Arthur J Gallagher unveils “document income” in 2020 outcomes
Brokerage: Net income of $ 157.7 million for the fourth quarter of 2020 compared to $ 118.7 million for the fourth quarter of 2019. Net income for the full year 2020 reached $ 866 million compared to $ 717.3 million for the full year 2019.
Risk Management: Net income of $ 19.1 million for the fourth quarter of 2020 compared to $ 18.3 million for the fourth quarter of 2019. Net income for the full year 2020 reached $ 66.9 million versus $ 66.2 million for throughout 2019.
Corporate: A net loss of $ 23.7 million for the fourth quarter of 2020, reduced from a net loss of $ 31.4 million for the fourth quarter of 2019. However, the net loss for the full year 2020 is of $ 67.7 million for 2019 as a whole increased to $ 74.8 million.
Group Chairman, President and CEO Patrick Gallagher Jr. commented on the results, noting that the company had an “excellent” quarter and strong full year results with record earnings. Despite the pandemic and the resulting economic impact, AJG has implemented its long-term operational priorities – organic and acquisition-driven growth, productivity improvement and investing in culture.
“We work in a property and accident environment in which rates are rising by around 8% worldwide, conditions are getting tougher and capacity is increasingly restricted in certain lines of business. We see these market conditions continue into 2021, ”he said. “In addition, we see increased business activity, a recovering labor market and a recovery in emerging risk management demands. An environment with rising interest rates and growing exposure units offers us almost the perfect opportunity to show that we offer our customers the best possible advice in the areas of insurance, advice and risk management. “
Gallagher Jr. thanked the company’s employees for their flexibility, hard work, and focus on customer service. He said he was proud of the group’s collective achievements in 2020 and how they came together physically as well.