Arthur J. Gallagher & Co.

ajg.com

What Do They Do?

Provides insurance and reinsurance brokerage, consulting, and property/casualty claims services to organizations, insurers, and individuals.

How Do They Make Money?

Receives commissions from underwriting enterprises and fees from clients for brokerage services; the claims-administration business earns service fees, including performance-based fees.

revenue

Segment	Share	Revenue
Brokerage	87% FY2022: 85%
Risk Management	13% FY2022: 14%
Corporate	<0.1% FY2022: 0.3%

Who Are Their Customers?

Commercial, nonprofit and public-sector organizations, individuals and insurance companies use Gallagher for coverage placement, consulting, claims administration and reinsurance services. It works through its own brokers and a correspondent network; wholesale brokers also place specialized coverage for retail and other independent brokers.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

11% of revenue

▲ +2% vs FY2024 ($1.5B, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +24%; vs $3.2B in Q2 FY2025
Net income: ▼ −12%; vs $368M in Q2 FY2025

Brokerage share of revenue vs 86.5% in Q2 FY2025

Growing. Revenue grew 70% in 4 years, from $8.2B in FY2021 to $13.9B in FY2025, about 14% a year.

Corporate segment revenue The older report described clean-energy investments as a source of Corporate revenue; the latest says Corporate generates no significant revenue and includes clean-energy investments among its corporate financial items.

Revenue over time

Brokerage Risk Management Corporate

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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