US broker firm Brown & Brown has reported revenues of $901.4 million for the fourth quarter of 2022, representing an increase of $162.9 million, or 22.1%, when compared to the same period last year.
Notably, organic revenue totalled $764.7 million for Q4, up 7.8% from last year, but still remained lower from the 10.3% organic revenue growth rate posted by the firm for Q2 2022.
For the full year, Brown & Brown reported revenues of $3.57 billion, increasing $522 million, or 17.1%, as compared to 2021, with commissions and fees increasing by 16.9%, and Organic Revenue increasing by 8.1%.
Net income for the quarter was $145.2 million, a major shift from last years $101.7 million. At the same time, Brown & Brown reported a net income of $671.8 million for the full year, representing an increase of $84.7 million or 14.4%, from $587.1 million from 2021.
Additionally Brown & Brown’s income before taxes was $194.2 million for Q4 22, representing a major increase from last years $140.8 million.
Meanwhile income before taxes for the full year was $876.1 million, compared to $762.8 million from 2021.
Powell Brown, president and chief executive officer of the Company, commented: “Our team delivered another year of strong profitable growth. I want to thank all of our dedicated teammates throughout the world who continue to deliver for our customers every day.”
