Insurance brokerage Brown & Brown, Inc. has reported an increase in revenues for both the fourth-quarter and full-year 2019, of $579 million and $2.4 billion, respectively.
Reported revenues are under U.S. generally accepted accounting principles (GAAP) and represent growth of 13.8% and 18.8% for Q4 and the full-year, respectively, when compared with the prior year periods.
In Q4 2019, Brown & Brown recorded organic revenue growth of 5.2% while commissions and fees jumped by 13.6% when compared with the prior year quarter.
For the full-year, the broker’s commissions and fees increased by 18.6% while organic revenue jumped by 3.6%
Q4 net income reached $76.5 million for the firm, which is up by more than 4%, or $3 million on the fourth-quarter of 2018. Net income also improved for the full-year, by 15.7%, or more than $54 million to $398.5 million.
Powell Brown, President and Chief Executive Officer (CEO) of the firm, commented: “We had a great fourth quarter and a great 2019 delivering strong results while expanding our capabilities and adding new teammates. Our focus continues to be adding value for our customers.”