Arthur J Gallagher has reported net earnings attributable to controlling interests of $234.5m for Q2 2023, marking a decline of 17% from $284.2m last year.

For the quarter ended 30 June 2023, the company’s diluted net earnings per share fell to $1.07 from $1.33 in Q2 2022.

The company declared a dividend of $0.55 per share for the quarter as against $0.51 in the prior-year quarter.

The company’s total revenues for the quarter were $2.4bn, a 19% increase from $2bn in the year-ago period.

In the brokerage division, Arthur J Gallagher’s net earnings attributable to controlling interests dropped to $288.3m from $310.3m a year ago.

However, revenues in the division surged to $2bn from $1.7bn in the year-ago period.

In the risk management segment, the company’s net earnings attributable to controlling interests totalled $36.7m while revenues reached $353.6m in the same quarter.

For the second quarter, the company posted adjusted earnings before interest, taxes, depreciation, amortisation and coronavirus (EBITDAC) of $675.7m versus $ 567.6m in the previous year’s quarter.

Total EBITDAC reportedly stood at $560.3m in Q2 2023.

Arthur J Gallagher chairman, president and CEO J Patrick Gallagher Jr said: “We had a fantastic second quarter.

“Our core brokerage and risk management segments combined to post 20% reported revenue growth, 10.8% organic revenue growth, and a 14% reported net earnings margin, and we improved our adjusted EBITDAC margin 52 basis points. 

“Also during the quarter, we completed 15 new mergers with approximately $349m of estimated annualised revenue.”