On this page of StockholderLetter.com we present the 3/27/2023 shareholder letter from Arthur J. Gallagher & Co. — ticker symbol AJG. Reading current and past AJG letters to shareholders can bring important insights into the investment thesis.
0100 344536 89 8 5 6 4
123 567765238 96: 012345 72894 2 3193 2882 143 234 14 3 9 52 14 2 2 5 93 98934 12 2 12345 72894 144 234 4 12 14 72 2 3 14 743 2 5 12 43 14 2 2 248 251434 12 234 4 3193 2882 143 12345 72894 234 2 284 2 5 23 4 2 ; 4 545 245 3 7 5 4! 4884 4 3 2 2 4 4 437 4 93 8 4 9 3 4 2 143 4 "48 474 = 4 4 2 143 4 2 #845 4 2 5 34 4 14 2" 8 4 2 143 ? 4 91 3 3 4 28 4! 4884 4 2 288 3 74 2 5 8423 3 < 4 4 2 143 82 > 1 4%344 23 '4 4 7 4 34 45 $ 32 2 5 4743 4 " 32 @ 434 2 4 4 21 3 14 143 43 A2( #42 4 B0 9 39 2 "53 4"445 3 9 4354 9 7 2 8 445 88 #43 * # 842543 C)344225 4 388 #4 3 12 2 5 34 2 14 4+4 74 4 14 842543 ;D, 1 493 854 3"4 "298 8" 9 4 3482 1 ;; 4 2 8 8 24 4#15 4 484 2 143 4 234 288 ;=- 54 23 4 3 43 2 82 5 ;?.3 4 28 934 4! 4 45 743 2 4 4 5 41 ;< -4 9 # 985 5 9348 543 48 9 3 3 93 284 2 5 ;>, 2 3 4 4 2 2 4 1 12 4 # 1 9 42 1 143 4 234 2 42 ;@)4 23 2485 ' 2 5 3 45 42 4 523 4 ;A/423 2 93 + 32 2 ;B.43 1 9843 2 888 8223 41 74433 34 2 743 4 74 2 5 ;C 4 2 34 74 2 39 3 "84 ' 2#2 =D 4 3 14 251434 14 1 14 2 5235 =; 4 328 2 5 41 28 "4127 3 ==.#14 4 8 41 # 4 33 4 129335 4435 2 5 ' 2 34 9334 445+4 + 74 234 2 #23 0 8 4 2 1 =? 4 2 34 1 ' 2 #42 4 9 94 "9 85 2 3 4 28 =< 4 2 ' 4143 ' 2 2 42 1 =>0 13 2934 5 722 89 44 ' 2 " 9 "4 223844 394885 # 2 5 # 1 2 2 5 5432 3 4 2 143 445 14 2 4 45 12345 72894 234 12 45 3 12884 450 14 4 28 2 2 5 4 2 74 448 2 52 2 4 14 2 E "43 ( 2882 1430 F2 GHIJ 14 2882 143 2 ' #1 1 488 9 14 4 4 4 2882 143 98934 ' 2 4$ 2 4 5 9 4 #3 4 GHIJ " 93 824 12 3 2 2 5 (K E "43 ( 2882 143
 • shareholder letter icon 3/27/2023 Letter Continued (Full PDF)
 • stockholder letter icon 3/22/2024 AJG Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon AJG Benford's Law Stock Score = 98


AJG 3/27/2023 Shareholder/Stockholder Letter Transcript:

0100  344536  
89
8
 5 6    4


123  567765238  96:
012345  72894  2  3193      2882 143          234  14  3       9 52         14      2    2 5   93   98934   
 12     2  12345  72894    144  234      4    12  14  72    2  3        14    743  2 5  12 43      14  
    2     2    248   251434       12  234    4      3193      2882 143          12345  72894 
  234  2  284  2 5   23 4         2    
; 4
545  245      3 7 5     4! 4884  4      3    
 2 2 4 4   437  4      93   8 4     
  9   3    4  2  143    4  "48 474  
= 4
      4  2  143    4  2    #845 4  2 5  
34 4   14  2" 8          4  2  143   
? 4   91    3   3  4    28  4! 4884  4   
   2   288     3 74  2 5  8423    3      
< 4
  4  2  143   
82   
>   1 4%344   23  '4    4 7 4  34      45   $      
 32   2 5  
4743   4     "         32  
@ 434  2     4      4    
21     3  14   143   43             
A2(    
#42  4    
B0  9   39      2    "53  4"445  3  9  4354     9  7  2  8           
445    88 #43   * #  842543    
C)344225  4  388    #4
3  12  2  5 34      2         
14  4+4  74 4       14  842543   
;D, 1 493 854  3"4    "298   8" 9    4   3482   1    
;;  4    2  8 8      24  4#15   4 484     2  143    4  234  288    
;=-   54 23 4    3   43       2    82 5   
;?.3  4    28    934      4! 4 45   
743  2     4  4     5     41       
;< -4
  9  # 985    5     9348    
      543    48   9   3    3   93  284  2 5  
;>, 2
3 4       4   2     2 4  1     12  4   
# 1 9  42 1   143    4  234  2  42  
;@)4 23  2485   '  2    5   3  45   42 4  523   4    
;A/423     2  93  +   
    32   2    
;B.43 1 9843         2 888  8223 41  74433          
34  2  743       4  74  2 5    
;C 4
2  34  74      2     
  39       3 "84    '      2#2     
=D  4
 3    14    
  251434     14  1  14   2 5235    
=; 4
      328  2 5  41  28  "4127  3   
==.#14 4  8  41  # 4 33 4    129335 4435  2     5  '  2   34       9334   445+4    +    74  
  234  2  #23 0   8 4      2      1        
=? 4
2  34  1  '      2  #42  4    
   9        94  "9 85     2   3  4    28  
=<  4
    2    '    4143  '  2  2  42    
1  
=>0  13 2934 5  722 89 44    ' 2  " 9  "4     223844 394885     # 
2 5    
# 1  2   2 5      5432       3    4  
2  143   445   
 14   2  4 45  12345  72894  234   12  45   3   12884  450  14  4     28     2   2 5   4 2 74  
 448      2   52 2 4  14      2     
E "43  (    2882 1430  F2   GHIJ
 14   2882 143   2   '  #1  1   488   9  14   4   4 4        2882 143   98934  '     2    4$ 2 4  
5  9 4   #3 4       GHIJ  "    93  824   12 3 2   2 5   (K  E "43  (    2882 143 



shareholder letter icon 3/27/2023 Letter Continued (Full PDF)
 

AJG Stockholder/Shareholder Letter (Arthur J. Gallagher & Co.) 3/27/2023 | www.StockholderLetter.com
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