Brown & Brown, the insurance brokerage, in its unaudited results for Q3 2024 has reported net income of $234 million, an increase of $58 million, or 33% from the previous year’s $176 million.
Simultaneously, revenues for Q3 2024 under U.S. generally accepted accounting principles (GAAP) were reported at $1.2 billion, increasing $118 million, or 11%, compared to the respective quarter, with commissions and fees, and organic revenue increasing by 10.1% and 9.5%, respectively.
The broker’s income before income taxes was $317 million, increasing 31% from Q3 2023 with the income before income taxes margin increasing to 26.7% from 22.7%. EBITDAC – Adjusted was $414 million, up 11.9% from the third quarter of the prior year with EBITDAC Margin – Adjusted increasing to 34.9% from 34.6%.
Taking a look at the broker’s 9M 2024 results, under GAAP, the revenue reported was $3.6 billion, increasing $391 million, or 12.1% as compared to Q3 2023’s $3.2 billion, with commissions and fees and organic revenue increasing by 11% and 9.4%, respectively.
Income before income taxes was $1 billion, increasing 30%, with the income before income taxes margin increasing to 28.4% from 24.5%.
Lastly, EBITDAC – Adjusted was $1.3 billion, an increase of 15.4% and EBITDAC Margin – Adjusted increased to 35.9% from 34.9% year over year.
For 9M 2024, net income reported was $783 million, compared to last year’s $602 million, so increasing by $181 million, or 30.1%.
J. Powell Brown, President and Chief Executive Officer of the Company, commented, “Our teammates delivered another outstanding quarter, and we have great momentum as we leverage our collective capabilities.”
