(Reuters) – Arthur J. Gallagher reported a rise in fourth-quarter adjusted profit on Thursday, as the insurer brokerage earned more commissions and fees.
Resilient demand for insurance products helped its brokerage business, which aids its clients in finding the best coverage while mitigating price increases.
The company’s commissions increased 15% compared with a year earlier to $1.33 billion in the quarter, while fees rose 22.6% to $802.4 million.
Total revenue rose 19.9% to $2.43 billion during the quarter.
Peer Brown & Brown also reported a jump in fourth-quarter profit on Monday, driven by higher commissions and fees alongside better investment returns.
Arthur J. Gallagher’s adjusted net earnings rose to $408.4 million, or $1.85 per share, for the three months ended Dec. 31, from $321.6 million, or $1.49 per share, a year earlier.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri)