TWFG, Inc. reported significant financial growth in its latest 10-K filing, with total revenues reaching $203.8 million for the fiscal year ending December 31, 2024, an increase of 18.4% from $172.0 million in 2023. This growth was primarily driven by a 15.4% rise in commission income, which accounted for $183.2 million, representing 90% of total revenues. The company also noted a substantial increase in adjusted net income, which rose to $33.0 million from $25.3 million in the previous year, reflecting a strong adjusted net income margin of 16.2%. Adjusted EBITDA for the year was reported at $45.3 million, up from $31.3 million in 2023, indicating a robust adjusted EBITDA margin of 22.3%.
The company experienced notable operational changes, including the acquisition of nine independent branches, which were converted into corporate branches, contributing to a significant increase in corporate branch commission income from $6.9 million in 2023 to $33.4 million in 2024. This strategic move, along with the continued rollout of commission income from previous acquisitions, has bolstered TWFG's market position. The company now operates over 500 branches across 32 states and the District of Columbia, with a total of 2,100 managing general agency (MGA) agencies across 42 states.
TWFG's total written premium also saw a substantial increase, rising to $1.48 billion in 2024 from $1.25 billion in 2023, marking an 18.3% growth. This growth was attributed to higher premium rates, the integration of new business from acquisitions, and a shift in the business mix following the conversion of branches. The company reported a consolidated written premium retention rate of 91%, down from 94% in the previous year, reflecting a competitive market environment as some carriers reopened for new business.
Looking ahead, TWFG anticipates continued growth driven by its strategic focus on attracting experienced agents and expanding its product offerings. The company plans to leverage its strong relationships with over 300 insurance carriers to enhance its service offerings and maintain its competitive edge in the insurance distribution market. Additionally, TWFG is well-positioned to navigate potential economic challenges, with sufficient liquidity and cash flow from operations to support its growth initiatives and obligations, including a robust cash balance of $195.8 million as of December 31, 2024.
About TWFG, Inc.
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