Insurance brokerage Brown & Brown, Inc. has reported total revenues of $674 million for the third-quarter of 2020, as commissions and fees increased by 8.7% to $671.4 million.
At the same time, the company has announced that organic revenue spiked by 4.3% in Q3 2020 to $621.3 million, compared with $595.9 million a year earlier.
Overall, Brown & Brown’s net income totalled $134 million for the third-quarter, which represents growth of almost 16% from the $115.6 million recorded in Q3 2019.
Alongside the rise in commissions and fees during the quarter, total revenues included investment income of $0.4 million, against $1.7 million in Q3 2019, and other income of $2.2 million, compared with an other income loss of $0.4 million in Q3 2019.
For the first nine months of the year, the global insurance broker saw its revenues increase by 8.7% to $1.97 billion, as commissions and fees jumped by 8.8% to $1.966 billion and organic revenue improved by 3.5% to $1.79 billion, when compared with the same period in 2019.
Total revenues for the nine month period included investment income of $1.8 million, which is down on the $4.3 million reported a year earlier, and other income of $3.4 million, which is up on the $1.1 million announced for the same period in 2019.
Net income for 9M 2020 also increased year-on-year, by 19% to $383.2 million, compared with $322 million in 9M 2019.
J. Powell Brown, the company’s President and Chief Executive Officer (CEO), commented: “We are really pleased with our performance for the quarter. These results are due to the hard work of all our teammates on behalf of our customers. I am proud of our team in light of this challenging operating environment.”