Arthur J. Gallagher & Co. (NYSE:AJG) Q4 2023 Earnings Call Transcript

Douglas Howell: No, my point was on the premium funding, there’s — the margin on that would be very similar to our Brokerage business. So that’s not — equity interest is not that big of a number. We just don’t have that many 100%-owned entities on it. And then interest income, yeah, there’s margin on that. But remember, interest income is to rise — is there because there’s inflation out there. We do have inflation in some of our categories like travel and entertainment, for instance, a substantial inflation in that. So if that — if interest rates come down, then I would expect inflation on travel to come down also. So there are some offsets on it, but the premium funding business is 30 points of margin, something like that.

Meyer Shields: Okay. Perfect. Thanks for the clarification.

J. Patrick Gallagher: Thanks, Meyer. And let me just say thank you again for joining us this afternoon. And to our 52,000-plus colleagues across the globe, thank you for another fantastic year. Our achievements are due to all of your hard work and dedication. As thrilled as I am with our fourth quarter and full year ’23 performance, I get even more excited when I think about our future. We operate in an essential industry for the economy within a fragmented market, having leader data and analytics and niche expertise and limited global market share. So I believe our opportunities for future growth are immense. And while I always say, we’re just getting started. It’s pretty cool to be Gallagher. We look forward to seeing you at our mid-March IR Day. Thanks for being with us today.

Operator: Thank you. This does conclude today’s conference call. You may disconnect your lines at this time.