Global broker Gallagher has reported a first-quarter net income of $US612.7 million ($933.55 million), up from $US486.6 million ($741.27 million) a year earlier.

The US-based group says its Australian business performed well in the January-March period, contributing to a “great first quarter”.

Chairman and CEO J. Patrick Gallagher Jr says the global retail brokerage business posted organic growth of 7%. “Within our [property and casualty] operation, we delivered 7% in the United States, 6% in the UK, 2% in Canada and 8% in Australia and New Zealand.”

Gallagher has invested heavily in Australia, making several acquisitions in recent years. However, it does not provide a breakdown of individual market results.

The brokerage division achieved adjusted net income of $US805.7 million ($1.22 billion) in the first quarter, up from $US677.9 million ($1.03 billion) a year earlier.

Primary insurance renewals rose 7% during the period, property was up nearly 10% and casualty almost 7%.

“Customers are buying more insurance. Our first-quarter data is showing solid customer business activity and mid-term policy endorsements, audits and cancellations combined were again ahead of last year’s levels,” Mr Gallagher said.

“As I look across our business, we remain well positioned to win new clients and retain our existing customers.”

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