Gallagher’s Australian operations delivered “high single digit” earnings growth in the fourth quarter.

The core brokerage division booked adjusted net earnings of $US531.3 million ($845 million) for the October-December period, up from $US439.6 million ($699 million) a year earlier. Revenue before reimbursements grew to $US2.3 billion ($3.6 billion) from $US2.04 billion ($3.24 billion).

“With our [property and casualty] retail operations, we delivered 6% organic overall,” the global broker’s chairman and CEO J Patrick Gallagher said.

“The UK, Australia and New Zealand were all in the high single digits.”

The group’s total net earnings for the fourth quarter on an adjusted basis rose to $US491.2 million ($781 million) from $US402.4 million ($640 million). For the full year, they increased to $US2.27 billion ($3.6 billion) from $US1.91 billion ($3.04 billion).

“Overall, the global [property and casualty] insurance market continues to grow, with fourth-quarter primary renewal premium increases, both rate and exposure combined, consistent with the past two quarters,” Mr Gallagher said.

“Thus far, January 2025 primary renewal premium increases are ticking slightly higher than fourth quarter and are above 5%, driven by increases in casualty classes like umbrella and commercial auto.

“I am very excited about 2025 and beyond.”