Lockton has reported global revenue of approximately US$4.5 billion for fiscal year 2026, a 12% increase on the prior year driven by 11% organic growth - extending the Kansas City-based broker's run of consecutive double-digit organic growth years to six.

The result builds on a strong recent trajectory. In FY2025, Lockton recorded US$4.0 billion in global revenue, representing a five-year compound annual growth rate of more than 16%, according to the firm's prior-year results announcement. The latest figures add another US$500 million in 12 months, achieved against softening global property rates and continued pricing pressure in US casualty lines.

Growth where it counts

The headline number was delivered across all three of Lockton's major divisions. Lockton International and Lockton Re each delivered approximately 15% growth, while US operations - which finished just under US$3 billion, up 11% year over year - extended their own streak to eight consecutive years of double-digit growth. By comparison, US operations reached US$2.7 billion in FY2025, growing 11%, according to last year's results announcement. The latest result marks a further step-up in both absolute scale and sustained consistency.

Client retention underpinned the US performance, with Lockton achieving a 94% client revenue retention rate for the year. The firm attributed that figure to what it described as one of the industry's strongest producer groups and its collaborative service model.

The standout domestic milestone, however, was People Solutions crossing US$1 billion in revenue for the first time - reflecting sustained demand for integrated benefits, wellbeing, and advisory services. Internationally, the People Solutions division grew 27%, making it the fastest-growing segment in Lockton's global business.

Lockton Re and the reinsurance market

Lockton Re's approximately 15% growth came as insurers navigated capital constraints, evolving market dynamics, and portfolio optimisation challenges - conditions that, in the current environment, have increased demand for sophisticated advisory support. The reinsurance arm continued to build out its capital markets and capital advisory capabilities during the year, investing in cyber- and credit-related offerings and expanding its global portfolio solutions. For context, Lockton Re grew 29% year over year in FY2025 - meaning this year's performance, while still strong, reflects a moderation from that exceptional prior-year run rate.

The private model as competitive differentiator

Ron Lockton, chairman and chief executive officer, pointed to the firm's ownership structure as central to its ability to sustain this trajectory.

"Fiscal year 2026 was another exceptional year for Lockton," he said. "Our results reflect the trust our clients place in us, the quality of our people, and the advantages of our private and independent model. Our structure allows us to invest with a long-term horizon, adapt quickly to emerging client and market needs, and continually reinvest in the capabilities, insights, and innovations that help clients navigate an increasingly complex risk environment."

The comment carries particular weight given where the rest of the brokerage market has been heading. Major acquisitions in recent years by Arthur J. Gallagher, Brown & Brown, Aon, and Marsh McLennan - including Aon's acquisition of NFP and Marsh McLennan's acquisition of McGriff Insurance from Truist in 2024 - significantly expanded the footprint of publicly listed brokers in the US middle market, according to MarshBerry. Private equity-backed firms still accounted for more than 70% of the 2025 broker deal count, according to Optis Partners data cited by Moody's. Against that backdrop, Lockton's six consecutive years of double-digit organic growth - without a transformative acquisition - stands as a direct counterargument to the proposition that scale requires consolidation to sustain it.

AI, technology, and what comes next

Lockton used the results announcement to detail the rollout of Lockton SAGE, a proprietary AI-enabled technology ecosystem designed to connect data, analytics, and expertise across its global platform. The system is built to deliver faster decisions and greater consistency in client service - addressing a practical challenge for any broker operating across 160+ countries with nearly 15,000 Associates. Full deployment is planned to begin in fiscal year 2027.

"Artificial intelligence will reshape every aspect of risk and insurance," said Ron Lockton. "We see AI as an accelerator of human expertise, not a substitute for it. Our focus is on using technology to enhance judgment, insight, and the value we deliver to clients."

The firm also continued its international geographic expansion during the year, adding operations in Switzerland, Saudi Arabia, and Italy, and investing in leadership and client service teams across Europe, Latin America, the Middle East, Asia, and the Pacific.

Six consecutive years of double-digit organic growth, a People Solutions division now at billion-dollar scale, and an AI platform built for global deployment: Lockton enters FY2027 with more structural momentum than at any point in its recent history - and, notably, without having bought any of it.