Brown & Brown - Financial Highlights

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	Year ended December 31,

(in thousands, except per share data)⁽¹⁾			1999	Percent Change		1998		1997		1996		1995


Commissions and fees⁽²⁾		$	172,546	10.9	$	155,577	$	138,112	$	128,147	$	115,046

Total revenues		$	176,413	11.0	$	158,947	$	143,501	$	132,807	$	119,789

Total expenses		$	132,205	9.3	$	120,978	$	112,517	$	104,741	$	95,817

Income before taxes		$	44,208	16.4	$	37,969	$	30,984	$	28,066	$	23,972

Net income⁽³⁾		$	27,172	16.4	$	23,349	$	18,988	$	17,391	$	15,402

Net income per share		$	1.98	16.5	$	1.70	$	1.39	$	1.28	$	1.13

Weighted average number of shares outstanding			13,736			13,704		13,639		13,576	$	13,600

Dividends declared per share		$	0.4600		$	0.4100	$	0.3533	$	0.3267	$	0.3200

Total assets		$	235,163		$	232,129	$	206,101	$	189,646	$	161,747

Long-term debt		$	3,909		$	17,378	$	6,452	$	5,485	$	7,615

Shareholders’ equity⁽⁴⁾		$	103,026		$	83,680	$	76,240	$	67,378	$	54,604

Detailed financial information is available in Adobe Acrobat format. Requires the Acrobat Reader program (free from www.adobe.com).

(1) All share and per-share information has been restated to give effect to the three-for-two common stock split, which became effective February 27, 1998. Prior years’ results have been restated to reflect the stock acquisitions of Insurance West in 1995, Daniel-James in 1998 and Ampher-Ross and Signature Insurance Group in 1999.

(2) See Notes 2 and 3 to consolidated financial statements for information regarding business purchase transactions which impact the comparability of this information.

(3) During 1995, the Company reduced its general tax reserves by $451,000, or $0.0333 per share, respectively, as a result of reaching a settlement with the Internal Revenue Service on certain examination issues.

(4) Shareholders’ equity as of December 31, 1999, 1998, 1997, 1996 and 1995 included net increases of $4,922,000, $5,540,000, $6,744,000, $6,511,000 and $4,836,000, respectively, as a result of the Company’s application of SFAS 115, “Accounting for Certain Investments in Debt and Equity Securities.”