Brown & Brown, Inc. has announced revenues for the second-quarter of 2019 of $575.2 million, an increase of almost 22% on the same period in 2018, driven by recent acquisitions, solid organic growth and margin expansion.
The firm has announced that commissions and fees jumped by more than 21% year-on-year, while organic revenue also increased for the period, by 3.9%.
Overall, Brown & Brown recorded net income of $92.6 million in the second-quarter of this year, which is up more than 25% on the $18.7 million recorded a year earlier.
Commenting on the company’s performance in the period, President and Chief Executive Officer (CEO), J. Powell Brown, said: “We are really pleased with the results for the second quarter as we had strong revenue and net income growth, driven by recent acquisitions, improved organic growth and margin expansion.
“We also completed another four acquisitions this quarter and welcome all of our new teammates.”
For the first-half of the year, Brown & Brown’s revenue increased by almost 23% to roughly $1.2 billion, while commissions and fees jumped 22.4% and organic revenue increased by 2.9% in the six-month period.
Net income for the first-half of 2019 reached $206.5 million, which is up almost $49 million on the same period in 2018.
