Lockton enjoys higher global revenue
Lockton enjoys higher global revenue | Insurance Business Canada
Insurance News
Lockton enjoys higher global revenue
Drivers include sustained client retention
Insurance News
By
Terry Gangcuangco
Lockton, the biggest privately held insurance brokerage in the world, has published its financial results for the fiscal year ended April 30, 2024.
According to Lockton, its annual global revenue grew by 15% to $3.55 billion. The result was attributed to Lockton’s 14% organic revenue growth in the period, which made fiscal 2024 the fourth consecutive year of double-digit organic global revenue growth for the company.
Of the global revenue, US$2.43 billion came from Lockton’s US operations, while the international operations contributed US$926 million. The positive change from the previous fiscal year stood at 11% and 24%, respectively.
The global operations of Lockton Re, meanwhile, posted a 35% increase in revenue.
Chair and chief executive Ron Lockton commented: “Our differentiated business model and continued investment in service, innovation, and industry-leading talent continues to deliver best-in-class organic revenue growth and opportunities for our people.
“Our private ownership model allows us to prioritize what is truly important: our clients and our people, making Lockton the best place to work and serve clients.
The CEO added that Lockton remains well-positioned for the next fiscal years.
“Lockton maintains a conservative, all-weather capital structure that will allow us to continue to invest in our people and our clients,” he noted. “We will continue to invest in industry-leading talent and continue to develop our suite of capabilities and expertise we offer our clients.”
Lockton’s client retention rate in fiscal 2024 was 96%, which the brokerage described as both solid and recurring.
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