Lockton, the world’s largest independent and privately held insurance brokerage, reported revenue growth of 17% on a constant currency basis, with reported organic revenue growth at 16% for its fiscal year ending April 30, 2023. Lockton reported global revenue of $3.1B compared to global revenue of $2.7B in fiscal 2022. Revenue growth metrics are presented on a constant currency basis.
The company’s strong FY23 revenue growth was posted while lapping record organic revenue growth of 27% in the prior fiscal year. Lockton’s U.S. operations, international operations and global reinsurance business all posted double-digit organic growth, exemplifying the strength of an increasingly diversified platform.
“The Lockton family is proud to perpetuate the company’s private ownership generationally,” said Ron Lockton, Executive Chairman. “Our continued commitment to a lower margin and reinvesting in client resources, talent and culture, drives great momentum and opportunity for our people. This growth is a direct outcome of the passion our teams exhibit for bringing the best solutions to clients.”
In fiscal year 2023, Lockton expanded its geographic footprint with new offices in Colombia, Oman, and Sweden, and bolstered its presence in Brazil with the recent acquisition (opens a new window) of THB Brazil. This was in addition to significant investments and recruiting of top talent in cyber, Private Risk Solutions (opens a new window), marine and financial services solutions. Lockton’s benefits practice also transitioned to People Solutions (opens a new window) reflecting Lockton’s holistic approach to helping clients be more successful by making their employees’ lives better.
“Jack Lockton founded Lockton Companies in 1966 and believed that intense client focus, creating a caring culture, empowering people and remaining private would combine to create a special place for clients and exceptional talent,” said Peter Clune, CEO. “Our exponential growth is a result of us staying true to his business philosophies combined with the will of our people.”
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 14 years in a row and as a U.S. Best Managed Company for three consecutive years.