Arthur J. Gallagher & Co. reported first-quarter 2014 net income of $49.3 million, up 21.7% from the prior-year quarter, the insurance broker said in its earnings statement Monday.
Revenues grew 35.7% to $915 million in first quarter 2014 as commissions rose 25.9% to $411.5 million, while fees increased 7.3% to $257.2 million. Investment income rose 35.3% over the first quarter of 2013 to $2.3 million.
“We are off to an excellent start in 2014,” said J. Patrick Gallagher Jr., chairman, president and CEO, in the statement. “The rate environment remains steady with insurance carriers continuing to focus on profitable underwriting.”
The company’s combined brokerage and risk management segments posted 20% growth in adjusted total revenues, Mr. Gallagher said in the statement, and Gallagher has announced 10 mergers with annualized revenues of approximately $153.6 million thus far in 2014, he added.