Click to read the official press release on investor.bbinsurance.com
DAYTONA BEACH, Fla., July 24, 2023 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE:BRO) (the “Company”) today announced its unaudited financial results for the second quarter of 2023.
Revenues for the second quarter of 2023 under U.S. generally accepted accounting principles (“GAAP”) were $1,047.3 million, increasing $207.6 million, or 24.7%, compared to the second quarter of the prior year, with commissions and fees increasing by 23.5% and Organic Revenue increasing by 11.2%. Income before income taxes was $254.4 million, increasing 28.0% from the second quarter of the prior year with Income Before Income Taxes Margin increasing to 24.3% from 23.7%. EBITDAC – Adjusted was $358.4 million, increasing 30.5% from the second quarter of the prior year with EBITDAC Margin – Adjusted increasing to 34.2% from 32.7%. Net income was $190.4 million, increasing $45.2 million, or 31.1%, and diluted net income per share increased to $0.67, or 31.4%, with Diluted Net Income Per Share – Adjusted increasing to $0.68, or 33.3%, each as compared to the second quarter of the prior year.
Revenues for the six months ended June 30, 2023 under GAAP were $2,163.3 million, increasing $418.8 million, or 24.0%, as compared to the same period in 2022, with commissions and fees increasing by 23.0%, and Organic Revenue increasing by 11.9%. Income before income taxes was $548.6 million, increasing 18.3% with Income Before Income Taxes Margin decreasing to 25.4% from 26.6% as compared to the same period in 2022. EBITDAC – Adjusted was $756.6 million, which was an increase of 26.5% and EBITDAC Margin – Adjusted increased to 35.0% from 34.3% as compared to the same period in 2022. Net income was $425.9 million, increasing $60.4 million, or 16.5%, with diluted net income per share increasing to $1.50, or 16.3%, and Diluted Net Income Per Share – Adjusted increasing to $1.52, or 18.8%, each as compared to the same period in 2022.
J. Powell Brown, president and chief executive officer of the Company, noted, “We delivered another outstanding quarter of strong and profitable growth. This performance capped off a great first half of the year with significant momentum going into the second half.”