Brown & Brown Q4 Revenue Jumps 22% to $901.4 Million

DAYTONA BEACH, Fla. – Brown & Brown, Inc. (NYSE:BRO) announced its unaudited financial results for the fourth quarter and full year of 2022.

Revenues for the fourth quarter of 2022 under U.S. generally accepted accounting principles (GAAP) were $901.4 million, increasing $162.9 million, or 22.1%, compared to the fourth quarter of the prior year, with commissions and fees increasing by 21.3% and Organic Revenue increasing by 7.8%. Income before income taxes was $194.2 million, increasing 37.9% from the fourth quarter of the prior year with Income Before Income Taxes Margin increasing to 21.5% from 19.1%.

EBITDAC – Adjusted was $283.1 million, increasing 34.9% from the fourth quarter of the prior year with EBITDAC Margin – Adjusted increasing to 31.4% from 28.5%. Net income was $145.2 million, increasing $43.5 million, or 42.8%, and diluted net income per share increased to $0.51, or 41.7%, with Diluted Net Income Per Share – Adjusted increasing to $0.50, or 28.2%, as compared to the fourth quarter of the prior year.

Revenues for the twelve months ended Dec. 31, 2022 under GAAP were $3,573.4 million, increasing $522.0 million, or 17.1%, as compared to 2021, with commissions and fees increasing by 16.9%, and Organic Revenue increasing by 8.1%. Income before income taxes was $876.1 million, increasing 14.9% with Income Before Income Taxes Margin decreasing to 24.5% from 25.0% as compared to 2021.

EBITDAC – Adjusted was $1,170.9 million, increasing 15.9% with EBITDAC Margin – Adjusted decreasing to 32.8% from 33.2% as compared to 2021. Net income was $671.8 million, increasing $84.7 million, or 14.4%, with diluted net income per share increasing to $2.37, or 14.5% and Diluted Net Income Per Share – Adjusted increasing to $2.28, or 6.5%, as compared to 2021.

J. Powell Brown, president and chief executive officer of the company, noted, “Our team delivered another year of strong profitable growth. I want to thank all of our dedicated teammates throughout the world who continue to deliver for our customers every day.”

Source: https://rvbusiness.com/brown-brown-q4-revenue-jumps-22-to-901-4-million/