Arthur J. Gallagher stock rises 2% as Q4 earnings narrowly top estimates

Arthur J. Gallagher (NYSE:AJG) stock ticked 1.7% higher on Thursday after the insurer's Q4 earnings narrowly beat estimates, driven by growth in its core segments.
The company reported Q4 adj. EPS of $1.54 vs. $1.30 in Q4 2021. Adj. revenue increased 6.4% Y/Y to $1.99B.
Revenue before reimbursements from brokerage rose 16% to $1.70B and from risk management increased 14.3% to $290.6M.
"During the quarter, our core brokerage and risk management segments combined to post 16% growth in revenue, of which 11.7% was organic revenue growth," said CEO Patrick Gallagher.
"The labor market imbalance continues to drive strong demand for our benefits and HR consulting services, while our risk management segment, Gallagher Bassett, continues to see rising claim counts from existing and new clients," he said.
The executive noted that global primary P/C renewal premium increases were over 9% in Q4, consistent with the first three quarters of 2022.
Earlier, Arthur J. Gallagher (AJG) acquired non-standard auto insurer Remco Insurance.