Arthur J. Gallagher reported a first-quarter profit of $17 million, or 17 cents a share, compared with a loss of $74 million, or 85 cents a share, in the period last year.
The Itasca, Ill.-based insurance broker's revenues were down $19 million, from $347 million in 2005 to $328 million.
The decrease in revenue was due mainly to a $26 million drop in investment income and the loss of controversial contingent commission income, which amounted to $17 million in the first quarter of 2005.
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