Arthur J. Gallagher & Co. (NYSE:AJG) Q2 2024 Earnings Conference Call July 25, 2024 5:15 PM ET
Company Participants
J. Patrick Gallagher - Chairman and Chief Executive Officer
Douglas Howell - Chief Financial Officer
Conference Call Participants
Elyse Greenspan - Wells Fargo
Michael Zaremski - BMO Capital Markets
Gregory Peters - Raymond James & Associates, Inc.
David Motemaden - Evercore ISI
Mark Hughes - Truist Securities
Robert Cox - Goldman Sachs Group, Inc.
Michael Ward - Citigroup Inc.
Grace Carter - Bank of America Merrill Lynch
Meyer Shields - Keefe, Bruyette & Woods, Inc.
Operator
Good afternoon, and welcome to Arthur J. Gallagher & Co's Second Quarter 2024 Earnings Conference Call. Participants have been placed on a listen-only mode. Your lines will be open for questions following the presentation. Today's call is being recorded. If you have any objections, you may disconnect at this time.
Some of the comments made during this conference call, including answers given in response to questions, may constitute forward-looking statements within the meaning of the securities laws.
The Company does not assume any obligation to update information or forward-looking statements provided on this call. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer the information concerning forward-looking statements and risk factors sections contained in the Company's most recent 10-K, 10-Q and 8-K filings for more details on such risks and uncertainties.
In addition, for reconciliations of the non-GAAP measures discussed on this call as well as other information regarding these measures, please refer to the earnings release and other materials in the Investor Relations section of the Company's website.
It is now my pleasure to introduce J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co. Mr. Gallagher, you may begin.
J. Patrick Gallagher
Thank you very much. Good afternoon. Thank you for joining us for our second quarter 2024 earnings call. On the call with me today is Doug Howell, our CFO, other members of the management team and the heads of our operating business divisions.
We had an excellent second quarter. For our combined Brokerage and Risk Management segments we posted 14% growth in revenue, 7.7% organic growth and 8.1% if you include interest income. We also completed 12 new mergers totaling $72 million of estimated annualized revenue. Reported net earnings margin expansion of 35 basis points, adjusted EBITDAC margin expansion of 102 basis points to 31.4%. GAAP earnings per share of $1.70, up 15% year-over-year, and adjusted earnings per share of $2.68, up 19% year-over-year, another great quarter by the team and right in line with the expectations we provided at our June IR Day.