Arthur J. Gallagher reported disappointing earnings results for the third quarter as the soft market took a serious hit to its earnings, producing zero organic growth and assurances from its chief executive that the firm can do better.

The Itasca, Ill.-based insurance brokerage firm reported third-quarter net income grew a modest 3 percent, or $2 million, to $52 million in the quarter. That translated into a net earnings per share increase of 3 cents, to 54 cents a share. Revenues in the quarter declined less than 1 percent, or $3 million, to $424 million.

For the nine months, the broker reported net income increased 11 percent, or $12 million, to $115 million. Earnings per share increase 12 cents over the same period last year to $1.18 a share. Revenues in nine months have grown 12 percent, or $134 million, to $1.2 billion.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.