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ARTHUR J. GALLAGHER & CO. ANNOUNCES FIRST-QUARTER RESULTS

 ITASCA, Ill., April 15 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced its first-quarter results. Total revenues increased 7 percent from $62,174,000 to $66,765,000. Net income for the first quarter of 1993 was $3,936,000, an increase of 23 percent from net income of $3,197,000 reported for the first quarter of 1992. Quarterly earnings per share were $.26 compared to $.21 for the first quarter of 1992, a 24-percent increase.
 Robert E. Gallagher, chairman and chief executive officer, stated that despite the continuing soft insurance market and sluggish economy, the results reflect the company's continued efforts to produce new business and control expenses.
 Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, and has 132 offices in three countries. Gallagher is traded on the New York Stock Exchange under the symbol AJG.
 ARTHUR J. GALLAGHER & CO.
 COMPARATIVE FINANCIAL ANALYSIS
 (In Thousands Except Per-Share Data)
 Three Months Ended March 31,
 1993 1992(a)
 Revenues:
 Commissions $36,788 $35,665
 Fees 27,507 23,624
 Investment income 2,470 2,885
 Total revenues 66,765 62,174
 Expenses:
 Salaries and employee benefits 37,376 34,427
 Other operating expenses 22,705 22,208
 Interest expense 437 637
 Total expenses 60,518 57,272
 Earnings before income taxes 6,247 4,902
 Provision for income taxes 2,311 1,705
 Net earnings 3,936 3,197
 Net earnings per common and common
 equivalent share $.26 $.21
 Weighted average number of common
 shares outstanding 15,255 14,950
 (a) -- Restated for poolings of interests.
 -0- 4/15/93
 /CONTACT: Michael J. Cloherty, vice president-Finance, Arthur J. Gallagher & Co., 708-773-3800/
 (AJG)


CO: Arthur J. Gallagher & Co. ST: Illinois IN: INS SU: ERN

JG-SB -- DE011 -- 6195 04/15/93 11:32 EDT
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Date:Apr 15, 1993
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