Independent insurance distribution firm BRP Group has reported a loss of $76.7 million for the full year in 2022, as its performance worsened from the $58.1 million loss reported in 2021.
This figure included an operating loss of $31.0 million, similar to the $31.6 million recorded previously.
However, revenues increased by 73% year-over-year to $980.7 million, including organic revenue growth of 23%.
For the fourth quarter of the year, the net loss was $91.5 million and the operating loss was $66.4 million, compared with $44.4 million and $37.9 million for the same period in 2021.
During the quarter, revenue grew 55% year-over-year to $246.0 million, including organic revenue growth of 26%.
“We closed out 2022 with another quarter of double-digit organic growth, which accelerated year over year both in the quarter and for the full year of 2022. This further showcases the strength and resilience of our business model and highlights BRP’s ability to deliver clear value for Clients through our innovative solutions and trusted advice,” said Trevor Baldwin, Chief Executive Officer of BRP Group.
“Our strong fourth quarter enabled us to generate full year organic growth of 23% despite the challenging macro environment, while continuing to meaningfully grow our adjusted diluted EPS for the year in the face of rising interest rates.”
