJG): Company Profile, Stock Price, News, Rankings

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Arthur J. Gallagher

arthur j. gallagher

Good afternoon, and welcome to Arthur J. Gallagher and Company's 4th Quarter 2024 Earnings Conference Call. Participants have been placed on listen only mode. Your lines will be open for questions following the presentation. Today's call is being recorded.

If you have any objections, you may disconnect at this time. Some of the comments made during this conference call, including answers given in response to questions, may constitute forward looking statements within the meaning of the securities laws. The company does not assume any obligation to update information or forward looking statements provided on this call. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the information concerning forward looking statements and risk factors sections contained in the company's most recent 10 ks, 10 Q and 8 ks filings for more details on such risks and uncertainties.

In addition, for reconciliations of the non GAAP measures discussed on this call as well as other information regarding these measures, please refer to the earnings release and other materials in the Investor Relations section of the company's website. It is now my pleasure to introduce J. Patrick Gallagher, Jr, Chairman and CEO of Arthur J. Gallagher and Company. Mr.

Thank you very much. Good afternoon and thank you for joining us for our Q4 'twenty four earnings call. On the call for me today is Doug Hall, our CFO, other members of the management team and the heads of our operating divisions. Before I get to my comments about our financial results, I'd like to acknowledge the tragic wildfires in California. Our heartfelt thoughts are with all of those impacted including our own Gallagher colleagues.

Our company and industry has such an important role and responsibility helping families, businesses and communities rebuild and restore their lives. And like many times before, Gallagher and the industry will rise to the occasion. Okay. On to my comments regarding our financial performance, we had an excellent Q4. For our combined Brokerage and Risk Management segments, we posted 12% growth in revenue, our 16th consecutive quarter of double digit revenue growth.

7% organic growth, reported net earnings margin of 13.5%, adjusted EBITDA growth of 17% and adjusted EBITDA margin of 31.4%, up 145 basis points year over year GAAP earnings per share of $1.56 and adjusted earnings per share of $2.51 up 15% year over year. The December capital raise for the acquisition of Assured Partners creates some noise in these headline numbers, but I will peel back the impact in his comments. Regardless, another fantastic quarter to close out another terrific year by our team. Moving to results on a segment basis, starting with the brokerage segment. Reported revenue growth was 12%.

Organic growth was 7.1%. Base commission and fees were 7.8%, in line with our expectations, which got offset a bit by slightly lower contingents. Adjusted EBITDAC margin expanded 168 basis points to 33.1%, which includes interest income related to funds raised for the acquisition of Assured Partners. Excluding that interest income, margin expansion was 109 basis points. Let me give some insights behind our brokerage segment organic.

With our PC Retail operations, we delivered 6% organic overall. The U. K, Australia and New Zealand were all in the high single digits. U. S.

Retail organic was around 5% and Canada was down a couple percent impacted by lower contingents. Our global employee benefit brokerage and consulting business posted organic of about 10%, a really strong finish that includes the catch up of the large life case sales that shifted from earlier in 2024. Shifting to our reinsurance wholesale and specialty businesses, in total organic of 9%, which overcame some expected market headwinds in our global aerospace business. So very strong growth whether retail, wholesale or reinsurance. Next, let me provide some thoughts on the PC insurance pricing environment starting with the primary insurance market.

Overall, the global PC insurance market continues to grow with 4th quarter renewal premium increases that's both rate and exposure combined consistent with the past 2 quarters. Thus far in January, renewal premium increases are ticking slightly higher than 4th quarter and are above 5% driven by increases in casualty lines like umbrella and commercial auto. Breaking down 4th quarter global renewal premium changes by product line, we saw the following. Property and professional lines were about flat workers' comp, up 1% general liability, up 4% commercial auto, up 9% umbrella, up 10% and personal lines, up 9%. So we continue to see increases across most lines and geographies.

Carriers are behaving rationally and pushing for increases where it's needed to generate an acceptable underwriting profit. It's a great market for us to operate in because we can further differentiate ourselves with our leading tools, data and expertise. Remember, our job as brokers is to help clients find the best coverage that fits their budget while mitigating price increases. We're becoming more successful securing lower pricing for our property customers, especially cat exposed property, which enables them to buy more limit or reduce their deductibles, resulting in more coverage for the same spend. Shifting to the reinsurance market.

Overall, oneone renewals were orderly and reflected an environment that generally favored reinsurance buyers. Growing demand for property cat cover was met with sufficient reinsurance capacity despite 2024 being an elevated year with more than $150,000,000,000 of estimated insured natural catastrophe losses. This resulted in property price declines that were greater at the top end of reinsurance towers and similar to January 24 renewals, reinsurers continued to exercise discipline on terms and did not revert to attachment points that exposed them to greater frequency. Reinsurance buyers of specialty coverages saw modest price declines across many lines of coverage, but again no softening in terms and conditions. Shifting to casualty, while there was adequate reinsurance capacity, reinsurers remained cautious on U.

S. Casualty risks due to elevated loss cost trends and potential reserve efficiencies. Looking forward, wildfire losses and casualty reserve increases seem to be the stories here in January and time will tell how each of these ultimately impacts the market. Regardless, Gallagaree had a fantastic oneone with some nice new business wins and should continue to excel in this environment. Moving to some comments on our customers' business activity.

During the Q4, our daily revenue indications from audits, endorsements and cancellations remained in net positive territory. The same is true for full year 2024. While the activity is not quite as high as 2023, the upward revenue adjustments this past year are very close to full year 2022. So we continue to see solid client business activity and no signs of a meaningful global economic slowdown. Within the U.

S, the labor market remains strong. Since April 24, the number of open jobs has remained relatively steady and at a level that is still well above the number of unemployed people looking for work. Employers are looking for ways to grow their workforce and control their benefit costs and at the same time face wage increases and continued medical cost inflation both are headwinds that our professionals are helping to navigate. Regardless of market conditions, I believe we are well positioned to take share across our brokerage business. Remember, 90% of the time, we are competing against the smaller local broker that cannot match our niche expertise, outstanding service or extensive data and analytics offerings.

So with some nice momentum in net new business production across our brokerage business, a PC market still seeing mid single digit premium growth and a strong U. S. Labor market, we continue to see full year 2025 brokerage segment organic in the 6% to 8% range. Moving on to our Risk Management segment, Gallagher Bassett. Revenue growth was 9% including organic of 6%.

Heading into 2025, we should continue to benefit from excellent client retention, increases in our customers' business activity and rising claim counts. Adjusted EBITDAC margin was 20.6 percent in line with our October expectations. Looking ahead, we still see full year 2025 organic in that 6% to 8% range and margins around 20.5%. Shifting to mergers and acquisitions. During the Q4, we completed 20 new tuck in mergers at fair prices, representing around $200,000,000 of estimated annualized revenue bringing the full year to $387,000,000 For those new partners joining us, I'd like to extend a very warm welcome to the Gallagher family of professionals.

And of course, the big news in December was signing an agreement to acquire Assured Partners with $2,900,000,000 of annual pro form a revenue. It's a compelling opportunity to build upon our commercial middle market focus, deepen our niche practice groups and further leverage our data and analytics, allowing us to provide even more value to clients. It should also expand our tuck in M and A reach and create more retail and specialty revenue opportunities across Gallagher. What is especially exciting is that the combination involves 2 highly innovative, entrepreneurial and sales based cultures. Although we will continue to operate as 2 independent companies until close, we have started discussions and are very impressed with the talent, professionalism and excitement of the Assured colleagues.

We anticipate we will receive necessary approvals and complete the acquisition sometime here in Q1. In addition to the pending Assured Partners acquisition, we have about 45 term sheets signed or being prepared, representing around $650,000,000 of annualized revenue. Good firms always have a choice and it would be terrific if they chose to partner with Gallagher. With a strong close to the year, let me reflect on our full year financial performance for brokerage and risk management combined. 15% growth in revenue, 7.6% organic growth, 18% growth in adjusted EBITDAK, 48 mergers completed with nearly $400,000,000 in estimated annualized revenue and we signed a definitive agreement to acquire Assured Partners.

These are terrific metrics. And as proud as I am of the excellent financial performance this year, I'm more proud of the way our culture has stayed true as we continue to expand. Our culture is about our colleagues guided by the Gallagher Way and the rock solid foundation they form based on every interaction we have, whether it's clients, carriers, future merger partners or with our Gallagher colleagues around the globe. Frankly, our culture is unstoppable and that is the Gallagher Way. Okay.

Thanks, Pat, and hello, everyone. Today, I'll quickly recap some sound bites from our quarter and replay our early thoughts on 2025, most of which Pat just touched on, then use the rest of my time to unpack the impact of the Assured Partners financing activities on our results during the quarter. Then I'll wrap up my prepared remarks with my usual comments on cash, M and A and Capital Management.

Okay. Highlights from our Q4 you'll see in our earnings release. Terrific base commission and fee organic growth of 7.8%, solid supplemental growth of 4.7% and while contingents went backwards a bit this quarter, we don't see that as a trend by any means. As I look to 2025 brokerage organic, Pat relayed that we're in a favorable environment with rates still needing to increase to cover higher loss costs, trillions of global premiums growing and inflating and our sales and service offerings outpacing our competitors, which should increase both new business and our retentions. So as we sit here today, we still believe our full year 2025 Brokerage segment organic growth should be in that 6% to 8% range.

That's unchanged from what we said in October. As for brokerage margins, a little noise on Page 5 of the earnings release. Please see the footnote. You'll read that the margin was aided by about $20,000,000 of interest income earned on cash we're holding to closed Assured Partners. Adjusting for that, our margins would have been 32.5%, up 109 basis points over last year.

That's nicely above our October expectation of margin expansion in the 90 to 100 basis point range. Looking ahead to 2025, we are still viewing margin expansion like we have like we've said many times before. We see margin expansion starting around full year organic growth of 4%. At 6%, maybe we could see 50 basis points and at 8%, perhaps 100 basis points of expansion. Of course, those ranges can then be impacted by changes to interest income on our fiduciary assets and then the rolling impact of M and A.

By our March IR day, maybe we will have a better read on where interest rates might go and also the impact of Assured rolling into our numbers. But at this time, we don't see either having a significant impact on those ranges. So really no change to how we're thinking about margins in 2025. As for risk management, another solid quarter posting 6% organic, admittedly a couple of $1,000,000 below our October expectations, all stemming from a smaller quarter of construction consulting revenues in the Northeast and the Northeast that can be just a little bit lumpy. So adjusted margin expansion of 20.6% was in the quarter was also in line with our October expectations.

And then looking forward, we're seeing full year 2025 organic also in that 6% to 8% range with margins again around 20.5 percent for the year. So a great quarter and full year by both our brokerage and risk management teams and both have a strong outlook for 2025. Turning to Page 6 of the earnings release and the corporate segment shortcut table. For the interest and banking line, we are a bit better than our October forecast because we just were not into our line as much as we thought at that time. For the adjusted acquisition lines for M and A and Clean Energy, both were close to our October expectations.

Then when you look at the corporate line of the corporate segment, that was better than our expectation due to unrealized non cash foreign exchange remeasurement income, which was partially offset by a return to actual tax catch up of about $4,000,000 So let's move from our earnings release to the CFO commentary document that we posted on our IR website. First, an overarching statement. Please take some time to read any headers or footnotes throughout this document to understand what information has or hasn't been updated for the Assured Partners deal. So let's move to Page 3 for our modeling helpers. Across the board, Q4 2024 actual numbers were fairly close to what we provided back in October.

As for 2025, we provided a first look of what we forecast. Again, none of these numbers include any impact from Assured Partners. Turning to Page 4, a first look at our corporate segment outlook for full year 2025. The only impact of Assured is the interest is found in the interest and banking line. It includes additional interest expense from the $5,000,000,000 debt raise.

Looking to Page 5 of the CFO commentary document to our tax credit carry forwards. As of year end, about $770,000,000 that will be used over the next few years. So still a nice sweetener to fund future M and A. We would not expect those numbers to move much because of the Assured financing nor the rolling of Assured's taxable income. That's because of the interest shield and also the amortization of the $5,000,000,000 deferred tax asset that we'll get with Assured Partners that should save us about $1,400,000,000 of taxes over the coming years.

Flipping over to Page 6, the investment income table. This table includes an assumption of 2 25 basis point rate cuts in 2025. It includes interest income from cash we're holding to pay for Assured assuming a late March close, but it does not include interest income from Assured's fiduciary assets after closing. When you shift down on Page 6 to the rollover revenue table, the pinkish columns to the right include estimated revenues for brokerage M and A that we closed through yesterday. Then below that table, we've added a separate section for Assured Partners revenues, again assuming a late March close, which of course is highly dependent on regulatory approvals.

Then just a reminder, you also need to make a pick for other future M and A. And then further down on that page, you'll see the Risk Management segment rollover revenues for $25,000,000 are expected to be approximately $5,000,000 for each of the first two quarters. All right. Moving to Page 7. This is a new page to help you see the impact of the Assured Partners financing on our Q4 'twenty four revenues, EBITDAX, net earnings and EPS by segment.

The 3 items just to keep in mind. There was additional incremental interest income on the cash that we were holding to fund the acquisition. There was additional interest expense we incurred on the newly issued $5,000,000,000 worth of debt and then the additional shares outstanding from the December equity offering. You'll see that for Q4 it all nets out to nearly nothing, but it does cause a little noise in our numbers. Also the call out box on the right of that page provides some information on shares outstanding because of the Assured Partners' equity rates for our Q1.

This includes the full impact of the shares we issued in December and the exercise of the Green Shoe in early January. Finally, if you flip to Page 8, you'll see that this page is just a repeat of what we provided in the December Assured presentation for ease of reference. There's no new news on this page. Finally, let's move to cash, capital management and M and A funding. Available cash on hand at December 31 was more than $14,000,000,000 of which approximately $13,500,000,000 will be used to fund Assured Partners.

Since year end, we received another $1,300,000,000 as the underwriters exercise the green shoe. So considering this and our strong expected free cash flow, we are in an excellent position to fund our M and A pipeline of opportunities. Here in 2025, it's looking like we could have $3,500,000,000 to fund future M and A, then it jumps up to nearly $5,000,000,000 in 2026, all while maintaining a solid investment grade rating. So an excellent quarter and an excellent year to have in the books. As I reflect on 2024, I have to say that we had a pretty terrific year.

For the combined Brokerage and Risk Management segments, we posted adjusted revenue growth of 14%, organic of 7.6%, overall margin expansion of 94 basis points and most importantly, we grew our EBITDA 18%. Those are terrific numbers and reflects what Pat said. That's our unstoppable culture. So those are my comments. Back to you, Pat.

Thanks, Doug. Rob, you want to open it up for questions?

Sure, Mr. Gallagher. We'll now open the call for questions. Our first question comes from the line of Mike Zaremski with BMO Capital Markets.

Hey, good evening. First question surrounding the cadence of organic growth next year, loud and clear, 6% to 8%, no change. I guess, yes, for both segments. I guess, I'm more specifically focused on the the brokerage segment. But in terms of the cadence or seasonality, anything you'd like to call out?

2 of your peers called out kind of weaker seasonality in 1Q. We do know that reinsurance is overweight in the beginning

the year too and maybe downwards pricing there could cause some year over year tougher comps.

Let me go back to that. Let me start with the end of that is there have been some price changes on the reinsurance, but our customers are buying more reinsurance. So when you look at the total spend for us but that our customers are spending, we're really not seeing a decrease. And like Pat said in his comments, we had a terrific new business quarter also. Going back to the first part of your question, yes, reinsurance is typically stronger in the Q1.

And so you could see some seasonality of better organic growth in the Q1 than what develops out for the rest of the year. I'll studying a little bit about that as we do have a substantial amount of our health and welfare and medical benefits that we do in the Q1 that mitigate maybe a higher reinsurance on it. And then throughout the year, our retail is performing well. Our wholesale is seems to be getting stronger and stronger. Our programs are doing well.

But yes, you would see a little seasonality because of reinsurance in the Q1 in our organic growth.

Okay, got it. But you're saying actually it could be higher, not lower even if reinsurance pricing is down, okay, because of demand.

a chance to talk to you again in our March IR day and we should have a better feel of the seasonality for that too.

Okay. Awesome. My last question is on new share investment income. I'm thinking through post the deal close, if you're able to comment. So my understanding is that the company you're purchasing kind of didn't fully leverage its fiduciary income and that it had a lot of kind of it was direct pay relationships between the businesses paying directly to the insurance carriers and you guys might be able to optimize that working capital to gain more fiduciary assets.

Is that if that's what I'm describing is correct, can you offer kind of a timeline and how that works in terms of kind of getting those asset balances onto your balance sheet?

Yes. Yes, your recollection is correct. And I think that if you go back, I don't know, 10 years ago when we went through our exercise of consolidating bank accounts from around the world, this will be obviously mostly in the U. S. We did have some good success of picking up more fiduciary cash into our accounts and I think that will be invested.

So we do see that as an opportunity that will be better together on that metric. So yes, there should be versus their run rate, I'm guessing together we'll be better on that going forward.

Doug, is there just any is that kind of a 1 year process or that's like takes many years?

Listen, 18 months we shouldn't be talking about anymore. So I think we'd get it done. Hopefully faster.

line of Gregory Peters with Raymond James.

Please proceed with your question. Good afternoon, everyone.

I guess I'd like to start with California. Given the substantial potential loss to the insured market, Curious if you could give us some perspective of how it might touch your operations.

I'm interested in the business going in inside RPS, if there's any impact on the wholesale market that you're seeing. If you could just talk about your perspectives of that as we watch this disaster unfold, that would be great.

Well, first of all, Greg, it's Pat. We reached out to thousands of clients already to make sure that they had the knowledge of how to file claims and what have you, how to get a hold of us if they're having difficulty in filing those claims. We are presently tracking, I forget the exact number today, but we have hundreds of claims that we're helping our clients with already. I think that you've got a situation that is it's going to continue to unfold for us. We're a big player in California.

We're a big player in Los Angeles. Not huge in personal lines there, but it's going to keep us incredibly busy for a number of months. And then in terms of the impact of that, luckily, again, we've been able to stay in touch with our people. We have had our folks have in some instances were evacuated. We did not lose anybody and don't have many of our folks that have lost any of their homes.

So I think we'll be well in a strong place to help our clients, but I can't give you much more than that right now in terms of how it's going to impact our day to day activities out there.

Okay. And then I guess my follow-up question is switch gears. You mentioned in your comments about the lower contingents. Just curious, given the profitability we're seeing in the industry, I would have imagined that supplementals and contingents would be up. And I think your guidance for 2025 suggests that they should go back up again.

But maybe you could spend a minute and give us some color on what happened with contingents in Europe and then color on your outlook?

Yes. Great question. Great. Thanks for asking. Like I said, I ended in my comments, this isn't a trend and what you said there is right.

We would expect it to bounce back up again. Frankly, it's simply because as we get the final year loss ratio estimates in from the carriers, they're coming in just a little bit higher than what maybe we had been anticipating throughout the year. And to put this in context, we see this as about a maybe a $7,000,000 shortfall to what we're thinking back in October. A third of it is 2 thirds of it is spread across hundreds of contracts. And so if the loss ratios are ticking up just a little bit, it might that probably costs us $4,000,000 of it.

And then another third is we had about 3 contracts and programs in Canada that just really kind of came in here in January with really not very great results. So that's what but if you look at it on an annual basis, when you combine supplements and contingents, I think if I do the math here mentally, I think it's about 8% even with a small blip in the Q4. So it's still a terrific year. But I wouldn't over read that there's some systemic shift in what contingents and supplementals are going to be going forward. So I would expect those numbers to grow over the blip this year considerably.

Just a clarification on that answer, Doug. Is there a specific line of business or sort of across a broader business set?

It's across the line, right? I mean, it's I wouldn't say there's anything there. So we have hundreds of these contracts. So we get a lot of this information coming in here right around the 1st week or 2 of January.

I guess another way of saying on the $600,000,000 number, it's only to have maybe $3,000,000 or $4,000,000 of what I would say loss ratio I think our picks have been pretty good throughout the year?

Our next question comes from the line of Andrew Kligerman with TD Securities. Please proceed with your question.

Hi, how are you? Hi, how are you? First question is around the Risk Management segment.

Thinking back to last year, you had guided to 9% to 11% organic growth for this year. And now for next year for 'twenty four, that is. And now for 'twenty five, you're guiding to 6% to 8%, which I still think is fabulous. But what's kind of changing that your guidance isn't quite as robust as it was to start last year?

Yes. Here's the thing is, I think that this business, if you recall, we can get some pretty large contracts that come in. It is a little bit more elephant hunting, so to speak. So this year, I think that we've got some nice new business in the pipeline coming into 2025. And And so I think if you go back in the history of Gallagher Bass and the risk management segment, we have periods like this where it will grow mid single digits, something like that, and then they'll have a couple of nice large contracts.

We still see that happening. There are some of our government programs that we do down in Australia have some nice opportunity. And then more and more, we're proving to the carriers left and right that we can actually deliver better claim outcomes on that business. And as a carrier decides to use us for their claims payment process on work comp and general liability, we're not storm chasers, remember, then but it is a little bit more of a lumpy business as we get some pretty nice sites.

I see. So like you never know, you could probably find another elephant this year, right?

Yes. That's right. Our prospect list is always filled with elephants. They're just hard to get their hands every once

Got it. And then I'm just kind of curious about your operations in India, the Center For Excellence, where I think you have about 12,000 employees right now. And as you look out through this year, do you need to add people given the Assured Partners transaction? Can you keep it steady? And is technology making it such that you really don't need to hire that much?

Well, I think you got both ends of that correct, Andrew. We're going to be using technology quite a bit. And as we use technology that does make that group there much more efficient. And yet at the very same time our organic growth and our acquisition growth puts a lot more demand in the structure. And so at about 12,000 employees, I think that at this time next year, you'll see us up additional 1,000.

Yes. The other thing too is think about this, the value that it brings is when work goes into our service centers, remember those are our folks that they were not they're not working for anybody else, they work for us. It causes standardization. It causes process improvement. I got to tell you that gives us a head start by years years when it comes to implementing technologies and AI into the work that's already been standardized.

And truthfully, as we develop AI technologies that replace some of that work there, all of those folks have opportunities to because our growth that they don't lose their jobs. It's just they move up higher in the value chain on it. And so it's really a juggernaut in my opinion in terms of our ability to offer some of the very best service in the world.

And the judge, unless you standardize that service, A, you can't automate it. But B, when you do standardize it, it makes you better and better at the service for our clients. Just take certificates of insurance. We're going to issue $3,000,000 $4,000,000 of them pretty much error free. There aren't any real brokers that can claim that.

I see. So maybe the bottom line takeaway is you may add 1,000 or 2 employees, but it's still scalable. You're still getting better margin from that. Is that the right final takeaway?

It won't surprise me that in like for like in 5 years, we've doubled that number.

line of Elyse Greenspan with Wells Fargo. Please proceed with your question.

Arthur J. Gallagher (AJG) Q4 2024 Earnings Call Transcript

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