AJG Sees Net Income Up 40%
NU Online News Service, July 19, 3:57 p.m. EST?Itasca, Ill., based insurance broker Arthur J. Gallagher & Co. announced today second quarter net income rose 49 percent on revenue gains of 30 percent over the same period in 2001.
AJG reported that for the second quarter of 2002, net income increased $11.3 million for the second quarter ending June 30, going from $23 million for the second quarter of 2001 to $34.5 million this quarter. Net earnings per share rose 11 cents for the second quarter, or 42 percent, going from 26 cents per share in 2001 to 37 cents.
Second quarter total revenues rose $63.14 million going from $213.95 million for the three months of 2001 to $277.1 million in 2002.
The firm benefited from the continuing hard insurance market, said Michael J. Cloherty, AJG executive vice president, with new business reaching record levels and lost business at less than anticipated levels.
Among the earning items noted, Mr. Cloherty said, was the gain on the sale of a portion of a minority interest in an alternative fund manager worth $11.8 million.
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