Business

Gallagher posts ‘excellent’ Q2 results

Gallagher saw adjusted net income rise to $229m (£174m) during the Q2 period ended 30 June 2020, up from $164m (£124m).

When looking at the results for over the past six months, the insurance firm recorded adjusted net income of $567.3m (£431.9m).

J. Patrick Gallagher, Jr., chairman, president and CEO, said the company delivered an “excellent second quarter”. He added that despite the “economic deterioration” caused by Covid-19, its teams are executing at the “highest levels” while it continues to place health and safety first.

Gallagher said: “We grew our combined brokerage and risk management revenues in the second quarter – organically and through M&A – and our expense control actions delivered excellent growth in EBITDAC and net earnings.

“This demonstrates that our investments over the last decade have enabled us to quickly adjust our workforce and expense base, increase the utilization of our centers of excellence, efficiently work remotely, improve our productivity, while continually raising our quality.”

He added: “In the second quarter, most P&C rates increased mid-to-high single digits, offsetting exposure unit decreases. Employee benefits covered lives decreased during the second quarter, but not nearly as much as head-line unemployment numbers. New arising risk management claims bottomed in April and showed improvement in both May and June.”

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