Brown & Brown, Inc. reported strong financial performance for the third quarter and the first nine months of 2024, with total revenues reaching $1,186 million for the three months ended September 30, 2024, a notable increase of 11.0% from $1,068 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $3,622 million, up 12.1% from $3,231 million in the prior year. The growth was primarily driven by increases in commissions and fees, which rose to $1,155 million in Q3 2024 from $1,049 million in Q3 2023, and totaled $3,545 million for the nine-month period, an increase of 11.0%.
Net income attributable to the company for Q3 2024 was $234 million, reflecting a 33.0% increase from $176 million in Q3 2023. For the nine months, net income reached $783 million, a 30.1% rise from $602 million in the same period last year. The net income per share (diluted) for Q3 2024 was $0.81, compared to $0.62 in Q3 2023, while for the nine months, it increased to $2.73 from $2.11.
The company’s total expenses for Q3 2024 were $869 million, up from $826 million in Q3 2023. The increase in expenses was attributed to higher employee compensation and benefits, which accounted for 51.2% of total revenues, up from 49.8% in the previous year. However, other operating expenses decreased as a percentage of total revenues, indicating improved operational efficiency.
Strategically, Brown & Brown completed 22 acquisitions during the nine months ended September 30, 2024, including seven insurance intermediaries and four books of business. The company recognized a gain of $29 million in its Programs segment in Q2 2024 related to the sale of certain businesses. The company also underwent a business realignment in Q4 2023, consolidating its operations into three segments: Retail, Programs, and Wholesale Brokerage.
As of September 30, 2024, total assets increased to $17,525 million from $14,883 million at the end of 2023, while total liabilities rose to $6,525 million from $4,956 million. The company’s cash and cash equivalents stood at $957 million, up from $700 million at the end of 2023, reflecting strong cash flow generation and prudent financial management.
Overall, Brown & Brown's robust revenue growth, increased profitability, and strategic acquisitions position the company favorably in the insurance brokerage market.
About BROWN & BROWN, INC.
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