Lockton, Inc., the world’s largest independent and privately held insurance brokerage, reported global revenue of $3.55 billion for its fiscal year ended April 30, 2024, compared to $3.09 billion in its previous fiscal year. As highlighted below, Lockton’s revenue growth was driven by continued strength across all business segments and geographies. Lockton’s track record of delivering consistent growth is underpinned by a solid and recurring 96% client retention rate.
Key Highlights:
- Fiscal 2024 consolidated global revenue increased 15% to $3.55 billion driven by 14% organic revenue growth. Fiscal 2024 marked the fourth consecutive year of double-digit organic global revenue growth and a five-year organic revenue CAGR of 15%.
- U.S. operations reported revenue of $2.43 billion and 11% growth over the prior year, its sixth consecutive year of double-digit revenue growth and an impressive five-year organic revenue CAGR of 13%.
- Lockton’s International operations delivered revenue of $926 million and 24% growth over the prior year, exceeding its five-year organic revenue CAGR of 16%.
- Lockton Re’s global operations continued its impressive growth and delivered 35% revenue growth over the prior year.
“Our differentiated business model and continued investment in service, innovation and industry-leading talent continues to deliver best-in-class organic revenue growth and opportunities for our people,” said Ron Lockton, Chairman and CEO. “Our private ownership model allows us to prioritize what is truly important: our clients and our people, making Lockton the best place to work and serve clients.”
Lockton’s generational view of the business allows for a longer investment cycle that fosters lasting client relationships and propels sustainable global growth.
“Our goal has never been to be the largest broker, just the best. However, when great people passionately and consistently serve clients and exceed expectations, organic growth and significant global scale is inevitable,” Lockton continued.
Other notable areas of investment and increased capabilities include the continued buildout of tax, litigation, and intellectual property expertise within Lockton’s Transaction Liability practice. Lockton has also made significant investments in emerging and specialized practices, including technology, marine and cyber risk. Lockton Reinsurance’s proprietary analytics platform, SAGE™, was awarded a patent in fiscal 2024, highlighting Lockton’s commitment to delivering truly differentiated and innovative services to its clients.
“Looking forward into fiscal 2025 and beyond, Lockton remains well positioned to deliver upon its legacy of strong organic revenue growth. Importantly, Lockton maintains a conservative, all-weather capital structure that will allow us to continue to invest in our people and our clients. We will continue to invest in industry-leading talent and continue to develop our suite of capabilities and expertise we offer our clients,” Lockton concluded.
Lockton’s award-winning culture is recognized around the globe, including being certified as a Great Place to Work in Australia and Mexico, being awarded the highest honor by b-Heard in the U.K., and being recognized among the Best Places to Work in Insurance for 15 years in a row and as a U.S. Best Managed Company for four consecutive years, earning it a Gold Award distinction.
About Lockton
What makes Lockton stand apart is also what makes us better: independence. Lockton’s private ownership empowers its 11,700+ Associates doing business in over 140 countries to focus solely on clients’ risk, insurance and people needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. For more information, visit www.lockton.com