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ARTHUR J. GALLAGHER & CO. ANNOUNCES THIRD QUARTER RESULTS

 ARTHUR J. GALLAGHER & CO. ANNOUNCES THIRD QUARTER RESULTS
 ITASCA, Ill., Oct. 14 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced its financial results for the third quarter and nine months ended Sept. 30, 1992.
 For the nine months ended Sept. 30, 1992, revenues were $195,452,000, compared to $176,003,000 last year, an increase of 11 percent. Net income was $15,246,000, up $2,255,000 for the first nine months from $12,991,000 last year. Earnings per share for nine months were $1.05, up 21 percent from $.87 in 1991.
 For the third quarter of 1992, total revenues increased 18 percent from $61,498,000 to $72,434,000. Net income was $8,906,000, an increase of 29 percent from net income of $6,922,000 reported for the third quarter of 1991. Quarterly earnings per share were $.61 for 1992 compared to $.47 for 1991, a 30 percent increase.
 Robert E. Gallagher, chairman and chief executive officer, stated, "We see no change in commercial insurance pricing despite the enormous cost of recent disasters. An overabundance of risk-taking capital still fuels a very competitive industry."
 Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, and has 114 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)
 Nine Months Ended Sept. 30 1992 1991(A)
 Revenues:
 Commissions $110,747 $106,087
 Fees 74,990 63,586
 Investment income and other 9,715 6,300
 Total revenues 195,452 176,003
 Expenses:
 Salaries and employee benefits 102,135 93,423
 Other operating expenses 68,021 63,199
 Interest expense 1,841 1,838
 Total expenses 171,997 158,460
 Earnings before income taxes 23,455 17,543
 Provision for income taxes 8,209 4,552
 Net earnings 15,246 12,991
 Net earnings per common and
 common equivalent share $1.05 $.87
 Weighted average number of common
 shares outstanding 14,531 14,863
 Three Months Ended Sept. 30 1992 1991(A)
 Revenues:
 Commissions $42,823 $39,596
 Fees 26,997 22,626
 Investment income and other 2,614 (724)
 Total revenues 72,434 61,498
 Expenses:
 Salaries and employee benefits 34,721 31,219
 Other operating expense 23,519 20,057
 Interest expense 603 626
 Total expenses 58,843 51,902
 Earnings before income taxes 13,591 9,596
 Provision for income taxes 4,685 2,674
 Net earnings 8,906 6,922
 Net earnings per common and
 common equivalent share .61 .47
 Weighted average number of
 common shares outstanding' 14,521 14,704
 (A) Restated for poolings of interests.
 -0- 10/14/92
 CONTACT: Michael J. Cloherty, vice president-finance of Arthur J. Gallagher & Co., 708-773-3800
 (AJG) CO: Arthur J. Gallagher & Co. ST: Illinois IN: INS SU: ERN


SM-EE -- NY053 -- 9956 10/14/92 14:24 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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