Brown & Brown’s revenue grows 15.4% with net income down 21.9% in Q4’24

Brown & Brown, the insurance brokerage, has released its unaudited results for the fourth quarter of 2024, reporting a 15.4% growth in total revenues, to $1.2 billion, and a net income of $210 million, 21.9% lower compared to the same period last year.

Commissions and fees increased by 15.4% as well as Organic Revenue, which increased by 13.8%. Income before income taxes was $275 million, experiencing a 22.8% from the fourth quarter of the prior year.

Income Before Income Taxes Margin decreased to 23.2% from 34.7% as a result of “a gain on disposal of certain third-party claims administration and adjusting services businesses” sold in Q4 2023.

Adjusted EBITDAC for Q4 2024 experienced a year-over-year increase of 22.6%, reaching $390 million, with a rise in adjusted EBITDAC margin, to 32.9%, compared to 31.0% in the same period last year.

Brown & Brown’s most recent results, all filed under U.S. generally accepted accounting principles (GAAP), also included revenues for the twelve months ended December 31, 2024, which increased to $4.8 billion, 12.9% as compared to 2023.

Commissions and fees increased, and Organic Revenue also saw an increase, by 12.1% and 10.4% respectively.

Income before income taxes was $1.3 billion, increasing 13.7% with Income Before Income Taxes Margin increasing to 27.1% from 26.9% as compared to 2023.

For 2024, Brown & Brown also saw a net income of $1.0 billion, which increased 14% when compared to the year prior.

Adjusted EBITDAC rose by 17% year-over-year, reaching $1.7 billion, and adjusted EBITDAC margin increased 35.2%, up from 33.9% in 2023.

J. Powell Brown, president and chief executive officer of the Company, stated: “The fourth quarter was outstanding. We are extremely pleased with our 10.4% Organic Revenue growth for 2024. These results were only possible through the incredible efforts of our 17,000+ teammates.”

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