Arthur J. Gallagher (AJG) Investor Day 2026 summary

Strategic priorities and growth outlook

• Maintains a dual focus on organic growth and M&A, leveraging low market share and industry fragmentation, with no plans to alter this approach.

• Completed 33 mergers in 2025 ($3.5B annualized revenue) and 7 in 2026 ($60M), with a pipeline of nearly 40 potential mergers ($250M annualized revenue); continued focus on tuck-in acquisitions at 10.0x–11.0x multiples.

• AssuredPartners acquisition completed in August 2025, with expected annual run-rate synergies of $160M by end of 2026 and $300M by early 2028, mainly from cost savings.

• Organic revenue growth remains a priority, with detailed tracking by business group and segment.

• Clean energy investments projected to generate over $150M in annual net after-tax cash flows in 2026 and $200M+ in 2027 and beyond, leveraging tax credit carryforwards.

Financial guidance and segment performance

• Full year 2026 organic growth outlook: 6% for combined brokerage and risk management; brokerage segment at 5.5%, risk management at 7%.

• Q1 2026 organic growth expected at 5% for P&C and reinsurance, 4% for benefits, and 9% for risk management.

• Brokerage segment EBITDAC margin, as adjusted, projected at 36.5% for 2025; risk management segment EBITDAC margin expected at 21%-22% for 2026.

• Adjusted effective tax rate guidance for 2026 is 24.5%-26.5%; interest income, premium finance, and other income for brokerage estimated at $202M for 2026.

• Cash flow remains strong, with $10B available for M&A over two years and $1.5B share repurchase authorization.

Technology and AI integration

• Annual technology spend is $1.5B, with about 10% on AI; AI is widely deployed across hundreds of use cases.

• 40,000 employees use AI, generating 1.6M self-serve AI prompts monthly; robust AI training program in place.

• AI drives 35%-60% efficiency improvements in key processes, with potential 5%-30% cost savings across production, support, and back-office layers over 3-5 years.

• AI supports both organic and M&A growth, enhances client service, and is expected to improve margins and client retention.

• Centers of Excellence (17,000 employees) are critical for AI deployment, leveraging standardized data and deep expertise.