US broker firm Brown & Brown has reported revenues of $927.6 million for the third quarter of 2022, representing an increase of $157.3 million, or 20.4%, when compared with the same period last year.
Notably, organic revenue totalled $799.1 million for Q3, up 6.7% from last year, but slowing from the 10.3% organic revenue growth rate posted by the firm for Q2 2022.
Net income was $161.1 million, increasing $14.7 million, or 10.0%, year-over-year, and commissions and fees were similarly up 20.2 % to $925.2 million.
Looking at the first nine months of the year, Brown & Brown’s revenues were $2,672.0 million, increasing $359.1 million, or 15.5%, as compared to the same period in 2021, with commissions and fees increasing by 15.5%, and Organic Revenue increasing by 8.3%.
Net income for the 9M period was $526.6 million, increasing $41.2 million, or 8.5%.
Brown & Brown also noted that its results for both periods reflect a negative impact to its profit-sharing contingent commissions of $15 million and losses of $11.5 million associated with its capitalized captive insurance facilities, both relating to the impacts from the estimated insured property losses associated with Hurricane Ian.
“We are pleased with our overall performance for the quarter as we welcomed over 2,500 new teammates from GRP & BdB to Brown & Brown in the United Kingdom, Ireland, Belgium and Italy,” said J. Powell Brown, President and Chief Executive Officer of Brown & Brown.
“We now have approximately 12% of our total revenues delivered from international operations,” he added.
