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Arthur J. Gallagher & Co. reported fourth-quarter revenue of $2.39 billion, a 19.9% increase over the same period in 2022.
Organic revenue, which excludes acquisitions and foreign exchange fluctuations, increased 8.5%, the brokerage said in a statement Thursday after markets closed.
The company reported 14 acquisitions in the fourth quarter, down from 17 in the prior-year period, but the deals in the most recent quarter represented $410 million in annualized revenue, compared with $141.3 million a year earlier.
Gallagher reported a net loss for the quarter of $39.6 million, compared with a $135.5 million profit in the prior-year period. Change in estimated acquisition earnout payables increased significantly.
In its core brokerage sector, Gallagher reported $2.05 billion in revenue for the quarter, up 20.4%. Its risk management sector, which includes its third-party administrator business Gallagher Bassett Services Inc., reported $340.4 million in revenue, up 17.1%.
For the year, Gallagher reported revenue of $9.93 billion, up 17.9% compared with 2022, and net earnings of $966 million, down 13.4%.
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