Global insurance broker Lockton posted record-breaking revenue of US$2.69 billion (approx. AU$3.9 billion) in the 2022 fiscal year ending April 30, representing 27% growth from the previous year, most of which was considered organic.
US-headquartered Lockton is a privately-owned brokerage with approximately 9,000 associates doing business in over 125 countries. Over the past 12 months, the firm tipped the talent trend, adding over 1,200 people across all lines of business. It also achieved successful geographic market expansion, with new offices in the US, Europe, Scandinavia, New Zealand, and Latin America.
Lockton chairman Ron Lockton said the insurance broker's record-breaking revenue was driven by its “amazing people who are passionate about serving clients.”
“All credit belongs directly to them. I'm proud that our private ownership allows us to pursue a long-term strategy where our decision-making focuses on our clients, our people, and our communities,” Lockton continued.
Meanwhile, Lockton CEO Peter Clune said the broker's organic growth strategy required a “different skillset where you're attracting people and clients one handshake at a time.”
“We are posting significant organic growth numbers in a brokerage industry where growth is typically driven by mega mergers, large acquisitions, and private equity roll-ups,” he said.
Lockton continues to build innovative capabilities to meet client needs, including investing in transaction, liability, cyber, surety, and marine.
“We've experienced seismic momentum over the last 36 months, and after 56 years, we're just getting started,” Clune said.