{"id":845648,"date":"2025-05-01T16:46:45","date_gmt":"2025-05-01T20:46:45","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/arthur-j-gallagher-co-announces-first-quarter-2025-financial-results\/"},"modified":"2025-05-01T16:46:45","modified_gmt":"2025-05-01T20:46:45","slug":"arthur-j-gallagher-co-announces-first-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/arthur-j-gallagher-co-announces-first-quarter-2025-financial-results\/","title":{"rendered":"Arthur J. Gallagher & Co. Announces First Quarter 2025 Financial Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n ROLLING MEADOWS, Ill.<\/span>
\n <\/span>, May 1, 2025<\/span><\/span> \/PRNewswire\/ — Arthur J. Gallagher<\/span> & Co. (NYSE: AJG) today reported its financial results for the quarter ended March\u00a031, 2025.\u00a0 Management will host a webcast conference call to discuss these results on Thursday, May 1, 2025<\/span> at 5:30 p.m. ET<\/span>\/4:30 p.m. CT<\/span>.\u00a0 To listen to the call, and for printer-friendly formats of this release and the “CFO Commentary” and “Supplemental Quarterly Data,” which may also be referenced during the call, please visit ajg.com<\/a>\/IR.\u00a0 These documents contain both GAAP and non-GAAP measures.\u00a0 Investors and other users of this information should read carefully the section entitled “Information Regarding Non-GAAP Measures” beginning on page\u00a08.\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Summary of Financial Results – First Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Revenues Before<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Diluted Net Earnings<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n \u00a0Reimbursements<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Net Earnings (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n EBITDAC<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (Loss) Per Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 25<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1st Q 24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 25<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1st Q 24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 25<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1st Q 24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 25<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1st Q 24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (in millions)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (in millions)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (in millions)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Brokerage, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 3,314.6<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 2,864.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 816.1<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 652.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 1,351.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 1,048.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.13<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net (gains) on divestitures<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.4)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.8)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.4)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.02)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Acquisition integration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 36.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 44.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 48.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.13<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.16<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Workforce and lease termination<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.05<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.04<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Acquisition related adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (26.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.6<\/span>\n <\/p>\n<\/td>\n

\n

\n (8.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.09<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.02)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Amortization of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 152.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 116.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.59<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.53<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Effective income tax rate impact<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (2.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.01)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Levelized foreign currency<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n \u00a0\u00a0 translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (17.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (6.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (8.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.03)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Brokerage, as adjusted\u00a0 *<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,308.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,820.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,034.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 796.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,436.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,123.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.97<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.59<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Risk Management, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 373.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 352.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 39.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 71.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 70.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.16<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.18<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Net (gains) losses on divestitures<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Acquisition integration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Workforce and lease termination<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.01<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Acquisition related adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Amortization of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.02<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Levelized foreign currency<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n \u00a0\u00a0 translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Risk Management, as adjusted\u00a0 *<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 373.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 351.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 76.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 72.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.19<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.20<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Corporate, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (148.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n (79.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (122.2)<\/span>\n <\/p>\n<\/td>\n

\n

\n (62.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.57)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.36)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Transaction-related costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.0<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.1<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.08<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Corporate, as adjusted\u00a0 *<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (128.3)<\/span>\n <\/p>\n<\/td>\n

\n

\n (76.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (99.1)<\/span>\n <\/p>\n<\/td>\n

\n

\n (59.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.49)<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.34)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total Company, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 3,688.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 3,218.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 708.9<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 612.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 1,300.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 1,056.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.72<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.74<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total Company, as adjusted\u00a0 *<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 3,681.8<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 3,172.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 955.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 765.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 1,414.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 1,137.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.67<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.45<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total Brokerage & Risk\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Management, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 3,688.0<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 3,217.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 857.2<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 691.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 1,422.5<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 1,119.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.29<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.10<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total Brokerage & Risk\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Management, as adjusted\u00a0 *<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 3,681.4<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 3,172.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 1,083.3<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 842.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ 1,513.1<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 1,196.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.16<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n For first quarter 2025, the pretax impact of the Brokerage segment adjustments totals $292.0 million, mostly due to non\u2011cash period expenses related to intangible amortization, with a corresponding adjustment to the provision for income taxes of $73.7 million relating to these items.\u00a0 For first quarter 2025, the pretax impact of the Risk Management segment adjustments totals $10.7 million, with a corresponding adjustment to the provision for income taxes of $2.9 million relating to these items.\u00a0 For first quarter 2025, the pretax impact of the Corporate segment adjustments totals $23.1 million, with a corresponding adjustment to the benefit for income taxes of $3.1 million relating to these items.\u00a0 A detailed reconciliation of the 2025 and 2024 provision (benefit) for income taxes is shown on pages 12 and 13.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

(1 of 13)<\/p>\n

“We had a fantastic first quarter” said J. Patrick Gallagher, Jr.<\/span>, Chairman and CEO.\u00a0 “Our core brokerage and risk management segments combined to deliver 14% revenue growth, including organic revenue growth of 9%.\u00a0 Our first quarter net earnings margin increased 175\u00a0basis points to 23.0%, our adjusted EBITDAC margin increased 338 basis points to 41.1%, and adjusted EBITDAC grew year-over-year by 26%, the 20th<\/sup> consecutive quarter of double-digit growth.<\/p>\n

“We also completed 11 new mergers in the quarter with approximately $100 million<\/span> of estimated annualized revenue.\u00a0 And in early April, we completed the acquisition of Woodruff Sawyer, adding more than $250 million<\/span> of estimated annual revenue.\u00a0<\/p>\n

“Overall, the global P\/C insurance market continues to behave rationally with carriers looking to grow in lines and geographies where there is an acceptable return and seeking rate increases where it’s needed to generate an appropriate underwriting profit. \u00a0Thus, we continue to see a bifurcation between commercial property and casualty renewal premium changes, with property declining 2% and casualty increasing 8% during first quarter 2025.\u00a0 Exposure changes, including mid-term policy endorsements, continue to be positive, and we have yet to see any meaningful changes in our customers’ business activity from tariffs or the broader geopolitical environment.<\/p>\n

“Our talented production staff has the expertise, the tools, the data and the service capabilities to guide clients and prospects in the current environment.\u00a0 I am very excited about 2025 and beyond.”<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Brokerage\u00a0<\/b>
\n Segment Reported GAAP to Adjusted Non-GAAP\u00a0Reconciliations<\/b>\u00a0(dollars in\u00a0millions):<\/b><\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n
\n Organic Revenues (Non-GAAP)<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n
\n Base Commissions and Fees<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Commissions and fees, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,869.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,600.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less commissions and fees from acquisitions\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (90.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less divested operations\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (16.7)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Organic base commissions and fees<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,778.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,546.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Organic change in base commissions and fees\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 9.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n
\n Supplemental Revenues<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Supplemental revenues, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 113.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 93.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less supplemental revenues from acquisitions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Organic supplemental revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 113.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 93.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Organic change in supplemental revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 21.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n
\n Contingent Revenues<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Contingent revenues, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 92.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less contingent revenues from acquisitions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.4)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Organic contingent revenues\u00a0\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 91.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 85.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Organic change in contingent revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 7.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total reported commissions, fees, supplemental<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n revenues and contingent revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,076.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,780.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less commissions, fees, supplemental revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n and contingent revenues from acquisitions\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (92.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less divested operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17.4)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total organic commissions, fees, supplemental<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n revenues and contingent revenues\u00a0\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,984.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,725.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Total organic change\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 9.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n
\n

\n
\n
\n
\n Acquisition Activity<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Number of acquisitions closed\u00a0 *<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 10<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Estimated annualized revenues acquired (in millions)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 62.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 69.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n In the first quarter of 2025 and 2024, Gallagher issued 49,000 and 357,000 shares, respectively, of its common stock directly to sellers in connection with tax-free exchange acquisitions.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

(2 of 13)<\/p>\n

\n Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in\u00a0millions):<\/b>\n <\/p>\n

\n Acquisition of AssuredPartners<\/b>\n <\/p>\n

As previously disclosed, on December\u00a07, 2024, we agreed to acquire AssuredPartners for approximately $13<\/span>.45\u00a0billion, subject to customary regulatory approvals, and standard closing conditions.\u00a0 On March 7, 2025<\/span>, we received a request for additional information as part of the Hart-Scott-Rodino filing.\u00a0 We are actively responding to the request and expect that the transaction will close in the second half of 2025.\u00a0 We raised $8<\/span>.5\u00a0billion of cash in our December\u00a011, 2024 follow-on common stock offering and borrowed $5<\/span>.0\u00a0billion of cash in our December\u00a019, 2024 senior notes issuance (collectively the AssuredPartners Financing) to fund the transaction.\u00a0 On January 7, 2025<\/span>, we received an additional $1.28 billion<\/span> of cash due to the exercise by the underwriters of the overallotment provision related to the follow-on common stock offering.\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Compensation Expense and Ratios<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Compensation expense, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,617.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,476.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition integration\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (27.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (24.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Workforce and lease termination related charges<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (16.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10.4)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition related adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (30.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (49.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Compensation expense, as adjusted<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,543.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,383.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Reported compensation expense ratios using reported\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues on page 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n 48.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted compensation expense ratios using adjusted\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues on page 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n 46.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n Reported first quarter 2025 compensation expense ratio was 2.8 pts lower than first quarter 2024.\u00a0 This ratio primarily benefited from higher revenues related to interest income earned on proceeds associated with the AssuredPartners Financing.\u00a0 This ratio also benefited from savings related\u00a0to headcount controls and lower acquisition related adjustments, offset by higher workforce and lease termination costs. \u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted first quarter 2025 compensation expense ratio was 2.4\u00a0pts lower compared to first quarter 2024.\u00a0 This ratio primarily benefited from higher revenues related to interest income earned on proceeds associated with the AssuredPartners Financing.\u00a0 This ratio also benefited from savings related to headcount controls.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n
\n Operating Expense and Ratios<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Operating expense, as reported\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 346.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 339.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition integration\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (16.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (24.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Workforce and lease termination related charges<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Operating expense, as adjusted<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 328.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 313.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Reported operating expense ratios using reported\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues on page 1\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted operating expense ratios using adjusted\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues on page 1\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n
\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n Reported first quarter 2025 operating expense ratio was 1.4 pts lower than first quarter 2024. \u00a0This ratio primarily benefited from lower travel and entertainment, technology, and integration costs, as well as savings in real estate expenses related to office consolidations. \u00a0This ratio also benefited from higher revenues related to interest income earned on proceeds associated with the AssuredPartners Financing.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted first quarter 2025 operating expense ratio was 1.2 pts lower than first quarter 2024.\u00a0 This ratio was primarily benefited by lower travel and entertainment and technology costs, as well as savings in real estate expenses related to office consolidations. \u00a0This ratio also benefited from higher revenues related to interest income earned on proceeds associated with the AssuredPartners Financing.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

(3 of 13)<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n \u00a0Brokerage Segment Reported GAAP to Adjusted Non-GAAP\u00a0Reconciliations (continued) (dollars in millions):<\/span><\/b>\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\u00a0<\/p>\n

Net Earnings to Adjusted EBITDAC (Non-GAAP)<\/span><\/b><\/u><\/span><\/p>\n<\/td>\n

\n \n <\/td>\n\u00a0<\/p>\n

1st Q 2025<\/span><\/b><\/span><\/p>\n<\/td>\n

\n \n <\/td>\n\u00a0<\/p>\n

1st Q 2024<\/span><\/b>\u00a0<\/span><\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\u00a0<\/p>\n

Net earnings, as reported<\/span><\/b><\/span><\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 816.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 652.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 283.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 223.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 203.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 156.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Change in estimated acquisition earnout payables<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (16.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n EBITDAC\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,351.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,048.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net (gains) on divestitures<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition integration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 44.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Workforce and lease termination related charges<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition related adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0EBITDAC, as adjusted<\/b> \u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,436.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,123.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net earnings margin, as reported using reported\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues on page 1<\/span>\n <\/p>\n<\/td>\n

\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n 24.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n EBITDAC margin, as adjusted using adjusted\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues on page 1<\/span>\n <\/p>\n<\/td>\n

\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 39.8\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n
\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n First quarter 2025 adjusted EBITDAC margin would be 40.9% excluding approximately $143\u00a0million of interest income revenues earned on the proceeds received in December 2024 related to the AssuredPartners Financing.\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Risk Management Segment\u00a0<\/b>
\n Reported GAAP to Adjusted Non-GAAP\u00a0Reconciliations<\/b>
\n \u00a0(dollars in\u00a0millions):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n
\n Organic Revenues (Non-GAAP)<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fees<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 362.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 341.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n International performance bonus fees\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Fees as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 364.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 344.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Less fees from acquisitions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Less divested operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Organic fees\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 354.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 341.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Organic change in fees<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n
\n

\n
\n
\n
\n Acquisition Activity<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Number of acquisitions closed\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Estimated annualized revenues acquired (in millions)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 38.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

(4 of 13)<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Risk Management Segment Reported GAAP to Adjusted Non-GAAP\u00a0Reconciliations\u00a0(continued) (dollars in millions):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n
\n Compensation Expense and Ratios<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Compensation expense, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 231.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 213.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition integration<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.6)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Workforce and lease termination related charges<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.8)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition related adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Compensation expense, as adjusted<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 227.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 211.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Reported compensation expense ratios using reported\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues (before reimbursements) on page 1\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted compensation expense ratios using adjusted\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues (before reimbursements) on page 1<\/span>\n <\/p>\n<\/td>\n

\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n Reported first quarter 2025 compensation expense ratio was 1.3 pts higher than first quarter 2024. \u00a0This ratio was primarily impacted by higher employee benefit and workforce and lease termination costs, partially offset by savings in temporary help.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted first quarter 2025 compensation expense ratio was 0.8\u00a0pts higher than first quarter 2024.\u00a0 This ratio was primarily impacted by higher employee benefit costs, partially offset by savings in temporary help.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n
\n Operating Expense and Ratios<\/b>
\n <\/span>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Operating expense, as reported\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 70.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 68.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Acquisition integration\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.1)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Workforce and lease termination related charges<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.4)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Operating expense, as adjusted<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 69.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 67.6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Reported operating expense ratios using reported<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues (before reimbursements) on page 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n 19.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.4\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted operating expense ratios using reported<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues (before reimbursements) on page 1\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n 18.6\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n
\n

\n *<\/span>\n <\/p>\n<\/td>\n

\n

\n Reported first quarter 2025 operating expense ratio was 0.4 pts lower than first quarter 2024.\u00a0 This ratio primarily benefited from savings in client-related expenses, partially offset by increased technology and integration costs.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n **<\/span>\n <\/p>\n<\/td>\n

\n

\n Adjusted first quarter 2025 operating expense ratio was 0.6 pts lower than first quarter 2024.\u00a0 This ratio primarily benefited from savings in client-related expenses, partially offset by increased technology costs.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Net Earnings to Adjusted EBITDAC (Non-GAAP)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 1st Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1st Q 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net earnings, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 41.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provision for income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 14.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 9.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.3<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in estimated acquisition earnout payables<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n EBITDAC<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 71.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net (gains) losses on divestitures<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition integration\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Workforce and lease termination related charges<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition related adjustments<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Levelized foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n EBITDAC, as adjusted\u00a0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net earnings margin, as reported using reported\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues (before reimbursements) on page 1\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 11.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11.1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n EBITDAC margin, as adjusted using adjusted\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n revenues (before reimbursements) on page 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 20.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

(5 of 13)<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Corporate Segment\u00a0<\/b>
\n Reported GAAP Information<\/b>\u00a0(dollars in\u00a0millions):<\/b><\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Net Earnings<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Net Earnings<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Attributable to<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Attributable to<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Pretax<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Tax<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Controlling<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Pretax<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Tax<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Controlling<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 1st Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Loss<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Benefit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Interests<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Loss<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Benefit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Interests<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Components of Corporate Segment, as reported<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest and banking costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 (159.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 41.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (118.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 (93.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 24.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (68.9)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Clean energy related<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.4)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition costs (1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (23.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.9)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate (2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (94.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 88.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (56.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Reported 1st Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (282.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 134.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (148.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (156.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 77.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (79.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Adjustments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Transaction-related costs (1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Components of Corporate Segment, as adjusted<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest and banking costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (159.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (118.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (93.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (68.9)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Clean energy related<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.4)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Acquisition costs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.5)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.2)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Corporate (2)\u00a0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (94.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 88.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.0)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (56.9)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.0)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Adjusted 1st Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 (259.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 130.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (128.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 (153.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 76.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (76.5)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n Gallagher incurred transaction-related costs, which include legal, consulting, employee compensation and other professional fees associated with completed, future and terminated acquisitions.\u00a0 Adjustments primarily relate to the acquisition of the Willis Towers Watson treaty reinsurance brokerage operations, the acquisitions of Buck, Cadence Insurance, Eastern Insurance Group, all of which closed in 2023, Woodruff Sawyer, which closed on April 10, 2025, and the pending acquisition of AssuredPartners.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n (2)<\/span>\n <\/p>\n<\/td>\n

\n

\n Corporate pretax loss includes a net unrealized foreign exchange remeasurement loss of $(23.0) million in first quarter 2025 and a net unrealized foreign exchange remeasurement gain of $0.6 million in first quarter 2024.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Interest and banking costs and<\/b>
\n debt –<\/b> At March 31, 2025<\/span>, Gallagher had $9,550<\/span>.0\u00a0million of borrowings from public debt, $3,523<\/span>.0\u00a0million of borrowings from private placements and no borrowings under its line of credit facility.\u00a0 In addition, Gallagher had $152<\/span>.8\u00a0million outstanding under a revolving loan facility that provides funding for premium finance receivables, which are fully collateralized by the underlying premiums held by insurance carriers, and as such are excluded from its debt covenant computations, as applicable.\u00a0 As previously announced, on April\u00a03, 2025, Gallagher entered into an amendment and restatement to its Credit Agreement, dated as of June\u00a022, 2023.\u00a0 The amendment and restatement, among other things, extended the maturity date of the Credit Agreement from June\u00a022, 2028 to April\u00a03, 2030 and increased the commitment from $1,700<\/span>.0\u00a0million to $2,500<\/span>.0\u00a0million (including a $75<\/span>.0\u00a0million letter of credit sub-facility and a $250<\/span>.0\u00a0million Euro swingline sub-facility).\u00a0 Interest and banking costs in first quarter 2025 are higher than the same period in 2024 primarily due to the debt issuances that occurred in February 2024<\/span> and December 2024<\/span>.<\/p>\n

\n Clean energy related –<\/b>\u00a0For 2025, this consists of operating results related to Gallagher’s investments in new clean energy projects.<\/p>\n

\n Acquisition costs –<\/b>\u00a0Consists mostly of external professional fees and other due diligence costs related to acquisitions.\u00a0 On occasion, Gallagher enters into forward currency hedges for the purchase price of committed, but not yet funded, acquisitions with funding requirements in currencies other than the U.S. dollar.\u00a0 The gains or losses, if any, associated with these hedge transactions are also included in acquisition costs.<\/p>\n

\n Corporate – <\/b>Consists of overhead allocations mostly related to corporate staff compensation, other corporate level activities, and net unrealized foreign exchange remeasurement.\u00a0 In addition, it includes the tax expense related to the partial taxation of foreign earnings, nondeductible executive compensation and entertainment expenses, the tax benefit from the vesting of employee equity awards, as well as other permanent or discrete tax items not reflected in the provision for income taxes in the Brokerage and Risk Management segments.\u00a0<\/p>\n

(6 of 13)<\/p>\n

\n Income Taxes<\/b>\u00a0– Gallagher allocates the provision for income taxes to its Brokerage and Risk Management segments using the local country statutory rates.\u00a0 Gallagher’s consolidated effective tax rate for the quarters ended March\u00a031, 2025 and 2024 were 18.8% and 20.7%, respectively.\u00a0<\/p>\n

\n Webcast Conference Call<\/b>\u00a0– Gallagher will host a webcast conference call on Thursday, May\u00a01, 2025 at 5:30 p.m. ET<\/span>\/4:30 p.m. CT<\/span>.\u00a0 To listen to this call, please go to Arthur J. Gallagher<\/span> & Co. – Events & Presentations (ajg.com)<\/a>.\u00a0 The call will be available for replay at such website for at least 90 days.\u00a0<\/p>\n

\n About Arthur J. Gallagher<\/span> & Co.
<\/b>
\n Arthur J. Gallagher<\/span> & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois<\/span>. \u00a0Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.\u00a0<\/p>\n

\n Information Concerning Forward-Looking Statements
<\/b>This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.\u00a0 When used in this press release, the words “anticipates,” “believes,” “contemplates,” “see,” “should,” “could,” “will,” “estimates,” “expects,” “intends,” “plans” and variations thereof and similar expressions, are intended to identify forward-looking statements.\u00a0 Examples of forward-looking statements include, but are not limited to, anticipated future results or performance of any segment or Gallagher as a whole; expected timing of completion of the AssuredPartners acquisition; acquisition rollover revenues, including estimated rollover revenues particularly of acquisitions larger than usual tuck-in acquisitions, such as Woodruff Sawyer; statements regarding changes in its expenses in the next several quarters; future capital structure changes, including debt levels from time to time; the impact of foreign currency on its results; integration costs; workforce and lease termination costs; amortization of intangibles; depreciation; change in estimated earnout payables; effective tax rate; earnings from continuing operations attributable to noncontrolling interests; the premium rate environment and the state of insurance markets; and the economic environment.<\/p>\n

Gallagher’s actual results may differ materially from those contemplated by the forward-looking statements.\u00a0 Readers are therefore cautioned against relying on any of the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.\u00a0<\/p>\n

Important factors that could cause actual results to differ materially from those in the forward-looking statements include global economic and geopolitical events, including, among others, fluctuations in interest and inflation rates; geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency; potential U.S. government shutdowns or gridlock over increasing the U.S. debt ceiling; political violence and instability, such as the armed conflicts in Ukraine<\/span> and the Middle East<\/span>; its actual acquisition opportunities, including closing risks related to pending acquisitions, particularly those related to the acquisition of AssuredPartners; risks with respect to acquisitions larger than its usual tuck-in acquisitions, such as the acquisition of Buck, Cadence Insurance, Eastern Insurance Group, My Plan Manager, Woodruff Sawyer and the pending acquisition of AssuredPartners, including risks related to its ability to successfully integrate operations, the possibility that its assumptions may be inaccurate resulting in unforeseen obligations or liabilities and failure to realize the expected benefits of these acquisitions; damage to its reputation due to its failure to uphold its culture or negative perceptions or publicity, including as a result of amplifying effects that the Internet and social media may have on such perceptions; reputational issues related to its sustainability-related activities, including potential backlash against such activities, and compliance with increasingly complex climate-related regulations, such as risks related to “greenwashing” and “greenhushing”; cybersecurity-related risks; its ability to apply technology, data analytics and artificial intelligence effectively and potential increased costs resulting from such activities; risks associated with the use of artificial intelligence in its business operations, including regulatory, data privacy, cybersecurity, errors and omissions, intellectual property and competition risks; heightened competition for talent and increased compensation costs; disasters or other business interruptions, including with respect to its operations in India<\/span>; risks related to its international operations, such as those related to regulatory, tax, sustainability, sanctions and anti-corruption compliance; changes to data privacy and protection laws and regulations; foreign exchange rates; changes in accounting standards; changes in premium rates and in insurance markets generally, including the impact of large natural events; tax, environmental or other compliance risks related to its legacy clean energy investments; its inability to receive dividends or other distributions from subsidiaries; and changes in the insurance brokerage industry’s competitive landscape.<\/p>\n

Please refer to Gallagher’s filings with the Securities and Exchange Commission, including Item 1A, “Risk Factors,” of its Annual Report on Form 10-K for the fiscal year ended December\u00a031, 2024 and its subsequently filed Quarterly Reports on Form 10-Q for a more detailed discussion of these and other factors that could impact its forward-looking statements.\u00a0 Any forward-looking statement made by Gallagher in this press release speaks only as of the date on which it is made.\u00a0 Except as required by applicable law, Gallagher does not undertake to update the information included herein or the corresponding earnings release posted on Gallagher’s website.<\/p>\n

(7 of 13)<\/p>\n

\n Information Regarding Non-GAAP Measures
<\/b>In addition to reporting financial results in accordance with GAAP, this press release provides information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio\u00a0and organic revenue.\u00a0 These measures are not in accordance with, or an alternative to, the GAAP information provided in this press release.\u00a0 Gallagher’s management believes that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to Gallagher’s results of operations and financial condition or because they provide investors with measures that its chief operating decision maker uses when reviewing Gallagher’s performance. \u00a0See further below for definitions and additional reasons each of these measures is useful to investors.\u00a0 Gallagher’s industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments.\u00a0 The non-GAAP information provided by Gallagher should be used in addition to, but not as a substitute for, the GAAP information provided.\u00a0 As disclosed in its most recent Proxy Statement, Gallagher makes determinations regarding certain elements of executive officer incentive compensation, performance share awards and annual cash incentive awards, partly on the basis of measures related to adjusted EBITDAC.\u00a0<\/p>\n

\n Adjusted Non-GAAP presentation<\/b>\u00a0– Gallagher believes that the adjusted non-GAAP presentations of the current and prior period information presented in this earnings release provide stockholders and other interested persons with useful information regarding certain financial metrics of Gallagher that may assist such persons in analyzing Gallagher’s operating results as they develop a future earnings outlook for Gallagher.\u00a0 The after-tax amounts related to the adjustments were computed using the normalized effective tax rate for each respective period.\u00a0 See pages\u00a014 and 15 for a reconciliation of the adjustments made to income taxes.<\/p>\n