Insurance broking group Arthur J. Gallagher & Co. has reported total revenue before reimbursement of USD 3.955 billion for the second quarter of 2026, compared to USD 3.2 billion in Q2’25, as the combined brokerage and risk management segments delivered 24% total revenue growth, including organic growth of 6%.
Of the total revenue, the company’s brokerage unit added USD 3.5 billion this quarter, compared to USD 2.8 billion in Q2’25, while the risk management arm contributed USD 453 million compared to USD 392 million in the comparative prior year quarter.
The broker explained that in Q2, both the reported and adjusted amounts for the brokerage segment include approximately $144 million of incremental interest income, earned on the cash proceeds associated with the AssuredPartners Financing in December 2024.
For the first half of 2026, the company’s revenues before reimbursement amount to USD 8.7 billion compared to USD 6.9 billion in H1’25. Of this, the brokerage arm reported revenue of USD 7.8 billion, compared to USD 6.1 billion in H1’25. Meanwhile, USD 881 million comes from the risk management segment, compared to USD 766 million in H1’25.
Net earnings across the company, however, dipped to USD 324 million compared to USD 368 million in Q2’25. Of this, the brokerage arm added USD 450 million compared to USD 510 million in Q2’25, while the risk management arm added USD 57 million in the quarter, compared to USD 43 million in last year’s comparable quarter.
For H1’26, net earnings across the company grew slightly to USD 1.1 billion compared to USD 1 billion in H1’25, of which the brokerage arm added USD 1.4 billion in this half compared to USD 1.3 billion in H1’25, while the risk management arm added USD 107 million compared to USD 84 million in H1’25.
The operating expense for the quarter is USD 83 million compared to USD 73 million in Q3’24. Meanwhile, for H1’26, the same was USD 161 million compared to $1.02 USD 144 million in H1’25.
In Q2’26, the firm closed six acquisitions compared to nine in Q2’25, with annualised revenues of USD 58 million compared to USD 291 million in Q2’25.
In H1’26, the company closed 14 acquisitions with annualised revenues of USD 107 million, compared to 19 acquisitions with a revenue of USD 354 million in H1’25.
J. Patrick Gallagher, Jr., Chairman and Chief Executive Officer, Arthur J. Gallagher & Co., commented, “We delivered an excellent second quarter! Our combined Brokerage and Risk Management segments delivered revenue growth of 24%, including organic growth of 6%. Our growth reflects the strength and diversity of our model, the continued power of our two-pronged growth strategy, and our culture of client-first execution. Client retention remains strong, new business generation continues to be outstanding, and clients continue to seek broader solutions across our platform.
“In an increasingly complex risk environment, client demand for our advice, analytics, market access, specialty expertise and claims advocacy remains robust. Looking ahead, we remain confident in our ability to build on our momentum and continue creating long-term value for our clients, colleagues and shareholders.”
