Insurance brokers

15 companies · $98.1B combined revenue · $16.7B operating profit

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The typical US-listed insurance brokers company grew revenue 10.3% and earnings 2.5% in its latest year, at a 18.8% operating margin, and 6 of 11 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

10.3%Median revenue growth
2.5%Median earnings growth
12%Median revenue growth, 3 yrs
14.4%Median earnings growth, 3 yrs
18.8%Median operating margin
15.8%Median ROCE
Fastest revenue growthEthos Technologies LIFE52%Fastest earnings growthHagerty HGTY90.6%Highest ROCENeptune Insurance NP567%Biggest margin gainWillis Towers Watson WTW+17.0 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more53%
  • Operating leverage · Operating income growing faster than a growing revenue27%
  • Margin expansion · Operating margin up 1 point or more20%
  • Debt reduction · Debt down 5% or more, or net cash36%

Combined revenue · 15 companies reporting in US dollars

Revenue
$0$25B$50B$75B$100BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%10%20%30%FY21FY22FY23FY24FY25

All 15 companies

Median–10.3%2.5%18.8%15.8%0.79x
MRSHMarsh & Mclennan Companies$27.0B10.3%2.5%23.1%▲16.5%▲1.28x▼
AJGArthur J. Gallagher$13.9B20.7%▲2.1%▼13.4%▼4.9%▼0.55x▲
AONAon$17.2B9.4%▼39.2%▲25.3%▲15.8%1.63x▼
WTWWillis Towers Watson$9.5B-2.3%▼–23.5%▲14.4%▼0.79x
BROBrown & Brown$5.9B22.8%▲6.1%▲28.3%▲7.7%▼0.61x▲
EQHEquitable$11.7B-6.1%▼-208%▼-8.1%▼––
ERIEERIE Indemnity$4.1B7.2%▼-6.8%▼17.6%▼29.8%▲–
RYANRYAN Specialty$3.0B21.9%▲-33%▼16.5%▼9.2%▼5.17x▼
ACTEnact$1.2B2.8%▼-2%▼73.5%▲–0.14x▲
HGTYHagerty$678M23.5%▲90.6%▲21.3%▲–0.80x▼
BWINBaldwin Insurance$1.5B8.5%▼–4.9%▼2.6%▼–
ARXAccelerant$913M51.5%▲-5974%▼-144%▼–0.17x▲
CRVLCorvel$959M7%▼16%▲14.9%▼34.5%▲–
NPNeptune Insurance$160M33.7%▲8.2%▲44.5%▲567%▲–
LIFEEthos Technologies$388M52%▲45.7%▲18.8%18.1%▲–

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).