Arthur J. Gallagher & Co. reported net income for the second quarter increased 12 percent but on a half-year comparison fell 126 percent, hurt by declining prices and millions in defense costs related to contingency fee investigations.
For the second quarter, the Itasca, Ill.-based insurance broker reported net income was up $5.7 million, going from $46.1 million in 2004, or 49 cents a share, to $51.8 million, or 54 cents a share, in 2005. Revenues increased less than 1 percent, or $2.4 million, from $368.7 million to $371.1 million.
In the first six months, Gallagher reported net income dropped 126 percent, or $107.2 million, from $85 million, or 90 cents a share in 2004, to a loss of $22.2 million, or 24 cents a share. Revenues were up less than 3 percent, or $17.9 million, going from $700.1 million to $717.9 million.
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