Insurance brokerage Brown & Brown has posted a 31.0% increase in net income for the first quarter of 2021, on the back of strong organic revenue growth, rate increases, and good business retention.
Net income for the quarter was $199.7 million, representing an increase of $47.3 million over the same period in the previous year.
Revenues for Q1 were $815.3 million, increasing $116.8 million, or 16.7%, compared to the first quarter of 2019.
Results were helped by a 16.9% increase in commissions and fees, which stood at $814.0 million, as well as a 9.8% organic revenue growth, with organic revenue totaling $734.1 million for the quarter.
“We had a great quarter,” said J. Powell Brown, President and Chief Executive Officer (CEO) of Brown & Brown.
“The results were driven by more new business, good retention, and rate increases across all four divisions,” he explained. “Our team did an outstanding job of delivering for our customers in a work-from-anywhere environment.”
Brown & Brown’s total revenues last year were $2.6 billion, which represented a $221.2 million jump from 2019, with commissions and fees increasing by 9.3%.
Similarly, organic revenue increased by 3.8% for the full year and net income was $480.5 million, increasing $82.0 million.