Lockton, Inc., the independent and privately held insurance brokerage, has reported global revenue of $3.55 billion for its fiscal year to April 30th, 2024, supported by solid growth at its reinsurance arm, Lockton Re.
Overall, Lockton saw a 15% rise in global revenue from the $3.09 billion seen in the prior year, driven by 14% organic revenue growth.
In fact, fiscal 2024 marked the fourth consecutive year of double-digit organic global revenue growth and a five-year organic revenue CAGR of 15% for the firm.
The broker’s revenue growth was driven by continued strength across all business segments and geographies, including at Lockton Re, which delivered 35% organic revenue growth year-on-year.
The firm’s U.S. operations reported revenue of $2.43 billion and 11% growth over the prior year, marking its sixth consecutive year of double-digit revenue growth and five-year organic revenue CAGR of 13%.
Lockton’s International operations produced revenue of $926 million and 24% growth over the prior year, exceeding its five-year organic revenue CAGR of 16%, notes the broker.
Ron Lockton, Chairman and Chief Executive Officer, commented, “Our differentiated business model and continued investment in service, innovation and industry-leading talent continues to deliver best-in-class organic revenue growth and opportunities for our people.
“Our private ownership model allows us to prioritize what is truly important: our clients and our people, making Lockton the best place to work and serve clients.”
“Our goal has never been to be the largest broker, just the best. However, when great people passionately and consistently serve clients and exceed expectations, organic growth and significant global scale is inevitable,” he added.
Other notable areas of investment and increased capabilities highlighted by the company include the continued buildout of tax, litigation, and intellectual property expertise within its Transaction Liability practice.
Meanwhile, Lockton has made some significant investments in emerging and specialized practices, including technology, marine and cyber risk.
“Looking forward into fiscal 2025 and beyond, Lockton remains well positioned to deliver upon its legacy of strong organic revenue growth.
“Importantly, Lockton maintains a conservative, all-weather capital structure that will allow us to continue to invest in our people and our clients. We will continue to invest in industry-leading talent and continue to develop our suite of capabilities and expertise we offer our clients,” concluded Lockton.
