Sector: Financials|Industry: Insurance Brokers|Market Cap: $28.86B|Employees: 16.2K
Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs, and service organization. They primarily operate as an agent or broker, marketing and selling insurance products and services, focusing on property, casualty, and employee benefits. The company has a significant geographic presence, with operations in the U.S. and internationally, and they participate in capitalized captive insurance facilities.
Total revenues increased by 12.5% YoY to $1.178B, with core commissions and fees driving the growth, increasing 11.5% to $1.118B. The growth was attributed to net new and renewal business, acquisitions, and a favorable foreign currency translation impact.
Net income attributable to the Company increased 35.3% YoY to $257 million. This growth was driven by the increase in revenue and improved operating efficiency.
EBITDAC Margin - Adjusted increased from 34.2% to 35.7%. This increase is attributable to the sale of certain third-party claims administration and adjusting services businesses, higher profit-sharing contingent commissions, and leveraging our expense base.