Brown & Brown, the insurance brokerage, has reported its results for the second quarter of 2024, which includes a net income of $257 million, representing a substantial increase from the previous year’s $190 million.
At the same time, revenues for Q2 2024 under U.S. generally accepted accounting principles (GAAP) sat at $1.2 billion, climbing $131 million, or 12.5%, compared to the prior year quarter, with commissions and fees increasing by 11.4% and Organic Revenue increasing by 10.0%, respectively.
The brokerage’s income before income taxes was $346 million, representing a 36.2% increase from the second quarter of the prior year with income before income taxes margin increasing to 29.4% from 24.3%.
As well as this, the company’s EBITDAC – Adjusted was $420 million for Q2, climbing 17.3% from the second quarter of the prior year with EBITDAC Margin – Adjusted increasing to 35.7% from 34.2%.
Looking at the organisation’s results for the six months ended June 30, 2024, net income sat at $550 million, a major improvement from the previous year’s $426 million.
Revenues for H124 under GAAP were $2.4 billion, increasing $272 million, or 12.6%, as compared to the same period in 2023, with commissions and fees increasing by 11.5%, and Organic Revenue increasing by 9.3%.
Brown & Brown’s income before income taxes for H124 was $712 million, increasing 29.9% with income before income taxes margin increasing to 29.2% from 25.3% as compared to the same period in 2023.
And finally, EBITDAC – Adjusted for H124 was $885 million, representing an increase of 16.9% and EBITDAC Margin – Adjusted increased to 36.3% from 35.0% as compared to the same period in 2023.
J. Powell Brown, President and Chief Executive Officer of the Company, commented: “Each of our three segments delivered an exceptional quarter. These results are a testament to all of our 16,000+ teammates delivering for our customers everyday.”
