Insurance brokerage Arthur J. Gallagher & Co. (AJG.N: Quote, Profile, Research) posted a higher quarterly profit, that was in line with analysts' expectations, helped by a 13 percent rise in revenue from its combined brokerage and risk management segments.
The Itasca, Illinois-based company reported second-quarter net earnings of $43.8 million, or 44 cents a share, compared with $36.6 million, or 37 cents a share, last year.
Revenue for the quarter rose to $440.8 million from $370.6 million in the year-ago period.
Analysts on average expected the company to earn 44 cents a share, excluding any special items, on revenue of $431.3 million, according to Reuters Estimates.
Arthur J. Gallagher said revenue from its combined brokerage and risk management segments rose to $415.6 million from $368.5 million last year.
In a statement, the company also said its board has authorized the repurchase of an additional 7 million common shares, taking the total authorization under the plan to up to 7.2 million. (Reporting by Shikhar Balwani in Bangalore)
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