Insurance broking group Arthur J. Gallagher & Co. has reported total revenue before reimbursement of $3.32 billion for the third quarter of 2025, compared to $2.8 billion in Q3’24, as the core brokerage and risk management segments combined delivered 20% total revenue growth. This marks the broker’s 19th straight quarter of double-digit top-line growth.
For nine months 2025, the company’s revenues before reimbursement amount to $10.1 billion compared to $8.72 billion in 9M’24. Of this, the company’s brokerage arm reported revenue of $9.02 billion, compared to $7.63 billion in 9M’24. Meanwhile, $1.2 billion comes from the risk management segment, compared to $1 billion in 9M’24.
Net earnings across the company, however, dipped to $1.04 billion compared to $1.39 billion in Q3’24. Of this, the brokerage arm added $1.57 billion compared to $1.7 billion in Q3’24, while the risk management arm added $19 million in Q3’25 compared to $20 million in last year’s comparable quarter.
For 9M’25, net earnings across the company also dipped to $5.16 billion compared to $5.4 billion in 9M’24, of which the brokerage arm added $6.65 billion in this half compared to $6.1 billion in 9M’24, while, risk management arm added $51 million compared to $59 million in 9M’24.
The operating expense for the quarter is $433.6 million compared to $342 million in Q3’24. Meanwhile, for 9M’25, the same was $1.14 billion compared to $1.02 billion in 9M’24.
In Q3’25, the firm closed six acquisitions compared to three in Q3’24, with annualised revenues of $3.03 billion compared to $32.7 million in Q3’24.
For 9M’25, the company closed 25 acquisitions with annualised revenues of $3.9 billion, compared to 27 acquisitions with a revenue of $173 million in 9M’24.
J. Patrick Gallagher, Jr., Chairman and Chief Executive Officer, Arthur J. Gallagher & Co., commented, “We had a terrific and very active third quarter!. For our combined brokerage and risk management segments, we delivered 20% total revenue growth; our 19th straight quarter of double-digit top-line growth. Organic revenue growth was 4.8%, and incremental revenue from acquisitions was more than $450 million. Net earnings margin was 13.8%, adjusted EBITDAC margin was 32.1%, and adjusted EBITDAC grew 22%. Our client-centric, team-driven, and welcoming culture is thriving!
“Global insurance renewal premium changes remain in positive territory and we are not seeing indications of economic slowdown. Our two-pronged growth strategy – organic and M&A – continues to benefit from our leading niche experts, vast data and analytics offerings, extensive product expertise, outstanding service, and global reach which puts us in an enviable spot competitively for new customers and production talent. Overall, our businesses continue to shine and the early days of AssuredPartners professionals joining the Gallagher team is off to a terrific start!”
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