Brown & Brown Inc. Announces Q3 Revenue of $927.6M

DAYTONA BEACH, Fla. – Brown & Brown Inc. (NYSE:BRO) on Oct. 24 announced its unaudited financial results for the third quarter of 2022.

Revenues for the third quarter of 2022 under U.S. generally accepted accounting principles (“GAAP”) were $927.6 million, increasing $157.3 million, or 20.4%, compared to the third quarter of the prior year, with commissions and fees increasing by 20.2% and Organic Revenue increasing by 6.7%. Income before income taxes was $218.0 million, increasing 10.9% from the third quarter of the prior year with Income Before Income Taxes Margin decreasing to 23.5% from 25.5% in the third quarter of the prior year. EBITDAC – Adjusted was $289.8 million, increasing 5.8% from the third quarter of the prior year with EBITDAC Margin – Adjusted decreasing to 31.2% from 35.6% in the third quarter of the prior year. Net income was $161.1 million, increasing $14.7 million, or 10.0%, and diluted net income per share increased to $0.57, or 9.6%, as compared to the third quarter of the prior year. Diluted Net Income Per Share – Adjusted decreased to $0.50, or 13.8%, as compared to the third quarter of the prior year.

Revenues for the nine months ended Sept. 30 under GAAP were $2,672.0 million, increasing $359.1 million, or 15.5%, as compared to the same period in 2021, with commissions and fees increasing by 15.5%, and Organic Revenue increasing by 8.3%. Income before income taxes was $681.8 million, increasing 9.6% from the same period in 2021 with Income Before Income Taxes Margin decreasing to 25.5% from 26.9% in the same period in 2021.  EBITDAC – Adjusted was $887.7 increasing 10.9% with EBITDAC Margin – Adjusted decreasing to 33.2% from 34.6% in the same period in 2021. Net income was $526.6 million, increasing $41.2 million, or 8.5%, and diluted net income per share increased to $1.85, or 8.2%, each as compared to the same period in 2021. Diluted Net Income Per Share – Adjusted increased to $1.79, or 2.3%, as compared to the same period of 2021.

Our results for the three and nine months ended September 30, 2022 reflect (1) a negative impact to our profit-sharing contingent commissions of approximately $15 million and (2) losses of approximately $11.5 million associated with our capitalized captive insurance facilities, both relating to the impacts from the estimated insured property losses associated with Hurricane Ian.

J. Powell Brown, president and chief executive officer of the company, noted, “We are pleased with our overall performance for the quarter as we welcomed over 2,500 new teammates from GRP & BdB to Brown & Brown in the United Kingdom, Ireland, Belgium and Italy. We now have approximately 12% of our total revenues delivered from international operations.”

Conference call, webcast and slide presentation

A conference call to discuss the results of the third quarter of 2022 was held at 8 a.m. EDT today (Oct. 25). The webcast and the slides from the “Investor Relations” section of the Company’s website can be accessed at bbinsurance.com.

Source: https://rvbusiness.com/brown-brown-inc-announces-q3-revenue-of-927-6m/