BRP Group, the independent insurance distribution firm, has announced that total revenues increased 16% year-over-year to reach $284.6 million in their results for the fourth quarter of 2023.
At the same time, the company reported organic growth of 15%, as well as a fourth quarter loss of $62.5 million, compared with a net loss of $91.5 million in the fourth quarter of 2022.
BRP Group’s adjusted net income for Q4 sat at $16.2 million, compared to the prior year periods $14.4 million.
Moreover, the company’s adjusted EBITDA grew 16% year-over-year to reach $45.6 million, a solid increase from last year’s $39.1 million.
Meanwhile, for the full-year 2023, BRP Group posted a net loss of $164.0 million, compared to 2022’s net loss of $76.7 million.
Additionally, total revenues for FY23 sat at $1.2 billion, a substantial rise from 2022’s $980.7 million.
Adjusted net income for FY23 was $131.0 million, compared to 2022’s $118.9 million.
And lastly, BRP Group’s adjusted EBITDA for the full-year 2023 came in at $250.2 million, compared to the prior year’s $196.4 million.
Trevor Baldwin, Chief Executive Officer of BRP Group, commented: “We capped 2023 with another solid quarter of double-digit organic growth, leading us to generate full year organic revenue growth of nearly 20% and further illustrating the power and underlying health of our platform.
“Our team continues to develop and deliver innovative solutions for our Clients, and we made significant progress in the quarter in terms of our expense rationalization efforts. As a result, we entered 2024 well-positioned to deliver another year of profitable double-digit organic growth, while meaningfully accelerating expanding margins and free cash flow in order to further strengthen our balance sheet.”
“I’m proud of our entire team’s tireless efforts to execute for our Clients and setting us up to generate additional long-term value for our shareholders,” he concluded.
