AJG · Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. delivered strong Q1 2026 results with total revenues before reimbursements reaching $4,716 million on a GAAP basis, up significantly from $3,688 million in the prior-year quarter, driven by its dual strategy of organic growth and acquisitions. The brokerage segment, the core revenue driver at $4,293 million reported, achieved 5% organic growth across commissions, fees, supplemental, and contingent revenues, with standout 16% expansion in organic supplemental revenues. Risk management fees grew organically by 10% to $407 million. Adjusted net earnings rose to $1,164 million company-wide, with combined brokerage and risk management adjusted EBITDAC expanding 18% to $1,813 million, though margins contracted slightly to 40.1% in brokerage from 43.3% due to lower interest income versus prior-year levels boosted by $143 million from AssuredPartners financing proceeds. Compensation ratios increased modestly, reflecting headcount controls offset by integration costs and lower interest revenue, while operating expenses saw technology investments. Management, led by Chairman and CEO J. Patrick Gallagher, Jr., emphasized robust client retention, disciplined execution, and benefits from AI and digitization enhancing client advocacy. The company closed 9 acquisitions adding $59 million in annualized revenues and issued shares for tax-free exchanges. Supplemental materials including CFO Commentary with 2026 estimates were posted on the investor relations website, underscoring ongoing focus on productivity, culture, and long-term shareholder value amid a dynamic insurance market.