Arthur J. Gallagher & Co.AJG
Arthur J. Gallagher & Co. Segments Disclosure
Segment Information
We have three reportable segments: brokerage, risk management and corporate.
The brokerage segment is primarily comprised of our retail and wholesale insurance and reinsurance brokerage operations. The brokerage segment (which comprises our retail property/casualty, wholesale, reinsurance, benefits and captive operations) generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks.
The risk management segment provides contract claim settlement and administration services for commercial, nonprofit, captive and public sector entities, and various organizations that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal
services. Revenues are principally generated on a negotiated per-claim or per-service fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered.
Revenues in the corporate segment consist of other income related to the run-off of legacy investments. In addition, the corporate segment reports the financial information related to our debt, external acquisition-related expenses, other corporate costs, the impact of foreign currency remeasurement and clean energy investments.
Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using the local country statutory rates. Reported operating results by segment would change if different methods were applied.
Our Chief Operating Decision Maker (which we refer to as CODM) who is our Chairman and Chief Executive Officer, analyzes and evaluates the operating performance of the three reportable segments presented below. We have disclosed for each reportable segment the significant expense categories that are reviewed by the CODM and there are no additional significant expenses within the expense categories presented in the tables below. The key areas of focus by the CODM for allocation of resources are revenues from each reportable segment, as well as their compensation and operating expenses.
Financial information relating to our segments for 2025, 2024 and 2023 is as follows (in millions):
| Year Ended December 31, 2025 | Brokerage | Risk Management | Corporate | Total | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Commissions | $ | 8,024 | $ | — | $ | — | $ | 8,024 | ||||||||||||||||||
| Fees | 2,646 | 1,549 | — | 4,195 | ||||||||||||||||||||||
| Supplemental revenues | 466 | — | — | 466 | ||||||||||||||||||||||
| Contingent revenues | 324 | — | — | 324 | ||||||||||||||||||||||
| Interest income, premium finance revenues and other income | 732 | 36 | 1 | 769 | ||||||||||||||||||||||
| Revenues before reimbursements | 12,192 | 1,585 | 1 | 13,778 | ||||||||||||||||||||||
| Reimbursements | — | 164 | — | 164 | ||||||||||||||||||||||
| Total revenues | 12,192 | 1,749 | 1 | 13,942 | ||||||||||||||||||||||
| Compensation | 6,660 | 974 | 208 | 7,842 | ||||||||||||||||||||||
| Operating | 1,676 | 298 | 284 | 2,258 | ||||||||||||||||||||||
| Reimbursements | — | 164 | — | 164 | ||||||||||||||||||||||
| Interest | — | — | 639 | 639 | ||||||||||||||||||||||
| Depreciation | 159 | 40 | 7 | 206 | ||||||||||||||||||||||
| Amortization | 894 | 22 | — | 916 | ||||||||||||||||||||||
| Change in estimated acquisition earnout payables | 44 | 2 | — | 46 | ||||||||||||||||||||||
| Total expenses | 9,433 | 1,500 | 1,138 | 12,071 | ||||||||||||||||||||||
| Earnings (loss) before income taxes | 2,759 | 249 | (1,137) | 1,871 | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 707 | 66 | (405) | 368 | ||||||||||||||||||||||
| Net earnings (loss) | 2,052 | 183 | (732) | 1,503 | ||||||||||||||||||||||
| Net earnings (loss) attributable to noncontrolling interests | 9 | — | — | 9 | ||||||||||||||||||||||
| Net earnings (loss) attributable to controlling interests | $ | 2,043 | $ | 183 | $ | (732) | $ | 1,494 | ||||||||||||||||||
| Net foreign exchange (loss) | $ | (5) | $ | (1) | $ | (48) | $ | (54) | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| United States | $ | 8,003 | $ | 1,387 | $ | 1 | $ | 9,391 | ||||||||||||||||||
| United Kingdom | 2,372 | 105 | — | 2,477 | ||||||||||||||||||||||
| Australia | 344 | 242 | — | 586 | ||||||||||||||||||||||
| Canada | 387 | 8 | — | 395 | ||||||||||||||||||||||
| New Zealand | 207 | — | — | 207 | ||||||||||||||||||||||
| Other foreign | 879 | 7 | — | 886 | ||||||||||||||||||||||
| Total revenues | $ | 12,192 | $ | 1,749 | $ | 1 | $ | 13,942 | ||||||||||||||||||
| At December 31, 2025 | ||||||||||||||||||||||||||
| Identifiable assets: | ||||||||||||||||||||||||||
| United States | $ | 25,203 | $ | 1,335 | $ | 16,701 | $ | 43,239 | ||||||||||||||||||
| United Kingdom | 15,161 | 443 | — | 15,604 | ||||||||||||||||||||||
| Australia | 1,919 | 460 | — | 2,379 | ||||||||||||||||||||||
| Canada | 1,731 | 9 | — | 1,740 | ||||||||||||||||||||||
| New Zealand | 776 | 8 | — | 784 | ||||||||||||||||||||||
| Other foreign | 6,755 | 19 | 145 | 6,919 | ||||||||||||||||||||||
| Total identifiable assets | $ | 51,545 | $ | 2,274 | $ | 16,846 | $ | 70,665 | ||||||||||||||||||
| Goodwill - net | $ | 22,078 | $ | 497 | $ | 18 | $ | 22,593 | ||||||||||||||||||
| Amortizable intangible assets - net | 10,483 | 201 | — | 10,684 | ||||||||||||||||||||||
| Year Ended December 31, 2024 | Brokerage | Risk Management | Corporate | Total | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Commissions | $ | 6,694 | $ | — | $ | — | $ | 6,694 | ||||||||||||||||||
| Fees | 2,193 | 1,414 | — | 3,607 | ||||||||||||||||||||||
| Supplemental revenues | 359 | — | — | 359 | ||||||||||||||||||||||
| Contingent revenues | 268 | — | — | 268 | ||||||||||||||||||||||
| Interest income, premium finance revenues and other income | 420 | 37 | 16 | 473 | ||||||||||||||||||||||
| Revenues before reimbursements | 9,934 | 1,451 | 16 | 11,401 | ||||||||||||||||||||||
| Reimbursements | — | 154 | — | 154 | ||||||||||||||||||||||
| Total revenues | 9,934 | 1,605 | 16 | 11,555 | ||||||||||||||||||||||
| Compensation | 5,502 | 882 | 138 | 6,522 | ||||||||||||||||||||||
| Operating | 1,363 | 279 | 112 | 1,754 | ||||||||||||||||||||||
| Reimbursements | — | 154 | — | 154 | ||||||||||||||||||||||
| Interest | — | — | 381 | 381 | ||||||||||||||||||||||
| Depreciation | 133 | 38 | 7 | 178 | ||||||||||||||||||||||
| Amortization | 651 | 14 | — | 665 | ||||||||||||||||||||||
| Change in estimated acquisition earnout payables | 26 | — | — | 26 | ||||||||||||||||||||||
| Total expenses | 7,675 | 1,367 | 638 | 9,680 | ||||||||||||||||||||||
| Earnings (loss) before income taxes | 2,259 | 238 | (622) | 1,875 | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 573 | 63 | (232) | 404 | ||||||||||||||||||||||
| Net earnings (loss) | 1,686 | 175 | (390) | 1,471 | ||||||||||||||||||||||
| Net earnings (loss) attributable to noncontrolling interests | 8 | — | — | 8 | ||||||||||||||||||||||
| Net earnings (loss) attributable to controlling interests | $ | 1,678 | $ | 175 | $ | (390) | $ | 1,463 | ||||||||||||||||||
| Net foreign exchange gain (loss) | $ | 1 | $ | — | $ | (1) | $ | — | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| United States | $ | 6,104 | $ | 1,308 | $ | 16 | $ | 7,428 | ||||||||||||||||||
| United Kingdom | 2,168 | 57 | — | 2,225 | ||||||||||||||||||||||
| Australia | 349 | 226 | — | 575 | ||||||||||||||||||||||
| Canada | 409 | 7 | — | 416 | ||||||||||||||||||||||
| New Zealand | 203 | 7 | — | 210 | ||||||||||||||||||||||
| Other foreign | 701 | — | — | 701 | ||||||||||||||||||||||
| Total revenues | $ | 9,934 | $ | 1,605 | $ | 16 | $ | 11,555 | ||||||||||||||||||
| At December 31, 2024 | ||||||||||||||||||||||||||
| Identifiable assets: | ||||||||||||||||||||||||||
| United States | $ | 20,910 | $ | 1,110 | $ | 16,029 | $ | 38,049 | ||||||||||||||||||
| United Kingdom | 16,051 | 150 | — | 16,201 | ||||||||||||||||||||||
| Australia | 1,767 | 382 | — | 2,149 | ||||||||||||||||||||||
| Canada | 1,684 | 6 | — | 1,690 | ||||||||||||||||||||||
| New Zealand | 719 | 14 | — | 733 | ||||||||||||||||||||||
| Other foreign | 5,308 | — | 125 | 5,433 | ||||||||||||||||||||||
| Total identifiable assets | $ | 46,439 | $ | 1,662 | $ | 16,154 | $ | 64,255 | ||||||||||||||||||
| Goodwill - net | $ | 11,923 | $ | 328 | $ | 19 | $ | 12,270 | ||||||||||||||||||
| Amortizable intangible assets - net | 4,413 | 117 | — | 4,530 | ||||||||||||||||||||||
| Year Ended December 31, 2023 | Brokerage | Risk Management | Corporate | Total | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Commissions | $ | 5,865 | $ | — | $ | — | $ | 5,865 | ||||||||||||||||||
| Fees | 1,885 | 1,260 | — | 3,145 | ||||||||||||||||||||||
| Supplemental revenues | 314 | — | — | 314 | ||||||||||||||||||||||
| Contingent revenues | 235 | — | — | 235 | ||||||||||||||||||||||
| Interest income, premium finance revenues and other income | 338 | 28 | 2 | 368 | ||||||||||||||||||||||
| Revenues before reimbursements | 8,637 | 1,288 | 2 | 9,927 | ||||||||||||||||||||||
| Reimbursements | — | 145 | — | 145 | ||||||||||||||||||||||
| Total revenues | 8,637 | 1,433 | 2 | 10,072 | ||||||||||||||||||||||
| Compensation | 4,769 | 777 | 135 | 5,681 | ||||||||||||||||||||||
| Operating | 1,272 | 257 | 160 | 1,689 | ||||||||||||||||||||||
| Reimbursements | — | 145 | — | 145 | ||||||||||||||||||||||
| Interest | — | — | 297 | 297 | ||||||||||||||||||||||
| Depreciation | 124 | 36 | 5 | 165 | ||||||||||||||||||||||
| Amortization | 524 | 8 | — | 532 | ||||||||||||||||||||||
| Change in estimated acquisition earnout payables | 377 | 1 | — | 378 | ||||||||||||||||||||||
| Total expenses | 7,066 | 1,224 | 597 | 8,887 | ||||||||||||||||||||||
| Earnings (loss) before income taxes | 1,571 | 209 | (595) | 1,185 | ||||||||||||||||||||||
| Provision (benefit) for income taxes | 402 | 55 | (238) | 219 | ||||||||||||||||||||||
| Net earnings (loss) | 1,169 | 154 | (357) | 966 | ||||||||||||||||||||||
| Net earnings (loss) attributable to noncontrolling interests | 6 | — | (10) | (4) | ||||||||||||||||||||||
| Net earnings (loss) attributable to controlling interests | $ | 1,163 | $ | 154 | $ | (347) | $ | 970 | ||||||||||||||||||
| Net foreign exchange (loss) | $ | — | $ | (10) | $ | — | $ | (10) | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| United States | $ | 5,216 | $ | 1,209 | $ | 2 | $ | 6,427 | ||||||||||||||||||
| United Kingdom | 1,946 | 47 | — | 1,993 | ||||||||||||||||||||||
| Australia | 312 | 155 | — | 467 | ||||||||||||||||||||||
| Canada | 398 | 6 | — | 404 | ||||||||||||||||||||||
| New Zealand | 192 | 16 | — | 208 | ||||||||||||||||||||||
| Other foreign | 573 | — | — | 573 | ||||||||||||||||||||||
| Total revenues | $ | 8,637 | $ | 1,433 | $ | 2 | $ | 10,072 | ||||||||||||||||||
| At December 31, 2023 | ||||||||||||||||||||||||||
| Identifiable assets: | ||||||||||||||||||||||||||
| United States | $ | 21,764 | $ | 1,026 | $ | 2,521 | $ | 25,311 | ||||||||||||||||||
| United Kingdom | 16,000 | 130 | — | 16,130 | ||||||||||||||||||||||
| Australia | 1,969 | 469 | — | 2,438 | ||||||||||||||||||||||
| Canada | 1,693 | 4 | — | 1,697 | ||||||||||||||||||||||
| New Zealand | 773 | 20 | — | 793 | ||||||||||||||||||||||
| Other foreign | 5,247 | — | — | 5,247 | ||||||||||||||||||||||
| Total identifiable assets | $ | 47,446 | $ | 1,649 | $ | 2,521 | $ | 51,616 | ||||||||||||||||||
| Goodwill - net | $ | 11,218 | $ | 239 | $ | 19 | $ | 11,476 | ||||||||||||||||||
| Amortizable intangible assets - net | 4,428 | 205 | — | 4,633 | ||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 8, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 12, 2018 | |
| 2016 | Feb 13, 2017 | |
| 2015 | Feb 10, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.