Year Ended December 31,
(in thousands, except per
share data and percentages)		 2002 2001

2000

 1999

1998

 1997

Revenues


















   Commissions & fees
$ 452,289
$ 359,697
$ 258,309
$ 231,437
$ 211,722
$ 188,366
   Investment income

2,945

3,686

4,887

3,535

4,350

5,431
   Other income

508

1,646

2,209

2,551

718

2,315
      Total Revenues

455,742
365,029
265,405
237,523

216,790

196,112

Expenses


   Compensation and benefits
224,755
187,653 149,836 131,270 119,879 111,277
   Non-cash stock grant
      compensation
3,823
1,984 483 1,263 732 176
   Other operating expenses
66,554
56,815 44,372 41,893 41,228 38,043
   Amortization expense
14,042
15,860 9,226 8,343 6,329 6,057
   Depreciation expense
7,245
6,536 6,158 5,892 5,216 4,764
   Interest expense
4,659
5,703 1,266 1,360 1,233 1,684
      Total Expenses
321,078
274,551 211,341 190,021 174,617 162,001
Income before income taxes
and minority interest
134,664
90,478 54,064 47,502 41,173 34,111
Income taxes
49,271
34,834 20,146 18,331 16,179 13,408
Minority Interest, net of tax
2,271
1,731 1,125 900 848 862
      Net Income $ 83,122
$ 53,913 $ 32,793 $ 28,271 $ 25,146 $ 19,841

Earnings per Share
   Information


Net income per share $ 1.22
$ 0.85 $ 0.53 $ 0.46 $ 0.41 $ 0.32
Weighted average number
   of shares outstanding
68,043
63,222 62,091 61,655 61,524 61,267
Dividends paid per share $ 0.2000
$ 0.1600 $ 0.1350 $ 0.1150 $ 0.1025 $ 0.0883

Year-End Financial Position


Total assets $ 754,349
$ 488,737 $ 324,677 $ 286,416 $ 285,028 $ 254,636
Long-term debt $ 57,585
$ 78,195 $ 10,660 $ 10,905 $ 24,522 $ 15,993
Shareholders’ equity $ 391,590
$ 175,285 $ 118,372 $ 100,355 $ 82,073 $ 72,377
Total shares outstanding
   (excluding treasury shares)
68,178
63,194 62,164 61,589 61,791 61,345

Other Information


Number of full-time
   equivalent employees
3,384
2,921 2,143 2,016 2,063 1,869
Revenue per average no.
   of employees		 $ 145,565
$ 144,166 $ 127,629 $ 116,461 $ 110,270 $ 105,069
Book value per share $ 5.74
$ 2.77 $ 1.90 $ 1.63 $ 1.33 $ 1.18
Stock price at year-end
   (closing price)		 $ 32.32
$ 27.30 $ 17.50 $ 9.58 $ 8.74 $ 7.44
Stock price earnings multiple
26.46
32.01 33.13 20.89 21.37 22.96
Return on beginning
shareholders’ equity
47%
46% 33% 34% 35% 33%

©2003 Brown & Brown Insurance, Inc.