Arthur J. Gallagher & Co. insurance brokerage reported 2005 fourth-quarter net income dropped $41.6 million, or 85 percent, driven down by the loss of contingent commissions, regulatory expenses and a soft market.
Net income for the period in 2005 fell from $49.1 billion, or 52 cents a share in 2004, to $7.5 million, or 8 cents a share. Revenues grew 1 percent, from $373.4 million in 2004 to $376.1 million.
For the year, Gallagher reported net income dropped $157.7 million, going from $188.5 million, or $1.99 a share in 2004, to $30.8 million, or 32 cents a share. Revenues, however, increased 3 percent, going from $1.44 billion to $1.48 billion in 2005.
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