Brown & Brown, Inc. has disclosed that total revenues for the full year 2023 reached $4.26 billion, increasing $683.7 million, or 19.1%, compared with 2022.
Brown & Brown also reported in its full year results that commissions and fees increased by 17.9%, and Organic Revenue increased by 10.2%.
Meanwhile, income before income taxes was $1.15 billion, increasing 30.8%. Total net income in 2023 was $870.5 million, increasing $198.7 million, or 29.6%.
In Q4 2023 alone, revenues were $1.03 billion, marking an increase of $124.8 million, or 13.8%, compared to Q4 of the prior year.
Income before income taxes in Q4 was $355.1 million, increasing 82.9% from the same period last year. Net income in the final quarter of 2023 was $268.6 million, marking an increase of $123.4 million, or 85%.
Brown & Brown has also announced a new alignment of its businesses in conjunction with the divestiture of certain businesses within its Services segment in Q4 of 2023, moving from four to three segments beginning in 2024: Retail, Programs and Wholesale Brokerage.
J. Powell Brown, president and CEO at Brown & Brown, commented, “We are extremely pleased with our performance in the fourth quarter and for the full year, in which we grew our revenues 10.2% organically and crossed our intermediate revenue goal of $4 billion. We now embark on our next goal of $8 billion.”
