Brown & Brown’s net income rises by 33% to $234m for Q3’24

Brown & Brown, the insurance brokerage, in its unaudited results for Q3 2024 has reported net income of $234 million, an increase of $58 million, or 33% from the previous year’s $176 million.

Simultaneously, revenues for Q3 2024 under U.S. generally accepted accounting principles (GAAP) were reported at $1.2 billion, increasing $118 million, or 11%, compared to the respective quarter, with commissions and fees, and organic revenue increasing by 10.1% and 9.5%, respectively.

The broker’s income before income taxes was $317 million, increasing 31% from Q3 2023 with the income before income taxes margin increasing to 26.7% from 22.7%. EBITDAC – Adjusted was $414 million, up 11.9% from the third quarter of the prior year with EBITDAC Margin – Adjusted increasing to 34.9% from 34.6%.

Taking a look at the broker’s 9M 2024 results, under GAAP, the revenue reported was $3.6 billion, increasing $391 million, or 12.1% as compared to Q3 2023’s $3.2 billion, with commissions and fees and organic revenue increasing by 11% and 9.4%, respectively.

Income before income taxes was $1 billion, increasing 30%, with the income before income taxes margin increasing to 28.4% from 24.5%.

Lastly, EBITDAC – Adjusted was $1.3 billion, an increase of 15.4% and EBITDAC Margin – Adjusted increased to 35.9% from 34.9% year over year.

For 9M 2024, net income reported was $783 million, compared to last year’s $602 million, so increasing by $181 million, or 30.1%.

J. Powell Brown, President and Chief Executive Officer of the Company, commented, “Our teammates delivered another outstanding quarter, and we have great momentum as we leverage our collective capabilities.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.