Arthur J. Gallagher saw fourth-quarter net earnings jump to $60 million, compared to $33.5 million in 2012's fourth quarter, as revenues increased to $890.2 million for the quarter, compared to $673.2 million for the same period in 2012.
The brokerage segment saw a 22% increase in revenues to $592.7 million. Net earnings in the segment were $50.5 million, up from $31.5 million in 2012's fourth quarter.
In AJG's risk-management segment, revenues were $151.5 million in 2013's fourth quarter, compared to $144.8 million for the same period in 2012. Net earnings were down slightly to $8.7 million compared to $8.9 million in 2012's fourth quarter.
For the year, AJG's net earnings were $268.6 million compared to $195 million in 2012. Revenues were $3.2 billion in 2013 compared to $2.5 billion the year before.
In a Seeking Alpha transcript of AJG's conference call, J. Patrick Gallagher, executive chairman, CEO and president, said, “Simply said, I could not be any prouder of our team and our results for the fourth quarter and full year 2013.”
He said 2013 was a “banner year” for mergers and acquisitions. “We completed 31 transactions, two of which were really sizable,” Gallagher said. “Bollinger in the Northeast and Giles in the U.K., added significantly to our revenue base in both locations. Including the other 29 completed acquisitions, we approached $400 million of acquired revenue and $130 million of annualized EBITDAC.”
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