Brown & Brown reports quarterly financials

Brown & Brown reports quarterly financials | Insurance Business America

Insurance News

Brown & Brown reports quarterly financials

President and chief executive cites “another outstanding quarter”

Insurance News

By
Terry Gangcuangco

Insurance brokerage Brown & Brown, Inc. has announced its financial results for the third quarter of 2023 – a period described by president and chief executive J. Powell Brown as outstanding.

Here’s how Brown & Brown performed in the three months and nine months ended September 30:

Metric

Q3 2023

Q3 2022

9M 2023

9M 2022

Total revenues

$1.1 billion

$927.6 million

$3.2 billion

$2.7 billion

Income before income taxes

$242.3 million

$218 million

$791 million

$681.8 million

Net income

$175.9 million

$161.1 million

$601.8 million

$526.6 million

Commenting on the numbers, the CEO said: “We had another outstanding quarter and are winning a substantial amount of net new business that drove organic revenue growth of 9.6% for the quarter and over 11% year to date.”

Earlier this month, the company announced that its board of directors declared a regular quarterly cash dividend of $0.13 per share, payable on November 15.

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