AJG Sees Net Rise 24 Percent
NU Online News Service, April 24, 10:52 a.m. EST?Insurance broker Arthur J. Gallagher & Co. yesterday announced that first-quarter per share earnings had risen 23 percent and net income had risen 24 percent.
The Itasca, Ill.- based firm reported net income increased $6.6 million, rising from $27.1 million for the first quarter of 2001 to $34 million for the period ending March 31, 2002.
Earnings per share increased 7 cents, rising from 30 cents per share for the first quarter of 2001 to 37 cents for the same period 2002.
In a statement, Michael J. Cloherty, AJG executive vice president, said the hardening insurance market contributed to increases in commissions and fees, which rose 18 and 17 percent, respectively, in the first quarter over the same period last year. Income from partnerships, equity investments and installment sales increased 88 percent.
The firm saw declines in income from investment and real estate ventures. Investment income was down 41 percent, going from $6.1 million in 2001 for the first quarter to $3.6 million for first-quarter 2002. Real estate income dropped 47 percent from $6.6 million for the first quarter of 2001 to $3.5 million for the same period in 2002.
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