Insurance brokerage firm, Brown & Brown has posted their results for the first quarter of 2024, which included net income of $293 million, increasing $57 million from the prior year period.
Revenues for Q124 under US generally accepted accounting principles (GAAP) were $1,258 million, representing an increase of $142 million, or 12.7%, compared to the first quarter of the prior year, with commissions and fees increasing by 11.6% and Organic Revenue increasing by 8.6%, respectively.
At the same time, the brokerage’s income before income taxes was $364 million, climbing 23.8% from the prior year period, with income before income taxes margin increasing to 28.9% from 26.3%.
Notably, Brown & Brown’s EBITDAC – Adjusted sat at $466 million for the quarter, increasing 17.1% compared to the first quarter of the prior year with EBITDAC Margin – Adjusted increasing to 37.0% from 35.7%.
J. Powell Brown, President and Chief Executive Officer of the company, commented: “Our teammates delivered strong organic revenue growth and margin expansion in the first quarter of 2024. We are very pleased with the start of the year.”
Earlier this month, Brown & Brown appointed David Putz as Executive Vice President, Arrowhead General Insurance Agency, and Niels Seebeck as the President of Arrowhead’s Risk Managers Program.
