US broker firm Brown & Brown has reported revenues of $1,067.7 million for the third quarter of 2023, representing an increase of $140.1 million, or 15.1%, when compared with the same period last year.
Notably, organic revenue increased 9.6% from last year, income before income taxes was $242.3 million, increasing 11.1% from Q3 of the prior year with Income Before Income Taxes Margin decreasing to 22.7% from 23.5%.
Net income was $175.9 million, increasing $14.8 million, or 9.2%, year-over-year, and commissions and fees were similarly up to $1,049.3 million.
Looking at the first nine months of the year, Brown & Brown’s revenues were $3,230.9 million, increasing $558.9 million, or 20.9%, as compared to the same period in 2022, with commissions and fees increasing by 19.7%, and Organic Revenue increasing by 11.1%.
Net income for the 9M period was $601.8 million, increasing $75.2 million, or 14.3%.
“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,” said J. Powell Brown, President and Chief Executive Officer of Brown & Brown.
