Insurance brokerage Brown & Brown, Inc. has reported a 4.5% rise in net income in the second-quarter of 2020 to $96.8 million, while organic revenue increased by 0.5% in the period.
Overall, the broker has reported revenues of $598.8 million in the second-quarter of 2020, which is a jump of $23.6 million, or 4.1% when compared with the same period last year.
In Q1 2020, the firm reported a 5.6% growth in organic revenue, while revenues increased by 12.8% compared to the first quarter of the prior year to $698.5 million.
For the first six months of the year, Brown & Brown’s revenues reached almost $1.3 billion, which is up by over $102 million, or 8.6% against the same period in 2019. Commission and fees increased by 8.8% in H1 2020, while organic revenue jumped by 3.1%.
Net income also improved for the broker in H1, increasing by almost 30%, or $42.7 million to $249.2 million.
Commenting on the company’s results, President and Chief Executive Officer (CEO), J. Powell Brown, said: “Our financial performance for the second quarter reflects the continued dedication and focus of our teammates to serve our customers through these unprecedented times. Despite the challenges of the current economic environment driven by the COVID-19 pandemic, we continue to invest in our business and expand our capabilities.
“I am pleased to welcome our new teammates at Loan Protector Insurance Services and the Sterling Group, and thank all of our teammates for their commitment and hard work.”