Profit at the UK arm of insurance giant Arthur J Gallagher & Co surged to more than £200m in 2023, it has been revealed.
The US giant, which has its UK head office in London, has reported a pre-tax profit of £200.8m for the year, up from £124.5m.
According to newly-filed accounts with Companies House, Gallagher’s turnover also increased from £522m to £668.4m over the same period.
Gallagher has been the title sponsor for England’s rugby union Premiership since 2018.
For 2023, the wider group reported a revenue of $10bn, up from $8.5bn, and a pre-tax profit of $1.1bn, down from $1.3bn.
Gallagher wants to become a ‘market leader’
A statement signed off by the board said: “New business and renewals were both strong in 2023 with investment in both new and existing broking talent, product development and successful insurer relationships continuing to drive growth.
“Market conditions have generally been favourable and client activity has increased as a result.
“Insurance exposures have risen as a result of this increased activity with general inflationary pressures also impacting turnover positively.”
On its future, Gallagher added: “We aim to become a market leader in all our chosen areas of specialty and reinsurance and to drive organic growth through client retention, creation of new products and investment in talent.
“We will continue to incorporate best practices in processes and invest in technology solutions to provide industry leading levels of service for our clients.”
Gallagher’s turnover from net brokerage increased from £452.8m to £599.5m in the year while its fees rose from £31.1m to £35.1m. However, commission fell from £39.1m to £34.8m.